Market Update 16/7/2020

Erdene Resource drills 5.5 m of 126 g/t Au at Bayan

Erdene Resource Development Corp. has released drilling results from the Striker Southwest zone and exploration results for the new Dark Horse gold prospect, discovered 3.5 kilometres (km) north of the Bayan Khundii gold deposit, on the company’s 100-per-cent-owned Bayan Khundii gold project.

Striker SW Zone Drill results:

o Intersected anomalous gold (greater than 0.2 g/t) in all 11 holes in a 100m x 50m area within 25 metres of surface

BKD-290 intersected 20 metres of 5.9 g/t gold beginning 8 metres from drill collar, including one metre of 91.2 g/t gold

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

BKD-297 intersected 21 metres of 4 g/t gold starting at surface, including 1 metre intervals of 38.8 g/t gold and 22.3g/t gold

o Established continuity of very high-grade zone in an area currently classified predominantly as low-grade or below cut-off grade material, that is scheduled to be mined in the first year of the Bayan Khundii development

Dark Horse Exploration Results:

o Returned 6 metres grading 8.8 g/t gold, including 1 metre of 50.8 g/t gold on the main Dark Horse structure in trench KMT-01

o Trenched 4 metres of 14 g/t gold, including 1 metre of 45.3 g/t gold at KMT-03 on a structural intersection zone 850 metres east southeast of KMT-01

GR Silver Mining begins drilling at Plomosas

GR Silver Mining Ltd. has started a surface drilling program at its 100-per-cent-owned Plomosas silver project in Sinaloa, Mexico. The company has mobilized three drill rigs, with one rig already on site.

The initial 4,500-metre surface core drilling program is expected to continue through 2020 and will have a dual focus: (i) shallow drilling (up to 150 m below surface) to expand the known mineralized zones along strike at the Plomosas mine and San Juan-La Colorada areas; and (ii) follow-up drilling on several new, high-grade, low-sulphidation epithermal gold-silver vein occurrences at Yecora and El Saltito.

The initial drill sites on the Plomosas project are planned in areas where historic drilling was completed by previous owners, and recent investigations by GR Silver Mining have delineated additional epithermal veins along the strike and at shallow depth.

In addition to drill testing the areas with historic drill holes at the Plomosas project, the company will also commence initial reconnaissance and surface exploration on 11 priority targets identified as displaying potential for new discoveries. These targets, which show evidence of vein systems but attracted little exploration follow-up by previous owners, will be added to the company’s drilling program later in the year. More information on these new vein discoveries will be made available in future news releases.

The surface drilling program on the Plomosas project is designed to demonstrate the potential for the extension of known high-grade Ag-Au veins recently released by the company in both the Plomosas mine area and the San Juan-La Colorada area. The program aims to confirm the potential of the project to host multiple low-sulphidation epithermal mineralized systems, which, when combined, could define zones for future resource estimation.

Drilling at the Plomosas mine area will test shallow mineralization along strike from a stepout section, where drill results returned intervals that included 11 m of 1,235 grams per tonne silver (see news release dated June 22, 2020), aiming to expand the known mineralized system by up to 500 m.

The San Juan discovery, where drill results returned assays including 3.5 m at 1,419 g/t Ag and 15.5 g/t Au (see news release dated April 13, 2020), represents a set of subvertical silver-gold-rich veins that has been mapped on surface over a strike length of 500 m and remains largely undrilled. The company plans to carry out shallow drilling along the mineralized structure in order to confirm the modelled geometry and Ag-Au grades.

At Yecora and El Saltito, recent surface exploration, including mapping and a review of existing old workings, has confirmed the presence of a large epithermal system and multiple veins and veinlets at, or close to, the surface. An initial 1,000 m program of scout drilling to a depth of 150 m is planned for these two areas to allow the company to develop a 3-D geological model integrating the various mineralized zones.

Following completion of the acquisition of the Plomosas project, the company has completed a detailed data review and compilation of all available exploration data related to the geological, geochemical and geophysical exploration programs completed by previous owners. This work is being integrated in a GIS platform, and external consultants have been engaged to work together with management and exploration staff to prioritize the 11 exploration targets delineated outside of the drilled areas with evidence of low-sulphidation epithermal veining.

Fieldwork has advanced with the definition of multiple veins and a large epithermal system in the San Juan-La Colorada area, where, to date, the company has expanded the footprint of the low-sulphidation epithermal system for approximately one kilometre (see news release dated July 7, 2020). Underground mapping and sampling are progressing at the Plomosas mine area, where channel sampling is supporting the potential existence of silver-gold-mineralized systems with potential to delineate prospective zones for drilling and resource estimation. More information on the underground channel sampling program will be made available in future news releases.

The company has engaged independent mining consultants to review all drawings related to the historic mining voids at the Plomosas mine area, aiming to integrate them into a new survey and create a 3-D underground mine model. This model will be used, together with existing information related to historic run-of-mine zones unmined by Grupo Mexico, to identify potential targets for bulk sampling and to source large tonnages of mineralized material for metallurgical testwork.

On the San Marcial project, the company has extended the rock (lithogeochemical) sampling to over 750 hectares, collecting more than 13,000 samples on a 25 m by 25 m grid, representing a valuable geochemical database for future shallow drilling follow-up. This database will assist with the interpretation of new drill targets as well as the mapping of lithologies, alteration signatures and structures hosting silver and gold mineralization in the San Marcial project. The company has completed over 220 m of tunnel widening and underground development at San Marcial and anticipates the start of underground drilling in the third quarter of 2020.

The company continues to advance the due diligence review on areas under exclusivity for acquisition immediately adjacent to both the Plomosas and San Marcial projects, representing additional potential acquisitions in the Rosario mining district.

Atac begins phase 1 exploration at Rau

Atac Resources Ltd.’s phase 1 exploration program at its Rau project has begun, with plans for a phase 2 diamond drilling program to follow. The Rau Project is located at the western end of its 1,700 km2 Rackla Gold Property in east-central Yukon.

