Fenixoro Gold plans drilling at Abriaqui
Fenixoro Gold Corp. has received the results and analysis of the data from a recently completed ground magnetometry survey at its Abriaqui project in Colombia.Read More
The principal target at Abriaqui is a series of over 80 high grade, Buritica-style gold veins. These veins, which have been worked for over 80 years by Fenix’ partner, a local mining cooperative, will be the primary focus of the Company’s upcoming 6000m maiden drill program.
Additionally, the potential for porphyry-style gold mineralization was recognized earlier this year with the discovery of a small surface outcrop of magnetite-bearing potassic alteration. The outcrop sampled up to 1.1 grams per tonne gold which is representative of the grade in the better porphyry gold systems in Colombia and throughout the world. The location of this outcrop is coincident with a magnetic anomaly from a pre-existing geophysical program. This alteration type is typical of the gold-bearing portions of mineralized porphyry systems world-wide. In several gold districts along the 200+ kilometer long Cauca trend in Colombia, porphyry style mineralization has been discovered using magnetometry to map this type of magnetic rock alteration.
FenixOro recently commissioned a program of ground magnetics to define and hopefully expand the magnetic body in three dimensions. Results are summarized in Figure 1 which shows magnetic data (reduced to the pole), the contact of the diorite intrusion which hosts the majority of the mineralized gold veins, and faults interpreted from the magnetic data.
The data define a strong, near-surface magnetic anomaly of about one square kilometer. The body is centered on FenixOro ground and is open to the west, but it is not expected to continue far in that direction as the contact of the host diorite with the sedimentary package is right at the grid margin. FenixOro has recently acquired the seizure rights to the license which covers the area of this western extension from Polo Resources Limited (see Press Release dated August 25, 2020). The magnetic body is terminated on the south by a significant, northeast-trending fault. Three-dimensional analysis indicates that the body continues at approximately the same diameter to a depth of at least 700 meters below surface. The original surface outcrop area of mineralized alteration (area “A” in the figure) appears to be in a fault block at the northern end of the body. If so, the main body of the anomaly has been down dropped which explains the lack of surface exposure south of the fault.
The presence of such mineralization on surface and the comparison with other similar mineralized systems in this part of Colombia are greatly encouraging. Additionally, the development of 800+ vertical meters of high grade gold veins topographically above and lateral to the modeled porphyry horizon strengthens the analogy with the neighboring, multi-million ounce Buritica system where deep drilling beneath more than 1 km of vertical vein extent is targeting a similar magnetic anomaly (Continental Gold Press Release September 25, 2019).
The Phase 1 drill program, which is designed to test the vein sets north of the magnetic anomaly, is being modified to include at least one hole testing the magnetic body. The current level of erosion at Abriaqui is such that a porphyry body, if verified, should be fully preserved at reasonable drill depths. Figure 1To view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/6188/62644_dc8b7c1b74666808_001full.jpg
About FenixOro Gold Corp.
FenixOro Gold Corp is a Canadian company focused on acquiring gold projects with world class exploration potential in the most prolific gold producing regions of Colombia. FenixOro’s flagship property, the Abriaqui project, is located 15 km west of Continental Gold’s Buritica project in Antioquia State at the northern end of the Mid-Cauca gold belt, a geological trend which has seen multiple large gold discoveries in the past 10 years including Buritica and Anglo Gold’s Nuevo Chaquiro and La Colosa. As documented in “NI 43-101 Technical Report on the Abriaqui project Antioquia State, Colombia” (December 5, 2019), the geological characteristics of Abriaqui and Buritica are very similar. The report also documents the high gold grade at Abriaqui with samples taken from 20 of the veins assaying greater than 20 g/t gold. Abriaqui has not yet been drilled but surface and underground geological mapping and sampling as well as a preliminary magnetometry survey have been completed. The property is drill-ready pending finalization of the government permitting process.
Fenix’s VP of Exploration, Stuart Moller, led the discovery team at Buritica for Continental Gold in 2007-2011. The Buritica Mine currently contains measured plus indicated resources of 5.32 million ounces of gold (16.02 Mt grading 10.32 g/t) plus a 6.02 million ounce inferred resource (21.87 Mt grading 8.56 g/t) for a total of 11.34 million ounces of gold resources. Buritica is scheduled to commence production in 2020 with annual average production of 250,000 ounces at an all-in sustaining cost of approximately US$600 per ounce. Resources, cost and production data are taken from Continental Gold’s “NI 43-101 Buritica Mineral Resource 2019-01, Antioquia, Colombia, 18 March, 2019”). Continental Gold was recently the subject of a takeover by Zijin Mining in an all-cash transaction valued at C$1.4 billion.
