par AXCAP VENTURES INC. (CVE:AXCP)
Roxmore Resources Announces a Positive Preliminary Economic Assessment for the Converse Gold Project in Nevada
VANCOUVER, BC / ACCESS Newswire / April 20, 2026 / Roxmore Resources Inc. (TSX:RM)(OTCQX:GARLF) ("Roxmore" or "the Company") is pleased to report the results of its Preliminary Economic Assessment ("PEA") for its 100% owned Converse Gold Project ("Converse" or "the Project"), located on the Battle Mountain - Eureka Trend in Nevada, USA.
Key Highlights
Attractive economics
After-Tax NPV5% of US$2.7 Billion, IRR of 43%, and payback achieved in 2.2 years at long term consensus gold price of US$3,600/oz. At a spot price of US$4,700/oz After-Tax NPV5% climbs to US$4.5 Billion, IRR of 60%, and payback achieved in 1.6 years at spot gold prices as at April 16th, 2026. Please see sensitivities below for effects of different gold prices.
Simple heap leach operation featuring significant production from a single pit
3.5 million payable ounces LOM at 267,000 oz per year on average in the first full 8 years of production and 246,000 oz on average over the 14-year Life of Mine.
Compelling cost profile
Cash operating costs of US$1,592/oz and All-In Sustaining Costs ("AISC") of US$1,769/oz over the 14 year mine life.1
Large updated Mineral Resource Estimate
Updated Indicated Mineral Resource estimate ("MRE") of 103 million tonnes (Mt) at an average gold grade of 0.65 g/t, containing 2.16 million ounces (Moz) Au and an Inferred Mineral Resource estimate of 218 Mt at an average gold grade of 0.43 g/t containing 3.04 Moz Au. The Updated MRE provides a more conservative estimate than the previous version, considerably reducing drill spacing for classification. This now forms the basis upon which to grow, with an ongoing aggressive development focused drill program underway.
Tier 1 Jurisdiction
The project is centrally located in the Humboldt County, Nevada, a premier jurisdiction for large scale gold mining.
Clear Development Pathway
Infill and extension drilling already underway to underpin a Preliminary Feasibility Study ("PFS") currently scheduled for H2 2027 with environmental permitting activities initiated.
The PEA was prepared in accordance with the disclosure standards of NI 43-101. The PEA is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
John Dorward, Executive Chairman of Roxmore commented: "We are very pleased to table the results of this PEA which serves to showcase the extraordinary opportunity ahead of us at Converse. As compelling as the results delivered in this study are, we remain motivated by the mandate to fully prosecute the full potential of Converse. We have a large infill and extension drilling campaign currently underway focused on further defining shallow high-grade oxide material while also probing the ultimate size potential of this significant deposit. This program is also designed to deliver the drill spacing required to target a substantial reserve as part of the ongoing PFS work."
Roxmore recently initiated a 30,000m infill and extension drilling program primarily targeting conversion and growth of Measured and Indicated Resources ahead of a planned PFS. Along with resource conversion, the program will also target growth potential through select extensions to deeper zones and shallow, high-grade oxide gold which may hold the potential to further improve production levels in the early years of the LOM.
[1] The disclosure of the results of the PEA presented in this news release contain certain prospective non GAAP financial measures or ratios such as cash operating cost, ASIC and sustaining costs. Such measures have no standardized meaning under International Financial Reporting Standards ("IFRS") and may not be comparable to similar measures used by other issuers. The Company believes that these measures and ratios provide investors with an improved ability to evaluate the prospects of the Company. As the Project is not in production the prospective non GAAP financial measures or ratios may not be reconciliated to the nearest comparable measures under IFRS and the equivalent historical non-GAAP financial measure for each prospective non GAAP measure or ratio discussed herein is nil$.
Summary of PEA Results
The PEA envisages an open pit heap-leach mine with an initial mine life of 14 years. Converse is forecast to produce an average of 246,000 ounces of gold per annum over the initial life of mine ("LOM") at an AISC of US$1,769/oz. For the first 8 years of operation, the mine is expected to produce an average of 267,000 ounces per annum at an All-in Sustaining Cost ("ASIC") of US$1,739/oz.
