CMC Metals Ltd.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

CMC Metals Ltd. (“CMC”) is a growth stage exploration company focused on opportunities for high grade silver-gold polymetallic deposits in Mexico, Yukon, British Columbia and Newfoundland. CMC’s new flagship project is the Gavilanes Silver-Gold-Polymetallic Project, San Dimas, Durango, Mexico.

The Company’s polymetallic silver-lead-zinc CRD prospects in the Rancheria Silver District include the Silverknife and Amy projects (British Columbia) and the Silver Hart Deposit and Blue Heaven claims (Yukon).

CMC’s polymetallic projects with potential for copper-silver-gold and other metals include Bridal Veil (Newfoundland) and Logjam (Yukon).

FLAGSHIP PROJECT

Gavilanes Silver-Gold-Polymetallic Project, State of Durango, Mexico

On January 8, 2024, CMC Metals announced that the Sailfish Royalty Corp. (“Sailfish”) has entered into a share purchase option agreement with CMC Metals that grants the option to acquire all of the issued and outstanding shares of Swordfish Silver Corp. (“Swordfish”). Swordfish, through Sailfish de Mexico S.A. de C.V., holds the mineral rights of the Gavilanes silver exploration property (the “Property”) located in the Municipality of San Dimas, State of Durango, Mexico.

The silver-gold-polymetallic Gavilanes Project comprises of eleven concessions (13,594.5 hectares) located within the prolific Sierra Madre belt in the San Dimas Mining District, State of Durango, Mexico. Gavilanes is located 23 km northeast of the San Dimas/Tayoltita mine operated by First Majestic Silver Corp. and shares many geological and mineralogical similarities with the mine deposit.

The Gavilanes Project is relatively unexplored. Less than 3% of the Gavilanes Zone is drill explored and the property has two other significant prospective areas (Central and Western Zones).

It has a current NI 43-101 Inferred Resource of 18,174,000 contained silver-equivalent (AgEq) ounces at an average grade of 320.3 g/t AgEq within 1,765,000 tonnes (Mine Development Associates/Respec Resource Gesociences Inc., 2021). Less than 3% of the known vein extents are to be explored with drilling in the Gavilanes Zone. The Property also has two other large mineralized zones in the central and western portions that are yet to be even subjected to detailed mapping but are highly prospective.

Gavilanes is a low to intermediate sulfidation epithermal deposit. Limited drilling at the site has been completed over 0.2 square kilometers (sq. km) of veins. Gavilanes has been subjected to periodic episodes of drilling totalling 61 diamond drill holes (13,011.25 meters). A majority of the drilling (47 holes) was completed by Santa Cruz Silver Mining. The drilling focused on the Guadalupe Solitude structure along only 500 meters. The San Nicolas mineralized structures, which span 2.6 kilometers (km), have only been tested over 250 meters with drilling intersecting an important gold system that was later confirmed with mapping and surface sampling.

• The area has significant potential for expansion of resources through:
• Drilling of down-dip and along strike extensions of the known veins;
• Discovery of additional veins;
• Exploration and drilling of the highly prospective Central and Western Zones

The immediate plan is to drill up to 4,650 meters of drilling in 2024 that is already permitted. Upon completion, the results of these holes will be combined with assayed results from 10 previous drill holes (yet to be incorporated into the resource model) to produce an updated resource estimate. The Company will also apply for additional permitting to drill 35,000-50,000 meters of drilling in 2025-27 with the goal of identifying 50M+ silver equivalent ounces. A Preliminary Economic Assessment (PEA) will then be contemplated.

Initial drilling will focus on further extensions of the San Nicolas vein, Descubridora, Veta Del Pueblo and Guadalupe-Soledad veins. Average veins encountered to date are approximately 3.0 meters in width and typical contain varying amounts of silver, gold, copper, lead and zinc.

