Cantex Mine begins drilling Baxter Springs East
Cantex Mine Development Corp. has commenced drilling on its wholly owned Baxter Springs East property in Nevada.Read More
- Drilling has commenced on Baxter Springs East.
- Three additional properties also ready to drill.
Baxter Springs East project
Drilling has now commenced on the Baxter Springs East project in Nevada. Five holes are planned on this project, totalling 975 metres of reverse circulation drilling.
The project, staked to cover a gold-anomalous drainage detected by the company’s regional heavy mineral sampling, lies within the Round Mountain gold mine trend. Subsequent work, including prospecting, geological mapping, soil-talus sampling and a CSAMT (controlled source audio-frequency magneto-telluric) geophysical survey identified two drill targets. These drill targets are:
- A west-northwest-trending arsenic-antimony-mercury plus or minus gold anomaly within phyllitic Paleozoic rocks. The CSAMT survey suggests the anomaly may be fault bound, with two vertical, moderately resistive zones at depth possibly reflecting altered metasedimentary rocks;
- A north-northwest-trending gold-antimony-bismuth anomaly in an area that the CSAMT survey shows a resistivity high which could be a block of silicified rock or an intrusive.
Cantex looks forward to the results of this drilling.
The technical information and results reported here have been reviewed by Chad Ulansky, PGeol, a qualified person under National Instrument 43-101, who is responsible for the technical content of this release.
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Am Creek JV drills 354 m of 1.215 g/t AuEq at Treaty
American Creek Resources Ltd. joint venture partner Tudor Gold Corp. has released results for the fifth set of diamond drill holes for the Goldstorm zone at its flagship property, Treaty Creek. The project is located in the heart of the Golden Triangle of northwestern British Columbia and is on-trend from Seabridge’s KSM Project located five kilometers southwest of the Goldstorm Zone.Read More
Results from 12 diamond drill holes have recently been received from MSA Labs with final results from another 11 diamond drill holes pending. All drill holes have successfully intersected the Goldstorm System, expanding and defining the mineralization along the northeast and southeast axes, as well as to depth. The Goldstorm System 300 Horizon has now been traced for 1100 meters along the northeast axis and, as well, the CS-600 and DS-5 zones have been expanded to the northeast and to depth. All 39 drill holes completed at Goldstorm during the 2020 program have encountered significant precious metal mineralization. The 2020 Treaty Creek Diamond Drill Program was completed last week, and field personnel have winterized the camp. The track-components of two track-mounted diamond drills remain on site ready for start-up of the 2021 exploration season.
Tudor Gold’s Vice President of Project Development, Ken Konkin, P.Geo., states: “We are very pleased with the results obtained from all 39 drill holes completed this year to-date and we anticipate the release of the final 11 holes of the year within a few weeks. This brings the total to 50 drill holes that were completed this year at the Goldstorm Zone. These latest holes continued to expand the limits of the mineralized targets along the northeastern and the southeastern axes, and to depth. For a fifth consecutive press release, we have surpassed our best result from last years’ drill hole program (0.697 AuEq over 1081.5 meters in hole GS-19-47) with drill holes GS-20-83 and GS-20-94 as described in the headline. The final 11 drill holes represent over 9600 meters of drilling and we expect that MSA Labs will complete the analysis of these final samples as soon as possible.”
Treaty Creek Highlights include: Twelve drill holes presented in this press release total 11,551.1 meters.The best results were from GS-20-94, a near-surface 354.0 meter intercept (36.0-390 m) averaging 1.215 gpt AuEq and GS-20-82 with a 351m intercept (113.0-464.0 m) averaging 1.051 gpt AuEq. Both holes are located on Section 111+00 NE.Equally impressive was drill hole GS-20-83 that also had a near-surface intercept over a similar 345.0 meters (73.5-418.5 m) that averaged 1.078 gpt AuEq on Section 112+50 NE.More Core Drilling did an excellent job completing 50 HQ/NQ2 diamond drill holes totaling 43,972 meters at Goldstorm and 1,636 meters at the Perfect Storm Target with three drill holes.
The following three tables below provide the complete list of composited drill hole results as well as the drill hole data including hole location, elevation, depth, dip and azimuth.
RESULTS FROM GOLDSTORM ZONE IN PRESS RELEASE DATED DEC. 15, 2020 Hole From To Interval Au Ag Cu AuEq (m) (m) (m) (g/t) (g/t) (ppm) (g/t) GS-20-80 222.50 1,349.00 1,126.50 0.369 1.66 653 0.486 398.00 695.50 297.50 0.488 1.98 135 0.531 831.50 1,028.00 196.50 0.572 3.25 2,703 1.011 GS-20-81 558.40 1,389.50 831.10 0.422 1.56 940 0.580 558.40 957.50 399.10 0.529 1.96 1,712 0.807 558.40 636.50 78.10 1.047 1.52 139 1.086 704.00 957.50 253.50 0.481 2.37 2,494 0.879 GS-20-82 113.00 1,041.50 928.50 0.629 2.46 519 0.736 113.00 464.00 351.00 0.969 3.56 263 1.051 224.00 422.00 198.00 1.283 5.29 408 1.407 GS-20-83 73.50 994.50 921.00 0.676 3.97 655 0.821 73.50 418.50 345.00 1.008 3.48 191 1.078 566.45 727.50 161.05 0.426 3.90 2,863 0.898 813.00 994.50 181.50 0.919 7.33 190 1.035 GS-20-85 66.50 692.00 625.50 0.748 3.80 275 0.834 752.00 989.00 237.00 0.241 2.23 1,734 0.524 1,118.00 1,278.50 160.50 0.511 2.11 128 0.555 GS-20-86 118.50 577.50 459.00 0.712 3.43 263 0.792 730.50 942.00 211.50 0.469 2.49 2,172 0.821 1,014.00 1,425.00 411.00 0.595 2.85 145 0.650 1,192.50 1,395.00 202.50 0.889 3.39 130 0.949 GS-20-89* 87.00 125.00 38.00 1.142 12.85 91 1.309 GS-20-90 63.00 847.50 784.50 0.646 2.89 465 0.750 72.00 405.00 333.00 0.915 3.60 177 0.984 643.50 768.00 124.50 0.635 4.60 1,632 0.932 GS-20-93* 20.50 237.50 217.00 0.535 3.40 152 0.599 20.50 131.00 110.50 0.850 5.49 206 0.946 GS-20-94 36.00 1,261.50 1,225.50 0.646 2.50 178 0.702 36.00 390.00 354.00 1.123 4.14 287 1.215 36.00 820.50 784.50 0.856 3.45 239 0.933 GS-20-96 6.00 109.50 103.50 0.804 2.27 129 0.850 279.00 385.50 106.50 0.228 3.77 1,235 0.457 GS-20-97 18.40 584.00 565.60 0.609 1.95 107 0.648 18.40 381.50 363.10 0.693 2.35 141 0.742 * Lost drill hole in mineralization.
