Cantex to begin drilling at North Rackla mid-August
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 the Yukon.Read More
Structural mapping provides clarity on Massive Sulphide Zone
Soil-talus sampling program progressing well
Drilling to start in mid August
Structural Mapping of Massive Sulphide Zone
Geological mapping by Chris Buchanan, M.Sc. P.Geo., has been underway on the North Rackla Project since the beginning of July. The mapping is focused on the vicinity of the Main Zone silver-lead-zinc discovery. The objective of this work is to develop an improved structural model of the Main Zone that provides a better understanding of how faulting has moved the mineralization.
The Main Zone mineralization is hosted within a thick dolomite unit which is underlain by a succession of siliciclastic rocks (siltstone, sandstone and argillite). This contact, along with distinct layers within these broader units, allow the faulting and folding history of the area to be determined.
Three generations of folding (F1, F2, and F3 in order from earliest to most recent) have been identified. The F2 folds are the dominant regional structural feature. They are kilometre scale, asymmetric and verge to the southeast. In the area of the Main Zone a F2 fold controls the orientation of the dolomite which hosts the mineralization. The mineralization occurs in the northeast striking, steeply dipping southeast limb of the fold.
There have also been multiple generations of faults in the Main Zone area. The earliest were thrust faults which formed alongside the earlier F1 and F2 folds. Three younger generations of brittle faults have cut across and displaced the mineralization for distances ranging from several metres to 200 metres. Now that the nature of these faults is understood drill targeting will be greatly improved.
The field mapping program is in its final stages. The new geological map of the Main Zone area will be integrated with existing drill data to improve the current geological model prior to the 2020 drill program. New drill targets have been identified during the mapping and additional drill targets are expected to be developed as the drill datasets and surficial geology map are integrated into the 3-D model.
Prospecting and Rock Sampling
As disclosed in the Company’s news recent news release (July 9, 2020) Cantex has discovered 48 areas anomalous in gold and/or base metals within the North Rackla claim block. Prospecting and rock sampling of these anomalies is well underway.
As many of the existing soil-talus geochemical anomalies are not completely closed off additional soil-talus sampling is needed to establish the exact dimensions of the anomalous areas. Four thousand six hundred additional samples have been proposed. The collection of these samples will be complete before the end of July.
Cantex is pleased with the progress on the structural mapping of the Massive Sulphide zone and the resulting understanding of how the mineralization has been displaced. This understanding will greatly enhance the targeting of the upcoming drill program.
The technical information and results reported here have been reviewed by Mr. Chad Ulansky P.Geo., a Qualified Person under National Instrument 43-101, who is responsible for the technical content of this release.
Tristar’s metallurgical samples average 98% Au recovery
Tristar Gold Inc. has received results from six composite metallurgical samples as part of the prefeasibility study at Castelo de Sonhos. All six bottle roll tests returned over 96% gold recovery with an average gold recovery from the samples of 98%. Additionally, exploration work is due to restart at Castelo de Sonhos in August with drilling expected to start soon after in September.Read More
“The metallurgical results from this campaign all exceed the conceptual recovery of 95% used in our PEA. We are very happy the results that will feed into our prefeasibility study continue to meet or exceed the expectations set by the PEA,” says Nick Appleyard, Tristar’s President and CEO. “Our team in Brazil is now keen to get back into the field and start working aggressively on the exploration programs that we have been working on these past couple of months. We have identified multiple drill targets for both shallow paleoplacer-hosted mineralization and deeper remobilized mineralization that are now being refined into a plan for drilling and additional surface reconnaissance studies.”
Metallurgical Test Results
The metallurgical test-work was performed by McClelland Laboratories in Sparks, Nevada on six composite samples created from drill holes in Esperanca South region of Castelo de Sonhos with head grades ranging from 0.3 g/t gold up to 1.1 g/t gold.