The PEA mine plan estimates a compelling internal rate of return (IRR) of 43% and after-tax net present value (NPV5%) of US$2.7 billion at the long-term consensus gold price assumption of US$3,600/oz. Using a spot gold price assumption of US$4,700/oz, the after-tax net present value (NPV5%) increases to US$4.5 billion and an after-tax IRR of 60%. The mineral resources included in the mine design are constrained by pit shells developed using a gold price of US$3,000/oz.
Economic Sensitivities
The following Table provides a summary of sensitivity results for key economic parameters at a range of different gold prices.
Gold Price Sensitivities
2026 Mineral Resource Estimate
The Mineral Resource Estimate ("MRE") supporting the PEA was prepared by SLR Consulting (Canada) Ltd ("SLR") and incorporates an updated geological model, revised interpolation methodologies, and updated resource classification criteria, particularly around the drill spacing required for measured, indicated and inferred classifications.
The open-pit Mineral Resource is reported at a cut-off grade (COG) of 0.18 grams per tonne (g/t) or 0.20 grams per tonne gold
(Au) domain-dependent and consists of:
Indicated Resource of 103 Mt at an average gold grade of 0.65 g/t containing 2,162 koz Au and
Inferred Resource of 218 Mt at an average gold grade of 0.43 g/t containing 3,035 koz Au.
The 2026 Mineral Resource estimate (MRE) has an effective date of March 31, 2026. The MRE was supported by verified data, robust geological models, and well-defined mineralized zones, and was constrained by informed open pit shells.
Notes:
CIM (2014) definitions were followed for Mineral Resources.
Mineral Resources are constrained by an optimized shell and are estimated above cut-off grades of 0.18 g/t Au or 0.2 g/t Au,domain dependent (See Table 2).
Mineral Resources are estimated using a long-term gold price of US$3,000 per ounce.
Recoveries are variable and based on equations derived from metallurgical testing.
Bulk density is variable by rock type and redox domain and ranges from 2.62 t/m3 to 2.71 t/m3. Overburden was assigned a value of 1.8 t/m3.
There are no Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
A minimum mining width of 50m was used.
Numbers may not add or multiply correctly due to rounding.
Table 3: Converse Mineral Resource Summary as (at the Effective Date)
The QP is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate.
Notes:
Pit Slopes uses 38 degrees for overburden
Minimum mining width of 50m
Table 4: Support data for the Mineral Resource Estimate Cut-off Grade
Roxmore believes that the updated MRE provides a sound foundation to move the Project forward with a more robust estimate and greater understanding of geological controls upon which to base the assessment. The Company is confident that the current drilling program provides a significant opportunity to increase the overall size of the resource while also improving material classification.
Mining
The Converse Gold Project will be mined as a conventional open pit operation using a standard truck and shovel fleet combination, with dedicated ore and waste fleets.
High Level Mine design parameters include:
Bench height: 10 m
Overall Pit slope angles: 38° in overburden, 45° in bedrock
Peak Mining rate: 257,000 tonnes per day / 90 Mt per year
LOM Strip ratio: 2.71 : 1
Mine life: 13.75 years (following a 9-month pre-production period)
The mine plan contemplates two interim development phases to prioritize oxide and near-surface mineralization, ensuring robust early cash flow before transitioning to the final phase pit.
Forthcoming geotechnical studies are designed to prioritize steeper pit wall angles in each rock unit, when supported by better geotechnical definition, with the benefit of improved LOM stripping ratios.
The Converse Project features a single large open pit and utilises a standard shovel and truck configuration with the mining fleet sized for maximum efficiency. The proposed mining fleet is detailed in the Table below:
Metallurgy & Processing
Extensive metallurgical testing demonstrates that the Converse Project mineralization is amenable to conventional heap leaching. Several extensive test work programs completed between 1997 and 2018, incorporating bottle rolls, column leach tests, comminution studies, and HPGR evaluations, form the basis for the selected process flowsheet. Key metallurgical parameters include:
LOM Recoveries: average 70.9% across all material types
Crush size: 80% passing 6.3 mm.