All assay values are uncut, and intervals reflect drilled intercept lengths.HQ and NQ2 diameter core samples were sawn in half and typically sampled at standard 1.5m intervals.The following metal prices were used to calculate the Au Eq metal content: Gold $1322/oz, Ag: $15.91/oz, Cu: $2.86/lb. Calculations used the formula Au Eq g/t = (Au g/t) + (Ag g/t x 0.012) + (Cu% x 1.4835). All metals are reported in USD and calculations do not consider metal recoveries. True widths have not been determined as the mineralized body remains open in all directions. Further drilling is required to determine the mineralized body orientation and true widths.Table ll: Drill Data for Holes in Press Release December 15th, 2020Table II and Table IIITo view an enhanced version of Table II and Table III, please visit:https://orders.newsfilecorp.com/files/682/70402_5f70404f040adb98_002full.jpg
Walter Storm, President and CEO, stated: “We are very pleased to announce the safe successful completion of our 2020 diamond drill hole program. We completed over four times the amount of drilling from the previous year’s program, greatly advancing Tudor’s flagship Treaty Creek Property. We completed almost 44,000 meters of drilling at the Goldstorm System and over 1,600 meters of drilling at the Perfect Storm target. Once we receive the final results from the last eleven drill holes, we will then pass the data to our resource engineers and geoscientists for an initial resource estimate. Continued drilling is required for 2021 to locate the limits or edges of the mineralized system. Due to the size and robust nature of the mineralization, the Goldstorm System remains open on all fronts and to depth. We are proud of what we have achieved in these last two years of exploration and in-particular, the great effort to withstand the harsh winter elements during November and December at Treaty Creek to bring the 2020 drill campaign to a safe close. Our commitment is to continue to advance the project as quickly as possible. We have left the track-drill carriage components for two track-mounted drill rigs on-site so our team can get an early start to the 2021 drill season. We look forward to receiving the final results of the eleven drill holes from MSA Labs within a couple of weeks to complete the 2020 exploration season on schedule.”Tudor Gold Corp and our associated service companies have taken extreme measures to maintain the highest professional standards while working within COVID-19 health and safety protocols.
Darren Blaney, CEO of American Creek, commented: “We are extremely impressed with the drill program our JV partner Tudor Gold has completed this year and with the significant potential deposit that it has revealed. The Goldstorm zone already appears to be world-scale in size and yet is still open from the northeast to the southeast and remarkably, also at depth. The Magnetotelluric survey done in 2016, which shows potential continuation of gold mineralization well beyond the extent of this year’s drilling of Goldstorm, has proven to be very accurate. That same survey data also shows tremendous potential at the Perfect Storm zone which, due to permitting restraints, was only able to have the outer halo drill tested this year, and yet the drilling still encountered gold mineralization.
“Recognition must be given to both Tudor Gold and More Core for initiating the drill program in early May and carrying through to December. This is no small feat in the Golden Triangle region. While bad weather and Covid-19 limited many projects within the area this season, Tudor and More Core delivered an incredible 45 km of drilling with every hole encountering significant gold mineralization.
“We look forward to the remaining holes, the metallurgical work, and ultimately the maiden resource calculation of the Goldstorm on Treaty Creek sometime in the new year.”
Drill core samples were prepared at MSA Labs’ Preparation Laboratory in Terrace, BC and assayed at MSA Labs’ Geochemical Laboratory in Langley, BC. Analytical accuracy and precision are monitored by the submission of blanks, certified standards and duplicate samples inserted at regular intervals into the sample stream by Tudor Gold personnel. MSA Laboratories quality system complies with the requirements for the Company. International Standards ISO 17025 and ISO 9001. MSA Labs is independent of the company.
Qualified Person The Qualified Person for Tudor’s news release for the purposes of National Instrument 43-101 is Tudor’s Vice President of Project Development, Ken Konkin, P.Geo. He has read and approved the scientific and technical information that forms the basis for their disclosure contained in their news release.
The Qualified Person for this news release is James A. McCrea, P. Geo., for the purposes of National Instrument 43-101. While American Creek has not independently confirmed Tudor’s information, Mr. McCrea has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.Treaty Creek JV PartnershipThe Treaty Creek Project is a Joint Venture with Tudor Gold owning 3/5th and acting as operator. American Creek and Teuton Resources each have a 1/5th interest in the project creating a 3:1 ownership relationship between Tudor Gold and American Creek. American Creek and Teuton are both fully carried until such time as a Production Notice is issued, at which time they are required to contribute their respective 20% share of development costs. Until such time, Tudor is required to fund all exploration and development costs while both American Creek and Teuton have “free rides”.
Treaty Creek BackgroundThe Treaty Creek Project lies in the same hydrothermal system as Pretium’s Brucejack mine and Seabridge’s KSM deposits however, with far better logistics.
About American Creek
American Creek is a Canadian junior mineral exploration company with a strong portfolio of gold and silver properties in British Columbia.
Three of those properties are located in the prolific “Golden Triangle”; the Treaty Creek JV with Tudor Gold/Walter Storm, the D-1 McBride, and the 100% owned past producing Dunwell Mine.
The Corporation also holds the Gold Hill, Austruck-Bonanza, Ample Goldmax, Silver Side, and Glitter King properties located in other prospective areas of the province.
See additional images of drill locations in this press release at http://www.americancreek.com.
For further information please contact Kelvin Burton at: Phone: 403 752-4040 or Email: email@example.com. Information relating to the Corporation is available on its website at http://www.americancreek.com.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
We seek Safe Harbor.
American Manganese closes $125,040 private placement
American Manganese Inc. has closed a non-brokered private placement of 521,000 flow-through units for gross proceeds of $125,040. Each flow-through unit consists of one flow-through common share of American Manganese and one warrant. Each warrant will be exercisable for one common share at a price of 30 cents per common share for a period of two years from the warrant’s issuance date.Read More
The proceeds will be used to finance exploration of the company’s Canadian mineral properties.
All securities issued pursuant to the offering will be subject to a hold period of four months that expires on April 17, 2021. This offering is subject to final acceptance by the TSX Venture Exchange.
About American Manganese Inc.
American Manganese is a critical metal company focused on the recycling of lithium-ion batteries with the RecycLiCo patented process. This process provides high extraction of cathode metals such as lithium, cobalt, nickel, manganese and aluminum at high purity, with minimal processing steps. American Manganese aims to commercialize its breakthrough RecycLiCo patented process and become an industry leader in recycling cathode materials from lithium-ion battery manufacturing waste.
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Southern Silver drills 28.5 m of 36 g/t Ag at Cerro
Southern Silver Exploration Corp. has released further assay results from its 10,000-metre 2020 to 2021 core drilling program on the Cerro Las Minitas project, Durango state, Mexico. These early results from the Mina La Bocona target include a near-surface interval of strongly gold-enriched oxidized mineralization and a deeper polymetallic sulphide zone from hole 20CLM-125 which returned:Read More
- A 28.5-metre downhole interval averaging 1.41 grams per tonne (g/t) gold (Au) and 36 g/t silver (Ag) (201 g/t silver equivalent (AgEq)), including a higher-grade 2.8-metre interval averaging 5.1 g/t Au and 72 g/t Ag (552 AgEq) starting at 23.8 m downhole;
- 6.1 m downhole interval (four m estimated true thickness) averaging 421 g/t Ag, 0.45 g/t Au, 5.5 per cent lead (Pb) and 1.9 per cent zinc (Zn) (704 g/t AgEq; 17.9 per cent zinc equivalent (ZnEq)), including a higher-grade 0.9-metre (0.6 m estimated true thickness) grading 1,420 g/t Ag, 0.64 g/t Au, 16.8 per cent Pb and 0.6 per cent Zn (2,012 g/t AgEq; 51.0 per cent ZnEq) starting at 221.8 metres downhole.
The upper gold-enriched oxide zone in hole 20CLM-125 correlates well with a previously reported oxide gold zone from hole 15CLM-078 with 7.8 m (3.9 m estimated true thickness) averaging 13.5 g/t Au, 37 g/t Ag, 2.2 per cent Pb and 1.7 per cent Zn (1,093 g/t AgEq and a deeper gold-enriched sulphide zone from hole 15CLM-082 with 10.1 m (4.8 m estimated true thickness) averaging 1.4 g/t Au and 88 g/t Ag, 1.6 per cent Pb and 2.1 per cent Zn (378 g/t AgEq), which together form a new gold-enriched oxide/sulphide target well outboard of the central intrusion and extending 120 metres along strike and up to 168 metres in depth. Mineralization is open to the southeast and at depth. Additional sampling has been completed both uphole and downhole of the oxide gold intervals in each of holes 20CLM-125 and 15CLM-078 to determine the full extent of the gold anomaly in each of these holes. Assays are pending.
