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Petrobras Announces Expiration And Expiration Date Results Of Cash Tender Offers

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RIO DE JANEIRO, June 8, 2021 /PRNewswire/ — Petróleo Brasileiro S.A. – Petrobras (“Petrobras“) (NYSE: PBR) today announced the expiration and expiration date results of the previously announced cash tender offers by its wholly-owned subsidiary, Petrobras Global Finance B.V. (“PGF“), with respect to any and all of PGF’s outstanding notes of the series set forth in the table below (the “Notes” and such offers, the “Offers“).

The following table sets forth certain information about the Offers, including the aggregate principal amount of Notes validly tendered and accepted in the Offers, and the aggregate principal amount of Notes reflected in notices of guaranteed delivery delivered at or prior to the Expiration Date: 

Title of Security

CUSIP/ISIN  

Acceptance
Priority
Level
 

Principal Amount
Outstanding(1)
 

Consideration(2)  

Principal Amount
Tendered
 

Principal Amount
Accepted
 

Principal Amount
Reflected in
Notices of
Guaranteed
Delivery
 

6.750% Global Notes
Due June 2050(3)

71647NBG3 /
US71647NBG34

1

US$1,467,091,000

US$1,157.51

US$325,768,000

US$325,768,000

5.093% Global Notes
Due January 2030

71647NBE8,
71647NBF5,
N6945AAL1 /
US71647NBE85,
US71647NBF50,
USN6945AAL19

2

US$3,065,085,000

US$1,089.04

US$857,766,000

US$857,766,000

US$6,094,000

6.250% Global Notes
Due March 2024

71647NAM1 /

US71647NAM11

3

US$774,384,000

US$1,135.06

US$62,246,000

US$62,246,000

US$610,000

5.299% Global Notes
Due January 2025

71647NAT6,

71647NAV1,

N6945AAJ6 /

US71647NAT63,

US71647NAV10,

USN6945AAJ62

4

US$1,061,324,000

US$1,131.96

US$59,207,000

US$59,207,000

US$111,000

6.900% Global Notes
Due March 2049

71647NBD0 /
US71647NBD03

5

US$1,743,620,000

US$1,195.91

US$205,040,000

US$205,040,000

US$5,399,000

6.875% Global Notes
Due January 2040

71645WAQ4 /
US71645WAQ42

6

US$983,216,000

US$1,208.90

US$93,057,000

US$93,057,000

8.750% Global Notes
Due May 2026

71647N AQ2 /
US71647NAQ25

7

US$1,071,541,000

US$1,293.93

US$286,390,000

US$286,390,000

US$9,049,000

7.375% Global Notes
Due January 2027

71647NAS8 /
US71647NAS80

8

US$1,775,174,000

US$1,234.75

US$71,520,000

US$71,520,000

5.999% Global Notes
Due January 2028

71647NAW9,
N6945AAK3,
71647NAY5 /
US71647NAW92,
USN6945AAK36,
US71647NAY58

9

US$1,748,126,000

US$1,159.13

US$76,097,000

US$76,097,000

5.750% Global Notes
Due February 2029

71647NAZ2 /
US71647NAZ24

10

US$878,965,000

US$1,141.35

US$42,310,000

US$42,310,000

US$102,000

6.750% Global Notes
Due January 2041

71645WAS0 /
US71645WAS08

11

US$1,013,134,000

US$1,185.05

US$76,681,000

US$15,000

5.625% Global Notes
Due May 2043

71647NAA7 /
US71647NAA72

12

US$473,770,000

US$1,108.24

US$18,693,000

US$18,693,000

7.250% Global Notes
Due March 2044

71647NAK5 /
US71647NAK54

13

US$1,286,710,000

US$1,227.04

US$17,478,000

US$17,478,000


(1)    Including Notes held by Petrobras or its affiliates.

(2)    Per US$1,000 principal amount of Notes validly tendered and accepted for purchase.  The applicable consideration does not include accrued and unpaid interest
on the Notes accepted for purchase through the Settlement Date (as defined below), which will be payable in cash.

(3)    The par call date for this series of Notes is December 3, 2049, or six months prior to the scheduled maturity date.

The Offers expired at 5:00 p.m., New York City time, on June 8, 2021 (the “Expiration Date“).  The settlement date with respect to the Offers is expected to occur on June 11, 2021 (the “Settlement Date“). 