The previously announced phase one program will include systematic trenching and rotary air blast (“RAB”) drilling to prepare the Airstrip gold target for a phase two diamond drill program. The phase two program is planned to begin in late August with two diamond drills at Airstrip and further RAB drilling of regional targets. Inclusive of both phases, 6,000 m of drilling (3,000 m RAB and 3,000 m diamond) is planned to be conducted this season.

2020 Exploration Overview:

  • Phase one: excavator trenching, 1,500 m of RAB drilling, mapping and prospecting to develop diamond drill targets at the Airstrip target, which hosts the largest gold-in-soil anomaly (11.5 km2) on the property;
  • Phase two: 3,000 m diamond drill program at Airstrip and 1,500 m of RAB drilling at regional targets;
  • Trenching, prospecting, hand pitting, soil sampling, mapping and RAB drilling on regional early-stage geochemical targets, including the Val target, where 2019 prospecting returned a highlight sample of 11,663 g/t silver, 76.4% lead, and 2.59% copper.

An eight ton excavator was recently relocated from the eastern end of the Rackla Gold Project to the Rau Airstrip in preparation for the start of exploration work. The excavator will be used to develop a system of trails and trenches across the Airstrip anomaly. Trail cuts and trenches will be systematically mapped, prospected and sampled to define track-mounted RAB and diamond drill targets. RAB drilling will utilize a downhole televiewer to collect oriented downhole images, allowing for structural interpretation and lithological and alteration logging.

The exploration program will begin with excavator trenching at the Airstrip target, where anomalous gold-in-soil responses cover an area of over 11.5 km2 with values ranging from detection up to 1,030 ppb gold. A first pass RAB drill program conducted in 2016 intersected 1.43 g/t gold over 13.71 m in hole ASR-16-006 and 0.66 g/t gold over 22.86 m in hole ASR-16-004. Both holes ended in mineralization approximately 70 m down-hole. These drill holes are located 430 m apart and have not received follow up work.

A re-evaluation of the Airstrip target in 2019 suggests the source of the gold-in-soil anomaly could be related to an underlying reduced-intrusion-related gold system along trend the Tombstone Gold Belt (e.g. Eagle Gold, Brewery Creek and Fort Knox). Gold mineralization occurs in highly oxidized arsenopyrite-bearing quartz veins, veinlets and stringers. The quartz veins are hosted within Earn Group shale that has been variably metamorphosed to phyllite, likely due to the nearby Dawson Thrust, a large regional scale reactivated thrust fault. Gold-bearing geochemistry displays a strong association between gold-bismuth-arsenic-tellurium.

Prospecting and hand pitting in 2019 returned grab samples grading up to 1.63 g/t gold located more than 1 km east of the 2016 RAB drilling, bolstering the large size potential of the Airstrip target.

ATAC will follow up on high gold, copper, silver, lead and zinc results from 2019 and prior field seasons across the Rackla Gold Property. High-priority targets to be assessed by trenching, prospecting, hand pitting, mapping and/or RAB drilling include Val, Cub, Bobcat, Condor, Puma and Spotlight.

An extensive prospecting, sampling and mapping program is being planned for the Connaught property in western Yukon. The main objectives of this program are to identify the source(s) of the 1.8 km2 coincident silver-lead soil anomaly on the southern portion of the property, and follow up on gold-in-soil anomalism in the northeast portion of the property. Multiple samples from hand-pits and prospecting in the southern anomaly returned anomalous silver, lead and gold with a highlight sample of 1,485 g/t silver, 43.96% lead and 7.90 g/t gold. See news release dated January 16, 2020 for more information on the Connaught property.

Property-wide airborne LIDAR and hyperspectral surveys were completed in mid-June. Results from those surveys are being reviewed, and will be used to develop a detailed geochemical survey to be initiated shortly.

Prospecting grab samples referenced in this release represent highlight results only, and include results from 2019 and previous seasons. Below detection values for gold, copper, silver, lead and zinc have been encountered in grab samples in these target areas.

The technical information in this news release has been approved by Adam Coulter, M.Sc., P.Geo., VP Exploration for ATAC and a qualified person for the purposes of National Instrument 43-101.

ATAC is a Vancouver-based exploration company focused on advancing Yukon’s premier precious and base metal district and grassroots exploration in Nevada. Work on its ~1,700 km2 Rackla Gold Property in Yukon has resulted in the Osiris Project Inferred Mineral Resource of 1,685,000 oz of gold at an average grade of 4.23 g/t (in 12.4 Mt), a positive Preliminary Economic Assessment for the Tiger Gold Deposit (Pre-tax NPV of $118.2M and IRR of 54.5%), and numerous early-stage gold and base metal discoveries. ATAC is well-financed with approximately $10 million in working capital.

Cantex Mine outlines fall 2020 Nevada drill program

Cantex Mine Development Corp. has released an update on the work program at its Nevada gold project.

Cantex previously completed a heavy mineral stream sediment sampling program in Nevada that resulted in the discovery and staking of several properties containing anomalies of gold as well as key pathfinder elements (such as arsenic, antimony, mercury, thallium and lead), characteristic of bulk mineable heap leach (“Carlin-style”) gold mineralization. The proprietary heavy mineral processing methods utilised by C.F. Minerals Research Ltd. have been utilized to detect four previously unknown Carlin-style gold deposits now in production in Nevada.

Follow-up heavy mineral, BLEG and soil-talus sampling as well as prospecting, geophysics, and geologic mapping have established drill targets on four claim blocks, 100% owned by Cantex. As Cantex’s management is focused on the North Rackla project in the Yukon, Discovery Consultants have been engaged to manage the US$800,000 drill program to test all four of the Nevada claim blocks.

