Cerro de Pasco closes final tranche of financing
Cerro de Pasco Resources Inc. has closed the final tranche of a non-brokered private placement offering for gross proceeds of $338,439 and issued 1,128,130 common share units of the company at a price of at a price of 30 cents per unit.
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Under the first, second and third tranches of the offering, the company raised aggregate gross proceeds of $2-million (please refer to the press releases issued on July 2, June 16 and June 11, 2020).
Each unit will consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional share at a price of 50 cents per share for a period of 24 months from the date of issuance, provided, however, that the company shall be entitled to accelerate the expiry of the warrants to the date that is 30 days following the date a notice is provided to the holder in the event that the volume-weighted average price of the shares on the Canadian Securities Exchange exceeds $1 per share for any 20 consecutive trading days at any time prior to the expiry of the warrants.
The company will use the net proceeds of the offering for working capital purposes.
Any securities issued pursuant to the offering will be subject to a hold period under applicable securities laws, which will expire four months and one day from the date of their issuance.
Dolly Varden closes $10-million private placement
Dolly Varden Silver Corp. has closed its previously announced private placement of units of the company, pursuant to which the company issued 14,084,500 units at a price of 71 cents per unit for aggregate gross proceeds of approximately $10-million. The offering was led by Mackie Research Capital Corp., as sole bookrunner, and Eventus Capital Corp., as co-lead agents.
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Each unit comprises one common share of the company and one-half of one common share purchase warrant. Each warrant is exercisable to acquire one common share at a price of $1.10 per warrant share for a period of 24 months from the closing of the offering. Provided that if, at any time prior to the expiry date of the warrants, the closing price of the common shares on the TSX Venture Exchange, or other principal exchange on which the common shares are listed, is greater than $1.75 for 10 consecutive trading days, the company may, at the company’s discretion, and at any time going forward, within 15 days of the occurrence of such event, deliver a notice to the holders of warrants accelerating the expiry date of the warrants to the date that is 30 days following the date of such notice. Any unexercised warrants shall automatically expire at the end of the accelerated exercise period.
Pursuant to the ancillary rights agreement between Hecla Canada Ltd. and the company dated Sept. 4, 2012, Hecla exercised its anti-dilution right in respect of the offering and acquired 1,881,896 units at the offering price for proceeds of approximately $1.3-million to maintain its pro rata equity interest in the company. The units issued to Hecla were in addition to those issued as part of the offering.
The company intends to use the net proceeds from the offering for: further exploration, mineral resource expansion and drilling at the Dolly Varden silver property in northwestern British Columbia, Canada; working capital; and general corporate purposes.
Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 2.5 million units pursuant to the offering. Mr. Sprott now beneficially owns or controls 22,183,982 common shares and 1.25 million common share purchase warrants, representing approximately 18.3 per cent of the issued and outstanding common shares on a non-diluted basis and 19.1 per cent on a partially diluted basis, assuming the exercise of all warrants held by 2176423 Ontario.
In connection with the offering, the agents received an aggregate cash fee equal to 6 per cent of the gross proceeds from the offering. In addition, the company issued to the agents 845,070 non-transferable compensation warrants. Each compensation warrant entitles the holder thereof to purchase one common share at an exercise price equal to the offering price for a period of 24 months following the closing of the offering.
Cantex Mine closes $3M final tranche of financing
Further to its news releases of July 27 and Aug. 14, 2020, Cantex Mine Development Corp. has closed the final tranche of its non-brokered private placement of flow-through and charity flow-through shares. In this closing, the company issued 1,578,948 charity flow-through shares for gross proceeds of $3,000,001. These shares were sold at a price of $1.90 per share.
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The shares issued in this closing are subject to a hold period expiring Dec. 22, 2020. Finders’ fees of $161,000 were paid in connection with this tranche of the placement.
Proceeds from the placement will be applied to the exploration program on the company’s Rackla project in Yukon.