The deeper silver-enriched polymetallic zone in hole 20CLM-125 is contained within the upper 19.8 metres of a semi-continuous mineralized zone extending from 216.8 metres to 272.0 metres downhole and is an approximate 25 metre downdip stepout of similar mineralization first identified in the 2015 hole 15CLM-078 with 16.5 m (8.2 m estimated true thickness) averaging 0.5 g/t Au, 150 g/t Ag, 3.7 per cent Pb and 0.7 per cent Zn (325 g/t AgEq). Assays for the remaining 35 metres of the 55.2-metre mineralized interval are pending.
As well, two additional holes have been completed in this part of the Bocona target and a further four holes tested the downdip projection of the La Bocona chimney located approximately 135 metres to the northwest. Seven holes totalling 2,470 metres have now tested the Mina La Bocona target area with assays still pending from each hole.
Rob Macdonald, vice-president of exploration, stated: “The confirmation of a shallow and potentially high-grade gold target continues to highlight the terrific exploration potential on the east side of the Cerro in the area of the historic Mina La Bocona chimney which was mined and developed by artisanal miners to more than 200 metres in depth and produced up to an estimated 400,000 tonnes of ore. Further drilling in the new year will continue to test and extend this zone as it projects to the southeast and to depth. This new drilling has also confirmed the extension of high-grade polymetallic mineralization from hole 15CLM-078 providing yet another target for follow-up in 2021.”
Approximately 7,500 metres of drilling have now been completed of the anticipated 10,000 metres of core drilling for the 2020 to 2021 exploration program. Drilling has paused for the Christmas break and will continue early in January with one drill focused on the Mina La Bocona target and a second drill exploring the South Skarn target.
Drilling on the east side of the Cerro will test an approximate 800-metre strike length of the South Skarn target and Mina La Bocona target mineralized zones to depths of up to 650 metres, as well as a high-grade hanging wall zone in the Mina La Bocona target area. These drill targets are designed to increase the current mineral resource estimate of 24 million tonnes by approximately 30 per cent.
The CLM project remains one of the larger undeveloped silver-lead-zinc projects in the world and is wholly owned, unburdened by royalties, fully financed and fully permitted.
Cerro Las Minitas project
The Cerro Las Minitas project is an advanced exploration-stage polymetallic Ag-Pb-Zn-copper Skarn/CRD project located in southern Durango, Mexico.
The Cerro Las Minitas project, as of May 9, 2019, contains a mineral resource estimate, at a 175-gram-per-tonne-silver-equivalent cut-off, of:
- Indicated — 134 million ounces AgEq (37.5 million ounces Ag, 40 million pounds copper (Cu), 303 million pounds Pb and 897 million pounds Zn);
- Inferred — 138 million ounces AgEq (45.7 million ounces Ag, 76 million pounds Cu, 253 million pounds Pb and 796 million pounds Zn).
A total of 133 drill holes for 59,000 metres have been completed on the CLM project with exploration expenditures of approximately $25.5-million (U.S.), equating to exploration discovery costs of approximately nine cents per AgEq ounce to the end of 2019.
About Southern Silver Exploration Corp.
Southern Silver Exploration is an exploration and development company with a focus on the discovery of world-class mineral deposits. Its specific emphasis is the 100-per-cent-owned Cerro Las Minitas silver-lead-zinc project located in the heart of Mexico’s Faja de Plata, which hosts multiple world-class mineral deposits such as Penasquito, Los Gatos, San Martin, Naica and Pitarrilla. The company has assembled a team of highly experienced technical, operational and transactional professionals to support its exploration efforts in developing the Cerro Las Minitas project into a premier, high-grade, silver-lead-zinc mine. The company engages in the acquisition, exploration and development either directly or through joint venture relationships in mineral properties in major jurisdictions. Its property portfolio also includes the Oro porphyry copper-gold project located in southern New Mexico, United States.
Mr. Macdonald, master of science, professional geoscientist, is a qualified person as defined by National Instrument 43-101 and supervised directly the collection of the data from the CLM project that are reported in this disclosure and is responsible for the presentation of the technical information in this disclosure.
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Sirios Resources closes $3.43-million private placement
Sirios Resources Inc. has completed the second and final tranche of its previously announced non-brokered private placement for additional gross proceeds of $2,045,200. The aggregate gross proceeds of the offering, including proceeds from the first tranche, previously closed on Dec. 11, 2020, are $3,430,590. In connection with this offering, the corporation issued (i) 7,395,556 additional Quebec flow-through units of the corporation at a price of 18 cents per Quebec FT unit, for an amount of $1,331,200, and (ii) 4.2 million additional national flow-through units of the corporation at a price of 17 cents per national FT unit, for an amount of $714,000.Read More
Each Quebec FT unit and each national FT unit consists of one common share of the share capital of the corporation and one-half of a warrant. Each warrant will entitle the holder thereof to acquire one additional common share of the share capital of the corporation for a period of 18 months from the closing of the first tranche of the private placement at a price of 23 cents.
All securities issued pursuant to this offering are subject to a hold period of four months and a day, ending on April 17, 2021, under applicable Canadian securities legislation. The offering has received conditional approval from the TSX Venture Exchange and remains subject to the final approval of the TSX Venture Exchange. Intermediation fees totalling $122,442 were paid to intermediaries in connection with the second tranche of the offering.
The proceeds of this offering will be mainly used to advance an important diamond drilling program on the Cheechoo gold project. The Cheechoo property is located at Eeyou Istchee Baie James in the immediate vicinity of Newmont corporation’s Eleonore gold mine. Please see the corporation’s website for more information on this project.
About Sirios Resources Inc.
Pioneer in the discovery of significant gold deposits in the Eeyou Istchee James Bay region of Quebec, Canada. Sirios Resources focuses its work mainly on its Cheechoo gold discovery, while actively exploring the high auriferous potential of its other properties.
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Atico closes $6.5M (U.S.) financing with Dundee
Atico Mining Corp. has closed its private placement with Dundee Corp. with respect to the issuance of unsecured convertible debentures of the company for gross proceeds of $6.5-million (U.S.).Read More
The debentures will mature five years following the closing date with an interest rate of 7 per cent per annum and, subject to certain terms and conditions, will be convertible into up to an aggregate of 11,627,907 common shares of the company at a conversion price of 55.9 U.S. cents per conversion share (being 71.5 cents per conversion share converted into U.S. dollars using the Bank of Canada daily exchange rate for Canadian dollars to U.S. dollars on Dec. 4, 2020). The conversion price represents (i) a premium of 42 per cent to the 20-day volume-weighted average price, and (ii) a premium of 34 per cent to the 10-day VWAP, of the closing price of the common shares on Dec. 4, 2020. The debentures, and conversion shares issuable upon conversion of the debentures, will be subject to resale restrictions for a period of four months from the closing date.
The company may, at its option, redeem the debentures, in whole or in part, at par plus accrued and unpaid interest. The company must pay a redemption fee equal to 2 per cent of the principal amount if redeemed between 12 months and two years after the date of closing of the offering and equal to 4 per cent of the principal amount if redeemed within 12 months of such date. No redemption fee will be charged to redeem the debentures after two years of the date of closing of the offering. In connection with the debentures, certain subsidiaries of the company will grant a guarantee in favour of Dundee. In connection with the offering, the company paid Dundee Goodman Merchant Partners a cash finder’s fee of $357,500 (U.S.).
The proceeds of the offering will be used for work on the company’s La Plata project and for general working capital purposes.
About Atico Mining Corp.
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 its high-grade La Plata volanogenic massive sulphide project in Ecuador. The company is also pursuing additional acquisition of advanced-stage opportunities.
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Troilus Gold shareholders elect eight directors
The nominees listed in the management information circular dated Nov. 9, 2020, for the annual general and special meeting of shareholders of Troilus Gold Corp. have been elected as directors of the company. Over 61% of all of the issued and outstanding shares of the Company were represented at the Meeting.Read More
Detailed results of the vote for the election of directors held at the Meeting on December 16, 2020 in Toronto, Ontario are set out below. The shareholders approved the election as directors of the persons listed below, based on the following vote.
