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Green Light Metals Acquires the Kalium Canyon Project in the Walker Lane District of Nevada from Orogen Royalties

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1 year ago

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Medford, Wisconsin–(Newsfile Corp. – September 26, 2022) – Green Light Metals Inc. (“Green Light” or the “Company“) is pleased to announce that on September 21, 2022 Green Light’s wholly-owned subsidiary Green Light Wisconsin LLC (the “Purchaser“) acquired a 100% interest in the Kalium Canyon Project in the Walker Lane district of Nevada from Renaissance Exploration Inc., a wholly-owned subsidiary of Orogen Royalties Inc. (collectively, “Orogen“) (the “Transaction“). Orogen will receive C$30,000 in cash, 1,000,000 common shares of the Company, and a net smelter return (“NSR“) royalty of up to 3%, of which 1% can be purchased for US$2 million. The Kalium Canyon Project was previously subject to an option agreement dated June 21, 2021, between Orogen and the Company’s wholly-owned subsidiary Badger Minerals LLC (the “Option Agreement“).

“As evidenced by past surface investigations and exploration drilling, the Kalium Canyon Project has the potential to host epithermal mineralization similar to many other gold discoveries in the Walker Lane,” commented Green Light President & CEO Dan Colton. “We are pleased to acquire a 100% interest in the project, providing Green Light with maximum flexibility to advance Kalium Canyon and unlock its value for our shareholders.”

About the Kalium Canyon Project

  • The Kalium Canyon Project covers 135 unpatented lode mining claims in the Walker Lane district of Nevada where many low sulfidation epithermal gold discoveries in Nevada have been found, including North Bullfrog, C-Horst/Lynnda Strip, Silicon, Eastside, and Goldfield. Locally, the project lies within the Red Mountain district.
  • The Kalium Canyon Project comprises the Argenta prospect and the Kalium Canyon prospect (see Figure 1). A block of 80 “Kalium” claims cover the prospective mineralization system at the Kalium Canyon prospect. To the east, the “Marty” claims that comprise the Argenta prospect were acquired by Orogen from Bridgeport Gold Inc. in June 2021. In December 2021, the Purchaser staked the “GLM” claim block adjoining the east boundary of the Marty claims. These newly staked claims cover the eastern extension of the Argenta prospect. The property covers a total of approximately 2,758 acres (1,117 ha).
  • The undrilled Kalium Canyon prospect is characterized by a 1-2 km long zone of alunite-kaolinite alteration interpreted to be a steam-heated cell. Similar argillic alteration and associated siliceous sinters are found overlying epithermal gold mineralization at the Argenta prospect. Siliceous sinters provide evidence of underlying hydrothermal fluid flow and are an important exploration tool when searching for low-sulfidation epithermal gold mineralization.
  • The character of mineralization at the Argenta prospect is best exemplified by the main mineralized zone historically targeted by exploration, defined initially by Camnor Resources Ltd. in the late 1990s, called the Adit Zone. The Adit Zone refers to an extensive zone of gold bearing quartz veining, breccia and stockwork located in the footwall of a southward dipping, east-northeast trending fault. The host lithology is a variably silicified and argillically altered latite porphyry. Mapping has traced the Adit Zone for 2,000 feet (610 m).
  • In 1947, an 80-foot (24 m) adit was completed that tested a part of the Adit Zone. The adit exposes several parallel quartz veins throughout the zone. Continuous chip sampling of a 167-foot (50.9 m) section of the adit is reported to have returned an average of 1.97 gpt gold. Rock chip samples of the silicified zone exposed in the adit were reported by Camnor Resources to return a value of 3.74 gpt gold across 50 feet (15.2 m).
  • Drilling shows the Adit Zone to be composed of at least two, possibly three, distinct mineralized structures composed of quartz veining and stockwork. The grade of each of these structures and of the Adit Zone itself varies considerably along strike and down-dip. The best intersections occur in the vicinity of the historic adit and include a 270-foot (82.3 m) section averaging 0.86 gpt gold.
  • The historic exploration results indicate that potentially economic gold grades are found over lengths that warrant further exploration for both bulk-tonnage and high-grade precious metal deposits. Furthermore, geologic indicators interpreted to vector toward buried epithermal deposits are present at the Argenta prospect and reported at the Kalium Canyon prospect area. These indicators include host rock alteration and paleosurface features, such as siliceous sinters, commonly interpreted to overlie hydrothermal systems related to epithermal precious metal deposits.
  • The Company has filed on www.sedar.com a technical report titled “Kalium Canyon, Goldfield Quadrangle, Esmeralda County, Nevada, United States of America” with an effective date of January 12, 2022 (the “Kalium Canyon Property Technical Report“). The Kalium Canyon Property Technical Report was prepared by Peter Bittenbender, a “qualified person” as such term is defined in NI 43-101.