Heavy mineral stream sampling detected anomalous gold and Carlin-style pathfinders within the Baxter Springs property which is underlain by Cambrian to Ordovician shale, limestone and quartzites of the Palmetto Formation. The Palmetto Formation hosts many of Nevada’s heap leach gold mines such as Carlin, Cortez as well as the Manhattan Mine, 10 km to the north of the property. The northeast corner of the property is intruded by Cretaceous age granitic rocks. A major northerly trending block fault crosscuts the property.

Cantex funded a 307 sample composite soil-talus sampling survey at 60 metre intervals and a CSAMT (Controlled Source Audio Frequency Magnetotelluric) geophysical survey over the gold anomalous area underlain by the Palmetto Formation rocks. A north-northwest trending gold-antimony-bismuth anomaly underlain by a (> 600 m by 300 m) resistivity high occurs in the northwest corner of the area surveyed. A 200 metre vertical hole is planned to establish if the resistive block is mineralized and a 530 metre 60 degree inclined hole is to test the gold-antimony-bismuth anomaly within and at the edges of the resistivity high.

A second west-northwest trending arsenic-antimony-mercury + gold anomaly is underlain by a (> 900 m by > 600 m) strongly conductive anomaly. A vertical 250 metre hole is needed to test the core of the strong conductor which is coincident with anomalous gold-arsenic-mercury and antimony in soil-talus samples. Two additional vertical holes comprising 260 metres are planned to test for altered meta-sedimentary rocks within the highly conductive area. These holes are 135 m and 320 m east of the hole discussed above.

The Bruner property, within the Bruner Mining District, lies within a watershed anomalous in gold as discovered by the Company’s heavy mineral sampling. It is situated within 1km of three former gold mines, the Penelus, Duluth and Derelict Mines which were active between 1906 and 1940.

Cantex’s Bruner claims host tuffaceous sediments underlain by rhyolitic and rhyodacitic volcanic rocks, all of Miocene age. The three former mines are also hosted in the same tuffaceous sediments. The Round Mountain Mine located 70 km southeast of Bruner is the pre-eminent example of these deposits.

The Paradise Peak Gold Mine is situated about 40 km southwest and the Santa Fe Gold Mine is situated about 60 km southwest of Cantex’s Bruner claims.

The property is cut by extensive southwest trending faults. A 619 composite soil-talus sampling program was completed on a line spacing of 60 metres and a sample spacing of 60 metres. This survey defined a large (> 600 m by 850 m) gold anomaly, commonly accompanied by anomalous mercury.

The upcoming program will initially build roads to 16 proposed drill pads at the highest gold values within the large gold anomaly. Outcrops cut by the road will then be sampled and sixteen drill holes comprising 2,000 metres are planned.

Cantex’s Carico Lake property is situated about 25 km southwest of the historic Cortez Mining District, which hosts many large low grade gold mines including Cortez, Pipeline, Cortez Hills and Horse Canyon.

The Carico Lake claim block covers an area drained by streams containing anomalous gold. The claims area is underlain by commonly brecciated Ordovocian aged Valmy formation cherts, quartzites and minor siltstone. The target deposit is sediment-hosted gold in lower plate rocks similar to that found in the Cortez Mining District.

A 292 composite (soil/talus) sample survey detected a 1km long arsenic anomaly. The east end of this arsenic anomaly is marked by north-south oriented antimony and tungsten anomalies. Most of the highest geochemical anomalous areas were covered by a CSAMT geophysical survey.

Three 60 to 64 degree dipping holes, totalling 1,220 metres, are planned. The first will test a conductive anomaly beneath high arsenic in soil-talus samples. The second hole will test a resistivity high geophysical anomaly coincident with strong antimony and strong arsenic anomalies in soil-talus samples. The third hole will pass through a major fault block into a deep conductive zone under strongly anomalous arsenic in soil-talus.

The Weepah South Property is situated 4 km southwest of the Weepah Gold Mine in Esmeralda County, South Nevada. Mining at Weepah commenced in 1934, with open pit, heap leach mining methods being implemented in the late 1980’s. In 1986 and 1987 alone, 58,000 oz of gold were produced (NBMG, 1986).

The claim block is centred on a 300 m by 470 m induced polarization chargeability anomaly that is thought to be the source of anomalous gold and Carlin pathfinder elements in streams draining the property. The property is mapped as being underlain by alluvium and Tertiary rhyolitic and rhyodacitic rocks which are in turn underlain by the Ordovician Palmetto Formation and Cambrian Emigrant Formation which are comprised of mainly claystones and limestones. These formations are the host of the nearby Weepah Gold Mine as well as many other large-tonnage, low grade gold mines throughout Nevada.

A report by geophysicist Phil Nielson states that the IP chargeability anomaly “is about four times background” and that it “is overlain by a layer of more resistive rocks.” The overlying resistive rocks are likely the Tertiary rhyolites and the IP target is likely the underlying prospective Cambrian to Ordovician sedimentary rocks.

The 2020 drill program includes four drill holes totalling 900 metres testing the IP anomaly.

The four wholly owned claim blocks were staked based on their drainages hosting anomalous gold and Carlin-style pathfinder elements. The subsequent geochemical, geophysical and geological work completed has defined 12 drill targets. These targets are to be tested by 28 holes totalling 5,360 metres. Cantex’s board of directors looks forward to the commencement of drilling on these promising targets in a prolific gold producing region.

The technical information and results reported here have been reviewed by Chad Ulansky, PGeol, a Qualified Person under National Instrument 43-101, who is responsible for the technical content of this release.

Dynacor Gold completes due diligence for Senegal plant

Dynacor Gold Mines Inc. has completed its due diligence phase to expand its ore-processing business to an international level by building an ore-processing pilot plant operation in Senegal.

Due Diligence Report

Based on the due diligence phase’s positive results, a new company to be created will move forward on the construction of a new ore-processing pilot plant located in Senegal. In addition to executing complete tests of the plant operation, the new company will develop trusting working relationships with the ASMs and encourage their participation in our PX IMPACTtrademark clean gold program. This initiative expands on the successes of the previous due diligence phase, which began with the arrival of Dynacor’s technical team sent to evaluate the gold potential and ASM industry in February 2018. Starting with a pilot plant is an important step to laying the foundation for a more extensive full-scale operation.