Results from the six composites are:
Composite ID Gold Recovery % Calculated Head Grade g/t Composite 1 96.3 0.27 Composite 2 98.5 0.68 Composite 3 98.7 0.77 Composite 4 97.8 0.91 Composite 5 97.8 0.90 Composite 6 99.1 1.06
Table 1 – 2020 Summary of metallurgical results from Whole Ore Bottle Roll Tests using 80%-105microm feed size from Castelo De Sonhos Composites
This gives Tristar a very good database of test work covering Esperanca South that will be used in the ongoing prefeasibility study. Final metallurgical recovery for the project will be determined during the pit design process, where a grade-recovery relationship will most likely be used to determine optimal project conditions for operating. Additional work is ongoing to establish standard operating procedures for crushing and grinding, overall gold recovery and tailings disposal.
The exploration work outside of the prefeasibility area is scheduled to begin in August, with Tristar geologists reviewing and optimizing the artificial intelligence-generated targets. Field exploration activities to gather additional data such as soil sampling and mapping will also take place. It is anticipated that drilling will start on the exploration targets in September this year with both a reverse circulation and a core rig scheduled to mobilize to site. In general, the RC rig will test the shallow targets with straightforward access and the core rig will be used for the deeper targets and areas with difficult access.
The McClelland Analytical Services Laboratory based in Sparks Nevada is an ISO 17025 accredited facility that provides quantitative chemical analyses in support of metallurgical, exploration and environmental testing using classical methods and modern analytical instrumentation.
R. Mohan Srivastava (P.Geo.), Vice President of Tristar, is the Qualified Person who has reviewed the technical information contained in this news release, including data verification, and has approved its disclosure.
Santacruz Silver to sell Zacatecas properties in Mexico
Santacruz Silver Mining Ltd. has entered into an agreement with Zacatecas Silver Corp. for the sale of a 100-per-cent interest in the Zacatecas properties located in the Zacatecas mining district in Mexico for consideration of $1.5-million (U.S.) and the issuance of five million common shares of Zacatecas Silver.Read More
Zacatecas Silver is a privately held silver-focused exploration company headed by Bryan Slusarchuk and financially backed by industry-leading mining operators and financiers.
About the Zacatecas properties:
- The Zacatecas properties comprise 149 mining concessions totalling approximately 7,826 hectares (19,338 acres) and are located on the highly prospective Fresnillo silver belt, which has produced over 6.2 billion ounces of silver.
- The properties include the Panuco deposit, which has an inferred mineral resource of 19,472,901 ounces from 3,954,729 tonnes at 153.2 grams per tonne silver equivalent with significant resource expansion potential and high-grade silver exploration upside (see news release dated Aug. 29, 2019). Mineralization at the Panuco deposit remains open along strike and down dip.
- The Zacatecas properties are located 25 kilometres southeast of Mag Silver Corp.’s Juanicipio mine and Fresnillo PLC’s Fresnillo mine and in close proximity to Pan American Silver Corp. claims and El Orito from Endeavour Silver.
Santacruz Silver chief executive officer Carlos A. Silva stated: “Santacruz is very pleased to have attracted Bryan Slusarchuk and the Zacatecas Silver team to the properties. While we identified the potential and acquired the properties during the downturn in the silver cycle, we are now pleased to vend these properties to an experienced team that can advance the properties and maximize shareholder value in current market conditions. By transacting with Zacatecas Silver, we anticipate that the properties will be very well funded and aggressively drilled. Any future success realized by Zacatecas Silver will in turn benefit Santacruz and its shareholders due to Santacurz’s equity interest posttransaction.”
Zacatecas Silver chief executive officer Bryan Slusarchuk stated: “We are big believers that macro conditions for silver have never been better. It is also undisputable that Zacatecas is one of the world’s best addresses for high-grade silver. To acquire a project with historic high-grade intercepts, an inferred mineral resource with expansion and exploration upside is very timely. Our team has created significant shareholder value for precious metals investors during the bear market; and, now, with a precious metals bull starting, we are ideally positioned in terms of technical expertise and capital markets ability to continue delivering excellent potential upside going forward.”
Terms of the transaction
Under the terms of the transaction, the company will sell a 100-per-cent interest in the Zacatecas property for $1.5-million (of which $500,000 (U.S.) will be paid on listing of Zacatecas Silver, $500,000 (U.S.) on the first anniversary of listing and a final $500,000 (U.S.) on the second anniversary of listing) and five million common shares of Zacatecas Silver. Zacatecas Silver has also agreed to complete a financing of $5-million for the purpose of exploration of the Zacatecas properties and to obtain a listing of its common shares on the TSX Venture Exchange by Dec. 31, 2020.
