Calgary, Alberta – November 30, 2023 – Tocvan Ventures Corp. (the “Company”) (CSE: TOC; OTCQB: TCVNF; FSE: TV3), is pleased to announce it has poured the first doré bar of gold and silver from bulk sample material processed at its Pilar gold-silver project in Sonora, Mexico. The bar weighs 1.487 kilograms in total, with assays from local certified laboratory LTM returning 18% of gold and 69% of silver. The bar was processed at a local facility under the supervision of Company staff. Carbon material used to absorb gold and silver during the heap leach bulk test was processed to extract the precious metals. Results are pending to determine the other metals present in the doré bar and to quantify the remaining gold and silver present in the carbon material. Remaining gold and silver in the carbon and will be processed shortly during a second doré bar pour. During the bulk sample 700 tonnes of material were crushed and processed through heap leach, returning a 1.9 g/t Au head grade and gold recovery of 62%. An additional 700 tonnes of bulk sample material are available for follow on testing of alternative recovery methods including, gravity with agitated leach. Preliminary agitated leach studies have shown rapid recovery of gold of up to 81% (see news release August 22, 2023). Gravity with later agitated leach studies have shown recoveries over 95% for gold (see news release April 11, 2023).
Figure 1. Photo of the first doré bar poured from the Pilar Project bulk material.
“Recovering gold and silver is an important step towards full-scale production and the first of many ounces to be produced from Pilar.” stated Brodie Sutherland, CEO. “Pilar has returned high head grade, well above the average of open pit mines in the region. The recoveries are also consistent with local operations, with the advantage at Pilar for even higher recovery through gravity and agitated leach methods. More gold and silver are yet to be extracted from the material in hand while we continue to advance our near-term permitting initiatives towards mine development. In addition, we are extremely excited to bring on The Howard Group as a key advisor to both capital markets and corporate communications as we look to broaden our outreach to current and prospective investors.”
Figure 2. Tocvan’s technical team with the Pilar first pour.
The Company is also pleased to announce it has engaged The Howard Group Inc. as its Capital Markets and Corporate Digital Communications advisor. The Howard Group will direct both traditional and online initiatives with a special emphasis on connecting the Company to retail investing communities and select members of numerous investment and institutional organizations.
The Company entered into an investor relations engagement agreement (the “Agreement”) with The Howard Group dated December 1, 2023 (the “Effective Date”) subject to approval of the Canadian Securities Exchange (CSE), whereby the Company has agreed to engage The Howard Group for a term of twelve months with a six-month renewal feature. Under the Agreement, the Company will pay $10,000 a month and grant the following stock options to The Howard Group under the Company’s incentive stock option plan: (i) 200,000 stock options granted within 15 days of the date of the Agreement with an exercise price of $0.45 per share vesting 25% every 3 months and expiring 3 years after the date of grant; and (ii) 100,000 stock options granted upon first renewal at six months, and the stock options shall have an exercise price equal to the applicable market price pursuant to the policies of the Canadian Securities Exchange, vesting 25% every 3 months and expiring 3 years after the date of grant.
“Tocvan is an extremely interesting opportunity,” commented Grant Howard, President of The Howard Group. “We feel the investing and investment communities will find the story particularly appealing. It sits in the heart of gold country in Sonora, Mexico, has dramatically expanded its 100% Pilar Gold & Silver project and there are multiple high-grade assay results. Tocvan management is focused on the company becoming a near-term producer.”
About The Howard Group
Since 1988, The Howard Group has provided comprehensive outreach, online digital and capital markets programs targeting investor, investment, and institutional communities as well as financing support and strategic planning for public companies.
About the Pilar Property
The Pilar Gold-Silver property has recently returned some of the regions best drill results. Coupled with encouraging gold and silver recovery results from metallurgical test work, Pilar is primed to be a potential near-term producer. Pilar is interpreted as a structurally controlled low-sulphidation epithermal system hosted in andesite rocks. Three primary zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-T. The Main Zone and 4-T trends are open to the southeast and new parallel zones have been recently discovered. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Mineralization extends along a 1.2-km trend, only half of that trend has been drill tested so far. To date, over 23,000 m of drilling has been completed.
- 2022 Phase III Diamond Drilling Highlights include (all lengths are drilled thicknesses):
- 116.9m @ 1.2 g/t Au, including 10.2m @ 12 g/t Au and 23 g/t Ag
- 108.9m @ 0.8 g/t Au, including 9.4m @ 7.6 g/t Au and 5 g/t Ag
- 63.4m @ 0.6 g/t Au and 11 g/t Ag, including 29.9m @ 0.9 g/t Au and 18 g/t Ag
- 2021 Phase II RC Drilling Highlights include (all lengths are drilled thicknesses):
- 39.7m @ 1.0 g/t Au, including 1.5m @ 14.6 g/t Au
- 47.7m @ 0.7 g/t Au including 3m @ 5.6 g/t Au and 22 g/t Ag
- 29m @ 0.7 g/t Au
- 35.1m @ 0.7 g/t Au
- 2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses):
- 94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;
- 41.2m @ 1.1 g/t Au, including 3.1m @ 6.0 g/t Au and 12 g/t Ag ;
- 24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag
- 15,000m of Historic Core & RC drilling. Highlights include:
- 61.0m @ 0.8 g/t Au
- 16.5m @ 53.5 g/t Au and 53 g/t Ag
- 13.0m @ 9.6 g/t Au
- 9.0m @ 10.2 g/t Au and 46 g/t Ag
About Tocvan Ventures Corp.
Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn in the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan has approximately 41.7 million shares outstanding and is earning 100% into two exciting opportunities in Sonora, Mexico: the Pilar Gold-Silver project and the El Picacho Gold-Silver project. Management feels both projects represent tremendous opportunity to create shareholder value.
Brodie A. Sutherland, P.Geo., CEO for Tocvan Ventures Corp. and a qualified person (“QP“) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
Cautionary Statement Regarding Forward Looking Statements
Neither the Canadian Securities Exchange nor its regulation services provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws.
There can be no assurance that forward-looking information 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 information.
For more information, please contact:
TOCVAN VENTURES CORP.
Brodie A. Sutherland, CEO
820-1130 West Pender St.
Vancouver, BC V6E 4A4
Telephone: 1 888 772 2452
Email: [email protected]
The Howard Group
VP Howard Group Inc.