Dynacor is to operate the plant and own the majority of the new company with 51% ownership. KN Equipments Inc. and FONSIS will hold the balance at 25% and 24%, respectively.

Three (3) alluvial ASM properties in the state of Kedougou are part of the pilot plant program, Kharakhena, Tinkoto and Bantaco. The region of Kedougou is accessible by a two-lane road from Dakar to the city of Kedougou, a distance of 680 km along the state roads Hwy N1 and N7. The three areas of interest provided samples to collect and to review the materials from the artisanal miners working in the pits at depths of 15 m to 70 m. The samples assaying greater than 2 g/t Au for each of the three areas, had average assay grades of 18.19 g/t Au for Kharakhena, 29.07 g/t Au for Bantaco, and 9.72 g/t Au for Tinkoto. The three areas, Kharakhena, Bantaco and Tinkoto, had 55 rock samples assaying greater than 2 g/t Au over 108 rock samples from the pits. The maximum assays from the three areas are 701 g/t Au (Kharakhena), 112 g/t Au (Bantaco), and 27.7 g/t Au (Tinkoto). The complete sampling was a total of 258 samples.

The material is to be supplied by the local miners from the three regions, Tinkoto, Bantaco and Kharakhena.

In addition to the three (3) ASM properties, there are twenty (20) other significant ASM areas, including seven sites at Kharakhena, eight sites at Tinkoto and five sites at Bantaco. There is a high probability that they will supply gold ore to Dynacor.

A satellite imagery study by Japosat Satellite Mapping discovered seventy-six (76) additional ASM operations signalling the future potential to grow Dynacor’s Senegal ore-processing division into a much higher capacity.

The Corporation is reviewing a site located in the hub of the ninety-six (96) ASM properties, east of Kedougou on the road towards Kharakhena and near the Gambia River. The prospective plant site is 80 km to Kharakhena, 75 km to Tinkoto and 40 km to Bantaco.

The Ministry of Mines and Geology strongly supports and encourages the Corporation’s new ASM ore-processing project. They are pleased to see Dynacor taking this approach, which will help formalize and regulate the ASM industry, maintain the revenues within the country, and bring better control of the gold production at the small-scale mining level. Local authorities at Kharakhena, Tinkoto and Bantaco, are pleased to see Dynacor continue their process of moving forward with this project of providing ore-processing service and developmental support to better the communities of the ASMs living in Senegal.

With a high-growth economy of 6%, Senegal is one of Africa’s most stable and gold-rich countries hosting thousands of ASM miners. Mining in Senegal at the artisanal level started in the Sabodala area in the 1960s, but it took place more extensively in the 1990s. In the last decade, the ASM industry has increased dramatically with people from southeast Senegal, Mali, Guinee, Burkina Faso, Benin, Cote d’Ivoire, Ghana, Gambia, etc. These ASMs have been moving to Kedougou, Bantaco, Tinkoto and other areas.

Small-scale mining as of the previous ten years has increased dramatically. Today, up to 70,000 to 100,000 people are working in the ASM industry. Senegal still trails some of the other countries in small-scale mining and gold production (Mali, Ghana, Sierra Leon and Nigeria) but is rapidly gaining ground. The three regions, Kharakhena, Tinkoto and Bantaco, have possibly 8,000 to 10,000 people involved in artisanal mining.

Dynacor’s direct contacts with multiple government representatives, Ministries, various services and consultants will benefit the Senegal ASM industry. Through Dynacor’s successful PX IMPACTtrademark gold program, the Corporation will educate and encourage the ASM industry to produce clean, responsible gold that is traceable and without the use of mercury.

On June 29, 2020, the Government of Senegal announced an end to the COVID-19 related State of Emergency. The government of Senegal administrative business hours will return to 8:00 a.m. to 5:00 p.m. International commercial flights will resume July 15. Land and sea borders remain closed until further notice.

However, as foreign governments implement strict travel restrictions and fewer international transportation options are available, it may be challenging to return to Canada, and those travelling may have to remain in Senegal for an indeterminate period. Therefore, the Corporation will continue advancing its new Senegalese expansion project immediately upon the Canadian government lifting its COVID-19 non-essential travel advisory to Senegal.

Los Andes Copper hires Spinnaker as market adviser

Los Andes Copper Ltd. has entered into a capital markets advisory services agreement with Spinnaker Capital Markets Inc. Spinnaker is a Toronto-based advisory firm which provides public companies with an array of services tailored to raise capital and target and attract institutional and retail investors. It is focused on developing and expanding the network of investors, analysts and financial intermediaries that are interested in Los Andes.

The agreement is for an initial term of a minimum of three months and provides for a range of advisory services.

Mountain Province recovers 1.54M carats in Q2

Mountain Province Diamonds Inc. has released its production and sales results for the second quarter ended June 30, 2020, from the Gahcho Kue (GK) diamond mine. All figures are expressed in Canadian dollars unless otherwise noted.

Q2 Highlights

( all figures reported on a 100% basis unless otherwise stated ) 6,836,110 total tonnes mined, a 37% decrease on comparable period (Q2 2019: 10,865,263).

527,664 ore tonnes mined, a 29% decrease on comparable period (Q2 2019: 746,583).

786,249 ore tonnes treated, an 11% decrease on comparable period (Q2 2019: 882,374).

1,547,114 carats recovered at an average grade of 1.97 carats per tonne, an 11% decrease on comparable quarter (Q2 2019: 1,730,147 carats at 1.96).