Drilling under way at Massive Sulphide project
Drilling has commenced at Cantex’s Massive Sulphide project in Yukon. Drilling is focused on testing the Main zone along strike and to depth, where the company’s previous drilling intersected exceptionally high-grade silver, lead and zinc mineralization. Much of the drilling is being guided by the structural mapping recently completed by Chris Buchanan, MSc, PGeo.
The technical information and results reported here have been reviewed by Chad Ulansky, PGeo, a qualified person under National Instrument 43-101, who is responsible for the technical content of this release.
Los Andes Copper 1:10 share rollback
Pursuant to a special resolution passed by directors on July 1, 2020, the company has consolidated its capital on a one-new-for-10-old basis. The name of the company has not been changed.
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Effective at the opening on Wednesday, Aug. 26, 2020, the common shares of Los Andes Copper Ltd. will commence trading on the TSX Venture Exchange on a consolidated basis. The company is classified as a resource exploration and development company.
Postconsolidation
Capitalization: unlimited shares with no par value, of which 27,165,813 shares are issued and outstanding
Escrow: nil shares subject to escrow
Transfer agent: Computershare Trust Company of Canada
Trading symbol: LA (unchanged)
Cusip No.: 544312 20 0 (new)
GR Silver Mining issues 427,375 shares for debt
GR Silver Mining Ltd. has received TSX Venture Exchange approval to the share-for-debt transactions previously announced on July 7, 2020, and consequently has issued 427,375 common shares to settle an aggregate debt of $203,003. All shares issued in conjunction with the debt settlements are subject to a hold period expiring Dec. 18, 2020, in accordance with applicable securities laws and the policies of the TSX-V.
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About GR Silver Mining Ltd.
GR Silver Mining is a Mexico-focused company engaged in cost-effective silver-gold resource expansion on its key assets, which lie on the eastern edge of the Rosario mining district, Sinaloa, Mexico.
Plomosas silver project
GR Silver Mining owns 100 per cent of the Plomosas silver project, located near the historic mining village of La Rastra within the Rosario mining district. The project is a past-producing asset where only one mine, the Plomosas silver-gold-lead-zinc underground mine, operated from 1986 to 2001. The project has an 8,515-hectare property position and is strategically located within five kilometres of the San Marcial silver project in the southeast of Sinaloa state, Mexico. The Plomosas project comprises six areas with an average of 100 surface and underground drill holes in each area, geophysical and geochemical data covering most of the concession, and 16 new exploration targets from which 11 have high priority for future exploration programs. This extensive database allows the company to advance toward resource estimation and potential project development in the near future.
The 100-per-cent-owned assets include all facilities and infrastructure, including access roads, a surface rights agreement, a water use permit, 8,000 metres of underground workings, water access, 60 kilometres of a 33-kilovolt power line, offices, shops, a 120-person camp, an infirmary, warehouses and an assay lab, representing approximately $30-million (U.S.) of previous capital investments. The previous owners invested approximately $18-million (U.S.) in exploration.
The silver and gold mineralization on this project display the alteration, textures, mineralogy and deposit geometry characteristics of a low-sulphidation epithermal silver-gold-base metal vein/breccia mineralized system. Previous exploration was focused on Pb-Zn-Ag-Au (lead-zinc-silver-gold) polymetallic shallow mineralization, hosted in northwest-southeast structures in the vicinity of the Plomosas mine. The east-west portion of the mineralization and extensions for the main north-south Plomosas fault remains underexplored.
San Marcial project
San Marcial is a near-surface, high-grade silver-lead-zinc, open-pit-amenable project. GR Silver Mining is currently drilling at the San Marcial project, which contains 36 million ounces AgEq (silver equivalent) (indicated) and 11 million ounces AgEq (inferred), exploring recently defined new high-grade gold and silver targets along the six-kilometre mineralized trend of the project. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years. The National Instrument 43-101 resource estimate (San Marcial project — resource estimation and technical report) was completed by WSP Canada Inc. on March 18, 2019, and was amended on June 10, 2020.
Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas mining district, which has historically produced more than 600 million ounces silver and 11 million ounces gold over a period of more than 100 years.
Other projects
GR Silver Mining’s other projects are situated in areas attractive for future discoveries and development in the same vicinity of Plomosas and San Marcial in the Rosario mining district.
IsoEnergy private placement
The TSX Venture Exchange has accepted for filing documentation with respect to the following non-brokered private placement announced July 23, 2020.
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Private placement
Number of shares: 5,882,352 shares
Purchase price: 68 cents per share
Number of placees: 20 placees
Insiders: Craig Parry, 75,000; Wesley Short, 14,588; NexGen Energy Ltd., 4,411,764; Travis McPherson, 29,500; Janine D. Richardson, 22,000
Total pro group involvement: 50,000 (one placee)
Convertible debenture
Convertible debenture: $6-million (U.S.)
Conversion price: convertible into a maximum of 9,206,311 common shares at 88 Canadian cents per share (including the issuance of 219,689 shares as an establishment fee)
Maturity date: five years from the date of issuance
Interest rate: 8.5 per cent per annum (reduced to 7.5 per cent upon the announcement of a positive preliminary economic assessment study), of which 6 per cent is payable in cash and 2.5 per cent is payable in common shares, subject to further exchange review and acceptance
Number of placees: one placee
Taylor refreshes Auryn Resources buy
Jay Taylor, in the Aug. 14, 2020, edition of Gold, Energy & Tech Stocks, refreshes his buy of Auryn Resources Inc., recently $3.02. Mr. Taylor said buy nine times from March 16, 2015, to May 14, 2020, at prices ranging from $1.25 to $3.19. Assuming a $1,000 investment for each of the nine buys, the $9,000 position is now worth $15,281. Auryn explores for gold and copper in Canada and Peru. On July 29, It announced plans to spin out its Peruvian projects into two new companies, acquire Eastmain Resources (a Quebec gold explorer) and rename itself Fury Gold Mines. Shareholders of Auryn will receive, for every share held, about 0.7 of a share of Fury Gold and one share of each spinout company. Mr. Taylor calls the deal “very positive for shareholders.” He notes that COVID-19 has delayed important permitting progress in Peru, with the result that the Peruvian potential was not really reflected in the share price. The spinout companies will have a clearer focus on these “very promising” projects. In Canada, Fury Gold will be a “robust” explorer with projects in Nunavut, British Columbia and Quebec. “I think this restructuring will add value for shareholders,” concludes Mr. Taylor. Auryn remains a buy.
Highgold warns holders about fraudulent website
On Friday, Aug. 21, 2020, The Globe and Mail, a Canadian national newspaper, issued a news item that included reference to a fraudulent website of nearly the same website address as Highgold Mining Inc. HighGold Mining Inc. is in no way associated with this fake website. The company’s management urges shareholders, stakeholders and other news outlets to please check your information sources or news copy thoroughly to avoid confusion and passing on incorrect information from fake websites.
Nighthawk drills 5.1 m of 3.59 g/t Au at Leta Arm
Nighthawk Gold Corp. has released assay results for three drill holes (1,065 metres) completed at the Diversified deposit, part of the Leta Arm gold project, located within its Indin Lake gold property, Northwest Territories, Canada.
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An extensive 2020 program was planned for Leta Arm to continue testing priority targets at the Diversified and North Inca deposits, however, due to the Covid-19 shutdown (see press releases dated March 27, 2020 and June 24 2020), only three (3) holes were completed at Diversified and no drilling was carried out at North Inca.
Dr. Michael Byron, President and CEO commented, "Nighthawk’s drilling to-date has explored the Leta Arm targets to limited depths and strike extents, yet yielded encouraging results including the recognition of broad mineralized widths which indicate a strong potential for significant zone expansion, and opportunities for new discoveries as drilling had not tested below 100 metres. With only three holes completed before the temporary suspension in April, we intend to resume drilling of this expanded program in early 2021, intensifying our exploration efforts along the 20 kilometres of mineralized Leta Arm stratigraphy, expanding known deposits and broadening our search for new discoveries. We continue to focus on the exploration of our regional targets alongside the advancement of the Colomac Gold Project as these regions of the Indin Lake Gold Camp have seen limited historical exploration despite the abundance of surface gold showings and shallow deposits. We look forward to providing additional information as it becomes available."