The transaction is subject to approval of the TSX Venture Exchange and the entering into a definitive agreement by the parties.
The technical information contained in this news release has been reviewed and approved by Van Phu Bui, Bachelor of Science, a professional geoscientist who is independent of the company and a qualified person under National Instrument 43-101.
Almaden arranges private placement of 3.1 M units
Almaden Minerals Ltd. has arranged a non-brokered private placement financing of 3.1 million units, at a price of 65 cents per unit.Read More
Each unit will consist of one common share of the company and one non-transferable common share purchase warrant, each whole share purchase warrant entitling the holder to purchase one common share of the company at a price of 90 cents per share for three years following the closing of the offering.
Almaden intends to use the net proceeds of the offering for permitting activities relating to the Ixtaca project, and for general corporate purposes.
The company may pay finders’ fees in connection with the offering in cash, shares, warrants or combinations thereof.
Closing of the offering is anticipated to be on or about Aug. 13, 2020, and is subject to receipt of applicable regulatory approvals including approval of the TSX and NYSE American exchanges. The securities issued will be subject to a standard four-month hold period in Canada.
Cartier increases private placement to $8.5M
In connection with its previously announced best efforts private placement offering, Cartier Resources Inc. and Paradigm Capital Inc. have agreed to increase the size of the offering to up to aggregate gross proceeds of $8.5-million. The Company will now issue up to 19,767,500 common shares of the Company that qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Quebec)) (“FT Shares”) to be issued at C$0.43 per FT Share (the “Offering”).Read More
In addition, the Agent has been granted an option to sell up to that number of additional FT Shares for additional gross proceeds of up to C$1,275,004.
Pursuant to the Investor Rights Agreement between Cartier and Agnico Eagle Mines Limited (“Agnico Eagle”), Agnico Eagle has the right to participate in the Offering to maintain its pro-rata 16.6% interest in Cartier.
The gross proceeds from the Offering will be used by the Company to incur eligible “Canadian exploration expenses” that will qualify as “flow-through mining expenditures” as such terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) related to the Company’s project in Quebec. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares effective December 31, 2020.
The Offering is expected to close on or about August 11, 2020 (the “Closing Date”) and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSX Venture Exchange and the applicable securities regulatory authorities. The Offering is being made by way of private placement in Canada. The securities issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the Offering. The Offering is subject to final acceptance of the TSX Venture Exchange.
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 press 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 State in which such offer, solicitation or sale would be unlawful.
Falco Resources appoints Brunet as director
Falco Resources Ltd. has appointed Benoit Brunet to the corporation’s board of directors as a nominee of Osisko Gold Royalties Ltd.Read More
Mr. Brunet has over 10 years of experience in the finance sector. He has recently been appointed as vice-presiden of business strategy for Osisko. Prior to that, he was with the Quebec private equity group of the Caisse de depot et placement du Quebec, one of the largest North American institutional investors where he helped deploy $700-million in the mining sector across Quebec. Up to his appointment with Osisko, he was overseeing investments totalling approximately $1.5-billion and known for having structured innovative financial instruments for some of the largest mining projects in Quebec. Mr. Brunet has worked closely with Osisko’s management team for the last several years and has a deep knowledge of Osisko’s portfolio of assets and accelerator companies, including Falco.
Prior to joining the Caisse, Mr. Brunet worked at PricewaterhouseCoppers LLP for the assurance group in Montreal. Mr. Brunet holds a CPA designation, an undergraduate and graduate degree in public accounting from the Universite du Quebec a Montreal.
Bryan A. Coates, chair of the board of directors of Falco, stated: “We are very pleased to welcome Benoit to our board of directors. His knowledge of Quebec’s major financing institutions, as well as his business acumen, will be a great complement to the board. We look forward to Benoit’s contribution to promote the development of the Horne 5 project.”
