Metals Update 5/8/2020

Anaconda estimates Argyle at 49,300 Au ounces indicated

Anaconda Mining Inc. has released an open-pit mineral reserve for the Argyle deposit at the company’s Point Rousse project and has begun certain mine development activities in anticipation of ore production in the fourth quarter of 2020. Mine ore tonnes will be trucked approximately 4.5 kilometres to the Company’s operating Pine Cove Mill and tailings facility in Newfoundland. The development of Argyle is based on a recent Updated Mineral Resource Estimate (“Mineral Resource”) and initial Mineral Reserve (“Mineral Reserve”) prepared in accordance with National Instrument 43-101 (“NI 43-101”) and 2019 CIM MRMR Best Practice Guidelines.

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Dolly Varden begins expansion drilling at Dolly Varden

Dolly Varden Silver Corp.’s 10,000-metre discovery-focused and resource expansion drilling program is under way at its flagship Dolly Varden property, located in northwestern British Columbia.

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Japan Gold begins drilling at Ohra-Takamine

Japan Gold Corp. has commenced drilling at the Ohra-Takamine project in the Southern Kyushu epithermal gold province, Japan.

Highlights:

  • The drilling program consists of an initial two drill holes (approximately 950 metres) positioned to test below ore shoots mined at the Urushi and Ohra mines.
  • Historic records report high-grade production including: 21,000 ounces of gold mined at grades greater than 20 grams per tonne at the Ohra mine and a vein shoot within the Urushi mine, which carried grades between 50 g/t to 100 g/t gold.
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Eclipse Gold begins geophysical survey at Hercules

Eclipse Gold Mining Corp. has initiated a helicopter-supported geophysical survey to explore the scale of the mineralizing system at its Hercules gold project in Nevada’s Walker Lane trend.

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Treasury releases First Mining’s Goldlund drill results

Treasury Metals Inc. has released the latest results from the 2019/2020 drill program at the Goldlund gold project. Drilling by First Mining Gold Corp. focused on delineating mineralization in the eastern portion of the defined resource area at Goldlund (the “Main Zone”), with these results including the highest-grade interval encountered to date in the 2019-2020 program, Hole GL-20-033, which intersected 173.8 grams per tonne gold over one metre.

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Hudson Resources to reduce White debt with shares

Further to its news release of June 11, 2020, Hudson Resources Inc. has entered into definitive agreements with its existing lenders, Cordiant Capital Inc. and its affiliates and Romeo Fund Flexi and its affiliates, to restructure the outstanding debt on the White Mountain anorthosite mine, held by the company’s subsidiary, Hudson Greenland A/S, and to provide an injection of working capital to ensure the stability of the mine going forward.

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Entree working capital at $4.4M (U.S.) on June 30

Entree Resources Ltd. has filed its interim financial results for the second quarter ended June 30, 2020. All numbers are in U.S. dollars unless otherwise noted.

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Prime Mining appoints Harcus as CFO

Effective Aug. 1, 2020, Prime Mining Corp. has appointed Ian Harcus as chief financial officer, replacing Simon Anderson, who has relinquished his role as chief financial officer, but will remain with the company in a transition capacity.

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Magna Terra completes acquisition from Anaconda

Magna Terra Minerals Inc. has completed the acquisition of Anaconda Mining Inc.’s wholly owned subsidiary, 2647102 Ontario Inc. (ExploreCo), by issuing a total of 12,493,482 common shares of the company on a postconsolidation basis (as defined herein). As a result, Magna Terra is acquiring a 100% interest in the Great Northern and Viking Projects in Newfoundland and Labrador and the Cape Spencer Project in New Brunswick (see news release dated October 15, 2019 and December 3, 2019 for more details on the Projects).

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Golden Predator to release Brewery estimate in Aug.

Golden Predator Mining Corp. has retained Gustavson Associates LLC to prepare an updated mineral resource estimate incorporating the 2019 drill results into the resource model by the end of July, 2020. Gustavson has notified the company that the results will be available no later than Aug. 25, 2020. Gustavson Associates, LLC cited several factors including:

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Avino to release Q2 results Aug. 11, hold call Aug. 12

Avino Silver & Gold Mines Ltd. plans to release its second quarter 2020 financial results after the market closes on Aug. 11, 2020.

In addition, the Company will be holding a conference call and webcast on Wednesday, August 12, 2020 at 8:00 a.m. PDT (11:00 a.m. EDT).

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Superior Gold to provide Q2 results Aug. 11

Superior Gold Inc. will release its second quarter 2020 financial and operating results before market open on Tuesday, Aug. 11, 2020. Following the release, management will host a conference call and webcast at 10:00AM ET to discuss these results.

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Aquila estimates Back Forty after-tax NPV at $149M

Aquila Resources Inc. has provided the results of a positive preliminary economic assessment (PEA) for its wholly owned Back Forty project, located in the Upper Peninsula of Michigan, United States. The PEA demonstrates Back Forty’s value as a high-grade, gold-rich project with compelling economics in a Tier 1 jurisdiction. The PEA builds on the company’s 2018 open-pit feasibility study and includes the currently known underground mineral resources.

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Impact Silver boosts financing to $7.03-million

Due to strong investor demand, Impact Silver Corp. has agreed with Red Cloud Securities Inc., as lead agent and sole bookrunner, on behalf of a syndicate, including Canaccord Genuity Corp. and Mackie Research Capital Corp., in connection with the previously announced best efforts private placement of units of the company at a price of 95 cents per unit to increase the size of the offering for gross proceeds of up to $7.03-million.

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Atico Mining drills 6.84 m of 19.54 g/t Au at La Plata

Atico Mining Corp. has released additional high-grade drill results from its 10,000 metre drilling program on the La Plata property in Ecuador. Today’s results are from three holes completed in the South block as the drill program continues to confirm and expand the La Plata mineralized footprint with bonanza grades gold and copper intercepts encountered within larger massive sulfides lenses.

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