Au recoveries by Redox unit: As shown in Table 3.
Cyanide consumption: approximately 0.64 kg/t.Lime/cement requirements: approximately 6 kg/t cement for agglomeration and pH control.
The PEA contemplates a heap leach operation processing ~22.5 Mtpa ( 61,600 t/d), consisting of a three stage crushing circuit (including HPGR), drum agglomeration with cement, a multi lift heap leach pad developed in phases, and an ADR (adsorption-desorption-recovery) plant producing gold doré. Pregnant solutions are collected via lined leach pads and ponds, with material handling supported by overland and grasshopper conveyors and a radial stacker.
To support the PEA, Kappes Cassidy & Associates ("KCA"), a leading Nevada based metallurgical processing consulting group undertook a detailed review of the metallurgical testwork of the Converse Gold Project.
Extensive metallurgical testwork has been completed on Converse including 996 bottle roll tests and 75 column tests.
For the purposes of assessing its metallurgical recovery performance and not withstanding the fact that it will be mined as a single open pit, the Converse deposit has historically been divided into two separate zones, namely North and South Redline.
Further metallurgical testwork work is planned for the Converse Project including:
Testing of material which is more representative of the redox domains in North Redline, as the Company believes that with further testwork of these domains, there is scope for improved metallurgical performance from this area.
Evaluation of copper treatment options at Converse - while copper is not a dominant influence at the project, the scale of Converse dictates that this is an opportunity that be investigated from optimizing cyanide consumption and as a potential saleable copper product.
Further optimization of the HPGR crush size and recovery relationship.
The Project benefits from:
Flat terrain suitable for waste storage, heap leach pads, and plant facilities.
On-site access to grid power
Access to the nearby I80 interstate highway (< 10km), nearby town of Battle Mountain (< 30km) and the city of Winnemucca (< 70km) for labour, fuel, mining fleet support and supplies.
Established mining culture and workforce in the region and located immediately west of the operating SSR Marigold heap leach gold mine.
Capital Costs
The total pre-production capital costs for the Converse Gold Project are estimated at US$829 million. This is comprised of US$531 million in direct construction costs, US$132 million of indirect costs and a contingency allowance of US$166 million. Total LOM sustaining capital is estimated at US$513 million and closure costs of US$100 million.1
Operating Costs
Operating costs average US$16.01/t stacked and are based upon estimates provided by KCA and SLR. Cash costs are expected to average US$1,592/oz over the life of the mine and All-in Sustaining Costs ("AISC") are forecast to be US$1,769/oz.
Environmental, Permitting & ESG
The Converse Project is a greenfield gold development project located on a combination of unpatented federal mining claims administered by the U.S. Bureau of Land Management (BLM) and privately held fee land in Nevada. Over the course of the past six months, the project land position has increased by approximately 70% as a result of a program of additional staking and acquisition.
Exploration activities are currently permitted under an approved BLM Plan of Operations and Nevada Division of Environmental Protection (NDEP) reclamation permit, with an associated reclamation bond in place. Environmental baseline data collected to date have not identified any material environmental liabilities, and no known factors have been identified that would materially limit project development under existing regulatory frameworks.
The Company holds water rights that have been converted from agricultural to mining use. Project advancement will require permitting at the state and federal levels, including amendments to existing Plans of Operations for mine development, tailings, and heap leach facilities, with closure and reclamation requirements integrated into project design from the outset. The Project lies within a well established mining region, and no material social, land use, or community-related constraints have been identified that are expected to adversely affect permitting or development.Historically, the unoxidized portion of the deposit has been described as sulphide material. However, average sulphide content is low, generally less than 0.5%. As outlined in the PEA, this low sulphide concentration, combined with the presence of carbonate-rich host rocks, supports classification of the system as non-acid generating. Neutralization capacity within the host lithologies is sufficient to offset the limited acid potential associated with sulphide oxidation.