Figure 1 – Mineralized structures near Kalium Canyon. Geology from Stewart et al (1974)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7506/138290_351fd5c8442dda0d_001full.jpg

Transaction Highlights

  • Pursuant to a Property Purchase Agreement dated September 14, 2022 between Badger Minerals LLC, the Purchaser, the Company, and Orogen (the “PSA“), the Purchaser has acquired the Kalium Canyon Project for C$30,000 in cash and the issuance of 1,000,000 Company common shares.
    • In the event the Company is not listed on a Recognized Canadian Exchange, as such term is defined in the PSA, by September 21, 2024, the Purchaser shall pay Orogen an additional C$100,000 in cash.
    • The Company will also issue Orogen additional Green Light common shares should the Listing Price, as such term is defined in the PSA, on a Recognized Canadian Exchange be less than $0.40 per Green Light common share.
  • The Option Agreement has been terminated, eliminating all future work commitments as well as significant future option payments totaling US$1,725,000.
  • Pursuant to a Net Smelter Returns Royalty Agreement between the Purchaser and Orogen dated September 21, 2022, the Purchaser has granted to Orogen up to a 3% NSR (the “Royalty“) on the Kalium Canyon Property. In the case of claims with an existing underlying royalty, the Royalty payable to Orogen will be reduced such that the total royalty on any claim shall not exceed 3%. In the event the Purchaser acquires additional claims within a 1-kilometer wide radius surrounding the perimeter of certain existing Kalium Canyon Project claims (the Kalium and Marty claims as shown in Figure 1), Orogen shall be granted a 3% NSR Royalty on these claims.
  • The Purchaser has the right to purchase one-third of the Royalty (i.e., an undivided 1% of Net Smelter Returns) at any time by making a cash payment of US$2,000,000.
  • Within 60 days following the Commencement of Commercial Production, the Purchaser will pay Orogen a one-time payment of US$5.00 per ounce of Gold Equivalent, on ounces of Gold Equivalent contained in 8 of the 135 claims (for which, as a result of underlying royalties, the Royalty to Orogen is 0%) based on the NI 43-101 mineral reserve and mineral resource estimates set out in the then current feasibility study relating to the Kalium Canyon property, provided that this production payment shall be capped at a maximum of US$5,000,000.
  • The Purchaser and Orogen will work together to finalize certain post-closing matters in the coming weeks.

Qualified Person Statement

All technical data, as disclosed in this press release, has been verified by Peter Bittenbender, a “qualified person” as defined under the terms of National Instrument 43-101.

ABOUT GREEN LIGHT

Green Light’s mission is to expand known mineral resources and make new discoveries on one of North America’s most prolific yet underexplored volcanogenic massive sulfide (“VMS“) greenstone belts – the Penokean Volcanic Belt (the “Belt“) in Wisconsin, USA. The Belt’s deposits are rich in the clean energy metals copper and zinc, as well as gold, that are required to power the imminent green, low carbon economy. The Company’s strategy is to capitalize on its first mover advantage to consolidate, secure, and drill dominant land positions.

Green Light is committed to operating in a responsible and sustainable manner that benefits our local communities, bolsters national security, and assists in building and securing crucial US supply chains, all while protecting the environment. The Company has established an Environment, Sustainability, and Communities Committee and is fully committed to transparency, accountability, environmental stewardship, safety and community engagement.