Erdene arranges $20M placement; Sprott to participate
Erdene Resource Development Corp. has arranged a non-brokered private placement of approximately $20-million, led by a $15-million strategic investment from Eric Sprott. Paradigm Capital acted as lead financial adviser to Erdene on the transaction. Haywood Securities acted as co-adviser.Read More
“We are very pleased to have Mr. Sprott as a significant shareholder of Erdene,” said Peter Akerley, Erdene’s president and chief executive officer. “His investment is a strong endorsement of Erdene’s high-grade Bayan Khundii gold project and the prospectivity of our 100-per-cent-owned Khundii gold district. Funds from this financing will be used to initiate early construction works at Bayan Khundii and continue exploration to expand our high-grade resources.”
The private placement will consist of the sale of 33,333,333 subscription receipts at a price of 45 cents per subscription receipt to an entity controlled by Mr. Sprott and the concurrent sale of up to 11,111,111 units of the company at a price of 45 cents per unit. Each subscription receipt will be convertible into units, and each unit consists of one common share and one warrant, with each warrant exercisable into one common share of the company within two years of the closing date, at a price of 60 cents per share.
Proceeds of the private placement will be used by the company to advance exploration and development of the Bayan Khundii gold project, as well as for working capital and general corporate purposes. Proceeds from the sale of subscription receipts will be placed in escrow on the closing date to be released to Erdene on the receipt of all necessary shareholder and regulatory approvals, and the approval of European Bank for Reconstruction and Development. Upon receipt of the approvals, each subscription receipt will automatically convert into a unit, for no additional consideration. In the event that the approvals are not obtained by Oct. 31, 2020, each subscription receipt will be cancelled, and the subscription funds will be returned. Mr. Sprott currently does not own any securities of the company.
All securities to be issued pursuant to the private placement will be subject to a four-month hold period from the closing date under applicable securities laws in Canada.
Copper Fox waives accelerated warrant expiry date
Further to the news release dated July 22, 2020, regarding an automatic acceleration of the expiry date for the warrants issued on March 30, 2020, and April 27, 2020, as part of Copper Fox Metals Inc.’s most recent non-brokered private placement, due to the company’s projects being fully financed throughout 2020, the company has decided to waive the acceleration of the expiry date. Accordingly, the expiry date shall remain as stated in each applicable warrant certificate.
American Manganese to spin out B.C. projects
American Manganese Inc. is proposing to maximize shareholder value by spinning out its B.C. mineral claims into a new company. Current shareholders of the company would receive shares of the new company, provided that the proposed plan of arrangement through which the spinout occurs is approved by the shareholders, the TSX Venture Exchange and other regulatory authorities.Read More
Recent investor focus on precious and base metals supports the company’s decision to maintain these valuable assets, which American Manganese believes are not currently reflected in its stock price. By contributing these mineral claims to a separate, newly formed company, American Manganese believes shareholders will benefit from the market’s view on these assets.
“A spinout of our mining assets now would allow our shareholders to take advantage of the bull market in precious and base metals, especially in gold, copper and cobalt,” says Larry Reaugh. “Our Rocher DeBoule property is in a good position to capitalize on this upsurge, being an IOCG target with past production.”
Highlights of the Rocher Deboule property are as follows.
Iron oxide copper gold (IOCG), British Columbia (100-per-cent ownership)*
American Manganese’s IOCG 980-hectare/2,421-acres target is located 10 kilometres from Hazelton, B.C. The property contains several mineral occurrences over a 12-kilometre, east-west direction. The original Rocher Deboule mine and three other properties were mined and shipped to smelter by railway as shown in the attached table.
Property Tons Gold (oz) Silver (oz) Copper (lb) Mo (lb) Lead/zinc (lb) Cobalt (lb) Rocher DeBoule 52,719 4,492 84,477 6,203,584 7,970 Victoria (2) 90 326 0 2,100 4,918 Highland Boy 75 4 35 10,493 Cap 29 3 252 3,375 (1) Production numbers are reported in A. Sutherland Brown, 1960, "Geology of the Rocher Deboule Range," Bulletin No. 43, British Columbia Department of Mines And Petroleum Resources. (2) One high-grade shipment of 23 tons averaged 6.25 ounces per ton gold, silver (8.70 opt), copper (7.0 per cent), cobalt (2.5 per cent) and molybdenum (1.15 per cent). Soil mapping, rock sampling and magnetometer program in 2011-2016 have identified three bulk-tonnage targets within the claim group. A similar program in 2017 returned rock sample assays up to 2.7 per cent cobalt and 164.0 g/t Au (4.78 troy ounces per short ton Au).
