Market Update 9/7/2020

Allegiant Gold 12,006,992-share private placement

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced May 26, 2020.

Number of shares:  12,006,992 shares

Purchase price:  25 cents per share

Warrants:  6,003,496 share purchase warrants to purchase 6,003,496 shares

Warrant initial exercise price:  40 cents

Warrant term to expiry:  18 months

Number of placees:  81 placees

Insiders:  Norman Pitcher, 350,000; Shawn Nichols, 200,000; Peter Gianulus, 400,000

Total pro group involvement:  615,000 (six placees)

Finders’ fees:  Haywood Securities Inc., $3,000 cash and 12,000 warrants; Beacon Securities Ltd., $68,100 cash and 272,400 warrants; Kernaghan & Partners Ltd., $2,400 cash and 9,600 warrants; Mackie Research Capital Corp., $600 cash and 2,400 warrants; Leede Jones Gable Inc., $25,500 cash and 102,000 warrants; Canaccord Genuity Corp., $300 cash and 1,200 warrants; Columbus Capital Corp., $16,500 cash and 66,000 warrants; PI Financial Corp., $1,500 cash and 6,000 warrants

Finder’s warrant initial exercise price:  40 cents

Finder’s warrant term to expiry:  18 months, subject to acceleration

Note that in certain circumstances the exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.

QMX Gold drills 4.5 m of 21.29 g/t Au at Bonnefond

QMX Gold Corp. has released further assay results from the winter 2020 infill drilling program from the Bonnefond deposit. The Bonnefond Deposit is located in the Val d’Or East Zone of QMX’s extensive land package in Val d’Or, Quebec (Figure 1).

Highlights include (Grades are uncut; lengths are measured along the holes, Table 1):

DDH 17315-20-109 returned 6.02g/t Au over 4.0m in a shear zone south of the Bonnefond intrusive DDH 17315-20-110 returned 21.29g/t Au over 4.5m in a shear zone south of the Bonnefond intrusive DDH 17315-20-113 returned 4.75g/t Au over 7.0m and 3.73g/t Au over 4.5m in two distinct shear zones to the north of the Bonnefond intrusive

The six drill holes included in this batch of assays are located in the eastern half of the Bonnefond deposit and targeted the series of shear zones located to the south and north of the tonalite. The drilling campaign successfully achieved its objective to test the extension and grade continuity of the mineralized shears east of the intrusive.

Excellon starts drilling at Silver City

An initial 15-hole diamond drilling program has commenced on Excellon Resources Inc.’s 164-square-kilometre Silver City project in Saxony, Germany.

Records from the project indicate high-grade silver production over substantial widths throughout the district. Excellon is embarking on the first modern day exploration program focused on precious metals.

Excellon has entered a research and development agreement with the Helmholtz Institute Freiberg (“HIF”) to provide HIF with data and drill core samples from the Silver City Project through which HIF can test exploration technologies in real time, including hyperspectral analysis of drill core. The Company additionally has various collaborations with the Mineral Systems Analysis Group of the TU Bergakademie Freiberg (the Freiberg University) to develop further analyses of the project.

Excellon holds an option to acquire a 100% interest in the Silver City Project from Globex Mining Enterprises Inc. (TSX: GMX) (OTCQX: GLBXF) and (FRA: G1MN).

Cantex Announces 48 Gold and Base Metal Discoveries on North Rackla Claims in the Yukon

KELOWNA, BC, July 9, 2020 /CNW/ – Cantex Mine Development Corp. (TSXV: CD) (the “Company”) has released an update on the work program at its 100-percent-owned 14,077 hectare North Rackla claim block in the Yukon.

While the Company is working on defining drill targets for its massive sulphide drill program, which is expected to commence in early August, the Company has identified 48 new discoveries of gold and base metals.

  • 48 areas anomalous in gold and/or base metals discovered at North Rackla
  • Anomalous areas range in size up to 15.7 hectares
  • Prospecting, rock sampling and geologic mapping readying the areas for drill testing
  • Drilling of these new discoveries contemplated for late 2020 or 2021


Cantex Mine Development Corp, Tel: +1-250-860-8582; Email:

Steppe Gold arranges $15-million private placement

Steppe Gold Ltd. has arranged a non-brokered private placement of approximately $15.0-million, through the sale of 6,976,944 subscription receipts at a price of $2.15 per subscription receipt, subject to the approval of the Toronto Stock Exchange and, if required, shareholder approval.

Each subscription receipt will convert into units, consisting of one common share and one common share purchase warrant, exercisable into one common share at an exercise price of $3 per common share for a period of 24 months from the closing date.

Proceeds from the private placement will be placed in escrow on the closing date, to be released to Steppe Gold on the receipt of all necessary shareholder and regulatory approvals. On conversion, each subscription receipt will automatically convert into a unit, for no additional consideration. In the event that the approvals are not obtained by Oct. 31, 2020, each subscription receipt will be cancelled, and the subscription funds will be returned.

Magna Gold produces 5,087 oz Au in two months

During the first two months of operations, the San Francisco Mine reported sales of US$8.53 million and operating costs of US$3.77 million with an operating margin of US$4.76 million. The Company produced 5,087 ounces of gold and sold 4,977 ounces of gold at an average cost of US$741 per ounce of gold produced and an average cost of $758 per ounce of gold sold. Gold production in May was 2,349 ounces and in June reached 2,738 ounces.

Cash at the end of June at the San Francisco Mine was US$8.4 million

The Company remains on-track to complete the Pre-Feasibility Study by the end of July, at which time mining and processing of fresh mineralized material from both the San Francisco and La Chicharra open pits will commence. Magna will also provide formal production and cash cost guidance at that time. The drill program at the San Francisco Mine is still scheduled to start in September and will underpin an updated reserve estimate and optimized production plan by the end of the year.

Magna ended the month of June with US$14.3 million in cash, including the treasury at the San Francisco Mine and funds recently raised through a private placement.

Eskay Mining Approved for Trading on the OTCQB Venture Market

TORONTO, ON / ACCESSWIRE / July 9, 2020 / Eskay Mining Corp. (“Eskay” or the “Company”) (TSXV:ESK)(OTCQB:ESKYF)(Frankfurt:KN7) (WKN:A0YDPM) wishes to announce that its common shares have been approved for trading on the OTCQB Venture Market in the United States under the symbol (OTCQB:ESKYF). Trading commences on July 9, 2020. Investors in the US can find current financial disclosure and Real-Time Level 2 quotes in US currency for Eskay on The common shares of Eskay are DTC eligible to facilitate trading, settlement and clearance in the US.

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