The Company’s key assets on the Belt are the Reef gold-copper and Bend copper-gold properties, each of which contains known historical resources with the potential for expansion. In addition, with the closing of the amalgamation with Can-America Minerals Inc. on July 25, 2022, the Company now controls two additional prospective properties in Wisconsin – Lobo and Black. Outside of Wisconsin, the Company now owns 100% of the Kalium Canyon property, an exciting epithermal gold prospect located in the Walker Lane district of Nevada.

For more information, please contact:

Green Light Metals Inc.

Dan Colton
President & CEO, Director
(612) 839-8286
[email protected]

David Carew
CFO & Corporate Secretary
(416) 786-4867
[email protected]

Forward-Looking Information

Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “intend”, “may”, “will”, “expect”, and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current beliefs or assumptions as to the outcome and timing of such future events. Readers are cautioned to not place undue reliance on forward-looking information. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The material facts and assumptions include the potential of the Kalium Canyon Project and the ability to list on a Recognized Canadian Exchanged at the Listing Price on the timelines outlined in the PSA and risk factors including, but not limited to , business and economic conditions in the mining industry generally; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions; risks relating to unanticipated operational difficulties; risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting mining concessions); risks related to the direct and indirect impact of COVID-19 including, but not limited to, its impact on general economic conditions, the ability to obtain financing as required, and causing potential delays to exploration activities; and other risk factors as detailed from time to time. The Company cautions the reader that the above list of risk factors is not exhaustive. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward- looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138290

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Mozrt’s Collaboration with BOK Financial: Revolutionizing Cross-Border Payments

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1 day ago

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November 29, 2023

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Mozrt, an award-winning payments technology platform, and BOKF, NA, one of the U.S.’s 25 largest banks, announce their plans to reshape cross-border payment services and elevate the capabilities of financial institutions.
At the heart of this collaboration lies Mozrt’s commitment to delivering advanced cross-border and FX payment capabilities to BOK Financial’s broad network of downstream or correspondent banks, magnifying efficiency and convenience for their clients. By combining the strengths of both entities, this collaboration empowers financial institutions of all sizes to seamlessly offer international payment capabilities to their customers.
The Mozrt MFX platform delivers real-time FX rates, allowing downstream correspondents to initiate and book cross-border payments. This all takes place within a highly secured platform, leveraging the latest in MFA and multi-level approval technology.
“The platform enables Mozrt and BOK Financial to introduce a suite of features designed to simplify processes, enhance security, and ultimately better serve downstream correspondents.
We’re excited to be providing a tech-forward solution that simplifies international payments, ensuring they are straightforward and hassle-free,” said Heath Hartley, BOK Financial. “The Mozrt platform offers robust beneficiary creation, validation, and management, facilitating accurate and efficient transactions.”
Furthermore, the collaboration facilitates a seamless transition for existing digital banking platforms, allowing single sign-on (SSO) or utilization of a custom, FI-branded portal. Mozrt’s modular design enables easy integration into various points across the front, middle, and back offices.
By delivering a user-centric online FX origination experience, this Mozrt – BOK Financial relationship equips financial institutions to meet the dynamic demands of the digital era.
Jeff Althaus, Founder & CEO of Mozrt, expressed his enthusiasm about the companies’ plans: “We are thrilled about the potential impact of Mozrt’s collaboration with BOK Financial in redefining cross-border payment services. Working alongside an innovative institution like BOK Financial enables us to provide a holistic solution that simplifies international transactions and accelerates our clients’ digital transformation.”

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MapMetrics expands to peaq from Solana following addition of Solana compatibility to peaq’s Multi-Chain Machine IDs

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1 week ago

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November 23, 2023

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peaq, the blockchain for real-world applications, announces the expansion of its ecosystem and product offering. MapMetrics, a Web3 drive-to-earn navigation app, will leverage peaq as part of its decentralized physical infrastructure network (DePIN) powering a Google Maps-style service. The development comes as peaq adds Solana compatibility to its Multi-Chain Machine IDs.

A Solana-originating project, MapMetrics will leverage the now Solana-compatible peaq IDs to build functions of the MapMetrics DePIN on peaq. These will include assigning peaq IDs to the navigator devices on its DePIN, using these IDs to authenticate the data collected by these devices, and a community voting mechanism.