The comparison between Abriaqui and the nearby Buritica project is meant only to indicate the similarities between the two in terms of geological setting. FenixOro does not imply that exploration results and/or economic characteristics of a potential future mine at Abriaqui will be similar to those seen at Buritica. The sampling done at Abriaqui is in the form of rock chip and channel samples on surface and in shallow underground workings on vein exposures. The samples were prepared and analyzed at ALS laboratories in Medellin and Lima respectively. Samples were taken, prepared, shipped and analyzed following, industry standard QA/QC protocols and were submitted with certified reference standards.
Stuart A Moller, P. Geol. (British Colombia) Vice President of Exploration of FenixOro and a Qualified Person for the purposes of National Instrument 43-101, has reviewed and approved the technical information contained within this press release. Mr, Moller is a geologist with over 40 years of experience in world-wide mineral exploration including 10 years in Colombia.
Abcourt Mines talks preparation work at Sleeping Giant
Abcourt Mines Inc.’s preparation work for the opening of the Sleeping Giant mine is progressing as planned and the objective of producing some ore at the Sleeping Giant mine at the end of September or the beginning of October is attainable. To date, more than $5M has been invested in this project and the Company was able to do that with the Elder mine cash flow. The Company is very proud to have realized this project without contracting any debt.Read More
Work to be done:
Shaft No.1 is used for the ventilation of mine and as an escape way. The old timber in the manway has to be replaced by new timber.
Shaft No.2 is used for production and services. We have to repair and re-enforce the landings in the manway.
The drifts that connect the two shafts have to be re-habilitated, as needed.
The rehabilitation of the mill and tailings pond was started immediately after the purchase of the property in 2016 and continues. The mine now has to be rehabilitated for its re-opening.
Repair work in the mine was started in the second quarter of the annual period ending on June 30, 2020. It consisted in having the needed installations and the equipment for the work to be done. The repair of landings in shafts No.1 and No.2 followed. This work was stopped in December 2019 but it was re-started on April 16, 2020, with the re-opening of the mine after the closure due to Covid-19. For this work, we made sure that the timber used (Douglas fir) would last a long time and allow the operation to continue for many years.
In a press released dated June 5, 2020, we announced that work to re-open the we announced that work to re-open the Sleeping Giant mine had started.
Progress made on mine rehabilitation
In Shaft No.1 , repairs were done from surface to level 100 and the additional timber needed to repair the shaft to level 235 meters was recently received. This will enable us to complete the repair work in shaft No.1.
In Shaft No.2 , all repairs have been done. The re-enforcing of landings and the installation of guards remain to be done.
The drifts that connect shaft No.1 with shaft No.2 were upgraded on levels 55, 100, 145 and 190.
After the repair of shaft No.1 to level 235 and after the upgrading of drifts on levels 235 and 295, we will start to produce some ore, probably at the end of September or beginning of October 2020.
STRATEGY AND OUTLOOK
Currently, the Corporation is focussed on gold. At the Elder mine, our objective is to increase production to 12,500 tonnes per month of gold mineralization.
We wish to use the full capacity of the Sleeping Giant mill by opening the Sleeping Giant mine. This should reduce the operating cost per tonne treated.
For the long-term, in the gold sector, the Corporation is planning a $2M drilling program at the Sleeping Giant gold property where substantial unexplored gold mineralization is found.
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a gold producer and a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. The Elder property has gold resources (2018). Abcourt is currently focusing on the exploitation of the Elder mine.
In 2016, Abcourt acquired the Sleeping Giant mine and mill, located half-way between Amos and Matagami, in Abitibi, Quebec, in the territory covered by the Plan Nord of the Quebec government. The mill has a capacity to treat 700 to 750 tonnes per day. A NI 43-101 resource estimate and feasibility study with reserves were recently completed by PRB Mining Services Inc. Proven mineral resources total 10,900 tonnes with a grade of 12.20 g/t of gold and probable reserves total 475,625 tonnes with a grade of 11.85 g/t of gold. Inferred resources are in 93,100 tonnes with a grade of 11.85 g/t of gold.
