Eskay Mining receives approval for trading on OTCQB
Eskay Mining Corp.’s 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 U.S. can find current financial disclosure and Real-Time Level 2 quotes in U.S. currency for Eskay on the OTC market website. The common shares of Eskay are DTC eligible to facilitate trading, settlement and clearance in the U.S.
Cantex identifies 48 discoveries at North Rackla
Cantex Mine Development Corp. has released an update on the work program at its 100-per-cent-owned 14,077-hectare North Rackla claim block in Yukon. 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
Eclipse Gold completes IP survey at Hercules
Eclipse Gold Mining Corp. has completed an induced polarization (IP) survey at the Hercules gold project located in Lyon county, Nevada. Recent drilling identified several open-ended targets, including the Hercules target where hole H20010 returned 89.92 meters of 0.65 g/t Au and 12.51 g/t Ag, and the southern end of the Cliffs target where hole H20009 returned 74.68 meters of 0.54 g/t Au and 4.78 g/t Ag (for further information refer to the Company’s June 10, 2020 news release).
Atico Mining drills 0.77 m of 70.8 g/t Au at La Plata
Atico Mining Corp. has provided results from six holes from its continuing drill program at the La Plata precious metals-rich volcanogenic massive sulphide (VMS) project in Ecuador. The present campaign has the objectives of completing the infill drilling on the La Mina resources, as well as extending the mineralization outside of the known envelope.
True widths are dependent on uncertainties in the local strike and dip of the mineralization and are estimated to be between 76 per cent and 83 per cent of the drill intercept.
American Creek talks JV partner drilling at Treaty
American Creek Resources Ltd.’s joint venture (JV) partner, Tudor Gold Corp., has completed the first set of diamond drill holes at its flagship property, Treaty Creek, located in the heart of the Golden Triangle of northwestern British Columbia. Diamond drilling is progressing very well on the Goldstorm Zone which is on-trend from Seabridges’ KSM Project located five kilometers southwest of our Goldstorm system. Two additional drills have been mobilized to the project to bring the total to four diamond drill rigs. Tudor Gold intends to extend the diamond drill hole program up to possibly 35,000 meters from the original plan of 20,000 meters and is fully funded to do so. The initial drilling this season has yet to delineate the limits of the Goldstorm system as it remains open in all directions and to depth.
Section Horizon Hole_ID From To Interval (m)Au g/tAg g/tCu ppmAu Eq g/t 110+00 NE300 GS-20-54 73.95195.5 121.55 0.633 3.39 218 0.706 110+00 NE300 +CS600GS-20-55 290.0446.0 156.0 0.674 2.95 956 0.852 110+00 NECS600 GS-20-55 360.5429.5 69.0 1.172 1.69 985 1.338 110+00 NE300 GS-20-57 34.5 1007.55973.05 0.775 3.00 226 0.845 110+00 NE300 GS-20-57 incl 544.5904.5 360.0 1.051 3.10 122 1.107 110+00 NE300 GS-20-57 or incl544.5762.0 217.5 1.338 3.32 150 1.400 110+00 NE300 GS-20-58 107.0394.5 287.5 0.351 0.99 119 0.380 110+00 NE300+CS600 GS-20-60 24.0 666.0 642.0 0.592 2.15 497 0.691 110+00 NE300 GS-20-60 incl 24.0 190.0 166.0 1.144 2.09 105 1.185 110+00 NECS600 GS-20-60 & incl 588.0666.0 78.0 0.509 7.45 3010 1.045 111+00 NE300 GS-19-56 159.0172.5 13.5 1.054 5.57 98 1.136 111+00 NECS600 GS-19-59 139.0398.0 259.0 0.328 6.99 1809 0.680 111+00 NECS600 GS-19-59 incl 142.0273.0 131.0 0.351 10.99 2777 0.894 112+50 NECS600 GS-20-61 116.0363.5 247.5 0.398 8.51 2690 0.899 112+50 NECS600 GS-20-61 incl 116.0321.5 205.5 0.453 8.56 3129 1.020 114+00 NECS600 GS-20-62 143.0371.0 228.0 0.356 3.53 729 0.507 114+00 NECS600 GS-20-62 incl 143.0206.0 63.0 0.758 2.76 1135 0.960
All assay values are uncut and intervals reflect drilled intercept lengths.HQ and NQ2 diameter core samples were sawn in half and typically sampled at standard 1.5m intervalsThe following metal prices were used to calculate the Au Eq metal content: Gold $1322/oz, Ag: $15.91/oz, Cu: $2.86/lb. Calculations used the formula Au Eq g/t = (Au g/t) + (Ag g/t x 0.012) + (Cu% x 1.4835). All metals are reported in USD and calculations do not consider metal recoveries. True widths have not been determined as the mineralized body remains open in all directions. Further drilling is required to determine the mineralized body orientation and true widths.