Geological mapping and sampling has identified significant potential to expand resources in the Gavilanes Zone. Recent mapping efforts by Sailfish identified more than 20 veins within the Gavilanes Zone covering an area in excess of 5.6 sq. km (that is 33 times the area currently explored approximately 0.17 sq km) some with strike lengths estimated in excess of 2.5 km. Preliminary sampling of a majority of the veins has indicated that they are mineralized.

Highlights of the surface sampling include:

• Sample 43038, Veta Del Pueblo Vein: 1 meter grading 1,867 g/t silver
• Sample 43235, Descubridora Vein: 2 meters grading 24.4 g/t gold and 44.5 g/t silver
• Sample 45352, San Nicolas Vein: 1.5 meters grading 6.07 g/t gold and 201 g/t silver
• Sample 45331, San Nicolas Vein: 1.0 meter grading 30 g/t gold and 190 g/t silver

Key points arising from these results are:

• They demonstrate the potential for very large areas of prospectivity on the main vein structures outside of areas subjected to historical drilling;
• The potential for significant gold mineralization especially in the southeastern extensions of the veins which are exposures of the deeper parts of the veins; and,
• These sample results do not include other sample results on new veins identified and/or areas immediately outside of the core Gavilanes Zone.

It is also highly probable that the identified volume of mineralized veins will be increased by drilling the dip and strike extensions of the partly drill tested Gavilanes Zone, and early stage detailed mapping of the Central and Western Zones.

Surface rights in the core area are held by the Ejido Los Gavilanes, a communal agrarian cooperative who have established exploration agreements with previous operators. The Company has already had met with the Ejido and has initiated negotiations for an exploration agreement which they hope will be concluded in the next couple of months.

Mr. Kevin Brewer, President and CEO of the Company noted: “Gavilanes is a transformational transaction. It is a major asset with immense exploration potential that provides the opportunity for significant growth of the Company in 2024 and beyond. To acquire a permitted project with a solid resource base, extensive mineralized veins in three mineralized zones covering an area over 20 square kilometers, and potential to demonstrate an expansion of the resource in the near term with past and proposed drilling, is quite an astounding feat for CMC. We plan to initiate drilling at Gavilanes in April, 2024.”

Management

Directors and Management Team Highly Experienced in Mexico

CMC has a management team highly experienced in exploration and development in Mexico.

Douglas Coleman, Director, lives in Hermosillo, Mexico and has operated several companies and a drilling company in Mexico in the past 30 years. Douglas is a geologist and the President of Mexico Mining Center that provides industry with up-to-date information on all mineral industry activities in Newfoundland and annually organizes the largest technical mining conference in Mexico. Douglas is also active in finance and project development in Mexico for Appian Capital Inc.

Jose Manuel Delgado Canedo, Director, lives in Mazatlan, Mexico and holds degrees of Masters in Constitutional Law and a degree in Public Accounting. He practices law and specializes in serving the needs of the mining sector.

Kevin Brewer, President, CEO, and Director has also resided in Mexico for the past 10 years. He has been a geologist for over 35 years and holds degrees in Masters of Business and Administration, Bachelors (Honours) in Geology, and a Diploma of Mine Engineering. He is a Registered Professional Geoscientist and has been highly active in prospecting and exploration management in Mexico.

On the management team, CMC has retained the services of:

• Cesar Symonds who was the previous geologist at Gavilanes for Sailfish Royalties and has over 15 years of exploration experience in North America.
• Ricardo Gallegas: Manager, Operations and Community Relations who has been working closely to forge positive relations with the Ejido de Los Gavilanes for Sailfish and manage all operations.
• Adolfo Preciado: Public accountant in Hermosillo Mexico who has been responsible for all financial matters pertaining to the Gavilanes Project.

News Update

On November 06, 2024, CMC Metals Ltd. has released the results of its 2024 annual and special general meeting (ASM) of shareholders held on Sept. 25, 2024. Shareholders approved all the resolutions detailed in the management information circular of the company, namely:

• Electing all the nominees to the board of directors of the company;
• Appointing Manning Elliott LLP as auditor of the company for the ensuing year and authorizing the directors to determine the auditor's compensation;
• Approving the incentive stock option plan for the company.