The Offers were made pursuant to the terms and conditions set forth in the offer to purchase dated June 2, 2021 (the “Offer to Purchase” and, together with the accompanying notice of guaranteed delivery, the “Offer Documents“).

In order to be eligible to participate in the Offers, holders of Notes reflected in notices of guaranteed delivery received by PGF prior to the Expiration Date must deliver such Notes to PGF by 5:00 p.m., New York City time, on June 10, 2021 (the “Guaranteed Delivery Date“).

On the terms and subject to the conditions set forth in the Offer to Purchase, because the purchase of all Notes validly tendered in the Offers would cause PGF to purchase an aggregate principal amount of Notes that would result in an aggregate amount to be paid by PGF in excess of the Maximum Consideration described in the Offer to Purchase, PGF has accepted for purchase all of the Notes validly tendered, and expects to accept all of the Notes for which PGF received notices of guaranteed delivery and that are delivered on or prior to the Guaranteed Delivery Date, in Acceptance Priority Levels 1 through 10, 12 and 13 (the “Covered Notes“).  PGF has rejected all of the Notes, including Notes for which PGF received notices of guaranteed delivery, in Acceptance Priority Level 11 (the “Non-Covered Notes“).  Non-Covered Notes will be returned or credited without expense to the holders’ accounts promptly after the Expiration Date.  The principal amount of Covered Notes that will be purchased by PGF on the Settlement Date is subject to change based on deliveries of Covered Notes pursuant to the guaranteed delivery procedures described in the Offer to Purchase.  A press release announcing the final results of the Offers is expected to be issued on or promptly after the Settlement Date.

The total cash payment to purchase on the Settlement Date the Covered Notes, excluding accrued and unpaid interest, will be approximately US$2,469.9 million

All conditions described in the Offer to Purchase that were to be satisfied or waived on or prior to the Expiration Date have been satisfied.

PGF engaged BofA Securities, Inc., Goldman Sachs & Co. LLC, Itau BBA USA Securities, Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., Santander Investment Securities Inc., and UBS Securities LLC to act as dealer managers with respect to the Offers (the “Dealer Managers“).  Global Bondholder Services Corporation acted as the depositary and information agent for the Offers.

This announcement is for informational purposes only, and does not constitute an offer to purchase or sell or a solicitation of an offer to sell or purchase any securities. 

Any questions or requests for assistance regarding the Offers may be directed to BofA Securities, Inc. collect at +1 (646) 855-8988 or toll free at +1 (888) 292-0070, Goldman Sachs & Co. LLC collect at +1 (212) 357-1452 or toll-free (U.S. only) at +1 (800) 828-3182, Itau BBA USA Securities, Inc. collect at +1 (212) 710–6749 or toll-free (U.S. only) at +1 (888) 770-4828, J.P. Morgan Securities LLC collect at +1 (212) 834-3424 or toll-free (U.S. only) at +1 (866) 846-2874, MUFG Securities Americas Inc. collect at +1 (212) 405-7481 or toll-free (U.S. only) at +1 (877) 744-4532, Santander Investment Securities Inc. collect at +1 (855) 403-3636 and UBS Securities LLC collect at +1 (203) 719-4210 or toll-free (U.S. only) at +1 (888) 719-4210.  Requests for additional copies of the Offer Documents may be directed to Global Bondholder Services Corporation at +1 (866) 470-3800 (toll-free) or +1 (212) 430-3774.  The Offer Documents can be accessed at the following link: http://www.gbsc-usa.com/Petrobras/.  

The Offers were made solely pursuant to the Offer Documents.  The Offer Documents have not been filed with, and have not been approved or reviewed by any federal or state securities commission or regulatory authority of any country.  No authority has passed upon the accuracy or adequacy of the Offer Documents or any other documents related to the Offers, and it is unlawful and may be a criminal offense to make any representation to the contrary.

The communication of this announcement and any other documents or materials relating to the Offers is not being made and such documents and/or materials have not been approved by an authorized person for the purposes of Section 21 of the Financial Services and Markets Act 2000.  This announcement and any other documents related to the Offers are for distribution only to persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order“), (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations, etc.”) of the Order, (iii) are outside the United Kingdom, (iv) are members or creditors of certain bodies corporate as defined by or within Article 43(2) of the Order, or (v) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”).  This announcement and any other documents related to the Offers are directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons.  Any investment or investment activity to which this announcement and any other documents related to the Offers are available only to relevant persons and will be engaged in only with relevant persons.