Q2 2020 Production Figures
                                      2020 Q2      2019 Q2

Total tonnes mined (ore and waste)  6,836,110   10,865,263
                  Ore tonnes mined    527,664     746,583 
                Ore tonnes treated    786,249     882,374
                  Carats recovered  1,547,114   1,730,147
      Carats recovered (49% share)    758,086     847,772
Recovered grade (carats per tonne)       1.97        1.96

The variance in the latest quarterly production figures compared to same period last year, and specifically the total ore and waste tonnes mined, are a direct result of the impacts of COVID-19 on mine operations. As previously announced, reduced levels of personnel, travel restrictions to and from site, revised health and safety protocols on site, and new operating procedures to reduce the risk of COVID-19 are some of the key driving factors in the lower production figures and revised full year 2020 guidance.

The Company is also reiterating its revised full year 2020 guidance previously provided in the press release of June 18 th, 2020.

Q2 2020 Diamond Sales

There were no formal sales held in the second quarter due to the ongoing COVID-19 impact. Markets have been heavily impacted with resultant rough demand being extremely limited. As previously announced, the Company entered into US$50 million sales contract with Dunebridge Worldwide Ltd (“Dunebridge”). The contract allows the Company to sell its current production at market related prices and to participate in future potential upside when the diamonds are sold by Dunebridge.

In Q2, the Company sold 757,360 carats at an average value of $44.92 per carat (US$33.01 per carat) for total proceeds of $34 million (US$25 million). It is important to note that Q2 diamond sales do not represent normal run of mine production.

$30.6 million (US$22.6 million) of the total sales in Q2 were under the sales agreement with Dunebridge. These sales do not reflect a normal, run of mine mix as they contain a lower proportion of larger, higher value diamonds which were accelerated into earlier sales to maximise revenue in Q1. Further, diamonds larger than 10.8 carats recovered during the quarter were not included in sales due to logistics constraints.

The sale to Dunebridge has allowed the company to maintain its liquidity and meet its current expense obligations. The Company expects to resume its normal market structured sales starting in September.

Stuart Brown, the Company’s President and Chief Executive Officer, commented:

Q2 2020 Conference Call Dial-In Details:

The Company will release its Q2 2020 financial results on Wednesday August 5 th, 2020 after market hours. The Company will host its quarterly conference call on Thursday August 6 th, 2020 at 11:00am ET.

Title: Mountain Province Diamonds Inc. Q2 2020 Earnings Conference Call

Conference ID: 99633195

Date of call: 08/06/2020

Time of call: 11:00 Eastern Time

Expected Duration: 60 minutes

Webcast Link:

Participant Toll-Free Dial-In Number: (+1) 888 390 0546

Participant International Dial-In Number:(+1) 416 764 8688

A replay of the webcast and audio call will be available on the Company’s website.

Orvana produces 12,046 oz Au in Q3 fiscal 2020

Orvana Minerals Corp. has released operational results for the third quarter of fiscal 2020. All Amounts in US Dollars Unless Otherwise Stated

Juan Gavidia, CEO of Orvana Minerals stated: “We are pleased that Q3 production numbers clearly fulfill our expectations for steady output, notwithstanding the effects of the global pandemic stressing supply chains. Throughout these challenging conditions, Orvana has maintained focus on the health, safety and well-being of its workforce by continuously amending its operational protocols to adhere to changing COVID-19 guidance from the authorities.”


  • OroValle continued production during the third quarter, notwithstanding the COVID-19 situation in Spain and the related challenges to the global supply chain.
  • Quarterly 11,822 ounces of gold production, 3% lower than previous quarter due to lower ore grade, partially off-set by higher throughput.
  • Copper production was 1.5 million pounds, 7% higher than previous quarter.
  • Exploration programs at El Valle and Carles continued according to plan during third quarter.
  • Three pandemic-related Spanish government guaranteed loans for a total of euros3.8 million, at favourable rates between 1.5% and 1.6%, and terms between 12 and 36 months, were secured in Q3.


  • Quarterly 224 ounces gold production resulting from final mill cleaning of in-circuit material.
  • Oxides Stockpile Project (OSP): Metallurgical testing and optimization restarted in June, but at a much slower pace due to the global pandemic. Subject to the favorable completion of technical, economic and funding analysis, the OSP is expected to require approximately twelve months of development to start commercial production late in 2021.
  • The Company continues to compile historical exploration data and the re-evaluation of geophysical data in order to prioritize the exploration of EMIPA’s targets within its 58,325 hectares of mining concessions.
    Production Results
                     Q3 2020                     Q2 2020                     Q3 2019                   
                     El  Valle Don Mario Total   El  Valle Don Mario Total   El  Valle Don Mario Total  
Ore milled (tones)   163,717   -         163,717 148,339   -         148,339 141,246   189,240   330,486
Gold Equivalent (oz) 14,338    227       14,565  14,843    -         14,843  16,548    6,932     23,480 
Grade (g/t)          2.43      -         2.43    2.74      -         2.74    3.25      1.20      2.08   
Recovery (%)         92.4      -         92.4    93.0      -         93.0    94.0      93.7      93.8   
Production (oz)      11,822    224       12,046  12,139    -         12,139  13,854    6,842     20,696 
Grade (%)            0.51      -         0.51    0.52      -         0.52    0.44      -         0.44   
Recovery (%)         81.8      -         81.8    83.1      -         83.1    78.1      -         78.1   
Production (K lbs)   1,517     -         1,517   1,422     -         1,422   1,071     -         1,071  

Hudson Resources extends US$10M bridge loan to July 31

Hudson Resources Inc. has entered into amendment agreements with Cordiant Capital Inc. and Apex Asset Management AG (the lenders) to extend the maturity date of its $10-million (U.S.) six-month bridge loan facility and the interest payments on its senior loan and subordinated loan to July 31, 2020. The company announced on June 11, 2020, that it had reached an agreement in principle with the lenders to restructure the outstanding debt on the White Mountain anorthosite mine and to provide an injection of working capital into Hudson Greenland AS. The company also previously announced on June 17, 2020, and June 30, 2020, subsequent extensions of the loan’s maturity date to July 22, 2020. The current extension allows the company and lenders additional time to finalize the details and terms of a definitive agreement which will be subject to applicable regulatory approvals.