The Abcourt-Barvue property has silver-zinc reserves (2019). A feasibility study was completed in 2007 by Roche / Genivar. An update was completed in July 2019 by PRB Mining Services Inc. A total of 8.07M tonnes are in proven and probable reserves with a grade of 51.79 g/t of silver and 2.83% zinc. About 81.6% of these reserves are mineable by open pit and 18.4% are mineable by underground operations. Inferred resources total 2.07M tonnes with a grade of 114.16 g/t of silver and 2.89% zinc.
Regulus to resume AntaKori drilling by late September
Regulus Resources Inc. has provided an update on its AntaKori copper-gold property located in Cajamarca, Peru. Company employees of the Cajamarca office and core storage facility returned to work in late July and have been working to prepare for the resumption of the Phase II drill program at AntaKori.Read More
In preparation to resume drilling on the AntaKori property, the Company has awarded a drilling contract to AK Drilling. It is anticipated drilling will resume by late September and will begin by testing one of multiple promising Anta Norte geophysical targets. Drilling will begin with one drill rig, with the addition of a second drill rig shortly thereafter. Further details of the drilling program will be reported as drilling commences.
Due to the COVID-19 pandemic situation, the Company has implemented rigorous testing and health protocols to ensure all employees are safe in the Cajamarca office and core storage facility and will implement similar procedures at the Company’s field camp to protect employees, contractors, and the local communities. The Company has contracted a health officer, located in Cajamarca, to oversee the implementation of the Company’s health protocols, both in Cajamarca and at the field camp.
John Black, Chief Executive Officer of Regulus, commented as follows: “We are very excited to get back to drilling at AntaKori following a lengthy delay due to COVID-19 restrictions. We see testing the Anta Norte targets as the next step in unveiling the true size potential at AntaKori. Prior to getting our new drill permits, we have only been able to test the southern fringes of these targets, but despite that, most of those holes encountered significant mineralization, including some of our best holes to date. We are taking all of the steps necessary to ensure that our work program at AntaKori will be sustainable and will protect the health of our workers, local communities and other stakeholders in the region.”
About Regulus Resources Inc. and the AntaKori Project
Regulus Resources Inc. is an international mineral exploration company run by an experienced technical and management team. The principal project held by Regulus is the AntaKori copper-gold-silver project in northern Peru. The AntaKori project currently hosts a resource with indicated mineral resources of 250 million tonnes with a grade of 0.48 % Cu, 0.29 g/t Au and 7.5 g/t Ag and inferred mineral resources of 267 million tonnes with a grade of 0.41 % Cu, 0.26 g/t Au, and 7.8 g/t Ag (see press release dated March 1, 2019). Mineralization remains open in most directions.
Atico plans to complete FS for La Plata by early 2022
Atico Mining Corp. has provided an update on the continuing feasibility study on the La Plata project while pursuing its 2020 and 2021 exploration programs. The Project has strong support from the Government of Ecuador as part of the “second generation” priority projects necessary for the nation’s economic development.Read More
Atico is also pleased to inform that it has hired G Mining Services, with offices in Canada and Ecuador to assist Atico’s internal team in the review and optimization of the La Plata project. For the second half of 2020, the Company will be advancing on the metallurgy, process design and general infrastructures of the Feasibility Study for the La Plata project with the goal to deliver the Study by early 2022. It is important to note that some sections of the Study are to be coordinated for later in 2021 due to restrictions caused by the COVID-19 pandemic.
The Company will be integrating the recent high-grade drilling results along with updated industry consensus of the commodity prices while presently advancing on the engineering allowing a precise evaluation of the La Plata project. As in-fill and exploration drilling continue for the rest of the year with two drill rigs located at La Plata, Atico has been reassigning some of the engineers from its El Roble development team to assist in the optimization of the La Plata project. The Atico’s internal development team and network of consultants (“the engineering group”) have been very efficient in the transformation of the El Roble mine from a 350 tpd small scale operation to a modern 1,000 tpd operation. The successful expansion of the El Roble processing plant resulted in improving recoveries of the treated ore, decreasing operating costs while also operating with high standards.