Free navigation apps have become trusty companions for countless people around the world, with Google Maps alone boasting over a billion users. But despite a lack of an upfront cost, they come with a price of their own. When something is free, you are the product; when navigation is free, your personal data is being monetized. From leveraging the user’s position data for valuable insights on specific locations to serving them targeted location-based ads, the companies behind such apps profit from our sensitive data, sometimes without giving much thought to its privacy and protection. And in the case of massive companies like Google, they combine this data with the data sourced from all other Google-related data points to create digital models of ourselves, able to predict our behavior than ourselves.

MapMetrics is changing the equation by putting navigation on Web3 rails. It uses location trackers that enable users to share their anonymized data with the network, earning cryptocurrency and NFTs as rewards. While featuring its own ad engine, it makes sure that no private user data is exposed to the advertisers and shares the ad revenue with the community. It boasts 3,500 devices in the network and 5,000 users across 73 countries.

As part of its integration with peaq, MapMetrics will use peaq’s Multi-Chain IDs to enable devices to connect with the peaq network. It will build and deploy some of the core functions powering its navigation DePIN on peaq, using peaq IDs to authenticate and sign the anonymized data that the devices collect. It will also tap peaq to build a community voting pallet — a building block that other projects will be able to use as well — which will enable the community to contribute to its Google Maps-style navigation service by adding the locations of speed cameras and other objects and validating it with votes.

This comes as peaq expands the compatibility of its peaq IDs to include Solana. Enabling this is an address map running as part of the peaq storage pallet, pallets being modules for building blockchains in the framework that peaq runs on. This map works like an address book, linking addresses of different standards used on various networks and thus enabling cross-chain communication and information exchanges.

For example, with this integration, a solar panel with an ID on Solana will be able to connect to an energy marketplace on peaq. The previous updates made peaq IDs compatible with Binance’s BNB Chain, Ethereum Virtual Machine, and Cosmos. peaq’s steps toward its Multi-Chain vision have already eased the transition for projects coming from Algorand and Polygon, and will now unlock new opportunities for MapMetrics and other projects in the Solana ecosystem.

The peaq ID compatibility expansion enables teams originating on Solana to expand and leverage peaq’s DePIN functions without friction or fragmentation. With peaq Multi-Chain IDs, Solana-originated projects can easily tap peaq for some of their crucial functions.

“With its DePIN-focused functions and economics, peaq is the perfect home for DePINs,” says Brent van der Heiden, CEO of MapMetrics. “We are excited to be joining this bustling ecosystem, and the newfound compatibility between peaq IDs and Solana addresses is making this process significantly more convenient.”

“We believe in an open, Multi-Chain Web3 with seamless communication and value exchange between a plethora of protocols,” says Till Wendler, co-founder of peaq. “By making peaq IDs compatible with Solana, we take another step toward bringing this vision to life — and it’s invigorating to see excellent projects such as MapMetrics use this technology to solve real business problems with the DePIN model.”

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Spool hones in on bringing institutions into DeFi by launching its expansive V2 upgrade

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1 week ago

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November 22, 2023

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Spool DAO, or Spool, the platform allowing institutions and users to build customizable risk-managed DeFi products, launches its V2 upgrade. Spool’s new platform expands its original DeFi infrastructure and tools, with heightened decentralized access and new capabilities. Institutions of all sizes can now leverage its slate of new features and interface updates to build, manage, and explore DeFi products with unparalleled flexibility, risk reduction, and security.

Despite crypto’s whirlwind year, DeFi’s blue-chip protocols managed to largely withstand the industry-wide chaos. But that doesn’t mean the DeFi landscape hasn’t changed at all. Looming regulatory steps, such as the new bipartisan bill entering the U.S. Senate, aim to monitor DeFi apps similarly to banks, setting the stage to accommodate increasing interest from legacy financial institutions. Banks and institutions clearly see potential in crypto and DeFi’s financial possibilities, but they lack the proper tools to enter it easily, compliantly, and on their terms.