Forward-Looking Statements

This announcement contains forward-looking statements.  Forward-looking statements are information of a non-historical nature or which relate to future events and are subject to risks and uncertainties.  No assurance can be given that the transactions described herein will be consummated or as to the ultimate terms of any such transactions.  Petrobras undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.

SOURCE Petróleo Brasileiro S.A. – Petrobras

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Energy

Aerospace Coatings Market Surging at 6% CAGR; Increasing Demand for Aircrafts in Military Applications Drives Market Growth: Fact MR Study

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NEW YORK, June 22, 2021 /PRNewswire/ — The global aerospace coatings market is estimated to surpass US$ 2 Bn in forecast period 2021-2031 expanding at 6% CAGR. Increasing application of substrates to enhance durability and longevity of aircraft bodies using less amount of material is driving aerospace coatings market growth.

According to the International Civil Aviation Organization (ICAO), the number of passengers travelled by air services increased at 6.4% CAGR in 2018, accounting nearly 4.3 billion people. Furthermore, the number rose to 4.5 billion in 2019. Hence, the demand of air services fueled aircraft manufacturers to focus on aircraft building, which will enhance aerospace coatings market.

According to the Stockholm International Peace Research Institute (SIPRI), global military spending in 2019 was over US$ 2 trillion which improved at 3.6% CAGR from 2018. Increasing fleet size in defense system is fuelling the demand for high-quality aerospace coatings in order to ensure greater longevity by developing durability of aircraft bodies to prevent corrosion, UV rays, and abrasion caused by frequent use.

As national security concerns rise, key countries such as the United States, India, and China are immersing in strengthening existing military infrastructure, including aircraft components and body. This is driving demand for aerospace coatings globally,” said a Fact MR analyst.

Request a report sample to gain comprehensive insights at

https://www.factmr.com/connectus/sample?flag=S&rep_id=6341

Key takeaways:

  • The U.S. will register increasing aerospace coating sales due to high defense spending.
  • China market is expected to grow steadily, reaching nearly $500 million by 2031.supported by the expansion of its domestic commercial aerospace industry,
  • India, Australia, and South Korea will each contribute more than US$300 million by 2031.
  • Polyurethane aerospace coatings are expected to exceed US$1 billion by 2031, at a CAGR of more than 6%.
  • The demand for epoxy aerospace coatings is expected to rise at a rapid pace, at a CAGR of nearly 6% between now and 2031.

 Growth Drivers:

  • Emergence of low-cost airlines is increasing the demand for air travel across emerging economies that will drive aerospace coating market.
  • Advanced aerospace coatings offer enhanced durability and abrasion resistance which are vital to ensure longevity of aircraft fleet. This will drive market growth.
  • Rising government initiatives to strengthen domestic aerospace industry will boost market growth.

Key restraints:

  • Lack of skilled professionals hampering market growth
  • Lack of low-cost materials availability restraining growth of aerospace coating market.

Request more information about Report Methodology

https://www.factmr.com/connectus/sample?flag=RM&rep_id=6341

Competitive Landscape

Key players in the aerospace coatings market are focusing on expansion strategies, including new product launches, collaborations, and mergers & acquisitions.

  • In May 2021, BASF SE declared a collaboration with German aircraft carrier Lufthansa Group to equip its Boeing 777 freighters with its AeroSHARK surface film which provides the fine structure of a shark’s skin to reduce aerodynamic drag which will be equipped starting 2022.
  • In April 2020, Hohman Plating & Manufacturing LLC introduced a new controlled environment facility for new aerospace adhesive primers manufacturing, which will be used on the Pratt & Whitney PurePower® PW1000G next generation engine parts.

Key Questions Answered in Report

  • Which are the most lucrative markets for aerospace coatings?
  • Which factors will impact the growth of the market?
  • How will changing trends impact the strategies of market players?
  • How can market players capture the low-hanging opportunities across regions?
  • Which companies are leading the aerospace coatings industry?
  • What are the winning strategies of stakeholders in the market?

Get Customization on this Report for Specific Research Solutions

https://www.factmr.com/connectus/sample?flag=RC&rep_id=6341

More Insights on Global Aerospace Coating Market

Fact.MR, in its new offering, presents an unbiased analysis of the aerospace coatings market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.The study divulges essential insights on the market on the basis of application (commercial, military, and general aviation), end use (MROs and OEMs), and resin (polyurethane, epoxy, and other resins), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).