DRILLING HIGHLIGHTS:
Hole DV20-01 intersected 5.10 metres of 3.59 grams per tonne gold ("gpt", "Au"), including 3.00 metres of 5.44 gpt Au;All 3 Diversified holes intersected mineralization testing the Main Zone to depth and extended it further north where it remains open.
Note: All assays are uncut (see Table 1)
Diversified Drill Results - Summary Table (uncut)
Hole ID Collar Orientations (degrees)Intersection (Metres)Core LengthGold Grade
Azimuth Dip From To (Metres)* gpt
DV20-01 287 -50 182.40 187.50 5.10 3.59
including 183.00 186.00 3.00 5.44
191.30 198.75 7.45 1.83
including 192.10 196.50 4.40 2.84
DV20-01B 287 -60 235.25 237.00 1.75 1.52
DV20-02 96 -65 109.00 112.75 3.75 0.46
including 109.00 111.25 2.25 0.58
251.75 268.20 16.45 1.21
including 251.75 254.50 2.75 2.65
including 256.90 258.90 2.00 2.38
including 264.65 268.20 3.55 1.91
273.20 274.20 1.00 1.52
277.70 279.70 2.00 2.40
including 278.70 279.70 1.00 4.45
* Lengths are reported as core lengths. True widths vary depending on drillhole dip; most holes are laid out to intersect the mineralized zone close to perpendicular therefore true widths are approximately 50% to 80% of core lengths.
Leta Arm Drill Summary
Leta Arm is located 16 kilometres southwest of Nighthawk's Colomac Gold Project ("Colomac"), Northwest Territories, Canada and straddles the Leta Arm Fault Zone ("LAFZ"), a north-south trending, well mineralized, regional deformation zone over 20 kilometres long and 500 metres wide, that hosts the North Inca, Diversified, Number 3, and Lexindin deposits. The historical Diversified Mine lies 1.3 kilometres north of the historical North Inca Mine with the Number 3 deposit situated between them, and the Lexindin deposit located an additional 1.2 kilometres north of Diversified (Figure 1). Collectively they occupy the southern 2.8-km section of the LAFZ. Exploration shafts and limited underground development were completed on the North Inca and Diversified deposits in the 1940's and early 1950's to explore multi-stage quartz veins characterized by high-grade gold mineralization.
Diversified Deposit
Nighthawk last drilled Diversified In 2018, where drilling targeted the steep northern plunge to the mineralized zones resulting in a new discovery where hole DV18-08 intersected 17.50 metres of 5.81 gpt Au, including 9.25 metres of 9.65 gpt Au, and 4.75 metres of 18.12 gpt Au (see press release dated July 5, 2018). Hole DV18-08B extended mineralization to depth, returning 7.75 metres of 3.66 gpt Au, including 5.50 metres of 5.05 gpt Au, and 2.50 metres of 10.65 gpt Au. This high-grade discovery effectively opened the deposit to the north and highlights the untested potential between this intersection and the Lexindin deposit, 1 km to the north. A number of holes were laid out to bracket the new discovery and test its northern extension along strike and to depth. However, only two of those holes were drilled (DV20-01, and 01B) before the program was suspended due to Covid-19. They were laid out to test an open area south of DV18-08 to try and establish continuity with the Diversified "Main Zone" mineralization to the south.
