Dynacor Gold Mines appoints Chave as director
Dynacor Gold Mines Inc. has appointed Philippe Chave, chief executive officer of PX Group SA, to its board of directors, effective immediately.Read More
“We are thrilled to see Philippe join Dynacor’s board of directors,” stated Jean Martineau, president and chief executive officer of Dynacor. “Philippe’s proven business and development skills in a global landscape, his association with institutional investors worldwide, and expertise in the precious metals industry will be a significant value-add to international growth for Dynacor and its shareholders.”
Born in 1971, Mr. Chave is the chief executive officer of Swiss-based PX Group, a global metal processing conglomerate with 10 independent companies focusing on processing and transforming precious and non-precious metals as an industrial specialist. The firm refines and transforms approximately 50 tons (1.6 million ounces) of gold per year from various countries. In 2015, the PX Group launched in partnership with Dynacor the sustainable and ethical clean gold program, PX Impact.
The PX Group currently owns 2.19 per cent (850,175 shares) of Dynacor.
Mr. Chave comes to Dynacor with 20 years of international experience in a successful career to driving growth, operational improvement and innovation. This experience includes international business developments for precious metal scrap and investment products for the European and Asian markets. He is responsible for creating value in sourcing through stringent traceability and audit programs to ensure compliance with customers’ expectations in the luxury segment.
“I see a formidable opportunity to position Dynacor as a multinational corporation in the sector of ethical artisanal and small-scale miners (ASM) gold, which includes approximately 40 million ASMs working in 80 different countries,” said Mr. Chave. “I am excited to bring my experience in business development together with PX Group’s position in the luxury industry, connections to institutional and high-net-worth families, as well as our expertise in the precious metals traceability and audit systems to Dynacor on a global scale.”
Mr. Chave holds a BSc in engineering from EINEV (Ecole d’Ingenieurs de l’Etat de Vaud) in Yverdon, Switzerland. He speaks four languages, namely French, English, Spanish and Mandarin.
Marc Duchesne has resigned from the corporation’s board of directors. The board of directors thanks Mr. Duchesne for all his contributions to the board’s work over the past several years and wishes him well in all his future endeavours.
Klondike Gold to start Klondike drill program in Sept.
Klondike Gold Corp. has commenced the planned 27-hole phase 4 drilling program targeting the Lone Star zone on the company’s wholly owned 586 square kilometre Klondike District property, Yukon Territory.Read More
The objective of phase 4 drilling is to extend the dimensions of Lone Star zone gold mineralization in all surface directions, and to test for mineralization that would add to the company’s effort to establish a maiden mineral resource. Drill pad preparation is now underway with phase 4 drilling planned to commence by early September, 2020.
- Phase 4 drilling program to be comprised of approximately 27 drill holes (approximately 1,800 metres) testing the Lone Star zone across a 3.5 km strike length. The program is directed in part towards testing for potential high-grade gold sub-zones.
- Lone Star zone gold mineralization is recognized in drill holes over a 3.5 km strike length and in rock grab samples for 4.5 km strike length. The zone remains open in all directions and is prospective at depth for higher grade zones of quartz veining which are interpreted to represent the feeder “plumbing” system to the broad Lone Star zone at surface.
- A total of 181 individual drill core sample intervals within the central one km length of the Lone Star zone show areas of inferred “corridors” of higher gold grades greater than five grams per tonne gold.
- Recent re-logging of holes suggest some high-grade vein intersections may correlate across several drill holes implying lateral and vertical continuity of higher-grade quartz veining within the broad lower-grade envelope characteristic of the Lone Star zone. (For example, see gold values listed in the table included: intersections in LS18-171, LS18-172, LS18-180, and LS18-201)
- Testing for potential high-grade gold veining in structural corridors within the Lone Star zone is a priority for phase 4 drilling.
Peter Tallman, president and chief executive officer of Klondike Gold, stated: “The objective of drilling at the Lone Star zone is to attempt to outline a potential open-pit gold resource. As we continue to drill in this area, we are steadily delivering the results needed to bring the Klondike District property to that stage.”
Compilation and reinterpretation of results within the main area of Lone Star zone mineralization has identified individual high-grade vein sets with high-grade assays that potentially correlate between adjacent drill holes and across sections.
Gold-bearing quartz veins occur within LS18-171, LS18-172, LS18-201, LS18-198, and LS18-180 across 100 m by 100 m at shallow five m to 40 m depth, for example. These and other near-surface gold intersections will be targeted as the company proceeds with efforts to establish an initial mineral resource.
Results of drilling are estimated to be available in November, 2020, or later.