Fernando E. Ganoza, CEO and Director, commented: “The team we have assembled is quite impressive. Through the years, Atico has developed a successful track record and an extensive network of consultants to which we are adding the G Mining Services group who recently demonstrated their local expertise in Ecuador. With the addition of international experts who have on-the-ground knowledge in Ecuador, we are confident that this will maximize value of the project while maintaining Atico’s vision to operate with high standards. “
About Atico Mining Corporation
Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company generates significant cash flow through the operation of the El Roble mine and is developing it’s high-grade La Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities.
GoviEX grants options to buy 8.1 million shares
Pursuant to its share purchase option plan, and following the completion of its annual general and special meeting of shareholders, GoviEX Uranium Inc. has granted incentive stock options to certain directors, officers, employees and a consultant to purchase up to an aggregate of 8.1 million Class A common shares in the capital stock of GoviEX.Read More
The stock options are exercisable at a price of 14 cents per share and will vest 25 per cent on the date of grant and, thereafter, 25 per cent on each anniversary of the date of grant until fully vested. The options expire on Aug. 27, 2025.
About GoviEX Uranium Inc.
GoviEX is a mineral resource company focused on the exploration and development of uranium properties in Africa. GoviEX’s principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela project in Niger, its mine-permitted Mutanga project in Zambia and its multielement Falea project in Mali.
Avino Silver shareholders approve AGM resolutions
At the annual general meeting of shareholders of Avino Silver & Gold Mines Ltd. held on Aug. 27, 2020, all resolutions proposed to shareholders were duly passed. 29,992,209 common shares of the company. Of the company’s issued and outstanding common shares as at the record date, shares representing approximately 35.84 per cent were voted.Read More
The following briefly describes the matters voted upon and the outcome of the votes at the meeting.
Setting the number of directors at five
According to proxies received and a vote conducted by a show of hands, the resolution regarding the setting of the number of directors at five was passed as shown in the attached table.
Votes for % for Votes against % against 7,278,383 97.26 205,151 2.74
Election of directors
According to proxies received and a vote conducted by a show of hands, the directors named in the attached table were elected to the board of directors of the company.
Director nominee Votes for % for Votes withheld % withheld Ronald Andrews 7,234,477 96.67 249,057 3.33 Peter Bojtos 7,226,675 96.57 256,864 3.43 Gary Robertson 7,235,022 96.68 248,513 3.32 David Wolfin 7,232,181 96.64 251,354 3.36 Jasman Yee 7,243,462 96.79 240,073 3.21
Appointment and remuneration of auditor
According to proxies received and a vote conducted by a show of hands, the resolution regarding the appointment and remuneration of Manning Elliott LLP as the company’s auditor was passed as shown in the attached table.
Votes for % for Votes withheld % withheld 28,908,278 96.39 1,083,931 3.61
The board of directors appreciates the support of the company’s shareholders.
American Manganese hires Parent for Rocher report
Work is progressing on American Manganese Inc.’s proposed spinout of some of its mineral properties into a new company, as announced on July 23, 2020.Read More
First, the company has engaged Ron Parent, PGeo, to complete a National Instrument 43-101-compliant report on its Rocher DeBoule property, a project that contains a past-producing high-grade copper and gold mine. Highlights of the mine, as reported in bulletin No. 43 from the B.C. Department of Mines and Petroleum Resources, were discussed in the July 23, 2020, news release. Work to be performed on the Rocher Deboule property will include geological modelling, mapping and mineral resource evaluation.
The company is also preparing to seek an interim court order to hold a special general meeting of shareholders, in order to have its shareholders approve a proposed plan of arrangement. Details of the arrangement will be forthcoming.
Freeman Gold Awards 5000 Metre Diamond Drill Program to Major Drilling America
Vancouver, British Columbia–(Newsfile Corp. – August 28, 2020) – Freeman Gold Corp. (CSE: FMAN) (FSE: 3WU) (“Freeman” or the “Company”) is pleased to announce that Major Drilling America Inc (“Major”) has been awarded the diamond drill contract for its 100% owned Lemhi Gold project (“Lemhi” or the “Project”) located in Idaho, USA.Read More
The drill program consists of 5,000 metres of diamond drilling designed to twin a portion of historical drill holes within the known mineralized material. This is intended to confirm historical data and allow the use of over 355 historical drill holes in a National Instrument resource estimate. The drill program shall also include infill drilling within the known mineralized orebody to increase confidence and maximize the ounce count. Drill results will be used to complete a maiden NI 43-101 resource estimate for Lemhi, scheduled to be released after the completion of the drill program.