Explore Fact. MR’s Coverage on Chemical and Material Domain

Aerospace Plastic Market Survey: The global aerospace plastic market report published by Fact.MR offers an exhaustive analysis on the prominent growth dynamics, including possible drivers, opportunities and challenges, expected to prevail across the landscape for the upcoming decade. A detailed insight regarding key geographies and prominent manufacturers has been embedded in this report.

Metal Coatings Market Survey: Fact. MR’s latest report on global metal coatings market gives a detailed insight on the key drivers, trends and opportunities expected to prevail across prominent segments and key geographies for the forthcoming assessment period. Additionally, details about prominent manufacturers and their revenue shares have also been incorporated.

Faux Finish Coatings Market Survey: The latest report by Fact.MR on faux finish coatings market offers an unbiased analysis on the growth prospects, strategies and competitive landscape for the upcoming period. The key players’ market share data provided by the report given you detailed insights on the shortcomings and forthcomings of the market for the forecast period. 

About Fact.MR

Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. We have offices in US and Dublin, whereas our global headquarter is in Dubai. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Reach out to us with your goals, and we’ll be an able research partner.

Contact:

Mahendra Singh
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
E: [email protected] 
Follow Us: LinkedIn | Twitter

SOURCE Fact.MR

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Energy

China Makes Policy Changes to Curtail Crude Steel Production: Beroe Inc.

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RALEIGH, N.C., June 22, 2021 /PRNewswire/ — In a bid to reduce steel output and thereby tackle problems related to pollution levels, China has announced some policy changes that can redefine the steel landscape of the country. The government has annulled the export tax rebate for some steel products. Also, it has cancelled import tariffs for several products including pig iron, crude steel, recycled steel raw materials, and more. 

In 2020, China’s share of global crude steel production increased to 56.5 percent from 53.3 percent in 2019. Despite the COVID-19 outbreak when the industry’s global growth prospect saw a collapse, China recorded an increase in crude steel production by 5.2 percent, touching the 1,053 million tonnes mark. Owing to this, the government recently announced changes to its policies in its long efforts since 2017 to reduce steel output and curb the problems that come with higher production.

“Although the volatility in demand and production levels caused by the COVID-19 outbreak began to subside in the second half of 2020, the crisis resulted in governments keeping a watchful eye on the steel sector. This is especially applicable in China where the crude steel production levels breached a billion tons and increased by 5% Y-o-Y despite the outbreak in 2020,” said Srivatsan Govindarajan, Research Analyst, Metals and Mining.  “In order to mitigate any potential problems of overcapacity and reduce the steel production levels, the Chinese government has introduced several initiatives in the form of import and export duty reforms,” he added.

One of the policy changes includes cancelling steel export rebate rates from several steel products from May 1st, 2021. Earlier, this rate was 13 percent, affecting steel products with codes 7205-7307, including stainless steel, wire rod, hot rolled and cold rolled sheet. The move will reduce exports and subsequently the domestic steel production levels. It may also redirect the additional volume from exports to the domestic market, bringing downward pressure on high steel prices. China is a net exporter of steel; it exported nearly 53.7 million tonnes of steel in 2020. By removing the rebate rate, which is expected to affect 95 percent of the total exports, it hopes to bring down steel production.

The second policy change includes cancelling import tariffs for crude steel, pig iron, recycled steel raw materials, ferrochrome, and other products. It took effect from May 1st, 2021. The aim of this is to make imports of metallics like pig iron and hot briquetted iron cheaper. Since steel mill pricing in China is highly reliant on imported iron ore and they are vulnerable to the rising iron ore prices, this policy change is expected to minimize this level of reliance and promote cleaner steelmaking in the country. The policy also underlines the government’s efforts to keep steelmaking raw materials within the country instead of exporting them to other countries.

“Both the policy changes will benefit China in the short and long-term. Collectively, it will support the supply when the country cuts steel output. It will also reduce total power consumption and carbon emission. Cancelling the steel export rebate rate will very likely drop the domestic prices in the latter quarter of 2021. The export will fall off as well in the long-run,” said Arun Vijayan, Team Lead — Metals, Minerals and Mining at Beroe. “The new trade tax regime in China will certainly shift the steel landscape in the country. It will reduce steel production and also control the historically high prices to an extent.”