% Votes For % Votes Withheld Justin Reid 93.7 6.3 Diane Lai 93.7 6.3 Andrew Cheatle 99.7 0.3 Hon. Pierre Pettigrew93.4 6.6 Jamie Horvat 93.7 6.3 Tom Olesinski 93.4 6.6 Eric Lamontagne 93.4 6.6 John Hadjigeorgiou 93.3 6.7
Shareholders at the annual meeting also approved the appointment of the Company’s auditors and approved the adoption of an incentive share unit plan. Troilus’ board would like to express its gratitude to its shareholders for their continued support.
About Troilus Gold Corp.
Troilus is a Toronto-based, Quebec focused, advanced stage exploration and early-development company focused on the mineral expansion and potential mine re-start of the former gold and copper Troilus mine. The 107,326 hectare Troilus property is located within the Frotet-Evans Greenstone Belt in Quebec, Canada. From 1996 to 2010, Inmet Mining Corporation operated the Troilus project as an open pit mine, producing more than 2,000,000 ounces of gold and nearly 70,000 tonnes of copper.
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Canada Nickel identifies North zone at Crawford
Canada Nickel Company Inc. has made its fourth new discovery — North zone — at its Crawford nickel-cobalt sulphide project from the first two drill holes. The assays from the North zone are pending.Read More
“This is another excellent discovery — a sizable anomaly with significant scale potential and further confirmation of our geophysical model, which we will be applying to the recently completed geophysics programs on our option properties,” said Mark Selby, chair and chief executive officer of Canada Nickel. “The first two drill holes were spotted based on the same coincidental geophysical signatures as we saw at the Main zone, and have delivered moderately mineralized dunite similar to average-grade portions of the Main zone. I look forward to seeing these assay results and further exploration results from the three drills at the property, as we continue to unlock the potential at Crawford and prepare to test the exploration potential of our option properties.”
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.
North zone discovery
The two holes, collared 100 metres apart, were both collared in serpentinized dunite, consistent with mineralization seen in the Crawford Main zone. The first hole, CR20-84, remained in mineralized dunite across its entire core length of 501 metres. Additionally, the second hole, CR20-87, collared in and intersected mineralized dunite for 218 metres before intersecting multiple peridotite/pyroxenite sequences similar to ones seen in recently discovered platinum group metal zones at Crawford. The anomaly in the North zone is 1.1 kilometres by 400 metres, and confirms the company’s understanding of coincident magnetic and gravity geophysical anomalies as a guide to mineralization, as seen in the Main zone.
Qualified person and data verification
Stephen J. Balch, PGeo (Ontario), vice-president, exploration, of Canada Nickel and a qualified person as such term is defined by National Instrument 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.
About Canada Nickel Company Inc.
Canada Nickel is advancing the next generation of nickel-cobalt sulphide projects to deliver nickel and cobalt required to feed the high-growth electric vehicle and stainless steel markets. Canada Nickel has applied in multiple jurisdictions to trademark the terms NetZero Nickel, NetZero Cobalt and NetZero Iron, and is pursuing the development of processes to allow the production of net-zero carbon nickel, cobalt and iron products. Canada Nickel provides investors with leverage to nickel and cobalt in low-political-risk jurisdictions. Canada Nickel is currently anchored by its 100-per-cent-owned flagship Crawford nickel-cobalt sulphide project in the heart of the prolific Timmins-Cochrane mining camp.
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Fiore Gold earns $17.95-million (U.S.) in fiscal 2020
Fiore Gold Ltd. has released its financial statements and management’s discussion and analysis for the fiscal year ended Sept. 30, 2020, on SEDAR and on the company’s website.Read More
(All figures are in United States dollars unless otherwise indicated.)
2020 operational and financial highlights:
- Full-year gold production of 46,031 ounces, an 11-per-cent increase over the preceding year and within guidance of 45,000 to 48,000 ounces;
- Full-year gold sales of 46,334 gold ounces at an average realized price of $1,681 per ounce;
- Full-year mined ore production of 14,961 tons per day at a stripping ratio of 1.5 and grade of 0.015 ounce/ton, all measures within or better than guidance;
- Fiore consolidated all-in sustaining cost (AISC) per ounce sold of $1,148, Pan mine AISC per ounce sold of $1,026 and cash costs per ounce sold of $947;
- Recorded annual revenues of $77.9-million with mine operating income of $26.9-million;
- Generated Pan operating cash flow of $31.7-million and consolidated operating cash flow of $24.3-million, compared with $10.0-million and $4.5-million respectively in 2019;
- Continued to strengthen the company’s balance sheet with cash of $23.2-million, an increase of $15.9-million relative to reported cash at Sept. 30, 2019, and net working capital of $40.0-million as of Sept. 30, 2020;
- Pan stand-alone operating income of $26.8-million and consolidated operating income of $19.6-million;
- Net income of $18.0-million and basic and diluted earnings of 18 cents per share, compared with $2.4-million, or two cents per share in 2019;
- Worked 297,672 man hours in the fiscal year 2020 with zero lost-time injuries. The company’s operations team at Pan received the Small Mine Safety Award from the Nevada Mining Association for the fifth consecutive year;
- Mining declared an essential business in Nevada and the Pan mine continues to operate with strict protocols in place focused on protecting the health and safety of the company’s employees.
2020 organic growth highlights:
- At Pan, the company completed an exploration drilling program of 21,741 metres (71,330 feet) and announced an updated reserve, resource and life-of-mine plan that extended the mine life by two years into 2025.
- At Gold Rock, results of a preliminary economic assessment (PEA) were released on April 9 demonstrating positive economics with opportunities to further enhance value. The related technical report was filed May 13.
- Following the completion of the Gold Rock PEA, the company initiated a program of resource expansion, metallurgical, geotechnical and condemnation drilling in support of a Gold Rock feasibility study. First drill results were announced subsequent to year-end, headlined by 48.8 metres of 2.17 grams per tonne gold and 32.0 metres of 1.41 g/t gold.
- At the company’s third project, Golden Eagle, in Washington State, the company announced a 2.0-million-ounce measured and indicated resource.
Q4 2020 operational and financial highlights:
- Q4 gold production of 12,432 ounces, gold sales of 12,455 gold ounces at an average realized price of $1,920 per ounce;
- Q4 mined ore production of 15,489 tons per day with the stripping ratio reducing as guided to 1.1 and grade of 0.015 ounce/ton, ore tons mined better than plan due to positive ore reconciliation;
- Recorded quarterly revenues of $23.9-million with mine operating income of $10.9-million;
- Generated Pan operating cash flow of $11.4-million and consolidated operating cash flow of $9.9-million;
- Net income of $9.3-million and adjusted net earnings of $8.7-million, both new quarterly records;
- Worked 81,219 man hours, achieving the company’s goal of zero reportable incidents, zero reportable accidents and zero lost-time injuries;
- Q4 2020 Fiore consolidated AISC of $1,106, Q4 2020 Pan mine AISC per ounce sold of $965 and cash costs per ounce sold1 of $886;
- Commenced construction of heap leach pad expansion phase III.
Tim Warman, chief executive officer of Fiore, commented: “FY2020 was an excellent year for all Fiore Gold stakeholders. Pan generated record results, most notably net income of $18.0-million, 18 cents earnings per share and operating cash flow of $24.3-million. We also generated $15.9-million of free cash flow in 2020 despite considerable investment in Pan and Gold Rock drilling, as well as the ongoing leach pad expansion at Pan. More importantly, our recently announced resource and reserve estimate reflects a two-year mine life extension at the Pan mine, ensuring we will mine well into 2025. With positive drill results at the adjacent Gold Rock project and a significant resource update at our Golden Eagle project, we continue take tangible steps toward achieving our goal of operating Pan and Gold Rock in unison, creating the only multiasset, 100-per-cent U.S. domestic gold producer.”