COMPILATION OF CENTRAL LONE STAR ZONE HIGHER GRADE QUARTZ VEIN INTERCEPTS Hole ID From (m) To (m) Au (g/t) Interval (m) LS16-58 7.15 11.90 9.28 4.75 and 28.50 30.70 14.50 2.20 LS16-64 50.00 52.00 9.89 2.00 LS16-68 67.00 68.00 12.99 1.00 LS16-69 88.71 89.12 51.49 0.41 LS16-70 75.19 79.25 8.96 4.06 including 75.19 75.42 104.31 0.23 LS17-81 12.80 14.46 12.09 2.16 and 20.90 21.30 27.24 0.40 LS17-81.1 24.64 25.64 24.68 1.00 LS17-82 12.25 13.06 11.87 0.81 LS17-90 8.35 8.60 50.54 0.25 and 26.55 27.55 17.57 1.00 LS17-91 29.00 35.00 5.42 6.00 LS18-155 6.60 7.70 21.73 1.10 LS18-156 9.60 15.10 8.36 5.50 LS18-165 9.50 10.50 12.09 1.00 LS18-166 8.60 9.60 10.82 1.00 LS18-168 10.50 12.70 7.32 2.20 LS18-171 19.40 21.10 5.51 1.70 LS18-172 110.10 110.60 21.92 0.50 and 119.10 119.50 12.53 0.50 and 162.50 163.50 35.06 1.00 LS18-180 24.60 29.20 10.00 4.60 LS18-201 48.40 49.30 28.46 0.90 and 101.10 103.50 11.50 2.40
Lone Star zone longitudinal view of mineralization
The longitudinal section below shows 164 holes drilled from 2015 to 2020 which have intersected Lone Star zone gold mineralization over a 3.5 km strike length along the plane of the Bonanza Fault. Mineralized intersections are all within 100 m of surface with the majority starting at surface. (2020 phase 1 drill holes are labelled, with gold intersections listed in the inset. See news release July 30, 2020).
The Lone Star Zone within the 3.5 km identified length has significant untested areas between holes containing mineralization.
The Lone Star zone is open along strike with targets identified beyond the current extent of drilling.
The company interprets the zone to be open to depth, and is prospective at depth for higher gold grade zones of quartz veining which represent the feeder “plumbing” system to the broad Lone Star zone at surface.
Qualified persons review
The technical and scientific information contained within this news release has been reviewed and approved by Ian Perry, PGeo, vice-president exploration of Klondike Gold Corp. and qualified person as defined by National Instrument 43-101 policy.
Atico Mining drills 5.64 m of 12.46 g/t Au at La Plata
Atico Mining Corp. has released results for the latest five holes from its drill program at the La Plata precious metals-rich volcanogenic massive sulphide (VMS) project in Ecuador. These five holes are still part of the continuing campaign targeting the south block to test for possible continuity, as well as mineralization outside of the known envelope.Read More
True widths are dependent on uncertainties in the local strike and dip of the mineralization and are estimated to be between 76 per cent and 83 per cent of the drill intercept.
Joseph Salas, Atico’s vice-president of exploration, commented, “The high-grade precious metals results are associated with additional pulses of hydrothermal fluids that further enriched pre-existing VMS lenses with gold and silver.” Mr. Salas added, “These drill results are often exceeding the expected intercept value in the south block which is pointing to the possibility of expanding the mineralized envelope of the La Plata deposit.”
Infill drilling program:
- CMLP-20-112 — oriented to test the vertical western extension at the centre zone of the south block. The drill hole did not report any significant results;
- CMLP-20-113 — objective was to close the grid and allow to infill the south block. It reported an intercept of massive sulphide mostly composed of sphalerite followed by disseminated zinc mineralization at depth;
- CMLP-20-114 — drilled to test the upper north zone of the south block. The intercept reported an extension of 9.24 metres of massive and semi-massive sulphide composed of sphalerite and chalcopyrite;
- CMLP-20-115 — drilled to test the edge of the known resource envelope at the upper area of the south block’s VMS lens. The intercept reported an extension of 18.75 metres of massive and semi-massive sulphide in the upper north eastern area.
Drill holes CMLP-20-111 and CMLP-20-115 intercepted extension of mineralization outside of the known envelope above the upper eastern zone of the south block and toward the north block. In both results, these intercepts are reporting significantly thicker mineralization than what the modelled edge of the existing resource polygon considered for this area, in addition to indicating the potential for further extension to the east.
The 2020 La Plata exploration program is intended to infill the south and north blocks of the La Mina area while upgrading the known mineralized resources from the inferred category. This program is also designed to increase the known resources at the main La Mina VMS lenses while providing the necessary samples to further metallurgical testing, along with geotechnical investigations. When completed, these new findings and results will then be included in the upcoming feasibility study.
Drill holes are planned to continue testing mineralization mainly at depth and along strike of the La Mina area while also stepping out 275 metres north to further test the Guatuza target area. The previous operator of the property reported high-grade values from their earlier trenching program at the Guatuza target. These results included a surface trench cutting 2.5 metres (m) of 5.36 grams per tonne (g/t) gold (Au), 71.18 g/t silver (Ag), 2.14 per cent copper (Cu), 3.22 per cent lead (Pb) and 10.86 per cent zinc (Zn) as reported in Toachi Mining Inc.’s press release dated Jan. 16, 2019.