In the near term, the Company will initiate hydrogeological, geochemical and biological baseline programs to begin collecting the long-lead data required to support permitting works and detailed engineering at the PFS level. This work will include groundwater monitoring, surface water characterization, and geochemical sampling to establish baseline environmental conditions and inform key design parameters such as water management, pit dewatering, and material handling. Early commencement of these programs reflects a proactive approach to de-risking the project, ensuring that critical datasets are in place to support future technical studies, permitting, and development planning.
Additional Opportunities
Milling/Pulp Agglomeration
Work undertaken by KCA has indicated that previous metallurgical testwork demonstrates that the primary material from Converse is responsive to milling in order to achieve a smaller particle size to potentially improve gold recoveries. As per Table 9 below, metallurgical recoveries for gold have been demonstrated in a range of 91-96% across various redox classifications.
While outside the scope of the current PEA, further testwork and trade-off studies will be undertaken to ascertain the economic implications of milling a higher grade portion of the sulfide material at Converse to improve recoveries above what could be expected from the heap leach.
The addition of pulp agglomeration represents a potential enhancement to the baseline heap leach flowsheet at Converse, particularly as a greater proportion of fresh rock is introduced into the mine plan. The process involves grinding a portion of the mineralized material, followed by agglomeration with cyanide and binders to improve permeability and increase gold and silver exposure to leaching solution. These agglomerates would then be recombined with the standard HPGR crushed materials for placement on the leach pad.
Testwork as summarized above in Table 9, has demonstrated that when material is ground to approximately 150 microns and processed under agitated leach conditions, gold recoveries in the mid-90% range are achievable, highlighting the intrinsic leach kinetics of the Converse system. While the current base case remains a conventional crush and heap leach operation, pulp agglomeration offers a potential pathway to improved leach recoveries as fresh rock proportions increase without fundamentally changing the project's development strategy.
Silver Occurrence and Data Limitations
Silver is known to be present throughout the Converse deposit based on historical drilling and reporting, however it is not currently included in the MRE. This is primarily due to incomplete assay coverage, with less than 50% of drill samples analyzed for silver, and variability in analytical methods, including a mix of two-acid and four-acid digestion techniques. Despite these limitations, historic datasets and select drill holes consistently demonstrate a correlation between gold and silver mineralization. These results provide confidence in the presence of a meaningful silver component, but the current dataset does not meet the consistency and completeness thresholds required for formal estimation under NI 43-101 guidelines. The company is in the process of reviewing existing data and materials with the goal of including a silver component for the resource in future estimates.
Metallurgical testwork completed to date indicates that silver is recoverable through the same heap leach process designed for gold extraction, with average recoveries on the order of 30%. Silver dissolution occurs concurrently with gold during cyanide leaching, contributing additional payable metal without requiring significant process modifications. While recoveries are lower than those typically achieved for gold, silver nonetheless represents a potential by-product credit that may enhance project economics. As with gold, ongoing and future metallurgical programs, including variability and column testing, are expected to further refine silver recovery assumptions as part of broader process optimization.
Next Steps
The Company has already approved a work plan to move the Project forward to the Pre-Feasibility Study (PFS) stage, with planned work including:
Infill and step out drilling with an initial 30,000m program underway
Additional metallurgical testing including further HPGR testwork and an assessment of copper processing and the applicability of adding a SART circuit
Geotechnical investigations to optimize pit wall angles and mine design
Hydrology program with a planned water wells to be drilled as part of the current drilling program
Mine optimization and trade off studies
Detailed process design work to facilitate construction tender documentation testwork to assess milling and/or pulp agglomeration as a means to increase recoveries of gold from primary material
Updated resource and mine plans to inform a Pre-Feasibility Study (PFS) models
Baseline environmental and social surveys
Detailed MRE Discussion
Estimation Methods
The Mineral Resource estimate was prepared by April Barrios P.Geo. Senior Resource Geologist at SLR Consulting (Canada) Ltd. (SLR). Ms. Barrios is an Independent Qualified Person (QP) as defined by NI 43-101. The Mineral Resource estimate was prepared in accordance with the Canadian Institute of Mining (CIM) Best Practice Guidelines (2019) and using definitions consistent with the CIM Definition Standards for Mineral Resources & Mineral Reserves (2014). Gold mineralization was modelled and estimated using the following methodology:
Developing a 3D geological model in Leapfrog Geo incorporating high-angle fault structural controls and moderate to low-angle stratigraphic controls on mineralization.