For more such market insights, procurement intelligence, supplier analysis, price and cost benchmarking, please log on to Beroe LiVE.Ai: https://www.beroeinc.com/beroe-live-ai/ 

About Beroe Inc.

Beroe is the world’s leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions — leading to lower costs, greater profits, and reduced risk. Beroe has been providing these services for more than 15 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies. For more information about Beroe Inc., please visit https://www.beroeinc.com/

Media Contact:
Debobrata Hembram
[email protected] 

SOURCE Beroe Inc.

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Energy

Gold Royalty and Ely Gold Announce Town Hall Meeting – June 25, 2021

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VANCOUVER, BC, June 22, 2021 /PRNewswire/ – Gold Royalty Corp. (“GRC“) (NYSE American: GROY) and Ely Gold Royalties Inc. (“Ely Gold“) (TSXV: ELY) (OTCQX: ELYGF) are pleased to announce that they will jointly host a Town Hall Meeting on Friday, June 25, 2021 at 11:00 am EST.

Trey Wasser President & CEO of Ely Gold Royalties and David Garofalo, CEO & Chairman of Gold Royalties Corp, will be providing shareholders and interested stakeholders an update on the recent transaction announced June 21, 2021: “Gold Royalty and Ely Gold to Combine to Create a Leading Precious Metals Royalty Company”. The presentation will be followed by a question-and-answer session where attendees will be able to ask any questions they may have of management.

To register for the Town Hall Meeting, please click this link: https://www.bigmarker.com/ftmig1/Ely-Gold-Royalties-June-Town-Hall?utm_bmcr_source=ELY

About Ely Gold Royalties Inc.
Ely Gold Royalties Inc. is a Nevada focused gold royalty company. Its current portfolio includes royalties at Jerritt Canyon, Goldstrike and Marigold, three of Nevada’s largest gold mines, as well as the Fenelon mine in Quebec, operated by Wallbridge Mining. Ely Gold continues to actively seek opportunities to purchase producing or near-term producing royalties. Ely Gold also generates development royalties through property sales on projects that are located at or near producing mines. Management believes that due to Ely Gold’s ability to locate and purchase third-party royalties, its strategy of organically creating royalties and its gold focus, Ely Gold offers shareholders a favorable leverage to gold prices and low-cost access to long-term gold royalties in safe mining jurisdictions.

About Gold Royalty Corp.
Gold Royalty Corp. is a gold-focused royalty company offering creative financing solutions to the metals and mining industry. Its mission is to acquire royalties, streams and similar interests at varying stages of the mine life cycle to build a balanced portfolio offering near, medium and longer-term attractive returns for its investors. Gold Royalty’s diversified portfolio currently consists of net smelter return royalties ranging from 0.5% to 2.0% on 18 gold properties covering 12 projects located in the Americas.

Cautionary Statement on Forward-Looking Information:
Certain of the information contained in this news release constitutes ‘forward-looking information’ and ‘forward-looking statements’ within the meaning of applicable Canadian and U.S. securities laws (“forward-looking statements”) and involve known and unknown risks, uncertainties and other factors that may cause Ely Gold’s and GRC’s actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Such forward-looking statements, including but not limited to statements relating to: the proposed transaction and the Arrangement; the ability of the parties to satisfy the conditions to closing of the Arrangement; and the anticipated timing thereof; and the anticipated timing, benefits and effects of the completion of the Arrangement, involve risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Such factors include, among others, obtaining required shareholder and regulatory approvals, exercise of any termination rights under the Agreement, any inability to satisfy the other conditions in the Agreement, material adverse effects on the business, properties and assets of Ely Gold; and any inability of the parties to realize the benefits of the proposed transaction. Although each of Ely Gold and GRC has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Neither Ely Gold nor GRC undertakes to update any forward-looking statements, except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Gold Royalty Corp.

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Energy

Angold Updates Drilling At Dorado Indicating New Gold Zones

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Angold’s CEO, Mr. Adrian Rothwell, stated: “These results are extremely compelling with newly defined zones of mineralization, gold in all drill holes to date, and further large step outs. As the synthesis and interpretation of Lajitas results is being compiled, we are also targeting at Lajitas South with a final program of geophysics prior to drilling. With gold mineralization at surface at Lajitas South, and further expansion at Lajitas, the Dorado project certainly has the potential to be a major deposit in the region.”