Gold production of 46,031 ounces was 11-per-cent higher than production in 2019. Ore mined was slightly higher than 2019 due to some positive ore reconciliation, whereas waste tons mined decreased reflecting a lower stripping ratio of 1.5:1.0.
The increase in cash costs per ounce relative to fiscal 2019 (FY 2019) is due to the impact of sustained higher stripping in the second half of FY 2019 and the first half of fiscal 2020 (FY 2020), a full year of processing costs related to the crusher, and general escalation in contractor mining costs. Pan and Fiore consolidated AISC are also impacted by the increase in cash costs per ounce.
Q4 gold production was higher than the prior-year quarter as the prior year was impacted by lower grade and some issues during commissioning of the crusher. All key cost metrics trended below Q4 2019 as gold ounces mined and produced were higher.
Full-year mined ore production of 14,961 tonnes per day was higher than guidance due to positive ore reconciliation. Strip ratio of 1.5 and grade of 0.015 ounce/ton were slightly better than and within guidance, respectively.
Full-year gold production of 46,031 represented an 11-per-cent increase over the year ended Sept. 30, 2019, and within the guidance range of 45,000 to 48,000 ounces.
Total cash costs per ounce ended the year at $947, below the guidance range of $975 to $1,025 per ounce. The average cash cost per ounce was driven down by the stripping ratio coming in slightly below guidance due to positive ore reconciliation as noted above, lower operating cost per ton metrics than utilized within the guidance determination and higher contained gold ounces mined.
Pan mine AISC was $1,026 per ounce and Fiore consolidated AISC was $1,148 per ounce, both below their respective guidance ranges. This resulted from lower cash costs per ounce as noted above, in addition to lower capital than was estimated in the company’s 2020 AISC guidance determination. The lower capital is in part due to the reclassification of certain expenditures from sustaining capital1 to non-sustaining capital. The Pan mine 2020 resource expansion drilling program and construction of the phase III heap leach pad were conservatively classified as sustaining capital expenditures during the first three quarters of this fiscal year and for the purpose of 2020 guidance. As announced in the company’s Dec. 8, 2020, news release, the 2020 resource expansion drilling program resulted in a two-year extension of the Pan mine life into 2025, representing a material change in the resources and reserves. Accordingly, this drilling program was determined to be non-sustaining capital under the World Gold Council (WGC) guidance as it is a major project materially benefiting the operation, particularly as it has added in excess of 10 per cent to the life-of-mine production as defined by the WGC measure.
A similar reclassification was applied for expenditure incurred for the phase III heap expansion as this expenditure also supports in excess of a 10-per-cent increase in life-of-mine production. Additional leach pad space is required to process the additional reserves from the 2020 Pan mine resource expansion drilling program. Refer to the AISC quarterly presentation at the end of this news release for the quarterly impacts of this reclassification through 2020.
The total non-sustaining capital costs of the drilling program and phase III heap leach pad during FY 2020 was $2.3-million and $700,000, respectively. Had these expenditures been considered sustaining capital, the company’s resulting AISC cost metrics would still be within guidance.
- Gold production in fiscal 2021 (FY 2021) will be weighted toward the second half of the fiscal year and is expected to be in the range of 44,000 to 47,000 ounces, in line with FY 2020 production.
- Mining rates are expected to stay at approximately 14,000 tonnes per day ore. The strip ratio for full year 2021 is expected to be around 1.8:1.0. The strip ratio is expected to range from 1.6:1.0 to 2.0:1.0 over the course of the year. Life-of-mine strip ratio, as announced in the company’s resources and reserves update, is 1.66:1.
- Mined ore grade is forecast to be in the range of 0.012 to 0.014 ounce/t, slightly lower than FY 2020.
- Total cash costs per ounce is expected in the range of $1,050 to $1,100/oz, Pan mine AISC in the range of $1,125 to $1,175/oz, and Fiore consolidated AISC in the range of $1,300 to $1,350/oz for the full FY 2021.
- Total cash costs per ounce and Pan mine AISC in FY 2021 are guided higher than FY 2020 primarily due to the higher stripping ratio (which is also moderately higher than the life-of-mine stripping ratio), increased labour costs in the competitive Nevada marketplace and increased reagent costs.
- Fiore consolidated AISC is similarly impacted by the items noted above, as well as an assumed increase in stock-based compensation and corporate general and administrative, particularly higher insurance expense and increased travel and other costs.
- As noted above, Pan resource expansion drilling programs and the phase III heap leach pad are determined to be non-sustaining capital under the WGC guidance as they are major projects materially benefiting the operation. As well, capital expenditure related to Gold Rock will be classified as non-sustaining as it is a “new operation” per the WGC definition. Total non-sustaining capital in 2021 for these three items is guided at approximately $20.0-million. Pan drilling expenditure is expected to be higher than past years as the company has included geotechnical and metallurgical drilling, as well as a broader metallurgical program to properly characterize the company’s expanding resource base.
Subsequent to year-end, the company announced an updated resource and reserve estimate for the Pan mine:
- Updated proven and probable mineral reserves of 23.5 million tons at a gold grade of 0.012 troy ounce per short ton (oz/st) or 0.42 gram per tonne (g/t) containing 290,500 ounces of gold;
- The updated mineral reserve estimate represents a 6-per-cent increase in contained gold ounces and fully replaces reserves mined since the last reserve update in September, 2018;
- Updated measured and indicated mineral resources of 31.1 million tons at a gold grade of 0.014 oz/st (0.47 g/t) containing 427,400 ounces of gold;
- The updated mineral resource estimate is 99 per cent of the resource estimate at Fiore Gold’s inception (effective Feb. 10, 2017);
- An updated life-of-mine (LOM) plan based on the updated reserve estimate extends the mine life at Pan by two years into 2025 at a mining rate of 14,000 tons per day of ore while maintaining a low life-of-mine strip ratio of 1.66:1.
The updated reserve and resource estimates continue to support the company’s strategy of replacing ounces at the Pan mine by methodically and prudently investing internal cash flow to extend the mine life. At Fiore Gold’s inception, the Pan mine proven and probable mineral reserves and measured and indicated resources (effective Feb. 10 and March 16, 2017, respectively) were 318,000 ounces and 430,000 ounces, respectively. Despite approximately three years of mining depletion, the updated 2020 proven and probable reserves and measured and indicated resources are 290,500 ounces (91 per cent of original reserve) and 427,400 ounces (99 per cent of original resource), respectively. The reserve and resource replacement has been achieved while spending approximately $1.5-million on exploration annually over the past three years. Importantly, the company has achieved these results without diluting shareholders through additional equity raises or taking on corporate debt since the formation of the company in 2017.
Future drilling programs will aim to replenish the inferred category, particularly with newly identified targets like Mustang which to date are not included in any resource category. The company believes its history of conversion and improved understanding of the geology bode well for its ability to convert inferred resources going forward.
On April 9, 2020, the company announced results from a PEA completed for the federally permitted Gold Rock gold project located approximately eight miles southeast of the Pan mine. This PEA represents the first ever economic and technical analysis of mining at Gold Rock and shows the project can deliver solid returns for a modest capital investment. The PEA provides an updated mineral resource estimate and a base case assessment of developing the project as a satellite open pit operation that will share significant infrastructure and management with the adjacent Pan mine. The PEA also identifies a considerable number of opportunities to enhance the project economics as Gold Rock advances to the feasibility stage by drilling to increase the mineral resource, further metallurgical testing aimed at improving recoveries, and geotechnical drilling aimed at reducing the stripping ratio. On May 13, 2020, Fiore filed the related technical report.
The company also announced the start of a program at Gold Rock of resource expansion, metallurgical, geotechnical and condemnation drilling to advance the feasibility study through 2021. Initial drill results were released on Nov. 24, 2020, and were headlined by 48.8 metres of 2.17 g/t gold and 32.0 metres of 1.41 g/t gold. The company looks forward to providing more drill results and progress updates during 2021.