Statistical evaluation of drill data and assessment of grade distribution to support domain interpretation. Interpretation of low grade (0.1 g/t Au) and high grade (0.5 g/t Au) gold-domains using Leapfrog Geo. Assay caps applied by low grade and high-grade domain prior to compositing.
Compositing of assay data to 6.096 m (20 ft) within the mineralized domains.
Assigning a variable bulk density value in consideration of measured values from lithology and redox domains, ranging from 2.62 t/ m3 to 2.71 t/m3. Overburden was assigned a value of 1.8 t/m3.
Development of a block model with dimensions of 10 m x 10 m x 10 m (x, y, z)
Geostatistical analysis of the mineralized domain to support the selection of interpolation and classification parameters.
Estimation of gold grades using ordinary kriging (OK) and a three-pass interpolation strategy implemented in Leapfrog Edge with interpolation constrained mineral domain boundaries.
Statistical and visual validation of the block model prior to finalizing the Mineral Resource estimation.
The Converse Mineral Resource is constrained within an optimized open-pit shell generated using a long term gold price of US$3,000 per ounce. Pit slope angles range from 38 degrees in overburden to 45 degrees in bedrock. Mining costs of $2.20 per tonne mined and heap leaching plus G&A costs of $1.24 per tonne processed based on an assumed processing rate of 90 Mt per year. Gold recoveries are based on metallurgical test work and vary by North and South Redline zones, by redox domain and by lithology.
The MRE incorporates all available drilling completed by previous operators up to 2025, prior to Roxmore's acquisition. Roxmore completed seven additional holes (two RC and five diamond drill holes), which were incorporated into and support the current block model estimation.
At the Redline deposit, eight high-grade and twelve low-grade wireframes were defined based on coherent gold assay trends that honour geology and controls. High-grade domains are characterized by gold grades 0.5 g/t, while low-grade domains encompass all high-grade domains and have a targeted gold grade threshold of 0.1 g/t.
Composite lengths were selected with consideration of the dominant sampling length (1.524 m; 5 ft), parent block dimensions, style of mineralization, and grade continuity. Accordingly, capped assays were composited to 6.096 m (20 ft) down-hole intervals, honouring mineral domain boundaries. These composites were used for the interpolation of grades into the block model using ordinary kriging (OK), with results validated against nearest neighbour (NN) estimates, through swath plots, statistical comparisons and visual checks.
A regular 10 m x 10 m x 10 m block model was used to accurately reproduce the mineralized domain wireframes volumes. Bulk density values were assigned by lithologic unit and redox domain using the arithmetic mean of validated density measurements collected within each zone. Fixed average bulk density values were assigned to blocks outside the mineralized domains.
MRE classification is based primarily on drill hole spacing with Indicated resources defined at approximately 60 m spacing and Inferred resources at approximately 120 m spacing, modified using discrete shapes to generate continuous classification categories.
Property, Geology, Site Visit, Data Verification
Property
The Redline North and Redline South zones define the Redline deposit, which together delineate the core mineralized footprint at the Converse Property. The 13,257 acre Converse project is 100% owned and is located 34 km northwest of Battle Mountain and 73 km southwest of Winnemucca by Interstate I80 in northwestern Nevada.
Geology
The Converse project is located on the western margin of the Battle Mountain-Eureka Trend of north central Nevada, a prolific metallogenic belt that extends from the Twin Creeks gold deposit in the north to the Cove-McCoy gold deposit in the south. The trend has produced over 50 million ounces of gold over the past 25 years. Nearby mining operations include i80's (now closed) Lone Tree mine, 13.7 km north-northeast and SSR Mining's Marigold Mine situated 8 km east.