Key Highlights

Lajitas 2021 Drilling Highlights:

  • 301 m at 0.71 g/t Au beginning at surface in hole DO-21-01
  • 110 m at 0.75 g/t Au beginning at 200 m in hole DO-21-02
  • 248 m at 0.75 g/t Au beginning at 168 m in hole DO-21-03
  • 84 m at 0.40 g/t Au beginning at 166 m in hole DO-21-04
  • 196 m at 0.51 g/t Au beginning at 296 m in hole DO-21-07

Another Extension: Hole DO-21-07 extends mineralization 85 m NW and 130 m below historic drilling (hole LJ10027r) on the NE edge of the deposit, and stepped out 100 m NE of DO-21-01.

High Grade: Results in Phase I demonstrate the higher grade potential of the deposit (68 m at 1.30 g/t Au beginning at 156 m in DO-21-01, and 74 m at 1.25 g/t beginning at 194 m in DO-21-03) with intercepts over 1 g/t Au in many holes.

New Zones: A new zone was discovered near the bottom of DO-21-02 (30 m at 1.24 g/t Au), which has extended the West Zone of mineralization at depth by approximately 80 m below historic drill hole SF01. Two new zones were intersected near the top of DO-21-02. Shorter intercepts identified new zones in holes DO-21-06 and DO-21-08, extending mineralization to the SSW.

Extensive Mineralization: Gold mineralization at Lajitas has now been confirmed over a vertical extent of at least 450 m and beginning from surface, and between the East and West Zones.

Structural Interpretation Underway: Interpretation of 2021 drill results is being synthesized with historic results to determine future expansion targets.

Further Drilling Scheduled: The Company is planning a significant second drill program for later in 2021.  Infrastructure remains at site for further 2021 drilling.

Undrilled Targets Remain: Lajitas South results show a previously unrecognized mineralized system approximately 1.2 x 2.2 km, a factor larger than Lajitas with grades at surface of up to 0.63 g/t Au. The recently identified Lajitas South target features multiple overlapping anomalies consistent with other major deposits in the Maricunga Belt and will be drilled later in 2021.

Drilling Context and Geology

Hole DO-21-07, which aimed to test the depth potential below hole DO-21-03, returned 196 m at 0.51 g/t Au and included 28 m at 1.04 g/t Au. Consistently high grades (up to 4.06 g/t Au (over 2 m)) were experienced in this initial Phase I of test drilling. These include grades over 1 g/t Au in multiple long intercepts of up to 74 m in oxide material. New zones have been identified and mineralization remains open to the NE, SW and at depth. A total of 4,255 m of drilling has been completed and holes 8 and 9 are pending assay.

Mineralization in DO-21-07 demonstrates depth potential for at least 130 m below DO-21-01 along a strike length of over 200 m and is open at depth.

Phase 1 drilling has confirmed that Lajitas is a porphyry gold/epithermal gold deposit typical of major deposits in the Maricunga Belt. Drilling has confirmed that gold is hosted in banded quartz-magnetite veins and epithermal-type quartz veins in a hydrothermal breccia surrounding a diorite porphyry. Mineralization is strongly fracture controlled, located adjacent to a prominent triple intersection between faults that strike NNE, NNW, and ENE.  As discussed in the previous press release (ANGOLD DRILLS 248 METRES AT 0.75 G/T IN STEP-OUT HOLE AT DORADO on May 25), the presence of two distinct types of gold-bearing mineralization in the Lajitas deposit expands the scope of exploration on the project, providing multiple deposit types to target.

Drilling has expanded the previously drilled deposit and indicates potential for a Maricunga type pipe-like deposit with excellent depth potential. At this stage, the deposit is more than 600 meters wide and 450 m deep. Drilling has expanded the depth potential from the average 300-m depth of drilling to about 450 m, and the deposit is open at depth.

The Lajitas hydrothermal system is vertically and horizontally zoned with deeper gold-bearing vein mineralization occurring with biotite-magnetite alteration overprinted by chlorite-illite and grading outward to illite-kaolinite-smectite clay alteration. Shallowest alteration is characterized by alunite-kaolinite-quartz with local gypsum veinlets. These alteration types are typical of other Maricunga deposits in the region, and the zoning indicates additional potential at depth, similar to many surrounding deposits. The alteration patterns also provide important vectors for other, larger exploration targets on the project; combined with the recognition of mineralization hosted in hydrothermal breccias at NNW-NNE structural intersections, they provide powerful guides to mineralization. 