Hole DV20-01 intersected mineralization 120 metres below surface in intensely sheared turbidites returning 5.10 metres of 3.59 gpt Au, including 3.00 metres of 5.44 gpt Au, and 7.45 metres of 1.83 gpt Au, including 4.40 metres of 2.84 gpt Au. DV20-01B was drilled 50 metres below DV20-01 but did not encounter the same intensity of mineralization returning 1.75 metres of 1.52 gpt Au. Hole DV20-02 was drilled under the Main Zone just north of the shaft to test its depth extension and intersected new mineralization 250 metres below surface in turbidite hosted quartz veins returning 16.45 metres of 1.21 gpt Au, including 2.75 metres of 2.65 gpt Au.
Leta Arm remains a focus for the Company given its immense scale and degree of mineralization along its more than 20-kilometre length. It represents the type of target that could accommodate several deposits, some of which may advance to a point to be considered high-grade feed for a possible future Colomac mining operation, alongside the Damoti Lake Gold Project. The Indin Lake Gold Property hosts a number of similarly large prospects that will see significant exploration activity in next year's program.Figure 1. Plan View of Diversified Drillhole LocationsImage: https://www.accesswire.com/users/newswire/images/602916/f57a53db-a33f-48a5-a89d-3364ef921104.png
Technical Information
Nighthawk has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. Drill core samples were transported in security-sealed bags for analyses at ALS Global Assay Laboratory in Vancouver, BC ("ALS Global"). ALS Global is an ISO/IEC 17025 accredited laboratory. Pulp and metallics assaying for gold was conducted on the entire pulverized sample.
As part of its QA/QC program, Nighthawk inserts external gold standards (low to high-grade) and blanks every 20 samples in addition to the standards, blanks, and pulp duplicates inserted by ALS Global.
Generation Mining hires Vital for drilling at Marathon
Generation Mining Ltd. has contracted Vital Drilling Services to complete a 5,000-metre drilling program along the western margin of a portion of the company’s Marathon palladium copper project in Northwestern Ontario. The drill and crew began mobilizing to site on August 19, 2020 and it is anticipated that drilling will commence shortly. The exploration drill program is designed to test two areas of interest.
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The magnetotelluric (MT) anomaly to the west and down dip from the Main Zone (see Gen Mining News Release of August 6, 2020). The anomaly is situated in the area just north of the 4900N Fault considered to be the location of the feeder channel for the Main Zone of the Marathon deposit. Two holes (P1 and P2) are planned to test this area.
The northwest extension of the W Horizon in the area between the 4900N Fault and the 4500N Fault. The 4500N Fault considered to be the location of the feeder channel for the W Horizon mineralization. Nine holes (P3 {ש –} P11, inclusive) are planned to test this area.
Drill hole locations are shown in the attached figure.
Mineralization at the Marathon deposit is recognized as being conduit related which manifest themselves as the feeder channels to the Marathon Deposit. These channels or conduits have the potential to host both disseminated and massive sulphide mineralization with varying metal tenors and copper-palladium ratios. Additionally, there is the potential for extreme palladium enrichment, typical of the W Horizon, due to upgrading by way of multiple pulses of metal rich magma passing through the feeder channels to the Marathon Deposit.
The MT anomaly and northwest extension of the W Horizon have the potential for higher grade mineralization that could potentially be mined with underground methods. Gen Mining’s CEO Jamie Levy, stated, “we are looking forward to drilling the previously untested MT anomaly as well as the northwest extension to the W Horizon”. Gen Mining continues to evaluate the results of the MT survey on the Sally and Four Dams areas, located northwest of the Main Zone.
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.
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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.
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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 accelerates expiry of 1.14M warrants
Further to its press release dated May 15, 2020, announcing the extension of the expiry dates of the warrants issued pursuant to the June, 2018, private placement, the expiry date of the remaining 1,142,000 2018 warrants exercisable at 40 cents per share has been accelerated as a result of the fact that Eskay Mining Corp.’s common shares have closed at a price of at least 60 cents for 10 consecutive trading days as of Aug. 21, 2020. The remaining 2018 warrants will expire if they are not exercised by Sept. 23, 2020.