On October 03, 2024, CMC Metals Ltd. has completed a recent site visit at Amy, where drill targets were identified for the company's proposed 2025 drill program. In addition, CMC Metals' geological team has completed a detailed mapping and prospecting program on the Silverknife property.

Amy is a high-grade silver-lead-zinc CRD (carbonate replacement deposit) target located just eight kilometres to the west of Coeur Mining's Silvertip mine in north-central British Columbia and is 100 per cent owned by the company. Historically, the property has been subject to considerable exploration work, including two adits (4,450 and 4,200 levels) with over 700 metres of development, 300,000 line feet of geochemical and geophysical surveys, 31,000 cubic feet of trenching (in over 20 trenches), and 10,498 feet (3,200 metres) of drilling. At the 1,280-foot level, the historical adit was reported to have intersected 140 feet of highly mineralized vein material and a mineralized vein with over 10 metres in length and 1.2 metres in width that assayed 19.08 ounces per ton silver, 0.64 per cent lead and 7.78 per cent zinc. It is noted that the company and the qualified person have not been able to verify these historical results so they should not be relied upon in any manner.

On October 02, 2024, The TSX Venture Exchange has consented to the extension in the expiry date of warrants. Private placement:

Number of warrants: 4,103,571

Original expiry date of warrants: Sept. 27, 2024 (as to 2,161,557 warrants); Oct. 12, 2024 (as to 1,942,013 warrants)

New expiry date of warrants: Sept. 27, 2025 (as to 2,161,557 warrants); Oct. 13, 2025 (as to 1,942,013 warrants)

Exercise price of warrants: 20 cents (unchanged)

These warrants were issued pursuant to a private placement of 8,207,139 shares with 4,103,570 share purchase warrants attached, which were accepted for filing by the exchange effective Nov. 14, 2022.

On September 26, 2024, CMC Metals Ltd. is acknowledging that North Bay Resources Inc. has made significant progress as follows:

• The arrival of its first gold ore shipment at the Bishop mill facility from its Fran gold project and commencement of test milling operations has been initiated. NBRI will immediately begin testing and optimization of milling for extraction of gold from ore;
• The initial shipment consisted of 22 tonnes of surface material loaded into one metric tonne (2,200 pounds (lb)) supersacks and placed on flat-bed tractor trailers;
• Target material from its Fran gold project was recently assayed and graded 1.2 to 2.3 ounces gold per tonne (see NBRI press release dated Aug. 26, 2024). The actual grades and recoveries will be determined after test processing is completed and reported assays should not be currently relied upon in any manner as they have not been verified by the company.
• NBRI has received a tailings pond inspection report from its environmental engineering firm, NewFields, indicating no issues or degradation of the tailings pond liner in the waste management unit of the Bishop gold mill and its civil and process engineering firm, SRK Consulting (Reno), is completing a dewatering plan and updated waste management and closure plan as part of its continuing information requirements with California State regulatory authorities;
• NBRI also notes that its has filed the required federal mining authority (MSHA) operating plan and expects to commence operations at the Mt. Vernon gold mine in October. The initial detailed extraction plan for the drill, blast, load and removal of a 500-tonne high-grade bulk sample is being updated and completed, based on prior 3-D (three-dimensional) modelling, by the company's mine engineering consultant, RESPEC Company, and is expected shortly; site preparations are expected to commence thereafter.

Kevin Brewer, president and chief executive officer of CMC Metals, noted: "We sincerely congratulate NBRI and its president, Jared Lazerson, for the rapid progress they have made in advancing the development of its Fran gold project, the Mt. Vernon gold mine, its recent ore shipment to Bishop and the preparations of the Bishop mill facility to the stage where test processing can now commence. This is a significant milestone in that project. We are very pleased to be a significant shareholder of NBRI and we will continue to work closely with NBRI to make this project a success and generate value for our shareholders."