Hudson and its lenders are committed to completing a transaction restructuring the debt of Hudson Greenland; however, the agreement in principle does not contain legal obligations on the part of either Hudson or the lenders to consummate the debt restructuring transaction.

Hudson has commenced activities to restart the White Mountain anorthosite mine in Greenland. Operations personnel are being hired and mobilized to the site with the objective of achieving normal operations in August. Hudson and the Greenland government have agreed to COVID-19 protocols that allow the company to recommence activities safely while protecting local communities in Greenland.

Alpha Lithium 10,017,303-share private placement

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced June 23, 2020.

Number of shares:  10,017,303 shares

Purchase price:  37 cents per share

Warrants:  10,017,303 share purchase warrants to purchase 10,017,303 shares

Warrant exercise price:  50 cents for a three-year period

Number of placees:  128 placees

Insider:  Nathan Steinke, 135,135

Total pro group involvement:  455,539 (four placees)

Amarillo receives Water Use Permit for Posse Gold Project

TORONTO, July 16, 2020 (GLOBE NEWSWIRE) — Amarillo Gold Corporation (Amarillo or the Company) (TSXV: AGC, OTCQB: AGCBF) has achieved another major milestone on its project development schedule for its flagship Posse Gold Project in Goiás State, Brazil. The Company has received a Water Use Permit for its proposed mine from the country’s National Water Agency. Receiving this permit is a precondition to receiving the License to Install, expected in the third quarter of 2020.

Brazil has a clear mining regime that includes a transparent, three-stage permitting process:

1 – Preliminary License – this is the most important part of the process, and requires environmental baseline studies, community engagement, and public hearings. Amarillo received this license in May 2016.

2 – License to Install – this license authorizes the Company to build and commission the mine. Amarillo submitted its application for the License to Install in December 2019 and expects to receive it in the third quarter of 2020.

3 – Operating License – this license is submitted once a mine has been commissioned and requires an inspection of the mine and plant to ensure compliance with codes and provisions of previous licenses. Amarillo expects to submit that in the third quarter of 2022.

Troilus plans 20,000 m of drilling at Troilus this year

Troilus Gold Corp. has provided an update on its activities since restarting operations at site in May, exploration plans for this summer and the remainder of the year, and major technical milestones to be delivered through the next few months.

Justin Reid, chief executive officer of Troilus, commented: “Two thousand twenty has been a time of unprecedented challenge and adjustment as the entire global economy shutdown to slow the spread of COVID-19. Troilus closed its offices and operations in mid-March, but we have been able to continue to advance our development plans on all fronts and remain on track to deliver an updated mineral resource estimate that will incorporate the results from the successful drill campaigns in the Southwest zone released earlier this year (see press releases dated Jan. 28, 2020, April 14, 2020, April 21, 2020, and May 14, 2020), to be followed shortly thereafter by a preliminary economic assessment targeted for completion in September. In May, we began a phased reopening at site, with top priority on protecting the health of our employees, contractors and local communities. Activity has focused on infrastructure upgrades and our geological team has now been in the field for a month accessing the massive new area of claims we acquired and staked in April (see press release dated April 28, 2020), in many cases exploration is happening there for the first time in 50 years. Pre-existing logging roads have provided our team unprecedented access and exposure to these areas. Last month, Troilus closed an upsized, oversubscribed, bought-deal financing for $25-million, welcoming new investors to Troilus and substantially strengthening our balance sheet, providing the ability to execute on our development plans through 2021.”

The Troilus site reopened in May after the Province of Quebec authorized the resumption of activities in the mining sector. Prior to permitting staff and contractors back on site, Troilus implemented physical alterations to its camp to facilitate social distancing and create barriers to any potential spread of infection. Processes and procedures for hygiene and screening of any individuals who visit site, in line with best practices recommended by the government of Quebec, are in place. The health and safety of the company’s people and its local communities are its top priority to ensure a robust company that can continue to deliver value to shareholders.

The first phase of reopening has focused on continued upgrades to some of the existing infrastructure which includes a 44-kilometre road connecting the mine site to the Route du Nord highway, bridges, a 60-person camp, a 50-megawatt substation and over 85 km of power lines maintained by Hydro Quebec, core shack and permitted tailings facility with a water treatment plant. Upgrades have included the installation of a new regulator for the substation, roadwork, a new core storage facility in preparation for new exploration and drilling planned for later this year and construction of a new road to the Lac Allonge region on the north end of the property providing exploration and drilling access to the northeast Troilus trend extension.

As announced April 28, 2020, Troilus is now the largest claimholder in the highly prospective Frotet-Evans greenstone belt following the acquisition and staking of 1,256 claims covering an area of more than 67,000 hectares, mainly to the south and southwest of the existing Troilus property. Geologica Groupe-Conseil, from Val d’Or, prepared a complete compilation of historical data on these claims which Troilus is using to identify priority targets for ground reconnaissance. Reconnassance has been under way on the southern portions of the property for approximately a month. Prioritized targets, new exposure and access have been investigated. One thousand samples have been taken from various priority areas and detailed follow-up is being planned. The new geological model developed at Troilus is proving successful when applied regionally.

Additional field exploration work will also be undertaken at the Lac Allonge region to the north of the mine site, following results from late 2018 which included a rock grab sample of 110 grams per tonne gold approximately one km along strike from the J4 open pit (see press release dated Dec. 4, 2018). Field exploration results will be used to define future drill targets. Targeted airborne and ground geophysical surveys are being conducted to define target zones and detail drill targets for future consideration.

Upon completion of the PEA, and following up on known exploration and expansion targets, Troilus intends to initiate a minimum 20,000-metre drill program. Drilling will be focused on expansion of the newly discovered Southwest zone, Z87 South, Z87 and J zone. Regional drilling will test targets along the Troilus trend and newly identified regional targets. Infill drilling will be focused on resource conversion in preparation for prefeasibility level work which is planned to commence following the release of the PEA.