Brixton Metals to acquire Metla property from Stuhini
Brixton Metals Corp. has entered into a purchase agreement to acquire a 100-per-cent interest in the Metla mineral claim group of 6,413 hectares from Stuhini Exploration Ltd. for consideration of 1.2 million common shares of Brixton and $42,000 in cash (subject to the acceptance of the TSX Venture Exchange). The Metla claims will be subject to a 1-per-cent net smelter return royalty interest in favour of Stuhini.
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Gary R. Thompson, chairman and chief executive officer of Brixton Metals, stated: “We are happy to have reached an agreement with Stuhini on this high mineral potential tenure as we continue to consolidate the Thorn project and transform it into a major 70 km mineralized trend. These Metla claims add an additional 7 km to this major mineralized trend. As a result of retreating glaciers, Stuhini geologists discovered new well mineralized porphyry float rocks. These samples shown below, represent the center of a porphyry system by the potassic alteration and bornite mineralization. We believe that the source of these rock samples is nearby. The hunt is now on to locate the in situ material, through soil-rock geochemistry, radiometrics and mobile MT geophysical surveys. The Metla ground provides an exciting new target area within the Thorn Project.”
About the Metla Project
Gold mineralization was first discovered on the Metla property in 1957. Follow up work in 1988 identified a 1200 metre long by 800 metre wide mineralized boulder train with disseminated to massive sulphide that assayed up to 67 grams per tonne gold. In 1989, trenching by Cominco Ltd. returned 4.6 g/t Au across 9 meters. Retreating glaciers have exposed land up-ice from early discoveries by Cominco prospectors. In 2019, Stuhini geologists discovered porphyry style boulders with bornite and chalcocite mineralization with potassic alteration returning grades up to 4.7% Copper and 1.8 g/t Au, 31g/t Ag, 0.3 g/t Pd from sample# ALW19-004.
Metla Project History
In 1957, Cominco conducted the first recorded work at Metla Creek, when exploration crews discovered an occurrence of pyrite, sphalerite and galena which assayed 11.0 g/t gold, 45.2 g/t silver, 0.1 % copper, 1.0% zinc, and 0.2 % lead, near the toe of an ice field.
In the 1980’s, Chevron Canada Limited conducted a precious metal reconnaissance exploration program that included contour soil sampling and heavy mineral stream sediment sampling throughout the region. This work ultimately lead to the discovery of the Golden Bear gold mine 25km to the south of the Metla property. Chevron prospected and ran contour soil lines on the Rod prospect, now just within tenure 510284 at the southeast comer of the Metla property. The work by Chevron identified numerous coincident gold-arsenic-antimony-silver soil anomalies with values up to 8,400 and greater than 10,000 ppb gold. One sample assayed 10.3 g/t gold (sample KN2-8).
In 1988, Cominco staked the Metla area when it was noted that the ice field had retreated over 900 meters during the preceding 31 years, subsequently revealing widespread polymetallic sulfide mineralization. During the next three field seasons, Cominco established a 20 line-km grid, drilled, blasted and sampled 18 bedrock trenches, conducted detailed bedrock and boulder train mapping and sampling, a mineralogical study, ground geophysical surveys (16.3 line-km. of HLEM and 14.1 line km. of ground magnetics) and some heavy mineral sampling (Mawer, 1988, 1989 & 1990).
In 1990 Cominco produced a highly detailed 1:500 scale geology and sample compilation map of the Metla Creek area and collected over 400 rock samples. Gold-silver-zinc-lead-copper mineralization was identified within carbonate hydrothermal breccia and argillite-hosted bedding parallel silicified breccias and pyritic stringers in six different areas along a corridor 600 meters wide and 1,200 meters long. Results from a total of 339 glacial float boulder samples ranging from <10 ppb gold to 68,000 ppb gold, had an average of 4.47 g/t gold. Five bedrock areas hosting significant gold and base metal mineralization were identified, including Area D where a 9.0 meter chip sample produced a weighted average of 4.70 g/t gold.