True widths are dependent on uncertainties in the local strike and dip of the mineralization and are estimated to be between 76 per cent and 83 per cent of the drill intercept.
La Plata project
Gold-bearing sulphide mineralization at La Plata occurs as compositional banding composed of chalcopyrite, sphalerite and pyrite laminae with barite occurring as clasts and also as layers. The mineralized lenses have also been dislocated by a few faults and dolerite dikes cutting the body.
The La Plata project is amongst the highest-grade gold-copper VMS deposits in which base and precious metal mineralization is interpreted to have formed as part of multiple volcanic episodes that created a stacked volcanic-exhalite hydrothermal sequence considered favourable for hosting additional VMS lenses. The recent drilling results in the southern portion of the deposit have encountered deeper mineralization and an extension of mineralization to the north has been discovered by recent trenching results.
The La Plata project consists of two concessions covering a total area of 2,300 hectares along its nine-kilometre length, which contains known mineralization in two VMS lenses and nine priority exploration targets.
The company has a binding option agreement with a private Ecuadorean company to earn up to 75 per cent in the La Plata project, of which the first option to acquire the initial 60-per-cent ownership has been exercised.
Quality assurance/quality control
Before sampling, a centre line, representing bottom of hole (or a reference line when this is not known) is marked on the drill core. The core is cut and sampled, always sampling the right-hand side of the drill core. Samples are selected based on logged geological features, such as rock type, mineralization, alteration or veining. Sample length does not exceed 2.5 metres, nor is smaller than 20 centimetres. A total of 10 per cent of the samples submitted are certified blanks and standards and field duplicates with, as a minimum, one blank submitted at the beginning of each sample batch. Certified standards are submitted at an average of 6 per cent of the samples submitted. Field duplicates are taken at a rate of one in 20 of the samples taken. For all drill holes, analysis was completed by ALS Chemex in North Vancouver with sample preparation completed in Quito. The lab is accredited with International Standards ISO/IEC 17025:2005 and ISO 9001:2015.
All major ALS Geochemistry analytical laboratories are accredited to ISO/IEC 17025:2005 for specific analytical procedures.
Dr. Michael Druecker, CPG, is a qualified person under National Instrument 43-101 standards and independent of the company and is responsible for ensuring that the information contained in this news release is an accurate summary of the original reports and data provided to or developed by Atico Mining. Dr. Druecker has approved the scientific and technical content of this news release.
Entree arranges $4.3-million private placement
Entree Resources Ltd. has arranged a non-brokered private placement of up to 10 million units of the company at a price of 43 cents per unit for gross proceeds of up to $4.3-million.Read More
Each unit will consist of one common share and one-half of one transferable common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the company at a price of 60 cents per share for a period of three years following the date of issuance.
The net proceeds from the private placement are expected to be used to update the National Instrument 43-101 technical report on the company’s interest in the Entree/Oyu Tolgoi joint venture property in Mongolia and for general corporate purposes.
Closing of the private placement is anticipated to occur in the third quarter of 2020 and is subject to the receipt of all necessary regulatory approvals, including acceptance by the Toronto Stock Exchange. The securities issued in connection with the private placement will be subject to a hold period of four months plus one day from the date of issuance, in accordance with applicable securities laws.
Certain insiders of the company may acquire units under the private placement. Any participation by insiders in the private placement will constitute a related party transaction, as defined under Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions. However, such participation will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the units subscribed for by the insiders, nor the consideration paid by such insiders for the units, would exceed 25 per cent of the company’s market capitalization.
American Creek begins magnetic survey at Dunwell
American Creek Resources Ltd. has commenced a high-resolution magnetic survey in combination with a lidar survey at the company’s 100-per-cent-owned Dunwell mine gold and silver property located in the Golden Triangle of British Columbia.Read More
Genesis Aviation Inc. is currently completing a High- Resolution Gradient Magnetometer survey in conjunction with a Three-Dimensional LIDAR survey over the property. This type of magnetic survey is flown by a low altitude helicopter and offers Measured Horizontal and Vertical Gradient data. This makes a significant difference to the magnetic inversion that provides a model at depth. The LIDAR survey being collected over the whole property will allow the past, present and future geological and geophysical programs to be correlated with a much higher degree of accuracy than otherwise possible.