On September 26, 2024, CMC Metals Ltd. will make an application to the TSX Venture Exchange to extend the expiry date of 1,942,014 share purchase warrants, originally granted Oct. 12, 2022, to Oct. 13, 2025, and to amend the exercise price from 20 cents to seven cents, subject to the consent of the warrantholders. Each amended warrant is exercisable into one common share of the company and will be subject to an acceleration clause such that the exercise period of the warrants will be reduced to 30 days, if, for any 10 consecutive trading days during the unexpired term of the warrant (the premium trading days), the closing price of the listed shares exceeds the exercise price of the warrants by 25 per cent or more and the reduced exercise period of 30 days will begin no more than seven calendar days after the 10th premium trading day.

The company is pursuing approval of the terms of the amended warrants from holders of warrants that have an expiry date of Oct. 13, 2024, granted pursuant to the private placement announced Sept. 6, 2022. If you are a warrantholder, you are urged to contact the company by e-mail to kbrewer80@hotmail.com immediately to provide approval of the amended warrants as a part of the approval requirements from the TSX-V.

The proposed extension and repricing of the warrants is conditional also upon the receipt of approval from the TSX-V.

On September 19, 2024, CMC Metals Ltd. has completed a significant reclamation program on its Silver Hart and Blue Heaven claims in Yukon, Canada. While supervising the reclamation effort, the company's chief geologist and president discovered three manto zones within the Main zone at Silver Hart and identified additional areas of interest on the Blue Heaven claims all of which merit further investigation. Several grab samples were collected and have been sent for assaying.

The program completed reclamation of trenches, historical and recent access roads, drill pads in both claim areas (in example, Silver Hart and Blue Heaven) of the Silver Hart project. It is also important as it serves to ensure that the surety bond with Yukon is at a sufficient level.

Kevin Brewer, PGeo, president and chief executive officer, noted that: "This reclamation work is of considerable importance in meeting permit requirements and demonstrating social responsibility in our work programs. Every year we have completed progressive reclamation of historical work areas dating back to the mid 1980s and recent activities. While supervising the effort I had some time to scout around and as a result identified three new manto zones which have never been drill investigated. We now have several drill target areas including (i) within the Main zone on the Silver Hart claims that require infill drilling that could result in extensions of known mineralization; (ii) the Golden Cross area on the Blue Heaven claims which had highly positive trench results that appear to indicate the existence of staked manto horizons in that area; and (iii) recent discoveries of new mantos on surface."

Mr. Brewer added that, "This indicates that to me that clearly the full potential for CRD mineralization at this project is yet to be fully identified."

On September 18, 2024, CMC Metals Ltd. has contracted Micon International Ltd. to complete a National Instrument 43-101 compliant mineral resource estimate (MRE) for its Silver Hart project in Yukon.

It is estimated that the MRE will be completed in approximately six weeks. The MRE is phase 1 of a multistage evaluation to determine if it is amenable to establish seasonal small-scale, open-pit mining at the Silver Hart project.

Kevin Brewer, president and chief executive officer, noted: "We are excited about the potential for mid-term production at our 100-per-cent-owned Silver Hart project in Yukon. Our aim would be to utilize possible preconcentration technologies such as ore sorting or dense media separation to enhance the viability and economics of transporting material from Silver Hart and Blue Heaven to a processing mill. This is a conceptual project at this stage but one that is viewed by our board as within our abilities. We are also in discussion with companies to undertake metallurgical and other tests to confirm what technology is be suited to the material at Silver Hart."

On August 15, 2024, CMC Metals Ltd. has acquired 1.12 billion common shares, equivalent to a 16.05-per-cent interest, in North Bay Resources Inc. (NBRI). The common shares were acquired as a part of the agreement between NBRI and the company, whereby NBRI acquired 55.5 per cent of CMC's gold processing mill in Bishop, Calif. (see press release dated April 24, 2024).