Revenue increased 45 per cent in 2020 relative to 2019 due to increased gold ounces produced and a higher average realized gold price. Income from mine operations, operating cash flow and net income all increased substantially due to the increased gross margin of 35 per cent in 2020, relative to 22 per cent in 2019. Operating cash flow was $24.3-million compared with prior year of $4.5-million. Net income was $18.0-million compared with prior year of $2.4-million. This resulted in 2020 earnings per share of 18 cents.
Stand-alone Q4 2020 was also strong with operating cash flow of $9.9-million and net income of $9.3-million.
The cash balance increased relative to Sept. 30, 2019, by $15.9-million. Cash increased despite investments in drilling at both Pan and Gold Rock, as well as the continuing leach pad expansion at Pan. Cash flow from Pan continued to finance all internal growth initiatives during FY 2020.
As of Sept. 30, 2020, the company continues to have a strong working capital surplus of $40.0-million, consisting of current assets of $50.8-million and current liabilities of $10.7-million. Refer to the company’s management discussion and analysis (MD&A) and financial statements for additional information.
The company’s corporate strategy is to grow Fiore Gold into a 150,000-ounce-per-year gold producer. To achieve this, it intends to:
- Grow gold production at the Pan mine while also growing the reserve and resource base;
- Advance exploration and development of the nearby Gold Rock project;
- Acquire additional production or near-production assets to complement its existing operations.
Fiore Gold will host a webinar with Red Cloud Securities on Thursday, Dec. 17, at 2 p.m. ET. Please register on the Red Cloud website. The webinar will be available for playback on Fiore’s website.
This earnings and fiscal year-end results news release should be read in conjunction with the management discussion and analysis, financial statements, and notes to the financial statements for fiscal 2020, which have been posted under the company’s profile on SEDAR and on its website.
The scientific and technical information contained in this news release relating to Fiore Gold’s Pan mine was approved by J. Ross MacLean (MMSA), Fiore Gold’s chief operating officer and a qualified person under National Instrument 43-101.
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Mtn Province sells $80.2-million in diamonds in Q4
Mountain Province Diamonds Inc. has provided the results of the fourth-quarter diamond sales.Read More
During the quarter, 956,348 carats were sold for total proceeds of $80.2-million ($61.7-million (U.S.)) resulting in an average value of $83.82 per carat ($64.53 (U.S.) per carat). The company was very encouraged that it saw continued price recovery during the quarter with most sales categories finishing above pre-COVID-19 values. The company has now concluded its rough diamond sales for 2020.
The company is also pleased to report the recovery and successful bid for the largest gem-quality diamond recovered to date from the Gahcho Kue mine located in the Northwest Territories, Canada. The diamond is a 157.40-carat gem of exceptional quality and will be offered for sale during the first quarter of 2021.
Stuart Brown, the company’s president and chief executive officer, commented: “The diamond industry has faced immense challenges during 2020 so to end the year with such a strong sales performance is very encouraging. Rough diamond prices, in the larger and better qualities, have been exceptional and pleasingly we saw further improvement in the smaller and lower-quality diamonds which we believe will continue to strengthen in 2021. We look forward to building on this positive momentum in the new year and put what has been a difficult 2020 behind us as the world starts the road to recovery from the COVID-19 pandemic.
“The recovery of the largest-ever diamond and the successful bid was certainly a boost to the morale of the company. It shows that the mine, although a high-volume producer of predominantly smaller diamonds, does produce diamonds of exceptional size and quality.”
About Mountain Province Diamonds Inc.
Mountain Province Diamonds is a 49-per-cent participant with De Beers group in the Gahcho Kue diamond mine located in Canada’s Northwest Territories. The Gahcho Kue joint venture property consists of several kimberlites that are actively being mined, developed and explored for future development. The company also controls 106,202 hectares of highly prospective mineral claims and leases immediately adjacent to the Gahcho Kue joint venture property that include an indicated mineral resource at the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.
The disclosure in this news release of scientific and technical information regarding Mountain Province’s mineral properties has been reviewed and approved by Keyvan Salehi, PEng, MBA, and Tom E. McCandless, PhD, PGeo, both qualified persons as defined by National Instrument 43-101 — Standards of Disclosure for Mineral Projects.
We seek Safe Harbor.
Eloro Resources files prospectus for $5.5M bought deal
In connection with its previously announced bought deal financing (see Eloro press releases dated Dec. 9, 2020), Eloro Resources Ltd. has filed a preliminary short form prospectus with the applicable securities regulators in each of the provinces of Canada, except Quebec. Under the terms of the financing, Haywood Securities Inc., as lead underwriter, and Echelon Wealth Partners Inc. have agreed to purchase, on a bought deal basis, 3,548,400 units at a price of $1.55 per unit for gross proceeds to the company of $5,500,020.Read More
Each unit will consist of one common share of the company and one-half of one common share purchase warrant of the company. Each warrant shall be exercisable to acquire one common share at a price of $2.00 for a period of 24 months from the closing date of the offering.
In addition, the company has agreed to grant to the underwriters an option to purchase up to an additional 15 per cent of the number of units sold under the offering at a price per unit equal to the issue price, on the same terms and conditions as the offering, exercisable at any time, in whole or in part, until the date that is 30 days following the closing of the offering.
The company intends to use the majority of the net proceeds from the offering for continued exploration of the company’s Iska Iska project in Bolivia, including 10,000 metres of additional diamond drilling planned to be carried out on the property (6,000 metres of drilling at Santa Barbara/Huayra Kasa and 4,000 metres of initial drilling at the Central Breccia Pipe). To date, the company’s drill program at Iska Iska has completed more than 4,800 metres of drilling in 19 underground and surface drill holes. Assay results for the first five drill holes were reported in the company’s Nov. 18, 2020, press release; assay results for the balance of the holes are pending.
The offering is scheduled to close on or about Dec. 30, 2020, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange and applicable securities regulatory authorities. The preliminary short form prospectus is still subject to completion or amendment. A copy of the preliminary short form prospectus is available electronically on SEDAR. There will not be any sale of or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.
Dr. Bill Pearson, PGeo, chief technical adviser for Eloro and a qualified person as such term is defined in National Instrument 43-101, has reviewed and approved the technical content of this news release.
About Eloro Resources Ltd.
Eloro is an exploration and mine development company with a portfolio of gold and base metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99-per-cent interest in the highly prospective Iska Iska property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi department in southern Bolivia. Eloro commissioned a National Instrument 43-101 technical report on Iska Iska, which was completed by Micon International Ltd. and is available on Eloro’s website and under Eloro’s filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82-per-cent interest in the La Victoria gold/silver project, located in the north-central mineral belt of Peru about 50 kilometres south of Barrick’s Lagunas Norte gold mine and Pan American Silver’s La Arena gold mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity, and is located at an altitude that ranges from 3,150 metres to 4,400 metres above sea level.
We seek Safe Harbor.
Plateau Energy 52,006 shares for debt
The TSX Venture Exchange has accepted for filing the company’s proposal to issue 52,006 common shares to settle outstanding debt for $13,830.
Number of creditors: one creditor
For more information, please refer to the company’s news release dated Dec. 7, 2020.
Norzinc finds Au in Prairie Creek core samples
Norzinc Ltd. has recently undertaken an investigative analysis of drill core samples from its 2020 surface drill program, hole PC-20-225. The intent of this analysis was to identify possible additional metal opportunities that have not been reassessed since the standard Prairie Creek assay suite was defined in 1993 and which did not include assaying for gold.Read More
Following the company’s news release on Dec. 11, 2020, additional results have been received as part of this follow-on investigation, whereby four out of 35 assays have returned anomalous gold values that have not previously been observed at Prairie Creek. These four samples are from stockwork-style mineralization (STK), which has only been included in the company’s defined mineral resources since 2015.