The 8,500 metres of drilling conducted in late 2019 and early 2020 in the newly identified Southwest zone resulted in the definition of a significant new area of mineralization at shallow depths, including a number of higher-grade intercepts and demonstrated technical similarities to the main orebody at Z87, including TLG-ZSW20-189, one of the best drill holes ever on the Troilus property, with AuEq (gold equivalent) mineralization grading well over one g/t AuEq sustained over material intercepts, including one section of 1.56 g/t AuEq over 73 metres (see press release dated April 21, 2020). These results are being incorporated into the updated mineral resource estimate for the Troilus property, which is expected to be announced later this month. The current mineral resource estimate for the Troilus property includes 4.71 million ounces of indicated gold equivalent (159.1 million tonnes with an average grade of 0.92 g/t AuEq) and 1.76 million ounces of inferred gold equivalent (52.7 Mt with an average grade of 1.04 g/t AuEq) as announced in November of last year. Through the 72,000 metres drilled over the last 2-1/2 years, Troilus has added 2.66 million ounces AuEq in the indicated category and 1.06 million ounces AuEq in the inferred category.

Engineering work in preparation for a PEA is well under way with completion targeted for late September, 2020, incorporating the results of the updated mineral resource estimate. The PEA will mark an important milestone in the redevelopment of the Troilus mine, providing an economic forecast and engineering plan for the project validated by external third parties.

AGP Mining Consultants Inc. has been retained by Troilus to execute the PEA and support future studies. AGP consists of a group of experienced professionals specializing in mining project engineering studies and operational support. AGP’s key areas of competence include geological modelling, mine engineering, metallurgical engineering, infrastructure, geotechnical engineering, economic evaluation and overall project management.

Last month, Troilus announced a $15-million bought deal financing which was subsequently upsized to $22-million and successfully closed on $25-million including exercise of the overallotment option in full. The offering was completed through a syndicate of underwriters, co-led by Cormark Securities Inc., Laurentian Bank Securities Inc. and Stifel GMP, and including Haywood Securities Inc., Canaccord Genuity Corp. and Red Cloud Securities Inc. Proceeds will be used to advance engineering efforts at Troilus, commence geotechnical drilling at the deposit, continue infill and exploration drilling, and for working capital and general corporate purposes. The company’s treasury is now well positioned to advance the Troilus project through 2021 and the Troilus team looks forward to delivering major milestones throughout the remainder of 2020.

Treasury completes sale of claims, NSRs to Platinex

Pursuant to the terms of the mining investment agreement dated July 15, 2020, between Treasury Metals Inc. and Treasury’s wholly owned subsidiary, Goldeye Explorations Ltd., and Platinex Inc., the company has sold to Platinex an aggregate of 208 unpatented mining claims located in the Shining Tree district, Northern Ontario, and three net smelter royalties.

The Mining Claims total approximately 5,045 Ha. (12,466 ac.) and are located adjacent to Platinex’s Shining Tree property. With this acquisition, Platinex has created the largest combined gold focused property package in the Shining Tree District, Northern Ontario. The Shining Tree property is located on 21 kilometres of the Tyrrell-Ridout Deformation Zone which also hosts both IAMGOLD’s Cote Lake gold deposit and Caldas Gold’s Juby deposit.

In consideration for acquiring the Mining Claims and the Royalties (the “Acquisition”), Platinex issued to Treasury 12,500,000 common shares (“Consideration Shares”) of Platinex and 5,000,000 non-transferable common share purchase warrants (“Consideration Warrants”) of Platinex. Each Consideration Warrant entitles Treasury to purchase one common share of Platinex at a price of $0.05 per share for a period of 24 months from the date of issue. If Treasury exercises the Consideration Warrants on or before September 1, 2020, it will receive an additional non-transferable common share purchase warrant (a “Secondary Warrant”) for each Consideration Warrant exercised. Each Secondary Warrant entitles the holder to purchase one common share of Platinex at a price of $0.20 per share for a period of 24 months from the date of the closing of the Acquisition. The Secondary Warrants provide that Treasury shall not exercise the Secondary Warrants if such exercise would result in it owning 20% or more of the issued and outstanding common shares of Platinex.

Mr. Greg Ferron, Treasury Metals Inc.’s CEO, stated that, “The consolidation of the two Shining Tree properties provides multiple benefits to both parties and gives Treasury’s shareholders a toehold equity position in another exciting gold district in Ontario. We look forward to the exploration results and the significant wealth of knowledge Jim and his team have of this highly prospective exploration camp. The recent acquisition of the neighboring Juby gold deposit by Caldas Gold demonstrates the increased activity in the district.”

Mr. James R. Trusler, Chairman of Platinex, stated, “The supportive relationship with Treasury Metals brings an extended marketing presence to advancing the Shining Tree property expeditiously. We look forward to being able to have access to more exploration funding to back exploration of the recently recognized 21 km portion of the Ridout Tyrrell Deformation Zone and other high potential prospects on the property.”

The parties have agreed that the Consideration Shares will be placed in a voluntary escrow agreement, with 25% (3,125,000 Consideration Shares) to be released on the 12th, 15th, 18th and 24th month anniversaries of the closing of the Acquisition. Treasury has agreed to support and vote for the recommendations of Platinex management at all shareholder meetings of Platinex held the time that the Consideration Shares are held in escrow.

The Royalties consist of a 100% interest in three royalty agreements, consisting of (i) a 2% net smelter royalty in respect of the Sonia-Puma Property held by Minera Goldeye Chile Limitada; (ii) a 1% net smelter royalty in respect of nine mineral claims forming part of the McFaulds Lake Project held by AurCrest Resources Inc.; and (iii) a 2% net smelter royalty in respect of 29 mineral claims located in MacMurchy Township, Ontario held by Golden Harp Resources Inc.