CMC is also pleased to note that NBRI has made significant progress in advancing the reopening of the Bishop mill facility. NBRI has been advancing site improvements and working to acquire ore sources. NBRI recently announced that it has acquired a 100-per-cent interest in the Mount Vernon mine in Sierra county from a private arm's-length company (see NBRI's press release dated July 18, 2024). The Mount Vernon mine has been noted by NBRI to be a potential ore source for the mill.

Kevin Brewer, president and chief executive officer, noted: "We are very pleased with the significant advancements NBRI have made with regards to advancing the mill commissioning and to secure high-grade ore sources. Our company is working closely with NBRI with the aim to advance production at the mill that will be highly beneficial for NBRI and CMC shareholders. We also continue to receive regular payments related to the sale of the Bishop mill facility that are helping CMC to support our own operations."

CMC is also announcing changes to the board of directors. After 14 years of dedicated service on the board, with the last four years as the role of chairman, John Bossio has decided to resign from the board to pursue personal activities. Mr. Bossio will remain as an adviser to the board. Mr. Bossio has been replaced by John Land as a director of the company.

On July 02, 2024, Further to CMC Metals Ltd.'s news releases of April 29, 2024, and June 14, 2024, that it has received TSX Venture Exchange approval to close the first tranche of its non-brokered private placement. On June 26, 2024, the company issued 2,782,143 non-flow through units at a price of 3.5 cents per NFT unit, for gross proceeds of $97,375, and one million flow-through units at a price of four cents per FT unit, for gross proceeds of $40,000, for an aggregate gross proceeds of $137,375. Each NFT unit composed one common share and one common share purchase warrant. Each FT unit is composed of one common share and one-half common share purchase warrant, each NFT warrant and each FT warrant are exercisable for two years at seven cents per common share.

The company intends to use the proceeds from the sale of FT units to incur Canadian exploration expenses and flow-through mining expenditures as these terms are defined in the Income Tax Act (Canada) and, in particular, the company's exploration program at its Silverknife, Amy and Silver Hart properties in the Rancheria silver district (Yukon/British Columbia), potentially limited activities at Logjam (Yukon) and Bridal Veil (Newfoundland and Labrador).

On June 27, 2024, CMC Metals Ltd. has completed the final payment on the Blue Heaven property with the optionor Strategic Metals Ltd. and as a result is now an 80-per-cent owner of the property. The original final payment of the option agreement was amended and subsequently a payment of five million common shares at a deemed price of three cents per share, with a four-month hold period, was provided to Strategic as the final payment for the property.

The Blue Heaven property comprises 118 claims (1,975 hectares) that are contiguous to the company's Silver Hart project in south-central Yukon. Blue Heaven is characterized with 13 mineralized areas and 36 showings many of which are yet to be evaluated by the company.

On June 19, 2024, Further to the TSX Venture Exchange bulletin dated June 17, 2024, the CMC Metals Ltd. content of the bulletin should have read as follows:

Gross proceeds: $162,400

Offering price: four cents per FT (flow-through) share, 3.5 cents per NFT (non-flow-through) shares

On June 17, 2024, Financing type: non-brokered private placement

Gross proceeds: $164,400

Offering: one million flow-through shares (FT shares) with 500,000 warrants attached; 3,497,143 non-flow-through shares (NFT shares) with 3,497,143 warrants attached

Offering price: four cents per FT share and 3.5 cents per NFT share

On June 14, 2024, CMC Metals Ltd. has oversubscribed its private placement announced April 29, 2024, by raising gross proceeds of $162,400, subject to TSX Venture Exchange approval. On receipt of the TSX Venture Exchange approval, the company will issue one million flow-through (FT) units at four cents and 3,497,143 non-flow-through (NFT) units at 3.5 cents.