The Dunwell Mine is a high-grade past producing polymetallic mine located just 8 kilometers by road from the shipping town of Stewart BC. The mine itself is one of dozens of high-grade gold / silver / lead / zinc occurrences that are primarily associated with the Portland Canal Fissure zone that extends for several kilometers through the property. The Dunwell Mine project boasts exceptional logistics and a rich mining history with potential for future development. It is located within the Bear River valley which was one of the first areas prospected in the Stewart camp because of its combination of rich veins and easy access due to the low elevation and proximity to town. Figure 1: Image of the historic Dunwell Mine which shut down during World War IITo view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/682/62173_9df8bb2544ec9bf6_001full.jpg
Because of the property’s low elevation and heavy rainfall, it is completely covered with a heavy canopy of vegetation with limited exposed bedrock in gullies and stream beds. As no modern exploration techniques or technologies had been conducted on the Dunwell prior to American Creek’s acquisition, careful consideration was given as to the best options that could lead to discovery. This resulted in a decision to proceed with a detailed Magnetic survey in 2020 and an Induced Polarization (IP) survey in the fall of 2019.
Alpha IP was chosen over a conventional IP survey because of its cutting-edge technology in detecting detailed high chargeability / low resistance anomalies in the ground. Specifically, the Alpha IP survey has far greater resolution and depth than standard IP’s and can provide the data in a 3D view. These are critical factors as the Dunwell Mine property contains numerous high-grade veins that are more readily detected using a high-resolution survey. Simcoe Geoscience, who performed the survey, was chosen because of their exceptional experience in this field and the in-depth interpretation they provide. They will also be using their expertise to integrate the new 3D Magnetic Survey results with the existing IP results. Simcoe’s same Alpha IP system continues to achieve success locating high-grade veins at Ascot’s neighboring Silbak-Premier Mine (9km away).
The exploration objectives of the Alpha IP survey were to detect the source of potential high-grade Au, Ag, Pb, Zn, Cu in quartz and detect quartz breccia veins hosted in thin bedded argillite, siltstone and greywacke of the Middle Jurassic Salmon River Formation (Hazelton Group). The Alpha IP system was used to provide the following benefits:Detect and delineate zones and structures related to the emplacement of sulphide mineralization to depths of up to 400 meters with chargeability and resistivity.Mapping the resistivity and chargeability features related to mineralization, alteration, faults and lithologies.
Thirty-seven anomalous zones were interpreted as significant targets for follow up from surface to ~300m+ depth. Out of thirty-seven anomalous zones, fifteen are considered first priority, sixteen second and six are third priority targets. The anomalous zones consist of strong to moderate chargeability related to associated conductive to resistive zones. These targets have a strong correlation with the Portland Canal Fissure Zone with the strongest targets running along the Dunwell Creek / Portland Canal Fault, the secondary targets running down each side of the primary target, and the tertiary targets running along the western edge of the fissure zone.
CEO and President, Darren Blaney stated: “We are excited about the magnetic and Lidar surveys taking place right now and the further detail they will give us in expanding our understanding of the underground geology when combined with last fall’s Alpha IP.
“We have always thought that the numerous high-grade gold and silver showings associated with the Portland Canal Fissure Zone, that extends for several kilometers down the valley, are related in some meaningful way and may be part of the same geological event. The additional geophysics will greatly add to our understanding of the geology down to 400 meters in depth.
“We are expecting quick turnaround of the new geophysics data which will allow us to commence the Phase II drill program this fall with the advantage and added benefit of utilizing this new information in targeting the drill.”
Property Description and History
The property is located just 7 km east of the Silbak Premier Mine (Ascot Resources), 11 km west of the Red Mountain deposit (Ascot – formally IDM), and only 9 km north of the past producing Porter Idaho silver mine (Strikepoint Gold). Through a series of strategic acquisitions American Creek was able to purchase the past-producing Dunwell Mine as well as several adjoining very prospective properties, combining them into one large land package that encompasses the most promising gold and silver mineral occurrences and historic workings within the Bear River valley. The amalgamated property spans 2,222 hectares covering the majority of the Portland Canal Fissure Zone, an area first prospected in the late 1800’s and hosting some of the earliest producing gold and silver mines in the Stewart area.
The Portland Canal Fissure Zone is the most significant geological feature in the Bear River valley. This zone of faulting and shearing trends north, dips steeply west and hosts a vein system that extends southward for 6.5 kilometres from the Victoria/Dandy occurrence (on Dunwell) in the north, through the Dunwell mine itself, across Glacier Creek to the Ben Bolt occurrence (on Dunwell) in the south. With the recent acquisition of the Glacier Creek Crown Grants (south of Glacier Creek) American Creek now controls 5km of the 6.5km fissure zone which contains numerous high-grade polymetallic mineral occurrences including two past producing mines (Dunwell and Portland Canal).
The Dunwell project is located 8km northeast of Stewart and is road accessible with the Dunwell Mine adit itself located only 2km from Highway 37A and a major power line (both running through the property). Stewart hosts two deep sea ports including ore loading and shipping facilities. Unlike the majority of mineral properties located near Stewart, the Dunwell Mine is located in low mountainous terrain (800 m and lower elevation) with relatively moderate relief. These features allow for potential year-round work which typically isn’t the case for exploration programs conducted in the Stewart region where projects are typically at higher altitude, are accessible only by helicopter, and lack critical infrastructure such as roads and power. The Dunwell Mine project may very well have the best logistics of any project within the Golden Triangle.