Table lI Drill hole data for the first nine holes of the 2020 drilling program in the Goldstorm Zone. Zone Section Hole ID Northing UTM_N83_Z9Easting UTM-N83_Z9Elevation (m)Azimuth (m)Inclin.Depth (m) Goldstorm110+00 NEGS-20-54428592.9 6272766.3 1274.53 120 -90 270 Goldstorm110+00 NEGS-20-55428664.9 6272728.5 1275.78 300 -90 576.4 Goldstorm111+00 NEGS-20-56428660.2 6272839.8 1267.97 120 -90 195 Goldstorm110+00 NEGS-20-57428529.3 6272813.9 1277.84 300 -60 1026 Goldstorm110+00 NEGS-20-58428757.1 6272676.6 1277.62 120 -90 506 Goldstorm111+00 NEGS-20-59428789.767 6272773.4 1266.43 120 -90 476 Goldstorm110+00 NEGS-20-60428530.976 6272812 1277 302 -88 765 Goldstorm112+50 NEGS-20-61428883.9 6272891.9 1250.99 120 -90 449 Goldstorm114+00 NEGS-20-62428953.745 6273025.2 1237.03 290 -90 449
Highgold Mining to acquire 792 ha near Timmins
Highgold Mining Inc., through its wholly owned subsidiary, has entered into three separate agreements with arm’s-length vendors to acquire an aggregate of 38 patented mining claims, three single-cell mining claims, one boundary cell mining claim and four mining leases, covering a total area of approximately eight square kilometres (792 hectares), in the Timmins region, Ontario. The Property, which surrounds and immediately adjoins HighGold’s existing Munro-Croesus Gold property, brings the total consolidated land position to approximately 12 km2 (1,181 ha).
Due to fragmented land ownership dating back to the early to mid-1900s when the Croesus Mine was in production, most of the Property has never been explored by modern or systematic exploration methods. The Company’s Ontario exploration team has already commenced preliminary surface exploration on the consolidated land package with the plan to resume the 2020 drill program in the fall.
In consideration of the Acquisition and subject to TSX Venture Exchange (the “TSXV”) approval, the Company has agreed to issue an aggregate of 200,000 common shares and to make cash payments in the aggregate amount of CAD $475,000 to the Vendors. Pursuant to the terms of the agreements, the Property is subject to certain net smelter returns royalties, a portion of which royalties may be purchased back by the Company, and an offtake right on base metal concentrates from a portion of the Property.
Radisson closes $2.49-million private placement
Radisson Mining Resources Inc. has closed its previously announced private placement for aggregate gross proceeds of $2,499,999.55. The Offering consisted of the issuance of 4,762,655 Class A shares in the capital of the Company, priced at CAD$0.20 for gross proceeds of $952,531.00 and 4,274,775 charity flow-through shares each of which qualify as a “flow-through share” priced at CAD$0.362 for gross proceeds of $1,547,468.55.
An investment by the Sunrise SPC – Marshall Precious Metals Fund SP accounted for the majority of the offering. Following the close of this offering, the Marshall Precious Metals Fund SP is expected to own 5,262,430 shares of Radisson.
Abraplata Resource closes $5-million financing
Abraplata Resource Corp. has closed its previously announced non-brokered private placement. In connection with the closing of the placement, the company issued 43,478,261 units at a price of 11.5 cents per unit for gross proceeds of $5.0-million. Each unit consists of one common share in the equity of the company and one share purchase warrant. Each warrant will entitle the subscriber to purchase one additional common share at a price of 17 cents until the second anniversary of the closing date of the private placement.
Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 26 million units pursuant to the private placement. As a result, Mr. Sprott beneficially owns and controls 26 million shares of the company and 26 million warrants, representing 8.2 per cent of the issued and outstanding common shares on a non-diluted basis, and 15.1 per cent on a partially diluted basis, assuming the exercise of Mr. Sprott’s share purchase warrants. Prior to the closing of the private placement, Mr. Sprott did not beneficially own or control any securities of the company.