The net proceeds from the sale of FT units will be used to finance the company's exploration program at its Silverknife, Amy and Silver Hart properties in the Rancheria silver district (Yukon/British Columbia), potentially limited activities at Logjam (Yukon) and Bridal Veil (Newfoundland and Labrador), and the net proceeds from the sale of NFT units will be used for general working capital.

On May 30, 2024, CMC Metals Ltd. is hoping to soon initiate studies to examine the viability of utilizing dense media separation or ore sorting technologies at the Silver Hart project.

Dense Media Separation ("DMS") has emerged as a powerful mineral processing technique as it enables the separation of minerals based on their specific gravity, offering a highly efficient method to pre-concentrate valuable minerals while discarding unwanted gangue materials. This separation process occurs through the use of heavy liquids with specific densities, setting the stage for a wide range of applications across various mining sectors. As mining companies adopt DMS and similar technologies, they contribute to a more sustainable and responsible mining industry.

Ore sorting has been proven to provide both economic and environmental benefits to mining projects, while increasing the overall efficiency and productivity of the mineral processing system.

Mr. John Bossio, Chairman of the Company noted "Our Company remains committed to examining all options to establish operations at the Silver Hart Project. We also look forward to initiating discussions with First Nations regarding this project concept to examine partnership opportunities."

On May 03, 2024, CMC Metals Ltd., as a result of a review by the British Columbia Securities Commission (BCSC), is issuing the following news to clarify previous disclosure relating to the 2020 technical report on the Silver Hart property, Yukon. The 2020 technical report for the Silver Hart project is not compliant with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and should not be relied on until it has been verified and supported by technical reports.

Also, for interested shareholders and potential investors, an outlook on proposed exploration activities for the 2024 season by the company is included in the April, 2024, edition of Hello Investors that will soon be posted on its website.

On April 29, 2024, CMC Metals Ltd. has provided the terms of its proposed non-brokered private placement. The proposed terms are to sell flow-through units of the company at a price of four cents per FT unit for gross proceeds of $400,000 and non-flow-through units of the company at a price of 3.5 cents per unit for gross proceeds of $100,000. The aggregate gross proceeds will be $500,000 and may be increased up to $750,000. Red Cloud Securities Inc. and other agents will be acting as finder on behalf of the company in relation to the offering. A new corporate presentation has been placed in the company website and interested participants are encouraged to contact the company president and chief executive officer, Kevin Brewer, for further information.

The net proceeds from the sale of FT units will be used to finance the company's exploration program at its Silverknife, Amy and Silver Hart properties in the Rancheria silver district (Yukon/British Columbia), potentially limited activities at Logjam (Yukon) and Bridal Veil (Newfoundland and Labrador), and the net proceeds from the sale of NFT units will be used for general working capital.

On April 15, 2024, CMC Metals Ltd. has prepared a new conceptual mineralization model for its Silverknife property. The model is based on an interpretation of recent and historical exploration data and publicly available regional data. The model will serve as a guideline to future exploration efforts on the property and conceptually depicts the potential of the four zones on the property previously announced on March 20, 2024. It drilled 16.19 m of 11,399.3 g/t Zn at Silverknife.

Mr. Kevin Brewer, P.Geo. and President and CEO of the Company noted that "We initially did not understand the significance of this data. We hit mineralization in seven of the nine holes we drilled in this area. Furthermore, the alteration associated with the mineralization, suggests we are proximal to a large system. We encountered faulting in the drilling program that forced us to abandon two of the holes, and faulting is evidence that the plumbing system exists in this area for fluid migration, and the heat source exists as we intercepted the Cassiar granodiorite at depth. This verifies to us the significant potential of the Silverknife Prospect Zone which is yet to be fully evaluated and also the immense potential of examining western extensions of this system in the South-Central Silverknife Zone where we have large conductivity anomalies associated with significant geochemical soil anomalies. The development of the conceptual mineralization model by our project geologist Cesar Symonds is also a great addition to our knowledge of the property."