The Dunwell Mine is the most significant mineral occurrence within the Portland Canal Fissure Zone. Production at the Dunwell occurred between 1926 and 1941. From historic reports, it appears that a total of 45,657 tonnes averaging 6.63 g/t gold, 223.91 g/t silver, 1.83% lead, 2.43% zinc and 0.056% copper were produced.
In addition to the Dunwell mine itself, the property package also contains over two dozen other high-grade gold and silver occurrences and historic small-scale gold/silver high-grading operations along a north/south trend that correlates to the fissure zone and major faulting. Some examples of the nine areas that actually produced ore are:
- Ben Ali: 4,500 tons at 21.6 g/t gold
- Lakeview 60 tons at 4.7 g/t gold, 2,734 g/t silver, and 11.5% lead
- Victoria 11 tons at 20.15 g/t gold, 775 g/t silver, 25% lead
- Tyee 8.2 tons at 124.4 g/t gold and 4,478.8 g/t silver
- George E 12 tons at 13 g/t gold and 3,250 g/t silver, 23.3% lead
Each of these areas were producing during the 1930’s when exploration techniques and technology was very primitive.
The High- Resolution Gradient Magnetometer survey combined with the 3D Alpha IP survey represent the cutting edge in geophysical technology today and are designed to aid with understanding potential correlations between the multiple high-grade surface showings.
The Dunwell Phase II drill program is expected to commence early this fall once the data and interpretation from the geophysics survey is available.
For more information on the Dunwell Mine please click here:https://americancreek.com/index.php/projects/dunwell-mine
Qualified PersonThe Qualified Person for this news release for the purposes of National Instrument 43-101 is Jim McRae, P.Geo. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.
Canada Nickel drills 368 m of 0.31% Ni at Crawford
Canada Nickel Company Inc. has released additional encouraging results from infill drilling on the main zone at its Crawford nickel-cobalt sulphide project.Read More
“Our infill drilling program continues to deliver outstanding results. The second higher-grade resource area in the western end of the main zone identified in our previous infill release has been further confirmed by these new holes. These higher-grade resource areas will be the initial focus of the mine plan in the preliminary economic assessment currently under way and expected to be completed by year-end,” said Mark Selby, chair and chief executive officer of Canada Nickel. “We have now completed the final three in-fill holes for the resource update and we are currently drilling the follow-up holes on the previously reported excellent PGM results from hole CR20-32 (three separate intersections including 2.6 g/t PGM over 7.5 metres) and will begin testing several other prospective geophysical nickel targets on the several kilometres of the Crawford structure, which remain untested.”
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.
Main zone infill results
Infill drilling on the main zone continued to focus on more clearly defining and upgrading the higher-grade core resource, which was previously defined as part of the resource estimate and dips steeply within the ultramafic unit and having a previously reported true thickness that varies from 40 m to 160 m.
All four infill holes contained in this release intersected thick intersections of nickel mineralization, and continue to extend and better define the higher-grade resource areas. Assays from the remaining 11 infill holes will be released over the next several weeks.
Highlights of the drilling include:
- Infill hole CR20-48 intersected 0.31 per cent nickel across entire core length of 368 m;
- Infill hole CR20-50 intersected 0.33 per cent nickel across entire core length of 366 m;
- Infill hole CR20-52 returned 0.3 per cent nickel across entire core length of 375 m;
- Higher-grade mineralization greater than 0.35 per cent nickel has now been delineated across approximately 600 metre strike length in westernmost end of main zone;
- All four infill holes in this release were continuously mineralized from the beginning to the end of the holes, and further expands dimensions of higher-grade (greater than 0.35 per cent Ni) mineralization in the western end of mineralization of the main zone.
MAIN ZONE NICKEL DRILLING RESULTS, CRAWFORD NICKEL-COBALT SULPHIDE PROJECT, ONTARIO DDH ID From To Length Ni Co Pd Pt S Fe (m) (m) (m) (%) (%) (g/t) (g/t) (%) (%) CR20-48 34.0 402.0 368.0 0.31 0.014 0.026 0.012 0.13 7.22 including 34.0 288.0 254.0 0.34 0.014 0.023 0.008 0.15 7.22 including 124.5 283.5 159.0 0.36 0.014 0.023 0.008 0.16 7.22 including 151.5 223.5 72.0 0.40 0.015 0.027 0.010 0.19 7.36 CR20-49 36.5 402.0 365.5 0.28 0.013 0.024 0.012 0.05 6.83 including 36.5 210.0 173.5 0.35 0.012 0.037 0.011 0.10 6.11 including 36.5 91.5 55.0 0.41 0.013 0.047 0.019 0.19 5.34 CR20-50 36.0 402.0 366.0 0.33 0.016 0.038 0.014 0.58 7.51 including 36.0 181.5 145.5 0.35 0.017 0.050 0.020 0.67 7.84 including 124.5 162.0 37.5 0.40 0.018 0.051 0.016 1.03 8.02 CR20-52 27.0 402.0 375.0 0.30 0.012 0.023 0.017 0.07 5.98 including 27.0 157.5 130.5 0.35 0.013 0.024 0.008 0.14 4.59 including 27.0 51.0 24.0 0.40 0.014 0.033 0.011 0.23 4.43
* These holes were drilled at a steep angle of minus 80 degrees almost entirely within the higher-grade core to better determine grade. The estimated true width of this zone has been determined from previous drilling to vary from 40 m to 160 m depending on location of the section.