Gold mineralization at the Converse project is spatially associated with the Tertiary granodiorite to tonalite porphyry stock referred to as the Central Redline Stock. Mineralization is interpreted to have formed through the interaction of prograde and retrograde metamorphic fluids with calcareous and non-calcareous stratabound sedimentary units of the Pennsylvanian-Permian Havallah sequence, resulting in fine-grained, disseminated gold. Additional gold enrichment appears to be controlled by northeast-trending structures in the North Redline zone and along northwest-trending structures in the South Redline zone. Drilling completed by Roxmore in 2025, identified and modelled several multiphase mineralized breccia bodies, however the geometry, timing and controls of these breccia-hosted mineralized events are not fully understood and remain an area of ongoing study.
Oxidation ("oxide") occurs on average to depths of approximately 100 m below surface. Below the oxide zone, partial oxidation of sulphide minerals characterizes the transition domain, where sulphides are incompletely altered. At the North Redline zone, the transitional material extends 50 m to 100 m below the oxide zone, and 100 m to 450m at South Redline. All remaining mineralized material is classified as primary (mineralization) and is unoxidized.
A series of high-angle and low-angle faults modeled from lithology logging, geological interpretation, and observed grade transitions.
The Converse project is extensively covered by alluvium, which forms the overburden above mineralized bedrock. Overburden ranges from 25 m to 50 m above the Redline North zone and 30 m to 150 m over the Redline South zone. The overburden observed in core photos and exposed at the surface is largely unconsolidated.
Data Verification
SLR conducted a review of the sample preparation, security, QA/QC programs and analytical protocols implemented by Roxmore in their 2025 drill program through to the Effective Date. In addition, SLR reviewed the sample preparation and QA/QC procedures conducted by previous operators on the Converse Project. Based on this review, no material issues or inconsistencies were identified that would adversely affect the quality or reliability of the data used to support the MRE.
The responsible QP notes that previous operators did not consistently analyze silver using four-acid digestion, resulting in gaps in the silver analytical dataset. Due to these data limitations, silver was not estimated in the current MRE.
SLR is of the opinion that:
Roxmore's sample preparation procedures are appropriate for the deposit type and mineralization style.
Analytical methods used, including fire-assay and screen fire assays, are suitable for determining gold grades in the project.
The QA/QC program, which includes CRM's, blanks, and duplicates, is appropriately designed, consistent with industry standards
and provides a reasonable level of confidence in the analytical assay results.
Data verification for the drill hole database included comparing gold assays values used to support the MRE against the original analytical certificates from ALS Global, ALS Chemex, AAL, and Bondar-Clegg. The review covered a variety of assay methods, including fire assay with AAS, ICP or gravimetric finish and both aqua regia and four-acid multielement ICP.
Site Visit
April Barrios, P.Geo. and Balaji Subrahmanyan, R.M. SME. of SLR conducted a site visit to the Project and associated facilities on November 4, 2025. During this site visit, they inspected multiple 2025 drill sites and verified collars relevant to the MRE using a handheld-GPS. Ms. Barrios and Mr. Subrahmanyan also reviewed the general property layout, observed active drilling operations, and assessed the logging environment and procedures used for geological data collection and sampling. Both historical and recently drilled drill core were examined, and mineralization was visually compared with recorded lithology and
redox classifications as well as corresponding analytical gold assay results. Ms. Barrios and Mr. Subrahmanyan were provided full access to all facilities and personnel during the visit and were accompanied by Blake McLaughlin (Executive Vice President) and Zsolt Molnar (Exploration Manager) of Roxmore.
Upcoming Catalysts
Q2 2026 - Further drill results from current drilling program
Q3 2026 - Results of silver re-assay program
About Roxmore Resources Inc.