There are no gold anomalies present in the recent samples from the Main Quartz Vein (MQV) zone.
Prairie Creek has historically not been known to host gold values, and as such, the company’s quality assurance/quality control procedures are not sufficient to assess the validity or importance of these results. Confirmation will come through additional analyses by the current assay laboratory, as well as further confirmation at additional assay labs, along with testing of relevant standard reference materials (SRMs). This process is expected to take approximately six to eight weeks.
If the anomalies are still indicated, the company plans to execute a resampling program of STK material from previous drill programs, conducted over a further two- to three-month period, to better quantify the amount and spatiality of any anomaly. Based on the results of this analysis, future drill targets may be modified as the company continues to investigate this opportunity.
Unless otherwise indicated, all scientific and technical information relating to the company’s mineral projects contained in this news release has been reviewed and approved by Kerry Cupit, PGeo, who, by reason of education, membership in professional associations (as defined in National Instrument 43-101) and past relevant work experience, fulfills the requirements of a qualified person as defined in NI 43-101. Mr. Cupit is an exploration and project manager employed by the company, with a BSc in earth sciences (geology).
About Norzinc Ltd.
Norzinc is a Toronto Stock Exchange-listed mine development company trading under the symbol NZC. Norzinc is developing its key project, the 100-per-cent-owned high-grade zinc-lead-silver Prairie Creek mine, located in the Northwest Territories. Norzinc also owns projects in Newfoundland that host several zinc-lead-copper-gold-silver deposits.
We seek Safe Harbor.
Canada Silver drills 2.86 m of 3.82 g/t Au at Castle
Canada Silver Cobalt Works Inc. has intersected high-grade gold mineralization with cobalt within the high-grade silver-cobalt-mineralized vein structures at the Castle property. Drilling continues around the clock, seven days a week with two drills. A 50,000-metre drill program is in place of which 18,000 metres have been completed.Read More
- CS-20-31 intersected 24.95 grams per tonne Au over 0.30 metre from 49.70 to 50.00 m with visible gold in calcite veining within Archean volcanic tuff.
- CS-20-31, drilled toward the north, intersected 3.82 g/t Au over 2.86 metres from 451.00 to 453.86 m, including 6.11 g/t Au over 1.66 metres from 451.52 to 453.18 m.
- CS-20-25, collared 300 metres northwest of CS-20-31, intersected three separate vein structures at shallower levels. This hole intersected 5.00 g/t Au over one metre, from 315.00 to 316.00 m; 0.78 g/t Au over 0.8 metre, from 145.50 to 146.30 m; and 0.6 g/t Au over one metre, from 240.00 to 241.00 m.
Hole name From To Length Au Ag Co Cu Ni (m) (m) (m) (g/t) (g/t) (ppm) (ppm) (ppm) CS-20-31 49.70 50.00 0.30 24.95 na na na na CS-20-31 451.00 453.86 2.86 3.82 4 1,339 226 164 including 451.52 453.18 1.66 6.11 5 2,015 64 230 CS-20-25 315.00 316.00 1.00 5.00 2 18 121 59 CS-20-22W2 634.00 637.00 3.00 0.72 0 57 98 87 including 636.00 637.00 1.00 1.27 0 33 91 85 CS-20-22W2 407.60 408.20 0.60 0.03 318 31 247 62 CS-20-25 145.50 146.30 0.80 0.78 1 23 33 31 CS-20-25 240.00 241.00 1.00 0.61 1 27 297 78 CS-20-26 565.62 566.00 0.38 0.07 1,546 90 173 74 CS-20-28 459.60 460.00 0.40 0.00 3,453 209 257 60 CS-20-28W1 466.00 466.30 0.30 0.02 638 111 131 53
The gold-cobalt mineralization found in hole CS-20-31 is the fourth potential expansion to the Robinson system, giving at least five mineralized veins in the area. The vein in hole CS-20-31 appears to be a different orientation to the other en echelon veins identified and is the first vein in the Robinson system with significant gold results. A percentage of holes in this program has been allocated to identifying and following up on structures in this orientation. With this new discovery, the information previously gathered to the west is being revisited and reinterpreted to identify a potential connection between the Archean gold system previously identified and these veins found in the diabase.
Matt Halliday, PGeo, Canada Silver Cobalt’s president, commented: “Hole CS-20-25 is confirming the working hypothesis regarding the potential correlation between the gold mineralization in the Robinson zone and that previously identified in the gold zone immediately west of the Robinson where substantial Archean alteration typically associated with gold mineralization has been recorded. Significantly, in hole CS-20-31, a gold structure within the Robinson zone, that is associated with the silver-cobalt veins of the diabase, has been identified. Given the reports from this historic camp of silver bars containing recoverable amounts of gold, this newly identified gold mineralization is extremely exciting. Additionally, CS-20-31 has visible gold near surface. This, and identifying further gold mineralization near surface, will dramatically impact the economics of the Robinson zone vein system.”
Gold target above the diabase
Starting 40 metres downhole and continuing to 368 metres, CS-20-24 intersected multiple, potential gold-bearing quartz-carbonate, multigenerational veins with sulphide mineralization and intense alteration in the Archean package above the Nipissing diabase. Arsenopyrite was also noted in feldspar porphyry.
As reported by Canada Silver Cobalt on March 2, 2020, the last drill hole that targeted gold mineralization at Castle East (CS-19-19) intersected 4.3 grams per tonne gold over four metres and 1.5 g/t Au over 12.5 metres within a 30-metre mineralized zone (core length, true width unknown at this time) grading 0.70 g/t (vertical depth approximately 240 metres). This broad interval included one metre that returned 15.2 g/t Au. This early-stage gold discovery is approximately 460 metres southwest of the visually encouraging zones encountered in CS-20-24, and the potential relationship between the two areas is being investigated as geologists await assays for this latest hole.
Now, with gold found in CS-20-31 near surface and within the diabase, the potential corridor of Archean gold has been increased by over 200 m at surface. If the gold in the cobalt-silver veins comes from reactivated Archean structures, this could also indicate gold at depth below the diabase.
The Castle property is 15 km east of Pan American Silver’s Juby gold deposit, 30 km due south of Alamos Gold’s Young-Davidson mine, 75 km southwest of Kirkland Lake Gold’s Macassa complex and 100 km southeast of new gold discoveries in the Timmins West area.
Quality assurance/quality control
Castle East core samples were collected using a 0.3-metre minimum length and a one-metre maximum length. Drill core recovery averaged 95 per cent. Two quality control samples (blank and standards) were inserted into each batch of 20 samples. The drill core was sawn with one-half of the split core placed in a plastic bag with the sample tag and sealed, while the second half was returned to the core box for storage on site. Where silver or gold was visually and significantly present, a pulp metallic analysis on full sample was requested for the silver and gold assays where the entire sample is dried, weighed and crushed over 95 per cent then fully pulverized and passed through 200-mesh screen to create a plus-200-mesh fraction (metallics) and a minus-200-mesh fraction (pulp). The minus-200-mesh fraction (fines) was run using geochemical analysis with AA (atomic absorption) finish for Ag, Au, Cu, Ni and Co. The entire plus-200-mesh (coarse) fraction was analyzed using gravimetric processes (fire assay) for both Ag and Au to provide a weighted average assay for the entire sample. Swastika Laboratories is an ISO (International Organization for Standardization) 17025-certified lab independent of Canada Cobalt.
The technical information in this news release was prepared under the supervision of Matthew Halliday, PGeo (APGO), president of Canada Silver Cobalt Works Inc., a qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt released the first ever resource in the Gowganda camp and greater Cobalt camp in May, 2020. A total of 7.56 million ounces of silver in inferred resources comprise very high-grade silver (8,582 grams per tonne uncut or 250.2 ounces per ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Robinson zone beginning at a vertical depth of approximately 400 metres. The discovery remains open in all directions (1A and 1B are approximately 800 metres from the east-trending Capitol mine workings) (mineral resources that are not mineral reserves do not have demonstrated economic viability) (refer to Canada Silver Cobalt Works press release dated May 28, 2020).