The units were acquired by Mr. Sprott, through 2176423, for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the company, including on the open market or through private acquisitions, or sell securities of the company, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.
A copy of 2176423’s early warning report will appear on the company’s profile on SEDAR and may also be obtained by calling 416-945-3294 (200 Bay St., Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ont., M5J 2J1).
The proceeds of the placement will be used to advance exploration activities at the Diablillos silver-gold project and for general working capital purposes. In connection with the completion of the placement, the company will pay aggregate finders’ fees of $251,292 to Clarus Securities Inc., Haywood Securities Inc. and Canaccord Genuity Corp., and issue 2,086,800 broker warrants, exercisable for common shares at a price of 15 cents per share until the expiry date.
Officers and directors of Abraplata subscribed in the placement for an aggregate of 882,608 units, and the participation of such officers and directors of Abraplata in the placement constitutes a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The placement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to Section 5.5(a) and Section 5.7(1)(a) as the fair market value of the officers’ and directors’ participation is not more than 25 per cent of the company’s market capitalization.
Int’l Speculator says buy Dynacor Gold Mines
The International Speculator, in its June 24, 2020, issue, says buy Dynacor Gold Mines Inc. at $1.80, officially, “Buy up to $1.95.” The newsletter said buy 10 times between July 8, 2013, and Dec. 20, 2019, at prices ranging from $1.15 to $2.20. Assuming a $1,000 investment for each of the 10 buys, the $10,000 holding is worth $10,291. The buy comes without elaboration.
Avino Silver temporarily halts mining at Avino
Members from the Mexican mining union have blocked the entrance to Avino Silver & Gold Mines Ltd.’s Avino mine near Durango, Mexico. The group includes the company’s unionized workers. The company remains receptive to having good-faith discussions with representatives of the authorized union. As a result of the strike at the site, the company has temporarily halted mining and mill processing operations.
“We have many dedicated workers and community supporters that have expressed their interest and backing. Avino has a strong desire in supporting the community surrounding our mine site and supporting our shareholders by working diligently towards an end to this slowdown,” said David Wolfin, president and chief executive officer. “Our team in Mexico is handling this difficult challenge, and it is consequently very disappointing for all of us that this strike has held up the hard work and progress following the completed ramp-up of operations.”
Alpha Lithium closes first tranche of financing
Alpha Lithium Corp. has completed a first tranche of the non-brokered private placement originally announced on June 23, 2020. The Company issued 8,751,846 units (each, a “Unit”) at a price of $0.37 per Unit for gross proceeds of $3,238,183.02. Each Unit is comprised of one common share of the Company (a “Share”) and one Share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to acquire one Share at a price of $0.50 for a period of three (3) years following closing of the Private Placement. No broker of finders fees have been paid in connection with the Private Placement.
The net proceeds received from the Private Placement will be used for development of the Company’s Tolillar Lithium Project in Salta, Argentina and for general working capital purposes. All securities issued under the Private Placement will be subject to a four-month hold period from the date of issue in accordance with applicable securities laws. The remainder of the Private Placement is subject to final acceptance of the TSX Venture Exchange.
Millrock continues drilling at 64North
Millrock Resources Inc. has provided an update on drilling and other exploration at its 64North gold project. The 64North Gold Project is a very large tract of claims in Alaska’s emerging Goodpaster Gold District. Drilling has been ongoing since early June and continues at present. The drilling program is focused on the Aurora Target, with approximate hole locations shown in Figure 1.
The planned program of 2,300 meters in three holes is well underway. Hole 20AU003 has been completed and tested gently northwest-dipping structures detected by CSAMT geophysical surveys in a low magnetic area. Hole 20AU004 is in progress and is being drilled to 950 meters to test a CSAMT conductor in the vicinity of the Half-Ounce Gulch gold prospect. Assay results from the current program are anticipated in late August/early September. An airborne magnetic ZTEM MAG survey has been completed over the Aurora and Echo Targets, as well as the neighbouring Goodpaster gold deposit. Detailed airborne magnetic surveys are being flown in a collaborative effort with the State of Alaska Division of Geological and Geophysical Surveys. Plans are being made to test the Echo target.
