Toronto, Ontario--(Newsfile Corp. - December 6, 2023) - Moon River Capital Ltd. (TSXV: MOO) ("Moon River" or the "Company") is pleased to announce that it has engaged A-Z Mining Professionals Ltd. ("AMPL") to complete a Preliminary Economic Assessment ("PEA") to determine the economic potential for the Davidson Molybdenum Deposit near Smithers, in west-central British Columbia, Canada.
The PEA will utilize the latest Mineral Resource Estimate completed by AMPL and contained in the Technical Report titled National Instrument NI 43-101 Technical Report for the Davidson Project Resources Update (the "Mineral Resource Estimate") dated September 13, 2023 and will assess the potential economic viability of the mineral resources at the Davidson Project when mined by underground methods. The purpose of the study is to provide an overall technical and financial opinion on the project to aid Moon River in making the appropriate decisions regarding the advancement of the Davidson Project.
Paul Parisotto, President, and CEO stated, "We have elected to undertake a Preliminary Economic Assessment to further de-risk the Davidson Project. Establishing economic parameters around the recently updated Mineral Resource Estimate is a critical step in confirming the commercial viability of the Davidson Project. Given the location and high grade of the Davidson Project, we believe the PEA will demonstrate the very high quality of the Davidson Project."
The PEA will include a review of the historic work completed to date. The recent Mineral Resource Estimate will be used for determination of mining areas and potentially mineable resources. The PEA is expected to be completed in Q1 of 2024.
In addition, the following technical aspects of the project will be considered:
Conceptual mine design including stoping areas, plan and development and production schedule;
Metallurgical test-work to date;
Mineral processing including flowsheet and preliminary plant sizing;
Infrastructure, particularly electricity and water sources;
Project development/construction schedule;
Environmental, Social and First Nations;
Capital and Operating cost estimates;
Financial cashflow modelling;
Sensitivity analysis; and
Risk assessment.
Mineral Resource Estimate
The tables below present the Measured and Indicated Mineral Resources and the Inferred Mineral Resources for the Property at various cut-off grades:
| Measured Mineral Resources | |||||
| Category | Cut-off Grade MoS2 | Tonnes | Grade MoS2 | Grade Mo | Contained Mo kg |
| Measured | >0.10 | 93,480,000 | 0.22 | 0.13 | 123,300,000 |
| Measured | >0.15 | 63,523,000 | 0.26 | 0.16 | 99,000,000 |
| Measured | >0.20 | 39,884,000 | 0.31 | 0.19 | 74,100,000 |
| Measured | >0.25 | 24,269,000 | 0.37 | 0.22 | 53,800,000 |
| Measured | >0.30 | 14,828,000 | 0.43 | 0.26 | 37,900,000 |
| Measured | >0.35 | 9,404,000 | 0.49 | 0.29 | 27,600,000 |
| Measured | >0.40 | 6,127,000 | 0.55 | 0.33 | 20,200,000 |
| Measured | >0.45 | 4,006,000 | 0.61 | 0.37 | 14,600,000 |
| Measured and Indicated Combined Resources | |||||
| Category | Cut-off Grade MoS2 | Tonnes | Grade MoS2 | Grade Mo | Contained Mo kg |
| Measured and Indicated | >0.0 | 394,623,000 | 0.15 | 0.09 | 354,800,000 |
| Measured and Indicated | >0.10 | 291,479,000 | 0.18 | 0.11 | 314,500,000 |
| Measured and Indicated | >0.15 | 161,056,000 | 0.23 | 0.14 | 222,000,000 |
| Measured and Indicated | >0.20 | 83,509,000 | 0.29 | 0.17 | 145,200,000 |
| Measured and Indicated | >0.25 | 43,896,000 | 0.35 | 0.21 | 92,100,000 |
| Measured and Indicated | >0.30 | 24,119,000 | 0.41 | 0.25 | 59,400,000 |
| Measured and Indicated | >0.35 | 14,681,000 | 0.47 | 0.28 | 41,400,000 |
| Measured and Indicated | >0.40 | 9,039,000 | 0.53 | 0.32 | 28,700,000 |
| Measured and Indicated | >0.45 | 5,625,000 | 0.59 | 0.35 | 19,900,000 |
| Inferred Resources | |||||
| Category | Cut-off Grade MoS2 | Tonnes | Grade MoS2 | Grade Mo | Contained Mo kg |
| Inferred | >0.0 | 502,849,000 | 0.10 | 0.06 | 301,400,000 |
| Inferred | >0.10 | 225,817,000 | 0.15 | 0.09 | 203,000,000 |
| Inferred | >0.15 | 78,990,000 | 0.20 | 0.12 | 94,700,000 |
| Inferred | >0.20 | 25,039,000 | 0.26 | 0.15 | 39,000,000 |
| Inferred | >0.25 | 11,907,000 | 0.30 | 0.18 | 21,400,000 |
| Inferred | >0.30 | 3,789,000 | 0.37 | 0.22 | 8,400,000 |
| Inferred | >0.35 | 1,786,000 | 0.42 | 0.25 | 4,500,000 |
| Inferred | >0.40 | 677,000 | 0.50 | 0.30 | 2,000,000 |
| Inferred | >0.45 | 404,000 | 0.55 | 0.33 | 1,300,000 |
About A-Z Mining Professionals Ltd.
AMPL is a mining consulting group of professionals and associates, each with over 30 years of industry experience worldwide. The Principals and Senior Associates of AMPL have extensive experience in the design and operation of both open pit and underground mining and processing facilities. AMPL will bring this collective knowledge to bear on this PEA of the Davidson Molybdenum Project.
About Moon River
Moon River is a Canadian-based resource company focused on the acquisition, exploration and development of mineral projects. Moon River is focused on the development of the Davidson Property which hosts a large molybdenum-tungsten deposit and is located near Smithers, British Columbia.
NI 43-101 Technical Report
A PEA Technical Report will be prepared by AMPL and will be filed on SEDAR within 45 days following disclosure of the results of the PEA.
Qualified Persons
The scientific and technical content of this news release was reviewed, verified, and approved by Mr. Brian LeBlanc, P. Eng., President of AMPL, and a "Qualified Person" ("QP")as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. LeBlanc is the QP responsible for the scientific and technical information contained in this press release.
For further information please contact:
Paul Parisotto, President, Chief Executive Officer and Director, at (416) 560-4526 or pparisotto@coniston.ca.
The TSXV has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements:
This press 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 press 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 press release contains forward-looking statements concerning the preparation and the timing of completion of the PFS Report on the Davidson Project.
These forward-looking statements reflect the current views of the Company, represent the expectations of the Company as of the date of this news release, and are based on certain assumptions that the Company has made in respect thereof as at the date of this press release.
Although the Company believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including risks detailed in the Company's Filing Statement and continuous disclosure, which are available on SEDAR+ at www.sedarplus.ca. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this press release.
These risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. The forward-looking statements contained in this document speak only as of the date of this document. The Company does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
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