In 1991, Galico Resources Ltd., optioned the Metla property and from a base camp at Trapper Lake, combined magnetic, EM and VLF (Aerodat Ltd.) and detailed petrographic study and 10 diamond drill holes totaling 1,075.0 meters on the property (Payne, 1991). Unfortunately, little of the Galico work is available; archived data was discarded and no assessment reports other than the airborne survey (Dvorak, 1991) were filed either with the BC government or Cominco.
In 2000, interest in the region was renewed when Rimfire Minerals Corporation optioned the Thorn property located 19km to the northwest of Metla and began exploration on a high sulphidation model for the mineralization.
The original Cominco Metla claim lapsed in 2001 and was restaked by Aspinall and Dawson in the spring of 2002. A brief prospecting program was completed by Aspinall in the 2002 field season.
In 2004, Solomon Resources Limited optioned the Metla property and compiled the Chevron and Cominco data, assayed and produced polished samples from a suite of hand specimens collected by Mr. Tom Schroeter of the B. C. Geological Survey.
In 2005, Barrick Gold Ltd. formed the Kismit Joint Venture with Rimfire Minerals Corporation (owner of the Thorn Property during that time) and staked a large land package measuring roughly 70 km. (NW-SE) by an average of 18 km wide which encompassed the Thorn, Metla and other prospects in the newly recognized Late Cretaceous metallogenic belt.
In 2006, Indico Technologies Ltd collected 129 rock samples and 10 samples for petrographic analysis. Satellite images at 1:2000 and 1:5000 scale were commissioned for the purposes of geological mapping.
In 2008, the Aspinall-Dawson partnership collected a total of 90 soils, 10 silts, 11 float and 8 grab samples.
In 2011, Ocean Park Ventures (now Kodiak Copper Corp.) collected 76 rock samples as 25 float and 51 grab samples. Samples were collected within a 4 square kilometre area in the glacial valley of the retreating Metla glacier.
In 2017, Stuhini Exploration acquired the Metla Project and conducted a small magnetic geophysical survey and collected 143 rock samples. Highlights returned 21.3 g/t Au, 39 g/t Ag, 2.18% Cu from sample 1892554.
In 2018, Stuhini obtained drill permits, conducted 419 line kilometers of airbourne VTEM geophysical survey, built a new camp and collected 34 rocks samples. Highlights include 9 samples returning gold values greater than 0.25 g/t with a maximum of 9.96 g/t; 9 samples returning silver values greater than 8 g/t with a maximum of 45.5 g/t; 11 samples returning copper values greater than 300 ppm with a maximum of 3284 ppm. Assays of up to 3441 ppm lead and 6.33% zinc have also been reported.
Mr. Gary R. Thompson, P.Geo., who is a qualified person as defined by National Instrument 43-101, reviewed and approved the information in this press release. However ,the QP has not done sufficient work to verify the results presented.
Millrock’s Alaska acquisitions receive TSX-V OK
Millrock Resources Inc. has received approval from the TSX Venture Exchange for two arm’s-length property transactions in Alaska, announced on July 29, 2020.
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Millrock has secured the mineral rights to the Treasure Creek property through an Exclusive Rights Agreement (“ERA”). Millrock may, at any time up to September 30, 2021, enter an Option to Purchase Agreement with predetermined business terms. The ERA obligates Millrock to perform adequate assessment work of approximately USD$15,000 and to pay Alaska claim rental fees in 2020 of approximately USD$25,000. Under the terms of the ERA, Millrock has issued 500,000 common shares at a deemed price of CAD$0.20625 per share to the underlying owners of the Treasure Creek Partnership. The shares are subject to a hold period and may not be traded until December 25, 2020.
The TSX Venture Exchange has also approved the issuance of 500,000 common shares to Capstone Mining Corp. in return for relinquishment and elimination of a royalty on the Hab, Sharp, Ster, Par, Cen, and PC claim blocks that Millrock purchased from Kiska Metals in 2016. The royalty had been granted to Capstone by a Kiska Metals predecessor company. The shares are subject to a hold period and may not be traded until December 7, 2020