All drill results to date will be incorporated into an updated resource now expected by the end of the summer. Infill drilling for this resource update is now completed and drilling is now following up on the previously reported excellent platinum-group-element results from hole CR20-32 (three intervals including 2.6 g/t PGM over core length of 7.5 m) and several other prospective geophysical targets on the several kilometres of the Crawford structure that remain untested on the west side of the highway.
Issuance of options and RSUs to independent directors
The company has issued 20,000 options to acquire company common shares at $1.87 per share and 10,000 restricted share units to each of its three independent directors. Such options and RSUs are subject to shareholder approval as required by the TSX Venture Exchange, and to the terms and conditions of the company’s option plan and restricted share unit plan, respectively.
Assays, quality assurance/quality control, and drilling and assay procedures
William E. MacRae, MSc, PGeo, a qualified person as defined by National Instrument 43-101, is responsible for the continuing drilling and sampling program, including quality assurance and quality control. The core is collected from the drill in sealed core trays and transported to the core logging facility. The core is marked and sampled at 1.5 m lengths and cut with a diamond blade saw. Samples are bagged with QA/QC samples inserted in batches of 35 samples per lot. Samples are transported in secure bags directly from the Canada Nickel core shack to Actlabs Timmins, an ISO/IEC 17025 accredited lab. Analysis for precious metals (gold, platinum and palladium) are completed by fire assay while analysis for nickel, cobalt, sulphur and 17 other elements are performed using a peroxide fusion and inductively coupled plasma optical emission spectrometry analysis. Certified standards and blanks are inserted at a rate of one QA/QC sample per 32 core samples making a batch of 35 samples that are submitted for analysis.
Qualified person and data verification
Stephen J. Balch, PGeo (Ontario), vice-president of exploration of Canada Nickel and a qualified person as such term is defined by NI 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Canada Nickel.
Impact Silver closes $9.54-million private placement
Impact Silver Corp. has closed the brokered financing previously announced on July 30, and upsized on Aug. 7, 2020. Red Cloud Securities Inc. acted as lead agent and sole bookrunner, on behalf of a syndicate, including Canaccord Genuity Corp. and Mackie Research Capital Corporation (collectively, the “Agents”).Read More
The Company received an aggregate proceeds of C$9,546,641 from the issuance of 10,049,096 units (the “Units”) of the Company at C$0.95 per unit. Each Unit is comprised of one common share of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable to acquire one Common Share (a “Warrant Share”) at a price of C$1.30 per Warrant Share for a period of 24 months from the closing of the Offering.
The Company intends to use the net proceeds from the Offering for exploration, development and general corporate purposes.
Frederick Davidson, CEO and President of the Company comments, “After several lean years for the silver sector, we are seeing the long awaited surge in silver prices and correction to the gold silver ratio. We are pleased to finally be able to close a round of financing sufficient to realize the potential of the Guadalupe land package and to consider near-term expansion to our production profile.”
In consideration for their services, the Company has paid the Agents a cash commission equal to 6.0% of the gross subscription proceeds raised from certain subscribers in the Offering. Additionally, the Company granted the Agents an aggregate of 598,089 non-transferable broker warrants. Each broker warrant entitles the holder to acquire one Unit at a price of $0.95 per Unit until August 20, 2022.
The securities issued under the Offering are subject to a standard hold period of four months and one day, expiring on December 21, 2020, all in accordance with applicable securities laws.
Nighthawk closes $12-million private placement
Nighthawk Gold Corp. has closed the non-brokered private placement announced on July 29, 2020, which was subsequently upsized to $12-million on July 31, 2020.Read More
Dr. Michael Byron, President and CEO commented, “We were oversubscribed on the Offering, and are very pleased with the ongoing support and interest we have seen. These funds allow us to complete our 2020 exploration program and set ourselves up for an expanded program next year. We are excited to continue advancing our work at Colomac and to have to ability to further explore some of our high-priority targets that exist within our Indin Lake Gold Property. We expect to receive drill results on some of these targets in the near term.”