Along with the Rocher Deboule property, the company’s rare-earth project would also be spun out. Highlights of those claims are as follows.
Rare-earth project, British Columbia (100-per-cent ownership)*
The Virgil and Lonnie carbonatite claims totalling 735 hectares/1,817 acres is located on Granite Creek, southeast of Manson Creek in north-central British Columbia, and contain two showings defined by trenching (1970s) with a combined strike length of 620 metres (2,040 feet) with widths ranging from one to 40 metres width grading 0.2 per cent niobium. A 56-metre chip sample on the Brent carbonatite assayed 0.05 per cent lanthanum, 0.03 per cent neodymium and 0.15 per cent titanium. Airborne geophysics and geochemical field work identified four significant anomalies, with soil sampling results approaching 1 per cent total rare earths plus additional niobium credits.
*These tables provide values which could be considered historical estimates. A qualified person (as that term is defined under National Instrument 43-101) has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves, and the company is not treating the historical estimate as current mineral resources or mineral reserves.
Galway Metals royalty purchase agreement
The TSX Venture Exchange has accepted for filing documentation pertaining to a purchase agreement dated July 15, 2020, between Galway Metals Inc. and an arm’s-length party. Pursuant to the agreement, the company will acquire a 2-per-cent net smelter return royalty held by the vendor covering certain mineral claims at the company’s Clarence Stream property in southwest New Brunswick, Canada.Read More
Under the terms of the agreement, the total $3-million purchase price will be satisfied via initial issuance of 434,783 common shares of the company to the vendor at a deemed value of $1.15 per share and consideration of $2.5-million, payable in cash or shares, over a five-year period.
For further details, please refer to the company’s news release dated July 21, 2020.
GR Silver drills 3.1 m of 1,181 g/t AgEq at Plomosas
GR Silver Mining Ltd. has provided high-grade drill results from the San Juan-La Colorada area at its 100-per-cent-owned Plomosas silver project in Sinaloa, Mexico.Read More
- 1,181 grams per tonne silver equivalent (AgEq) (1) over 3.1 metres (846 g/t silver, 0.8 g/t gold, 2.7 per cent lead and 6.0 per cent zinc) includes 3,224 g/t AgEq over 1.1 m (2,300 g/t Ag, 2.1 g/t Au, 7.6 per cent Pb and 16.3 per cent Zn);
- 1,120 g/t AgEq over 2.7 m (931 g/t Ag, 0.1 g/t Au, 1.9 per cent Pb and 4.0 per cent Zn) includes 1,566 g/t AgEq over 1.4 m (1,478 g/t Ag, 1.3 per cent Pb and 1.6 per cent Zn);
- 755 g/t AgEq over 3.5 m (737 g/t Ag, 0.1 g/t Au, 0.1 per cent Pb and 0.3 per cent Zn);
- 720 g/t AgEq over 4.8 m (563 g/t Ag, 0.3 g/t Au, 1.6 per cent Pb and 2.7 per cent Zn).
These drill results highlight continuity of high-grade silver mineralized zones in a 100 m step out from a previously released section of drill hole results at the San Juan area. These latest results define a mineralized strike length for the low sulphidation epithermal system of up to 1,000 m (see news release dated July 7, 2020). This news release features results from 17 diamond core holes drilled by previous companies and not previously released. The cross-section containing these results establishes a high-grade continuous zone of Ag-rich polymetallic breccia, along a shallow-dipping fault for approximately 400 m down dip. In addition, the drill results continue to confirm silver-gold mineralized zones hosted by multiple high angle faults.
The results of the 17 drill holes indicate the possible extension of the San Juan-La Colorada area toward the San Francisco area to the south, supporting the presence of a much larger low sulphidation epithermal Ag-Au-rich system.
The mineralized veins and hydthermal breccias appear to be proximal to each other in subparallel structures, a feature typical of low sulphidation epithermal systems. The concentration of multiple veins, in combination with increased continuity along strike and down dip, represents an attractive target for future resource delineation.