On April 12, 2024, CMC Metals Ltd. has settled and extinguished $163,457.02 of outstanding debt through the issuance of common shares of the company.

In accordance with the settlement of debt, the company issued 2,611,111 common shares at a deemed price of 4.5 cents per share to four non-arm's-length creditors of the company. The company previously entered into a non-arm's-length administrative services agreement for services provided by officers of the company. The company also issued 1,021,267 common shares at a deemed price of 4.5 cents to three arm's-length creditors of the company.

Kevin Brewer, president and chief executive officer of CMC Metals, noted: "We have significantly reduced all costs and expenditures to deal with the challenges our sector has faced in the past few months. We sincerely thank the service and supply companies who participated in this agreement. CMC is now well positioned to now take advantage of the improved market conditions to advance its silver projects in the Rancheria silver district."

On April 04, 2024, CMC Metals Ltd. has entered into a share purchase agreement with North Bay Resources Inc. (NBRI) to acquire 55.5 per cent of its former subsidiary company 0877887 B.C. Ltd. (087 B.C.) and all of assets, rights, and responsibilities of the Bishop mill, located in California, United States from 1436132 B.C. Ltd. (the original purchaser of 087), a private Canadian company.

Within this transaction, NBRI acquires 55.5% of 087 by assuming the amended cash payment and common share transfers to CMC.

Mr. Kevin Brewer, President and CEO noted that "We are very pleased to have North Bay Resources Inc. enter into this arrangement as it will enable the parties to collectively implement an operational plan for the Bishop Mill. Having a public company enter into the arrangement strengthens the deal. CMC is committed to working with this team to help them succeed as their success is our success."

The Company also notes the resignation of Mr. Robert Wheeler as a Director. Robert has decided to fully retire and plans to spend more time with family.

On March 20, 2024, CMC Metals Ltd. has completed a detailed review of over four decades of historical and recent exploration data on its Silverknife property that has resulted in the identification of four large zones with significant exploration potential. The review was completed by CMC's project geologist, Cesar Symonds, along with company president and chief geoscientist, Kevin Brewer.

The Silverknife property is located immediately west of Coeur Mining Inc. very high-grade silver-lead-zinc-critical minerals carbonate replacement deposit (that is, the Silvertip mine) located in the emerging Rancheria silver district in north-central British Columbia. CMC has only conducted preliminary exploration at the Silverknife property and intends to focus future exploration efforts on the property. The company will also continue to advance exploration and evaluation of the Amy and Silver Hart properties in the Rancheria silver district when market conditions improve.

John Bossio, chairman of the company, noted: "Silverknife is a property with significant exploration merit and now that we have secured 100-per-cent ownership we are working diligently to secure a strategic partner to advance an aggressive exploration program. We remain very committed to all of our projects in the emerging Rancheria silver district."

Mr. Brewer, PGeo and president and chief executive officer of the company, noted: "Our in-depth analysis of the data produced some highly positive results. That work truly demonstrated to us the vast exploration potential encompassing a majority of the property area. We accomplished a lot in 2023, including the establishment of a 20-person modern camp facility, confirmation of the Cassiar instrusive, and identification of significant fault structures and mineralization in the Silverknife prospect zone. This hard work has culminated in the generation of a very detailed exploration plan which we now plan to implement. We expect to focus initial work efforts in the Tootsee North and Silverknife South and a description of the positive features of these areas is further described. I look forward to a very successful 2024 exploration season at Silverknife."

On March 13, 2024, CMC Metals Ltd. has cancelled the $1.2-million private placement announced on Feb. 28, 2024, due to the failure of the property owner of the silver-gold-polymetallic Gavilanes project in Durango, Mexico, to achieve an extension of the exploration permit with SEMARNAT (Secretariat of Environment and Natural Resources), Mexico's permitting authority. In addition, CMC has subsequently served notice of its intent to terminate the agreement with Sailfish Royalty Corp. to acquire the Gavilanes project but remains interested in securing exclusivity rights until October, 2024.