Will Randall, President & CEO of Freeman Gold, commented, “We are pleased to have Major working with us on Lemhi. They bring experience and size which will allow us to ensure on schedule drilling and the ability to increase drill rigs in a short time frame. The first rig is to be on the property during the first week of September 2020, which puts us right on schedule.”
The drill contract is for a minimum of 10,000 feet. Drilling will take place in two shifts over 24 hours to maximize daily footage and reduce associated costs. Drilling is anticipated to commence on September 6th, 2020, as per the signed agreement.
Aftermath Silver Increases Private Placement to $15.6-Million
Vancouver, British Columbia–(Newsfile Corp. – August 28, 2020) – Aftermath Silver Ltd.(TSXV: AAG) (OTCQB: AAGFF) (the “Company” or “Aftermath“) is pleased to announce that it is increasing its previously announced non-brokered private placement (see News Release #10, dated August 26, 2020) from 19,250,000 shares to 24,000,000 shares at a price of $0.65 per share.Read More
Mr. Eric Sprott will increase his investment in the financing in order to hold approximately 19.9% of Aftermath issued and outstanding Common Shares, post-closing.
The private placement is subject to the approval of the TSX Venture Exchange and the securities will be subject to a four month and one day hold period under securities laws.
The Company intends to use the net proceeds for exploration of the Berenguela silver-copper project in Peru, and the Challacollo and Cachinal silver-gold projects in Chile, and for general working capital and business development.
The private placement is subject to the approval of the TSX Venture Exchange and other applicable securities regulatory bodies, and the securities will be subject to a four month and one day hold period from the closing date, under Canadian securities laws.
Evergold amends $3.5-million private placement
Further to shareholder inquiries, Evergold Corp. has amended the $3.5-million non-brokered private placement financing announced on Aug. 26, 2020, to allow for participation by existing shareholders under the existing shareholder exemption as described below. The company also announces a change in price of the flow-through shares component of the offering to 60 cents per FT share.Read More
“We’re happy to extend the Offering to existing shareholders using this mechanism, as it makes the financing more democratic,” said Kevin Keough, president and chief executive officer. “We appreciate their continued support.”
The offering is composed of hard dollar units at a price of 50 cents per unit and flow-through shares at a price of 60 cents per FT share. Each HD unit is composed of one common share in the capital of the company and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share within 24 months from the date of issuance at a price of 60 cents per common share if exercised in the first 12 months and 70 cents per common share if exercised in the second 12 months. Each FT share is composed of one common share issued on a flow-through basis within the meaning of the Income Tax Act (Canada).
The offering is available to accredited investors as well as all shareholders of record of the company as at Aug. 26, 2020, resident in Canada who are eligible to participate under the exemption from prospectus requirements set out in applicable instruments of Canadian Securities Administrators and who continue to be shareholders of the company immediately prior to the closing of the offering.
Subscribers proposing to purchase HD units or FT shares under the existing shareholder exemption may not purchase more than $15,000 in value of securities pursuant to the exemption in any 12-month period unless such subscriber has obtained suitability advice from a registered investment dealer, as such term is used in applicable instruments of Canadian Securities Administrators.
If the offering is oversubscribed, it is possible that a shareholder’s subscription may not be accepted by the company even though it is received. Additionally, in the event of an imbalance of large subscriptions compared to smaller subscriptions management of the company reserves the right in its discretion to reduce large subscriptions in favour of smaller shareholder subscriptions. There is no minimum amount that will be required to be raised pursuant to the existing shareholder exemption portion of the offering.
Any person who becomes a shareholder of the company after the record date is not permitted to participate in the offering using the existing shareholder exemption but other exemptions may still be available to them. Shareholders who became shareholders after the record date should consult their professional advisers when completing their subscription form to ensure that they use the correct exemption.
Those interested in participating in the offering should contact the company as noted below. Information on the company is reported in the company’s public documents filed on SEDAR. There are no undisclosed material facts or material changes in respect of the company.