Roxmore is focused on developing its flagship, Converse Gold Project, one of the largest undeveloped gold deposits not owned by a major mining company in Nevada, USA. The Converse Gold Project is located within the prolific Battle Mountain trend containing an Indicated Resource of 103 Mt at an average gold grade of 0.65 g/t containing 2.2Moz Au and an Inferred Resource of 218
Mt at an average gold grade of 0.43 g/t containing 3.0Moz Au. With decades of expertise in Nevada and globally, our Board and management are focused on unlocking the potential of this project. For further details please refer to our SEDAR+ profile at www.sedarplus.ca.
Qualified Persons
The scientific and technical information contained in this news release has been reviewed and approved by the following independent Qualified Persons, each within the meaning of National Instrument 43 101 - Standards of Disclosure for Mineral Projects ("NI 43 101"):
April Barrios, P.Geo., of SLR Consulting, is responsible for information relating to Property Description and Location; Accessibility, Climate, Local Resources, Infrastructure and Physiography; History; Geological Setting and Mineralization; Deposit Types; Exploration; Drilling; Sample Preparation, Analyses and Security; Data Verification; and the Mineral Resource Estimate.
Caleb Cook, P.E., of Kappes, Cassiday and Associates (KCA), is responsible for information relating to Plant Capital and Operating Costs, Mineral Processing and Metallurgical Testing and Recovery Method
Balaji Subrahmanyan, R.M. SME., of SLR Consulting, is responsible for the, Mining Methods; Market Studies and Contracts, as applicable; Mining Capital and Operating Costs.
Mark Trevor, P.G., of SLR Consulting, is responsible for Environmental Studies, Permitting, and Social or Community Impact.
Matthew Behling, P.E., of SLR Consulting, is responsible for Project Infrastructure.
Jason Cox, P.Eng, SLR Consulting,is responsible for Economic Analysis.Each of the Qualified Persons listed above is independent of Roxmore Resources Inc. within the meaning of NI 43 101.
Quality Control & Assurance
Drill core is generally extracted from the core tube and split tubes by the drill contractor and placed in core boxes with appropriate depth markers noting recovery. Full core boxes are then sealed before being transported by Roxmore's personnel to a facility
in Carlin, Nevada where it is processed, geologically and geotechnically logged by Roxmore geologists: checked for recovery, photographed, and marked for assays. The core is cut in half and placed in plastic bags, zip-tied and grouped in burlap sacks and sealed for transport to the Paragon Geochemical's laboratory in Sparks Nevada. Sample preparation is done according to Paragon codes PREP-PKGB [plate pulverize] and HOMO-ROL. The primary assay methods used are Paragon codes Au-FA30 and 33MA-OES. The gold overlimit methods are Au-GR023 and Au-SCR1k (overlimit triggers are 3 ppm and 10 ppm Au respectively). Paragon Geochemical is an independent, ISO-accredited laboratory with no affiliation to Roxmore Resources beyond its role as a third-party analytical service provider. The retained half-core is transported to the company's warehouse in Lovelock, Nevada.
QA/QC is performed as each certificate is imported into Roxmore's GeoSequel database. Performance charts are prepared for coarse blanks, certified reference materials and duplicates used. Roxmore uses OREAS standards for the Converse project. The insertion frequencies of blanks is 3.33%, of CRMs is 3.33%, and of full half-core duplicates is 3.33%. Coarse blank above 10x over the lower detection limit (LDL) of the Au-FA30 method are re-run. For certified reference materials, the certified mean is considered the target. The certified standard deviation is used to calculate the acceptable range. The acceptable range is defined as within 3 standard deviations from the certified mean.
For further information please contact:
John Dorward
Roxmore Resources Inc.
Contact@roxmoreresources.com
Tel: 905-961-4727
Technical Report
Additional supporting details regarding the information in this news release will be included in the Technical Report. The Technical Report will be prepared in accordance with NI 43-101 and filed on SEDAR+ under the Company's profile at www.sedarplus.cawithin 45 days of this news release. It will include further details on qualifications, assumptions, exclusions and risks that relate to the details of this news release, including the PEA and Mineral Resource estimate. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.