CMC now intends to revert its attention to its flagship Silverknife property in British Columbia which has considerable exploration potential for high-grade silver-lead-zinc carbonate replacement and skarn deposits.

Kevin Brewer, president and chief executive officer of CMC, noted: "The decision by SEMARNAT to not extend the permit renewal at the Gavilanes project is disappointing. The preparation and filing of the application was the sole responsibility of the property owner and as a result CMC was left with no choice but to pull out of the agreement to initiate the acquisition of Gavilanes. This event was not within our control and was not possible to foresee by all involved parties. We still consider the Gavilanes deposit to have excellent potential for resource expansion and be a company maker and we therefore remain interested in the project under revised circumstances and terms. However, our strategy to have a strong and diversified asset portfolio now allows us to revert our attention to the Silverknife project in north-central British Columbia which continues to hold potential for the discovery of high-grade silver-lead-zinc-critical mineral carbonate replacement and skarn deposits."

On February 06, 2024, CMC Metals Ltd. has completed the final payment on the Silverknife and Amy properties and also acquired an additional mineral tenure at Amy. The deal was completed on Feb. 1, 2024, with the optionor, Steven Scott, a businessman and prospector. As a result, CMC is now a 100-per-cent owner of the aforementioned properties as of the effective date of the agreement. The original final payment of the option agreement was amended and subsequently a payment of two million common shares, subject to a four-month hold period from the effective date, was provided to Mr. Scott as the final payment.

The Silverknife property is located immediately west of Coeur Mining Inc. very high-grade silver-lead-zinc-critical minerals carbonate replacement deposit (the Silvertip mine) located in the emerging Rancheria Silver district in north-central British Columbia. CMC has only conducted preliminary exploration at the Silverknife property and intends to focus future exploration efforts on the North Tootsee area of the property. North Tootsee is underlain by limestones assigned to the McDame unit which are the host rock to the Silvertip mine located less than two kilometers to the east. CRD style deposits typically form in clusters, along structural corridors, and adjacent to intrusives such as granites/granodiorites which provide the heat source for the movement of mineralized fluids into overlying sediments such as limestones. Tootsee North is areally larger in size than the current footprint of the Silvertip mine, is located proximal to the heat source proven by CMC's small 2023 drilling program, and McDame is locally noted to be mineralized in showings just north of Silverknife. Future exploration efforts will include completion of road access to the Tootsee North area, trenching and ground geophysics to pinpoint structural zones that are highly prospective and would merit drilling.

On January 29, 2024, CMC Metals Ltd. has provided an update on its Gavilanes silver-gold-polymetallic project.

The management team, including Kevin Brewer, president and chief executive officer, Jose Manuel Delgado Canedo, director, chief financial officer and legal adviser -- Mexico, and Cesar Symonds, project geologist, attended the annual assembly of the Ejido de los Gavilanes yesterday. The company outlined its exploration plans for Gavilanes for 2024. The Ejido de los Gavilanes expressed support for the project and has agreed to enter into a letter of intent with CMC to advance an exploration agreement for the project. This is an important milestone for the project as the Ejido controls the surface rights and it also highly influential in the process related to the assignment of exploration permits in Mexico. An extension of the current permit has recently also been filed with the Mexican permitting authority SEMARNAT (Secretariat of Environment and Natural Resources).

January 11, 2024, CMC Metals Ltd. to Present at 2024 Vancouver Resource Investment Conference – "The Gavilanes Project – An Exciting Acquisition in the Emerging San Dimas Mining District, Durango, Mexico"

January 9, 2024, CMC Metals Ltd. Announces Schedule of Events for Q1 2024 to Promote the Recent Acquisition of the Gavilanes Silver-Gold-Polymetallic Project in the San Dimas Area, Durango, Mexico

January 8, 2024, CMC Metals Ltd. Acquires the Gavilanes Silver-Polymetallic Project in the San Dimas Area, Durango, Mexico

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