Pursuant to the Offering, the Company issued: (i) 676,542 units (“Units”) comprised of one non flow-through common share and one-half of one non flow-through common share purchase warrant (each whole warrant, a “Warrant”); (ii) 1,995,050 flow-through units (“Premium FT Units”) comprised of one “flow-through” common share and one-half of one “flow-through” Warrant; and (iii) 3,211,716 “flow-through” common shares (“FT Shares”), for aggregate gross proceeds of $12,000,600.80.
The gross proceeds from the sale of the FT Shares and Premium FT Units will be used for exploration expenditures on Nighthawk’s Indin Lake Gold Property located in Canada’s Northwest Territories and the net proceeds from the sale of the Units will be used for general corporate purposes.
Each of the securities issued under the Offering are subject to a hold period under Canadian law which will expire four months and one day from the closing date of the Offering being December 21, 2020. Certain directors and officers of the Company participated in the Offering, purchasing in the aggregate 52,000 Units and 52,200 FT Shares for aggregate proceeds of $188,150.
The Offering remains subject to final approval of the Toronto Securities Exchange. After giving effect to this Offering, Nighthawk is well financed with approximately $17 million in working capital.
Bonterra Resources’ Ouellette resigns as director
Christina Ouellette has resigned as a director of Bonterra Resources Inc., effective immediately. The board of directors thanks Mrs. Ouellette for her dedicated service to Bonterra and wishes her well in her retirement.Read More
In addition, Bonterra has appointed Jean Rainville as an independent non-executive director of the company, effective immediately. Mr. Rainville has over 40 years of experience in the mining industry and financial markets. From 2008, his principal occupation was president and chief executive officer of Blackrock Metals Inc. In 2018, Mr. Rainville ceased to serve as chief executive officer, while retaining his position as president until late 2019, at which time he became a consultant. Previously, Mr. Rainville worked as an engineer, a fund manager and a director of corporate finance and has also served as a director or adviser for several public companies. He holds bachelor’s degrees in mining engineering and commerce, both from McGill University.
Cesar Gonzalez, chairman of Bonterra, commented: “The addition of Jean Rainville as an independent non-executive director is another positive milestone in the restructuring of Bonterra. Jean’s extensive experience in the mining industry, especially in Quebec, will prove invaluable. We have now completed the reconstitution of our board of directors and look forward to focusing our attention on the exploration and development of the company’s assets.”
In connection with Mr. Rainville’s appointment to the board of directors, Bonterra granted him incentive stock options to acquire a total of 300,000 common shares of the company pursuant to the company’s stock option plan and subject to any regulatory approval. Each stock option, vests immediately and is exercisable at a price of $1.54 per share for a period of five years from the grant date.
Los Andes to roll back shares 1:10 on Aug. 26
Los Andes Copper Ltd. has received all necessary approvals for its previously announced share consolidation. The consolidation will be effective Aug. 26, 2020.Read More
The consolidation received approval from the TSX Venture Exchange and pursuant to the articles of the company, the board of directors of the company has approved the consolidation by way of board resolutions. The company will consolidate its issued and outstanding common shares on the basis of one postconsolidation common share for every 10 preconsolidation common shares.
Currently, a total of approximately 271,658,136 preconsolidation common shares of the company are issued and outstanding. Accordingly, upon the effective date, the outstanding common shares of the company will be reduced to approximately 27,165,813 postconsolidation common shares.
In connection with the consolidation, the company’s name and trading symbol (LA) will not change.
Globe says MacLean calls Galway his favourite explorer
The Globe and Mail reports in its Friday, Aug. 21, edition that Paradigm Capital analyst Don MacLean is again calling Galway Metals one of his favourite explorers. The Globe’s David Leeder writes in the Eye On Equities column that Mr. MacLean says Galway has delivered beyond his expectations.Read More
The Paradigm stockpicker continues to rate Galway “speculative buy.” He boosted his share target by $1.50 to $2.50. Analysts on average target the shares at $2.38. Mr. MacLean says in a note: “We are not fans of the requirement to set target prices, especially for exploration companies outlining promising new projects like Galway’s Clarence Stream and particularly when there is a buoyant market (targets are even harder to divine in a declining market). … Clarence Stream continues to deliver strong results in what we have called Stage 1, the expansion and confirmation of the three new zones Jubilee, Richard and GMZ. Now there are indications that mineralization will be found outside that trend, in what we are calling Stage 2. We can only watch and see how matters progress, knowing the project is in good, knowledgeable hands, well funded and in a market that is supportive (finally) of exploration companies.”
