Aurion Resources completes scout drilling at Launi
Aurion Resources Ltd. has completed scout drilling at its 100-per-cent-owned Launi property. Results are expected within several weeks.
Exploration activities are now set to resume at Aurion’s flagship property, Aamurusko/Risti.
Launi Scout Drilling Program
The Company has continued with a limited scout-drilling program since March when COVID-19 related travel restrictions resulted in a repatriation of Canadian citizens traveling abroad. The program consisted of 49 drillholes drilled to a maximum of 190 m depth and designed to test numerous targets and potential sources of surface mineralization.
Results from this phase one program will be used to design phase two of Launi exploration, anticipated to commence in September.
The Company is now set to resume exploration on its flagship discovery property, Risti, located approximately 8 km NW of Launi. Drilling is expected to begin in the first week of August.
The company has been able to complete significant desktop data review and compilation on several targets highlighting their individual prospectivity and the overall district/camp scale potential of the Risti property. Details will be provided in a subsequent release.
Brixton Metals drills 13.9 m of 435 g/t Ag at Hog
Brixton Metals Corp. has released the second set of results from its maiden drill program at its wholly owned Hog Heaven project, which returned multiple significant intervals of high-grade silver and gold mineralization. A total of seven holes representing 1,400.35m were drilled of HQ sized core.
Table1. Drill hole HH20-01 of Mineralized Intervals as Composite Weighted Average Assays Hole ID Remarks From (m)To (m)Total (m)Ag g/tAu g/t HH20-01 All Mineralization 1.83 153.92 152.09 88.81 0.22 Oxide Zone 1.83 60.86 59.03 181.04 0.43 including 34.96 60.86 25.90 306.00 0.92 containing 34.96 48.92 13.96 435.39 0.96 Sulphide Zone- Breccia 82.60 153.92 71.32 25.15 0.10 including Sulphide 82.60 100.70 18.10 46.47 0.08 containingSulphide stringers 85.64 88.39 2.75 106.32 0.23 including Massive sulphide 118.26 119.17 0.91 329.00 2.90
Table 2. Drill hole HH20-03 of Mineralized Intervals as Composite Weighted Average Assays. Hole ID Remarks From (m)To (m)Total (m)Ag g/tAu g/t HH20-03 All Mineralization 2.13 145.90 143.77 77.71 0.44 Oxide Zone 2.13 86.72 84.59 90.90 0.50 including 45.93 86.72 40.79 167.94 0.96 containing 68.43 82.00 13.57 329.87 1.80 which contains Vuggy, High FeOx 74.23 82.00 7.77 492.33 2.15 Sulphide Zone- Breccia 97.47 145.90 48.43 61.83 0.30 including Semi-massive sulphide 100.36 103.75 3.39 120.29 1.30 including Semi-massive sulphide 113.69 114.45 0.76 647.00 1.76 including Semi-massive sulphide 117.96 118.71 0.75 815.00 2.68 including Semi-massive sulphide 127.20 128.67 1.47 706.00 2.22 including Semi-massive sulphide 145.80 145.90 0.10 22.90 2.35
Table 3. Drill Collar Information. Hole ID Easting Northing Azimuth Dip ElevationTotal Depth (m) HH20-01680645.075310654.88 96.40 70.00 1242.60 185.32 HH20-02680699.435310556.74173.40 87.40 1254.34 299.20 HH20-03680633.265310634.80 92.50 92.50 1231.66 239.17 HH20-04680669.325310985.66155.20 89.50 1336.79 160.93 HH20-05680503.005310627.00193.90 89.50 1221.00 273.41 HH20-06680643.005310596.00103.10 79.60 1231.00 14.63 HH20-07680534.005310569.00 78.90 53.50 1210.00 227.69 1400.35
Historically, limited soil geochemical work was completed on the project. Note that we do not have soil geochemical data over several target areas including the Main Mine and Martin Mines targets. The gold anomaly of greater than 100 ppb Au at Ole Hill is 500m by 750m and open ended. The precious and base metal geochemical data suggests that we are dealing with a large mineralized system and that further soil sampling and follow-up drilling is warranted.
Mr. Gary R. Thompson, P.Geo. reviewed and approved the information in this press release.
Alpha Lithium completes $3.7M private placement
Alpha Lithium Corp. has completed the non-brokered private placement originally announced on June 23, 2020. Further to the company’s press release of July 10, 2020, the company issued an aggregate total 10,013,303 units at a price of 37 cents per unit for aggregate gross proceeds of $3,704,922.11 under two tranches of the private placement.
Each unit comprises one common share of the company and one share purchase warrant. Each warrant entitles the holder thereof to acquire one share at a price of 50 cents for a period of three years from issuance. No broker or 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.