To meet this institutional need, Spool now provides a completely rebuilt platform for risk-managed and automated DeFi yield. Created from the ground up to be faster, more efficient, more composable, and easier to use than its predecessor, V2 represents a leap for Spool and institutions expanding their DeFi presence. The upgrade expands upon Spool’s core offering and introduces several key features to maximize the effectiveness of institutional DeFi investment. These features and enhancements include:

    • Multi-Asset Smart Vaults: Institutions creating Smart Vaults can now build them to contain a range of yield strategies using multiple assets. Multi-asset Smart Vaults enhance functionality in addition to Spool’s classic auto-swapping and auto-rebalancing capabilities. Investors can simply create or pick an existing Smart Vault that matches their investment preferences, and send the assets they have available. The assets are then automatically swapped and implemented in audited and battle-tested smart contracts to attain the best yields possible while allowing funds to be withdrawn at any time.
    • Smart Vault Guards: Institutions building Smart Vaults can now dictate which users can deposit or withdraw from the Vault based on specific criteria, mirroring traditional investment funds. This helps institutions tailor DeFi offerings not only to regulatory compliance but to their specific client needs as well. Institutions can create KYC and AML-compliant Smart Vaults, for example, and only allow access to vetted investors through whitelisted wallets. Other parameters include NFT or Token Gating (where a user must hold a specific NFT or token amount to access the vault), and Time Locks.
    • Actions: Spool builders can now implement customizable actions tied to user activities such as entering or exiting a Smart Vault that is configured during its creation. Actions help support institutions by creating a framework that feels familiar to traditional finance and includes features such as deposit or withdrawal fees, deposit insurance fees, and automated asset swaps that help streamline the once-manual process for yield farming.
    • Liquid Staking Derivatives (LSDs) Support: LSDs are tokens issued in return for staking cryptocurrency through a staking provider. This comes in handy for networks such as Ethereum, where validators must hold a minimum of 32 ETH to access staking and validator privileges. LSDs also allow users to withdraw staked ETH, which validators cannot do. As strategies using LSDs become more popular and prevalent, adding support in V2 enables greater convenience.
    • Advanced Automation: One of DeFi’s major obstacles lies in manual asset management within yield farms. V2 improves upon Spool’s original automation features while maintaining decentralization and self-custody. Once assets are within a Smart Vault portfolio, V2 automatically rebalances them between various strategies configured in the Vault. Spool also now offers automated collateral conversion, meaning clients investing in a Smart Vault can utilize any underlying asset they have available. Spool automatically converts the asset before investing, granting increased ease and choice.
    • Deposit NFTs (dNFTs): D-NFTs provide users with an immutable NFT receipt of their Smart Vault deposits, enabling the withdrawal of funds. ERC-20 Smart Vault Tokens (SVTs) are created by burning D-NFTs and act as yield-bearing stablecoins, which can be easily transferred or traded on a secondary market, creating a new liquid financial instrument.

Check out Spool’s video here: https://drive.google.com/file/d/150B6sSdX9gMAjdig-5675nLfftciWidJ/view

More detailed video with features overview can be found here: https://drive.google.com/file/d/1uIr_AJ_iHKErkHR5lFaUWk39A4-NUtEo/view?usp=drive_link

Among these new features, Spool V2’s completely redesigned interface allows institutions and asset managers to have a birds-eye view of their Smart Vault portfolio. The platform champions accessibility while providing the comprehensive tools and oversight that institutions require. This includes tools for easily white-labeling Smart Vaults for client access with their own branding and unique insights into Smart Vault performance based on customizable KPIs.

By enabling the codeless creation of financial services and products backed by audited financial primitives, institutions that don’t have DeFi-specific teams are now able to easily access DeFi. The upgrade’s capabilities set the stage for large-scale institutional partnerships in the pipeline for Spool, following a steady stream of integrations and collaborations leading up to its launch.

“We are incredibly proud to launch Spool V2 after countless months of our team developing, testing, and listening to the feedback and needs of our institutional partners,” says Philipp Zimmerer, Lead of Token Strategy of Spool. “This lands at a pivotal moment in crypto in a year that has been all about responsibly rebuilding the industry and forging a new path for DeFi. Improving access, flexibility, and security will not only garner further institutional support but set a new standard for what DeFi can make possible for any investor.”

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