Cautionary Statement Regarding the PEA
The reader is advised that the PEA summarized in this news release is only a conceptual study of the potential viability of the Project, and the economic and technical viability of the Project and its estimated Mineral Resources has not been demonstrated. The PEA is preliminary in nature and provides only an initial, high-level review of the Project's potential and design options; there is no certainty that the PEA will be realized. The PEA conceptual mine plan and economic model include numerous assumptions and Mineral Resource estimates including Inferred Mineral Resource estimates. Inferred Mineral Resource estimates are considered to be too speculative geologically to have any economic considerations applied to such estimates. There is no guarantee that Inferred Mineral Resource estimates will be converted to Indicated or Measured Mineral Resources, or that Indicated or Measured Mineral Resources can be converted to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, and as such there is no guarantee the Project economics described herein will be achieved. Mineral Resource estimates may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties and other factors, as more particularly described herein and to be described in the Technical Report.
In accordance with applicable Canadian securities laws, all Mineral Resource estimates disclosed or referenced in this news release have been prepared in accordance with the disclosure standards of and have been classified in accordance with CIM's "Definition Standards for Mineral Resources and Reserves". Under Canadian securities rules, estimates of Inferred Mineral Resources may not form the basis of an economic analysis, except for a preliminary economic assessment as defined under NI 43-101. Investors are cautioned not to assume that part or all of an Inferred Mineral Resource exists or is economically or legally mineable.
Cautionary Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward- looking statements") within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward- looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends" "expects" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements concerning the Converse Gold Project; the Preliminary Economic Assessment and the timing therefore; the estimation of Mineral Resources and the realization of such mineral estimates; expectations with respect to updating the Inferred Mineral Resources to Indicated Mineral Resources with further drilling; the statements related to the PEA and other results of the PEA discussed in this news release, including, without limitation, project economics, financial and operational parameter such as expected production, cash costs, all-in sustaining costs, other costs, capital expenditures, cash flow, NPV, IRR, payback period and life of mine; timing for the PFS; planned drilling and exploration program and the timing and success of such activities, planned metallurgical test work; upside potential, opportunities for growth and expected next steps; potential gold and other metal recoveries; and the price of gold, and other commodities.
Forward-looking statements are inherently uncertain, and the actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including expectations and assumptions concerning general economic and industry conditions, applicable laws and regulations, commodity prices, the use of proceeds, and the future business and operational needs of the Company. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. In addition to factors already discussed in this news release, such factors include, among others, risks relating to the Company's business, including possible variations in grade and recovery rates; uncertainties inherent to the conclusions of economic evaluations and economic studies; changes in project parameters, including schedule and budget, as plans continue to be refined; uncertainties with respect to actual results of current exploration activities; uncertainties inherent to the estimation of Mineral Resources, which may not be fully realized; uncertainties inherent with conducting business in foreign jurisdictions and uncertainties with the rule of law may impact the Company's activities; the impact of the conflicts in the Ukraine and the Middle-East and health emergencies, including resulting changes to the Company's supply chain and costs of supplies; product shortages; delivery and shipping issues; closures and/or failure of plant, equipment or processes to operate as anticipated; employees and contractors become infected with pathogens or being affected by the war; lost work hours; labour force shortages; fluctuations in metal and acid prices, toll rates and foreign exchange rates; limitation on insurance coverage; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; opposition by social and non-government organizations to mining projects; unanticipated title disputes; claims or litigation; cyber attacks and other cybersecurity risks; as well as those risk factors discussed or referred to in any other documents filed from time to time with the securities regulatory authorities in the provinces and territories of Canada and available on SEDAR+ at www.sedarplus.ca. The reader has been cautioned that the foregoing list is not exhaustive of all factors which may have been used. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended.
Readers are further cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by the respective management of Roxmore at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
The forward-looking statements contained in this news release are made as of the date of this news release and are expressly qualified by the foregoing cautionary statement. Except as expressly required by securities law, Roxmore does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Roxmore Resources Inc.
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