Golden Predator to focus on phase 2 restart for Brewery
Due to the positive progress realized during the phase 1 work to restart the Brewery Creek mine from reprocessing of existing heap leach material, Golden Predator Mining Corp. has decided to accelerate work on the phase 2 plan. The Phase 2 study will evaluate resumption of the mining of new material from oxide resources contained in the Company’s Mineral Resource Estimate(1). The current Mineral Resource Estimate from late 2019 is being updated by Gustavson & Associates and is well advanced with completion expected within the next 30 days.
Phase 2 work will begin with Feasibility level mine planning incorporating new data from the forthcoming updated resource estimate. The results of these studies will integrate Phase 1 reprocessing of existing heap leach material and Phase 2 mining of new oxide material from licensed areas into a single comprehensive Feasibility Study for the Company’s 100%-owned Brewery Creek gold project in Canada’s Yukon. This definitive comprehensive Feasibility Study is expected by year end.
Tetra Tech, Inc. of Golden, Colorado, a leading provider of consulting and engineering services to the mineral extraction sector, has been commissioned to complete the Phase 2 Feasibility work which includes detailed mine planning and operations scheduling within the currently permitted area. This scheduling will include operational plans and scheduling for freshly mined material as well as the reprocessed material to be placed on the active heap leach pad. The combination of Phases 1 and 2 is expected to evaluate the economic factors necessary to achieve significantly accelerated cash flow from increased early production. Any production decisions would be dependent on the outcome of a study demonstrating positive technical and economic viability.
The Phase 1 Restart Study, by Kappes Cassiday & Associates (“Kappes”), now 90% complete, evaluates the economic viability of reprocessing the approximately 10 million tonnes of run of mine material left by the previous operator on the project’s heap leach pad with an originally calculated mined grade of 1.5 g/t gold(2). Gold recovery from the run of mine ore by Viceroy was not as anticipated (less than 58% according to production records) and the work to date by Kappes confirms the prospects of further gold recoveries from this material after crushing and restacking.
To view the Brewery Creek project maps: http://www.goldenpredator.com/_resources/news/BC-Property-Maps-2020.pdf
Gold Terra closes $7.13-million bought deal
Gold Terra Resource Corp. has closed its previously announced bought deal financing, including the exercise in full of the underwriters’ overallotment option. Pursuant to the Offering, a total of 12.7 million common shares of Gold Terra (the "Common Shares") were sold at a price of C$0.30 per Common Share and 8 million charity flow-through common shares of Gold Terra (the "Charity Flow-Through Common Shares") were sold at a price of C$0.415 per Charity Flow-Through Common Share, for aggregate gross proceeds of C$7,130,000.
The Offering was made through a syndicate of underwriters led by BMO Capital Markets and including Beacon Securities Limited and Stifel GMP (collectively, the "Underwriters"). The Underwriters received a cash commission equal to 6% of the gross proceeds of the Offering (other than from the issue and sale of the Common Shares and the Charity Flow-Through Common Shares to certain purchasers on a president's list, for which a 2% cash commission was paid).
The Offering was completed by way of a short form prospectus filed in all of the provinces of Canada, except Quebec, and the Common Shares were sold elsewhere outside of Canada on a private placement basis.
The net proceeds from the sale of the Common Shares will be used to advance exploration at the Company's wholly-owned Yellowknife City Gold project, for working capital, and for general corporate purposes.
The gross proceeds from the sale of the Charity Flow-Through Common Shares will be used for expenditures which qualify as "Canadian exploration expenses" ("CEE") and "flow-through mining expenditures" both within the meaning of the Income Tax Act (Canada). The Company will renounce such CEE with an effective date of no later than December 31, 2020.
Four directors and officers of Gold Terra have participated in the Offering and were issued an aggregate of 1,080,000 Common Shares. Such participation in the Offering constitutes a "related party transaction" as defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("61-101"). The Offering is exempt from the formal valuation and minority shareholder approval requirements of 61-101 as neither the fair market value of the securities issued to related parties nor the consideration for such securities exceed 25% of the Company's market capitalization. The Company did not file a material change report 21 days prior to closing of the Offering as the participation of insiders of the Company in the Offering had not been confirmed at that time.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Tristar Gold closes $9.21-million bought deal
Tristar Gold Inc. has closed its bought deal financing, originally announced on June 22, 2020. A total of 30,705,000 units of the Company were sold under the offering, at a price of $0.30 per unit for aggregate gross proceeds of $9,211,500, which includes the units issued pursuant to the over-allotment option granted to the underwriters that was exercised in full. Each unit consists of one common share in the capital of the Company and one&#8208;half of one common share purchase warrant. Each whole warrant entitles the holder to acquire an additional common share of the Company at an exercise price of $0.40 until July 14, 2022.