The Purchase Agreement also provides Treasury with the right to appoint one nominee to the board of directors of Platinex.

IsoEnergy to option Mountain Lake to Nxgold

IsoEnergy Ltd. has entered into an agreement with Nxgold Ltd. to grant Nxgold the option to acquire a 100-per-cent interest in IsoEnergy’s Mountain Lake uranium property in Nunavut, Canada.


NxGold obtains a two-year option to acquire a 100% interest in the Mountain Lake uranium property.

As consideration for the option grant, IsoEnergy will receive 900,000 common shares of NxGold and $20,000 in cash.

NxGold may exercise the option and acquire the Mountain Lake property for a price of $1 million, payable in cash or shares.

The purchase of the Mountain Lake property is also subject to contingent payments of up to $1.8 million, payable in cash or shares.

Craig Parry, IsoEnergy’s President and CEO commented: “The Mountain Lake property and deposit was staked by IsoEnergy in 2017 as a direct result of our team leveraging their knowledge and experience in the uranium sector to identify and acquire undervalued uranium assets. This option agreement with NxGold demonstrates that our strategy of low-cost acquisitions during a depressed uranium market with the goal of future divestment has begun to pay dividends. We welcome the opportunity to work with a great company like NxGold and be a part of their future success. This is a great outcome for all shareholders.”

Under the terms of the Option Agreement, NxGold has the option to acquire a 100% interest in the Mountain Lake uranium property in consideration for the issuance of 900,000 common shares and payment of $20,000 cash to IsoEnergy. The option is exercisable at NxGold’s election on or before the second anniversary of the effective date, for additional consideration of $1,000,000, payable in cash or shares of NxGold. If NxGold elects to acquire the Mountain Lake property, IsoEnergy will be entitled to receive the following contingency payments in cash or shares of NxGold:

If the uranium spot price reaches USD$50, IsoEnergy will receive $410,000

If the uranium spot price reaches USD$75, IsoEnergy will receive $615,000

If the uranium spot price reaches USD$100, IsoEnergy will receive $820,000

The spot price contingent payments will expire 10 years following the date the option is exercised.

IsoEnergy shall also have a one-time right to force NxGold to exercise the option and acquire the Mountain Lake property, exercisable on either the 6-month or 12-month anniversary of the date of the Option Agreement. If IsoEnergy forces the exercise of the option NxGold will be required to issue that number of common shares to IsoEnergy in satisfaction of the $1,000,000 purchase such that IsoEnergy will hold, together with the shares it already owns, no greater than 9.9% of the outstanding number of NxGold common shares.

The transaction contemplated by the Option Agreement is subject to NxGold obtaining the requisite TSX Venture Exchange approval. Under TSX Venture Exchange policies, IsoEnergy and NxGold are considered non-arm’s length parties as the companies have certain common directors. As a consequence, common directors Messrs. Leigh Curyer and Trevor Thiele abstained from voting.

The Mountain Lake property consists of 5,625 hectares and was staked by IsoEnergy in 2016. The property contains an historical inferred mineral resource estimate of 8.2 million pounds U3O8 with an average grade of 0.23% U3O8 contained in 1.6 million tonnes of mineralization. Uranium mineralization is hosted within sandstone and dips shallowly from the top of the bedrock down to approximately 180 metres below surface.

The Mountain Lake property contains a historical inferred mineral resource estimate of 8.2 million pounds U3O8 with an average grade of 0.23% U3O8 contained in 1.6 million tonnes of mineralization. The estimate was reported in the technical report entitled “Mountain Lake Property, Nunavut” prepared for Triex Minerals Corp. and Pitchstone Exploration Ltd. and dated February 15, 2005. This resource is a historical estimate and a qualified person has not done sufficient work to classify the historical estimate as current mineral resources. As a result, the historical estimate is not being treated as a current mineral resource. However, the Company believes that the historical estimate is relevant and reliable, as it was prepared by a Qualified Person (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects) with significant experience on the project, using methods that were standard in the industry. In order to upgrade or verify the historical estimate as current mineral resources, the Company anticipates that it will need to incorporate the drilling data collected by Triex and Pitchstone in 2006-2008. The historical resource uses the “inferred mineral resource” category set out in section 1.2 of National Instrument 43-101. There are no more recent estimates available to the Company.

The historical estimate was prepared with the polygonal method using only intervals greater than 0.1% U3O8 with a vertical thickness of at least 1.0 metre. Polygon sides were determined by drawing lines perpendicular to, and one half the distance to each adjacent drill hole. Estimated uranium was then obtained by multiplying the polygon areas by their thickness, a specific gravity of 2.5, and the grade of the drill hole interval. The mineral resource was classified as inferred.

Canada Nickel accelerates warrant expiry to Aug. 21

Canada Nickel Company Inc. has accelerated the expiry date of its common share purchase warrants issued on May 5, 2020, under the warrant indenture between TSX Trust company and the company.

“The acceleration and exercise of these warrants would provide us with the additional capital to allow us to continue to aggressively advance our Crawford Nickel-Cobalt sulphide project and complete our Preliminary Economic Analysis (PEA) by year-end,” commented Mark Selby, chair and chief executive officer of Canada Nickel.

The Crawford Nickel-Cobalt Sulphide project is located in the heart of the prolific Timmins-Cochrane mining camp in Ontario, Canada, and is adjacent to well-established, major infrastructure associated with over 100 years of regional mining activity.

Accelerated expiry date

The company is entitled under the warrant indenture to accelerate the expiry date of the warrants upon the occurrence of an early expiry event (as defined in the warrant indenture). The company has delivered to the warrant agent a notice of the occurrence of such early expiry event and its election to accelerate the expiry date of the warrants to Aug. 21, 2020.

Any warrants that have not been exercised by 5 p.m. (Toronto time) on the accelerated expiry date will automatically expire and no longer be exercisable.

Any questions regarding this acceleration or the exercise of the warrants should be directed to the company at: 647-256-1954 or the company’s website.

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