Drill results have provided the geologic understanding required to effectively target drilling on numerous geologic, geochemical, and geophysical targets on the project with similar signatures and settings to Lajitas, indicating impressive potential for gold mineralization. Interpretation and drill targeting is underway for these additional expansion opportunities.

DRILL RESULTS

Table 1: Assay Results

Hole ID

Length, m

g/t Au

From, m

To, m

Notes

DO-21-01

302

0.71

0

302


including

34

0.90

76

110


and

68

1.30

156

224


DO-21-02

16

0.35

58

74


DO-21-02

16

0.38

116

132


DO-21-02

110

0.75

200

310


including

30

1.04

228

258


and

32

1.11

270

298


DO-21-02

30

1.24

408

438

Extended

DO-21-03

248

0.75

168

416

Extended

including

74

1.25

194

268


and

26

1.12

348

374


DO-21-04

84

0.40

166

250

New, extended

DO-21-04

18

0.25

324

342


DO-21-04

14

0.21

358

372


DO-21-05/5A

12

0.60

78

90

Hole Lost, Targets Not Tested

DO-21-05/5A

14

0.31

102

116

Hole Lost, Targets Not Tested

DO-21-06

40

0.27

2

42

Hole Lost, Targets Not Tested

DO-21-07

196

0.51

296

492


including

20

0.85

328

348


and

28

1.04

420

448


DO-21-08

16

0.60

0

16


DO-21-08

28

0.36

72

100


Table 2. Dorado drill-hole collar table.

Hole ID

 Collar
East
WGS84

Collar
North
WGS84

Collar
Elev m

Collar Az

Collar
Dip

Total
Depth m

DO-21-01

507080

6980110

4,562

120

-60

540

DO-21-02

507350

6979975

4,555

290

-45

484.5

DO-21-03

507093

6980248

4,583

164

-54

513.7

DO-21-04

507200

6979970

4,521

282

-70

518

DO-21-05

506893

6980142

4,525

110

-60

95

DO-21-05A

506893

6980146

4,525

110

-60

116

DO-21-06

506758

6979876

4,466

102

-55

309

DO-21-07

507355

6979972

4,585

316

-55

630

DO-21-08

507000

6979900

4,485

115

-60

402

DO-21-09

507445

6980055

4,585

316

-55

647

Total






4,254

QAQC Statement

All of Angold Resources’ drill sample assay results have been independently monitored through a quality assurance/quality control (“QA/QC”) protocol which includes the insertion of blind standard reference materials, blanks, and duplicates at regular intervals. Logging and sampling of the Dorado drill samples were completed at Angold’s core handling facilities located in Copiapo, Chile. Drill core was diamond sawn on site and half drill-core samples were securely transported to ALS Laboratories’ (“ALS”) sample preparation facility in Copiapo.

Gold content was determined by fire assay of a 50-gram charge with atomic absorption finish (ALS method Au-AA24). Thirty-three other elements were analyzed by ICP methods with four-acid digestion (ALS method ME-ICP61m). ALS Laboratories is independent of Angold Resources and its facilities are ISO 17025 accredited. ALS also performed its own internal QA/QC procedures to assure the accuracy and integrity of results. Parameters for ALS’ internal and Angold’s external blind quality control samples were acceptable for the samples analyzed. Angold is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of its drill results data.

Qualified Person
David Smith, CPG, a Qualified Person in accordance with National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

About Angold
Angold is an exploration and development company targeting large-scale mineral systems in the proven districts of the Maricunga, Nevada and Ontario. Angold owns a 100% interest in the Dorado, Cordillera and South Bay-Uchi projects, and certain claims that append the optioned Iron Butte project.

ON BEHALF OF THE BOARD OF ANGOLD RESOURCES LTD.

“Adrian Rothwell”
Chief Executive Officer

Further information on Angold can be found on the Company’s website at www.angoldresources.com and at www.sedar.com, or by contacting the Company by email at [email protected] or by telephone at (866) 852 8719.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements: This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance and includes expectations of the resumption of trading of the Company’s common shares on the Exchange. All statements other than statements of historical fact may be forward-looking statements or information. Forward-looking statements and information are often, but not always, identified by the use of words such as “appear”, “seek”, “anticipate”, “plan”, “continue”, “estimate”, “approximate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “would” and similar expressions. Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release.

SOURCE Angold Resources Ltd.

Related Links

https://www.angoldresources.com/

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