(1) AgEq is based on long-term gold, silver, zinc and lead prices of $1,600 (U.S.) per ounce gold, $16.50 (U.S.) per ounce silver, 85 U.S. cents per pound zinc and 95 U.S. cents per pound lead. The metallurgical recoveries are assumed as 90 per cent Ag, 95 per cent Au, 78 per cent Pb and 70 per cent Zn.
GR Silver Mining president and chief executive officer Marcio Fonseca commented: “The company has prioritized the validation of the drill holes at the San Juan-La Colorada area, focusing on expansion of mineralization along strike and down dip. These latest results confirm high-grade mineralization extending to the S towards the San Francisco area, suggesting potential to outline a large low sulphidation epithermal system with at least a 1,000 m strike length.”
The company is advancing the rehabilitation of the historical San Juan underground workings, while continuing with geological and structural mapping/sampling. An improved understanding of the mineralized systems, which consist of a set of multiple structures hosting high-grade Ag-Au mineralization, has resulted in the definition of new drill targets. Detailed mapping by GR Silver Mining has identified down plunge extensions of previously released high-grade silver intercepts in polymetallic hydrothermal breccia (see news release dated April 2, 2020). In the lower levels of the historically developed San Juan workings, massive argentite, galena and sphalerite zones have been mapped similar to the previously released high-grade silver zones which included results such as 0.4 m at 4,698 g/t Ag and 0.2 m at 6,128 g/t Ag.
The “Summary surface drill hole results — news release July 27, 2020 (San Juan-La Colorada area)” table summarizes the most significant drill assay results for this set of 17 drill holes released for the San Juan-La Colorada area.
SUMMARY SURFACE DRILL HOLE RESULTS -- NEWS RELEASE JULY 27, 2020 (SAN JUAN-LA COLORADA AREA) Drilled Est. true Hole No. From (m) To (m) width (m) width (m) Ag (g/t) Ag (g/t) Pb (%) Zn (%) AgEq (g/t) LRD-28 38.9 43.7 4.8 3.8 563 0.3 1.6 2.7 720 LRD-29 218.8 225.0 6.2 5.0 144 0.0 0.3 0.8 177 LRD-41 37.3 39.4 2.1 1.7 42 0.2 0.8 2.4 152 LRD-59 71.2 74.3 3.1 2.5 846 0.8 2.7 6.0 1,181 includes 71.2 72.3 1.1 0.9 2,300 2.1 7.6 16.3 3,224 LRD-62 58.9 60.1 1.2 1.0 91 0.4 3.8 5.8 425 LRD-65 50.5 51.7 1.2 1.0 178 1.3 3.9 12.5 784 LR2D-01 94.8 96.1 1.3 1.0 342 0.0 1.4 1.7 438 SJS-06 245.0 249.1 4.1 3.3 335 0.1 0.1 0.2 347 includes 248.6 249.1 0.5 0.4 2,154 0.1 0.2 0.3 2,178 251.5 252.9 1.4 1.1 110 0.1 0.1 0.1 125 SJS-09 301.1 308.1 7.0 5.6 363 0.1 0.8 1.9 457 includes 301.1 303.8 2.7 2.1 931 0.1 1.9 4.0 1,120 includes 301.1 302.5 1.4 1.1 1,478 na 1.3 1.6 1,566 SJS-10 287.1 300.5 13.4 10.7 226 0.0 0.3 0.3 247 includes 295.9 299.4 3.5 2.8 737 0.1 0.1 0.2 755 SJS-14 339.3 347.4 8.1 6.5 16 0.3 0.9 2.8 150 SJS18-04 283.6 287.5 3.9 3.1 262 0.1 0.7 2.6 366 291.5 292.3 0.8 0.7 193 0.0 0.2 0.4 213 314.4 314.8 0.4 0.3 96 0.1 2.8 3.9 312 SJS18-13 4.3 6.5 2.2 1.7 65 0.9 0.1 0.0 160 23.9 24.3 0.4 0.3 158 1.1 0.2 0.4 291 SJS-19 257.8 261.2 3.4 2.8 141 0.0 0.3 0.7 171 includes 257.8 259.4 1.6 1.3 271 0.0 0.5 1.1 318 278.8 279.9 1.1 0.9 254 0.0 0.2 0.5 274 SJS-21 221.2 223.3 2.1 1.7 105 0.6 0.3 0.4 184 SJS-25 301.6 305.2 3.6 2.9 50 0.1 1.8 4.6 248 includes 301.6 303.4 1.8 1.5 92 0.1 3.2 8.5 449 SJS-27 297.1 298.8 1.7 1.3 90 0.0 0.5 1.0 135 * AgEq is based on long-term gold, silver, zinc and lead prices of $1,600 (U.S.) per ounce gold, $16.50 (U.S.) per ounce silver, 85 U.S. cents per pound zinc and 95 U.S. cents per pound lead. The metallurgical recoveries are assumed as 90 per cent Ag, 95 per cent Au, 78 per cent Pb and 70 per cent Zn. NA: no relevant assays. All numbers are rounded. Results are uncut and undiluted. UG: underground drill hole. SURF: surface drill hole.