The offering was underwritten by Cormark Securities Inc., as lead underwriter, on behalf of a syndicate of underwriters, including Red Cloud Securities Inc. and Canaccord Genuity Corp. As consideration for their services, the underwriters received a cash commission equal to 6% of the gross proceeds of the offering (other than from the issue and sale of the units to certain purchasers on a president’s list, for which a 3% cash commission was paid).
The Company intends to use the net proceeds of the offering to further advance its Castelo de Sonhos gold project and for general working corporate purposes.
The units were offered and sold by way of short form prospectus dated July 6, 2020 filed in British Columbia, Alberta, Ontario and Nova Scotia, pursuant to National Instrument 44&#8208;101 – Short Form Prospectus Distributions.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities issued in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. Person or person in the United States, absent such registration or an applicable exemption from such registration requirements. “United States” and “U.S. person” are as defined in Regulation S under the 1933 Act.
Kerr Mines increases bought deal to $5-million
Kerr Mines Inc. has amended the terms of its previously announced offering of units of the company. Under the amended terms of the Offering (as defined below), Haywood Securities Inc. (the “Underwriter”), has agreed to buy, on a bought deal basis, 35,720,000 units of the Company (the “Units”), at a price of C$0.14 per Unit (the “Offering Price”) for gross proceeds of $5,000,800 (the “Offering”). Each Unit will consist of one common share in the capital of the Company (a “Common Share”) and one half of one Common Share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder thereof to purchase one Common Share (a “Warrant Share”) at a price of C$0.22 for a period of 24 months following the Closing Date (as defined below).
The Offering is expected to close on or about August 4, 2020, or such other date as may be agreed by the Underwriter and the Company (the “Closing Date”), and is subject to the Company receiving all necessary regulatory approvals, including the approval of the TSX and applicable securities regulatory authorities. The Units will be offered by way of a short form prospectus in each of the provinces of Canada, excluding Quebec.
The Company plans to use the net proceeds from the Offering to further advance the Company’s high grade Copperstone gold project with a targeted drilling program for purposes of resource and reserve expansion while also testing further resource upside within its 50 square kilometre land position. Additionally, the proceeds will allow the Company to further advance detailed engineering and project optimization for purposes of the re-start of the Copperstone gold project and for general corporate purposes.
The securities to be offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Atico produces 4.95 million lb Cu in Q2 2020
Atico Mining Corp. has released its operating results for the three months ended June 30, 2020, from its El Roble mine. Production for the quarter totalled 4.95 million pounds of copper and 2,733 ounces of gold in concentrates, an increase of 57 per cent for copper and an increase of 29 per cent for gold over the same period in 2019.
Second Quarter Operational Highlights
- Production of 4.95 million pounds of copper contained in concentrates; an increase of 57% over Q2 2019.
- Production of 2,733 ounces of gold contained in concentrates; an increase of 29% over Q2 2019.
- Average processed tonnes per day of 903, an increase of 8% over Q2 2019.
- Copper head grade of 3.38%, an increase of 3% over Q2 2019.
- Gold head grade of 2.02 grams per tonne; a decrease of 13% over Q2 2019.
- Copper and gold recovery of 92.7% and 58.6%; an increase of 1% for copper and no significant change
Garibaldi grants options to buy 700,000 shares
Garibaldi Resources Corp. has granted to directors, officers and employees of the company incentive stock options on up to 700,000 shares of the company’s capital stock, exercisable for up to five years, at a price of $1.25 per share, which price is not lower than the last closing price of the company’s shares prior to this announcement, less the applicable discount.
Of the total 700,000 director and employee options, 125,000 options were granted pursuant to a management agreement dated Feb. 11, 2020 (see news release dated Feb.12, 2020), upon signing.
Pursuant to this agreement, the company grants a further 375,000 options to a director, which options are subject to vesting provisions at a rate of 125,000 shares every three months. Quarterly vesting will begin from the date that performance conditions stipulated in the agreement are met.
Separately, a balance of 200,000 director and employee options are granted to employees of the company under the same terms outlined in the opening paragraph. The options are granted pursuant to the company’s stock option plan and will be subject to applicable regulatory hold periods.
Galway Metals Intersects 54.7 g/t Au Over 2.5m, 1.4 g/t Au Over 46.0m, and 4.7 g/t Au over 8.2m -Deepest Intersect – at West End of the Richard Zone at Clarence Stream
TORONTO, ON / ACCESSWIRE / July 15, 2020 / Galway Metals Inc. (TSXV:GWM) (the “Company” or “Galway”) is pleased to report assay results from drilling on the west side of the Richard Zone at the Company’s Clarence Stream project in southwest New Brunswick, Canada (Figure 1 and Figure 2). The latest results are highlighted by:
- Hole 106 intersected 54.7 grams per tonne (g/t) Au over 2.5 metres (m), including 191.0 g/t Au over 0.5m Visible Gold (VG) (Photo @ 88.7m), plus VG at 200.45m (Photo; assays pending) starting at vertical depths of 86m and 196m below surface, respectively.The VG at 200.45m is 30m west of an intersection of 44.1 g/t Au over 9.5m (within 10.6 g/t Au over 47.0m) in hole 87.