Globe says HighGold, Crestview abused in COVID-19 scams
The Globe and Mail reports in its Friday, Aug. 21, edition that Canadian securities regulators have uncovered dozens of scams related to COVID-19. The Globe’s Mark Rendell writes that a North American Securities Administrators Association task force, formed in April, has uncovered 244 scams to date.Read More
NASAA chairman Jake van der Laan says, “Social media is heavily used for promotion.” He notes that some scams purport to offer guaranteed returns that are not linked to the stock market or broader economy, providing protection against market uncertainty caused by the pandemic. Mr. van der Laan points to a website called Highgoldminings.com as a Canadian example. The website claimed to offer investment plans with guaranteed returns. It also falsely claimed to be a Financial Industry Regulatory Authority-regulated securities dealer. It also used the name of HighGold Mining chief executive officer. Recently, unsophisticated investors heard false claims that Crestview Exploration was about to skyrocket by as much as 500 per cent. Regulators and the RCMP have now launched an investigation into the promotion campaign.
Eskay Mining closes $3.4-million financing
Further to its press release of July 28, 2020, Eskay Mining Corp. has closed its non-brokered private placement with the sale of 3.5 million flow-through units at a price of 64.5 cents per FT unit for $2,257,500 and 2,559,444 working capital units at a price of 45 cents per WC unit for $1,151,750. The company raised an aggregate of $3,409,250 pursuant to the offering.Read More
Proceeds from the offering will be used to finance the company’s 2020 exploration program and for general working capital.
Exploration update and 2020 drill plans
- Eskay’s recently completed Skytem survey detected multiple discrete high-conductivity anomalies in the vicinity of the TV and Jeff volcanogenic massive sulphide (VMS) prospects. Eskay believes these anomalies, many of which have not been previously drill tested, may be generated by buried sulfide mineralization.
- Recent reinterpretation of historic diamond drill core dating to 1995 to 1996 from TV and Jeff indicates the presence of stacked east-dipping VMS lenses occurring within carbonaceous mudstone and rhyolite breccia. The best historic drill intercept at TV is from drill hole TV95_15 that encountered 1.8 grams per tonne Au over 34.46 m between 40.11 and 74.57 m, including 29.9 g/t Au over 1.00 m from 61.0 to 62.0 m. At Jeff, the best historic drill intercept is from drill hole J91_7 that encountered 3.7 g/t Au over 43.55 m between 61.05 and 104.6 m, including 22.5 g/t Au over 4.00 m from 63.1-67.1 m.
- Recent field examination of the Spearhead VMS prospect has defined a zone of carbonaceous mudstone and massive sulphide mineralization striking northwest, steeply overturned and outcropping over at least 150 m on the surface. Eskay Mining’s team found evidence of two historic drill holes in the area, but both holes appear to have tested the footwall stringer part of the system and drilled away from the overturned massive sulphide horizon.
- Weather dependent, Eskay Mining is planning a minimum of 3,000 metres of diamond drilling which began Aug. 19, 2020. Most planned holes will test the TV and Jeff VMS prospects. At least two holes are planned at Spearhead. Drilling at TV and Jeff is designed to get better resolution on known VMS lenses as well as start to understand the source of the newly identified conductivity anomalies discussed above. The two planned holes at Spearhead will drill from the hangingwall side of the mudstone VMS and test the entirety of the VMS profile.
Non-brokered private placement
Each FT unit comprises one flow-through common share of the company and one common share purchase warrant. Each warrant entitles the holder to acquire one common share at a price of 80 cents until Aug. 19, 2022.
Each WC unit comprises one common share of the company and one common share purchase warrant. Each WC warrant entitles the holder to acquire one common share at a price of 80 cents until Aug. 19, 2022.
All securities issued are subject to a statutory hold period expiring on Dec. 20, 2020.
Dr. Quinton Hennigh, PGeo, a director of the company and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical contents of this news release.
Gold Terra to begin trading on OTCQB Venture today
Gold Terra Resource Corp.’s common shares have been accepted for trading on the OTCQB Venture Market, a U.S. trading platform operated by the OTC Markets Group Inc. in New York. The common shares will begin trading today on OTCQB under the ticker symbol "TRXXF".Read More
"With the resurgence of the gold market and the Company’s recent exploration success on its YCG project, it is the right time to upgrade from the Pink Market to the OTCQB Venture Market," said David Suda, President and CEO of the Company. "Having this listing will broaden our reach in the United States and facilitate the trading of our stock for U.S. based retail and institutional investors as we continue to build awareness and unlock the potential of our gold project in Yellowknife."
The Company will continue to trade on the TSX Venture Exchange under the symbol "YGT".
About Gold Terra's Yellowknife City Gold Project The Yellowknife City Gold ("YCG") project encompasses 790 sq. km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, Gold Terra controls one of the six major high-grade gold camps in Canada. Being within 10 kilometres of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power and skilled tradespeople.
The YCG lies on the prolific Yellowknife greenstone belt, covering nearly 70 kilometres of strike length along the main mineralized shear system that host the former-producing high-grade Con and Giant gold mines. The Company's exploration programs have successfully identified significant zones of gold mineralization and multiple targets that remain to be tested which reinforces the Company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.