The 17 drill holes in this news release were generated by a core drilling campaign completed by First Majestic Silver Corp. in 2018 (SJS18-04 and -13), and historical drill holes completed by Grupo Mexico. Neither of the drill sets were previously released. They are part of an extensive surface and underground diamond core drilling database, which GR Silver Mining continues to consolidate and validate.
The “San Juan-La Colorada area — drill hole intervals not sampled (intervals greater than 20 m)” table lists the drill hole intervals previously not sampled (NS) for this group of released holes. The company continues investigating previous unsampled intervals for evidence of mineralization in the core that warrants additional sampling and assaying. The company recently announced a core drilling program at the Plomosas silver project (see news release dated July 15, 2020).
SAN JUAN-LA COLORADA AREA -- DRILL HOLE INTERVALS NOT SAMPLED (INTERVALS GREATER THAN 20 M) Hole No. From-To (m) Sampling SJS17-13 0-173.95 NS SJS17-13 191.35-218.5 NS SJS17-13 233.55-331.7 NS SJS17-15 0-197.9 NS SJS17-15 208.25-253.4 NS SJS18-04 0-270.75 NS SJS18-04 317.95-375.55 NS SJS18-12 48.2-82.5 NS SJS18-12 113.4-145.0 NS SJS18-13 33.0-64.75 NS SJS18-13 129.0-186.3 NS SJS18-13 191.3-247.5 NS SJS18-13 249.6-282.0 NS All numbers are rounded. NS -- core not assayed by First Majestic.
The company believes that the San Juan-La Colorada area is similar to the Plomosas mine area, consisting of Ag mineralization hosted in polymetallic hydrothermal breccias and steep angle Ag-Au-rich low sulphidation epithermal veins, commonly displaying argentite, galena and sphalerite that can be observed in the drill core.
The scientific and technical data contained in this news release related to the Plomosas project were reviewed and/or prepared under the supervision of Marcio Fonseca, PGeo. He has approved the disclosure herein.
Brixton Metals arranges $4-million private placement
Brixton Metals Corp. has arranged a non-brokered private placement of a combination of units and flow-through shares of the company for gross proceeds of up to $4-million. Each unit is being offered at a price of 25 cents and will comprise one common share of the company and one common share purchase warrant. Each flow-through share is being offered at a price of 28 cents and will comprise one common flow-through share of the company. Each warrant entitles the holder thereof to acquire one common share of the company at a price of 35 cents for a period of 36 months from the date of closing of the offering.Read More
The gross proceeds from the issuance of the FT shares will be used for Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)), which will be renounced to the subscribers with an effective date no later than Dec. 31, 2020, to the initial purchasers of the offered securities in an aggregate amount not less than the gross proceeds raised from the issue of the FT shares, as applicable, and, if the qualifying expenditures are reduced by the Canada Revenue Agency, the company will indemnify each FT share subscriber for any additional taxes payable by such subscriber as a result of the company’s failure to renounce the qualifying expenditures as agreed.
The net proceeds from the private placement of units and the gross proceeds from the private placement of FT shares shall be primarily used for exploration activities and for general working capital purposes.
The closing of the offering is expected to occur on or about Aug. 12, 2020, and is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange. The units and FT shares, including all underlying securities thereof, and any finders warrants issued with respect to the offering, will be subject to a hold period of four months and one day in accordance with applicable securities laws. Red Cloud Securities Inc. is acting as a finder in connection with the offering.