The target being drilled at Aurora is adjacent and immediately west of the Pogo Mine property, which is owned and operated by Northern Star Resources Ltd. (“Northern Star”). Northern Star has previously reported a gold resource of 5.95 million ounces of gold in a series of veins grading 9.6 grams per tonne gold (Source: Northern Star website). More than four million ounces of gold has already been mined at Pogo, and Northern Star has recently announced a new gold discovery called the Goodpaster deposit a short distance away from the mutual claim boundary. Millrock cautions that mineralization on the nearby Northern Star property is not necessarily indicative of gold mineralization hosted on the Company’s property. Presently, hole 20AU004 is testing a CSAMT conductive zone on-trend and below the Half-Ounce Gulch prospect (“HOG” on Figure 1). High-grade gold grab samples have been reported from prior workers at this site, and two historic drill holes intersected high-angle veins beneath the prospect. The earlier workers did not have the benefit of the CSAMT data shown in Figure 2, and those earlier holes (MR12-01 and MR12-02) were not drilled deep enough to intersect the shallow-dipping conductive zone that Millrock postulates to represent low-angle fault structures with quartz veining, sulfides, and gold mineralization. The hole is presently at 900 meters depth below surface.
The Aurora target is a two-kilometer by five-kilometer zone of low-magnetic rocks adjacent to a late diorite intrusion. The setting is very similar to that observed at the nearby Pogo Mine. Millrock postulates that the late diorite body intruded along a westerly extension of the Liese Creek fault, which is known to have played a key role in the genesis of the Pogo gold deposits. Highly anomalous gold-bismuth-arsenic in soil is documented. High-angle gold-bearing quartz veins have been intersected by prior drilling. However, the few holes drilled by earlier workers did not go deep enough to intersect the low-angle, regional shear zone that is known to host gold at Pogo and the Goodpaster Deposit. Millrock believes this structure exists at the Aurora target.
Numerous zones of mafic rocks, fault zones, and quartz veins intercepted in drill hole 20AU001 fit with the exploration model. The low-angle, regional shear preferentially ruptured the mafic lithological layers. The Aurora Target is located in this regional shear and the current drill hole program will test the shear for gold mineralization in a variety of places. The regional shear at Aurora was detected by CSAMT and ELF ground-based geophysical surveys in 2019. The ZTEM airborne survey that was completed on July 8 and 9, 2020, has been executed in the same area (see dark blue outline on Figure 1), along with detailed airborne magnetic surveys. If the airborne methods are able to detect the regional shear effectively, the method may be applied elsewhere on the project in a very cost-effective manner.
Resolution can earn up to a 60% interest in the 64North Gold Project through exploration expenditures of US$20 million, payment of US$200,000 cash, and issuance of 38 million Resolution shares. The minimum commitment for 2020 is US$5.0 million. Other details of the agreement between Millrock and Resolution are documented in Millrock’s announcement made on December 16, 2019.
Eskay Mining nominates Hennigh, Weis as directors
Quinton Hennigh and Tom Weis will be presented as nominees for directors of Eskay Mining Corp. at the upcoming annual general and special meeting to be held on Aug. 11, 2020.
Dr. Hennigh is an internationally known economic geologist, with over 25 years of exploration experience and expertise with major gold mining companies such as Homestake Mining Company, Newcrest Mining Limited, and Newmont Mining Corporation. He is currently Chairman of Novo Resources Corp. which is actively exploring for gold in Western Australia. Dr. Hennigh is credited with the discovery of the Springpole alkaline gold deposit near Red Lake, Ontario, for Gold Canyon Resources, and the Rattlesnake Hills gold project in Wyoming for Evolving Gold. He holds a Bachelor of Science from the University of Missouri, and an M.Sc. and a Ph.D. in geology and geochemistry from the Colorado School of Mines.
Thomas Weis is a minerals exploration geophysicist with over 35 years of exploration experience working for both major and junior mining companies worldwide. These have included Exxon Minerals, Newmont and Normandy Poseidon. He has a broad background in precious, base metals and industrial mineral exploration including VMS, Porphyry Copper, Epithermal and Carlin style systems. He holds a Bachelor of Science Degree in Geology and a Masters of Science Degree in Geophysics at Michigan Technological University as well as advanced studies and research at the University of Utah and University of Kansas. He is currently the President of Thomas V Weis and Associates Inc. a geophysical contracting and consulting company.