- The 3 highest grade individual assays from drilling on the entire Clarence Stream property are all from Galway’s 3 new discoveries, and now 6 of the top 10 assays are also from those 3 new discoveries. In addition to the 191.0 g/t Au over 0.5m (from 54.7 g/t Au over 2.5m) noted above, the Richard Zone also hosts 191.0 g/t Au over 0.5m (from 6.2 g/t Au over 38.5m) and 495.0 g/t Au over 0.5m (from 10.6 g/t Au over 47.0m), while the nearby George Murphy Zone (GMZ) has returned 807.0 g/t Au over 1.25m (from 241.5 g/t Au over 4.2m), and 201.0 g/t Au over 0.5m (from 13.0 g/t Au over 8.7m), plus the recently-reported wildcat hole in the newest discovery intersected 186.5 g/t Au over 0.6m (June 24, 2020 press release).
- Hole 97 intersected 1.4 g/t Au over 46.0m, including 27.0 g/t Au over 0.5m, and 16.8 g/t Au over 1.0m, starting at a vertical depth of 135m below surface. This appears to be the same zone as the 10.6 g/t Au over 47.0m in hole 87 and 6.2 g/t Au over 38.5m in hole 101.
- Hole 97 also intersected 4.7 g/t Au over 8.2m, including 24.1 g/t Au over 1.5m, starting at a vertical depth of 306m and 141m down plunge from the 10.6 g/t Au over 47.0m in hole 87. This intersection in hole 97 is now the deepest intersect in the Richard Zone (the intersect in hole 87 was previously the deepest). It is also the 2nd-deepest wide intersect in the GMZ, Richard and Jubilee Zone’s 2.5km-long mineralized system – the deepest is 6.5 g/t Au over 14.05m, located at a 321m vertical depth in hole CL20-88 in the George Murphy Zone (April 29, 2020 press release). These deep intersects remain open along strike and below.
- Hole 74 intersected 1.2 g/t Au over 10.5m, including 4.3 g/t Au over 1.9m, starting at a vertical depth of 94m below surface.
- Hole 91 intersected 8.5 g/t Au over 1.5m, starting at a vertical depth of 66m below surface.
Erdene Confirms Three New Near-surface, High-Grade Gold Zones at Khundii Gold Project
- Q2 2020 exploration program returned outstanding results with near-surface, high-grade gold intersections in all targeted areas; Midfield SE, Striker SW and Dark Horse
- Intersected anomalous gold in all 11 holes in a 100m x 50m area, within 25 metres of surface at Striker SW
♦ BKD-292 intersected 15 metres of 29 g/t gold beginning 0.9 metres from drill collar, including one metre of 353 g/t gold
- Along with recent results from the new Midfield SE zone, drilling has expanded gold mineralization in areas of the Bayan Khundii resource currently classified mainly as sub-grade material
- Discovery of high-grade zones in trenches confirms the Dark Horse prospect as the best on-license target since the discovery of Bayan Khundii
- Multiple highly prospective targets to be drilled as part of Q3 2020 exploration program
Arizona Metals drills 10.7 m of 4.4% CuEq at Kay
Drilling at both the North and South zones of Arizona Metals Corp.’s Kay mine project, located near Black Canyon City, Ariz., has intersected massive sulphide mineralization in two recently completed drill holes. Branch hole KM-20-10A intersected an interval of 10.7 metres at a grade of 4.4 per cent copper equivalent, including 1.5 m at a grade of 8.6 per cent CuEq, 3.1 m at a grade of 4.2 per cent CuEq, and 1.4 m at a grade of 12.2 per cent CuEq, from a vertical depth of 442 m.
In the North zone, hole KM-20-11 intersected an interval of 2.7 m at a grade of 9.2 per cent CuEq, from a vertical depth of 490 m.
Holes KM-20-10B, KM-20-10C, KM-20-12 and KM-20-13 have been completed and submitted to ALS Laboratories of Tucson, Ariz., for assaying. Holes KM-20-14 and KM-20-15 in the South zone are currently under way.
Kay mine downhole electromagnetic survey
Arizona Metals has engaged Zonge International of Tucson, Ariz., to complete a downhole electromagnetic survey of at least six Kay mine drill holes, including KM-20-10C, KM-20-11, KM-20-12, KM-20-13, KM-20-10-14 and KM-20-15. This geophysical survey is intended to identify the extensions of underground massive sulphide mineralization and is expected to commence on the completion of hole KM-20-15 (currently under way). The combined results of the drill hole assays and the downhole surveys will be used to design a phase 2 drill program at the Kay mine.