We seek Safe Harbor.
FenixOro Intercepts 71 g/t Gold and Discovers Multiple New Gold Bearing Veins at Abriaqui
TORONTO, Dec. 17, 2020 (GLOBE NEWSWIRE) — FenixOro Gold Corp (CSE:FENX, OTCQB:FDVXF, Frankfurt:8FD) is pleased to announce additional high grade intercepts and the discovery of new, previously unknown gold bearing veins at the early stage Abriaqui Project in Antioquia State, Colombia. These assays represent additional results from hole P001001 and preliminary results from holes P002001, P003002 and P004002. Highlights include:Read More
- A total of nine veins were intersected in P001001 with previously unreported intercepts including:
° 1.30 meters at 28.18 g/t gold from 381.7 meter depth including
° 0.50 meters at 71.9 g/t gold and 60.2 g/t silver
- Ten additional veins intersected in holes 002-004 with grades up to 18.55 g/t gold. Four additional zones 7 meters to 10 meters thick intersected lower grade gold
- Six of the veins drilled in holes 002-004 were virgin discoveries targeted by gold-in-soil anomalies. These new discoveries validate the soil sampling technique in this weathering environment and significantly increase the prospectivity of many areas throughout the property that have no known or visible mineralization.
- Drilling to date has tested only about 20% of known mineralization to a depth of only 350 meters below surface. Many high grade vein targets are yet to be tested, along with additional areas of replacement and porphyry style gold potential.
Principal take-aways from the initial drill results to date include:
- The high grades seen in shallow mine sampling throughout the property have been proven at depth and the total vertical extent of high grade in veins has been extended to more than 1000 meters.
- There is no indication that high grade in veins is diminishing at depth as one of the deepest intercepts to date runs 71.9 g/t gold.
- The potential for high grade gold can be estimated from the extensive distribution of small mines (see Figure 1) as the artisanal miners only worked areas of highest grade given their primitive free gold recovery technology.
- The soil sampling technique has been validated by several newly discovered veins in holes 002-004. This puts numerous additional areas into play property-wide (see Figure 2 and Press Releases of August 19 and October 22, 2020).
- The presence of four thicker mineralized zones characterized by intense quartz-carbonate veining and hosted by three different rock types bodes well for future discoveries in multiple environments.
The planned 10-hole, 4500-meter Phase 1 program began in early October and to date, almost 3000 meters have been completed. Drilling conditions and contractor performance have been excellent with core recoveries at almost 100% in all holes. At the current rate Phase 1, which is on time and within budget, will be finished in January of 2021.
Geological Description of the Abriaqui Project
The main target at Abriaqui is a series of over 80 mesothermal style quartz +/- carbonate veins with a sulfide assemblage dominated by pyite-pyrrhotite. The veins are developed in a 1.5 x 4 kilometer diorite body of upper Miocene age and a hornfels zone developed in flanking sediments. The veins are developed in east-west and northwest trending structural corridors 250-350 meters wide and up to 1200 meters long. Assays of over 20 g/t gold have been received for veins over a 1000-meter vertical interval from shallow mine workings and drill intercepts. There is little difference in grade or metal ratios within the vertical range observed which is typical of higher temperature, deep seated mesothermal veins. Gold grades of +20 g/t are common in the veins with occasional samples in excess of 100 g/t.
There is additional gold mineralization in stockwork veinlet zones and breccias between some of the veins which adds potential for thicker widths of mineralization. There is also lower grade gold mineralization in manto-style replacement zones in parts of the sedimentary package.
The geological setting at Abriaqui is similar to that at the Buritica gold deposit 15 kilometers to the east. The global resource at Buritica is 11.3 million ounces at an average of 9.4 g/t gold (Continental Gold press release, January 30, 2019). At Buritica the host diorite intrusion is of similar age, size, and composition to that at Abriaqui and high grade gold veins have been drilled over a minimum 1200m vertical interval. The Abriaqui veins would correspond to the deeper part of the Buritica system where the sulfide and alteration assemblages are dominated by pyrrhotite, magnetite and biotite (Continental Gold press release, September 25, 2019).
Details of Drill results to Date
Figure 1 shows the status of drilling as of mid-December, 2020. The aim of the Phase 1 drill program is to test as many of the known veins as possible as well as several of the significant gold-in-soil anomalies found between known vein families. The holes are testing veins hosted by the diorite and the hornfels zone adjacent to the contact. This drill phase is restricted to the main vein swarm in the northwestern part of the property as the more logistically challenging southeastern vein group will require more time for preparing access.
Additional assay results have been received for hole P001001. These are highlighted in Table 1 along with results previously reported in the Press Release of November 24, 2020. Newly reported intervals include a 1.3 meter intercept from 381.7 meter depth at 21.18 g/t gold which includes the highest individual assay received to date from the drilling, 0.50 meters at 71.9 g/t gold with 60.2 g/t silver. The new results bring the total number of significantly mineralized veins in the hole to nine. There is excellent continuity of veins and gold grade between the shallow mine workings and the intercepts at depth and the 71 g/t assay is higher than any gold grade seen in mine sampling in the entire area of Figure 1.
Figure 1. The first four drill holes at Abriaqui showing gold intercepts, known veins and historical mines.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4bd85bad-d9d3-4891-b4d5-da77e8f47cdc
Hole P002001 was drilled to the northeast from the same pad to test an area with little known mineralization and only one small historical mine. It was designed as the first test of the 25+ gold-in-soil anomalies seen throughout the property (see Press Releases dated August 19 and October 22, 2020). Numerous new veins were intersected including the probable western extensions of two of the east-west trending family which outcrop further to the east. Though there were no very high grade intersections, the hole is extremely important in that it validates the soil sampling technique used and elevates the potential of multiple additional areas with no outcropping gold mineralization.
Hole P003002 was drilled to the north across the family of east-west trending veins in an area of sparsely developed historical mining (Figure 1). The hole was designed to test the east-west vein corridor in the area of the diorite-sediment contact. Two 7-8 meter thick zones were intersected which were characterized by intense replacement by quartz-carbonate veinlets (up to 70% of rock volume) with disseminated sulfide. A third 9 meter thick zone comprised of an intensely brecciated mafic dike with hydrothermal silica cement was also uniformly mineralized at low grade. In aggregate these zones each averaged less than 2 g/t gold but the varied styles of mineralization indicate potential for thicker mineralized zones in several other areas of the property.
Hole P004002 was drilled to test for an eastern extension of the east-west vein family in the sediments more than 200 meters out from the diorite contact. Several thin veins were intersected with grades up to 18.55 g/t gold in addition to a 9 meter thick zone of intense quartz-carbonate veining which averaged 1.5 g/t gold. As in hole 003, thicker zones hosted by different rock types are showing intense veining and gold mineralization associated with the east-west vein trend in the northeastern part of the property at what we are assuming is near the outer limit of the Abriaqui hydrothermal system.
Plan Going Forward
Phase 1 drilling should be concluded by January of 2021. Planning for Phase 2 will depend on results as well as ongoing surface exploration and soil sampling. It is likely to include a significant component of follow-up and offset drilling of the high grade vein intersections and first pass tests of several of the larger soil anomalies. High grade vein, soil gold, and geophysical targets in the as-yet undrilled southeastern license will also be prioritized subject to permitting. Geological work will include follow-up mapping and expanded soil sampling in the area of the southeast magnetic/soil anomaly (see Press Release of October 22, 2020). Additionally, the Company plans to conduct a first pass reconnaissance in the large area of the new Polo acquisition (expected Q1 2021). Many of these additional targets are highlighted in Figure 2.
Figure 2. Significant additional targets in the expanded district
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cba09ad1-f030-47fb-8d15-6a38d152f02c
Table 1. Significant mineralized intercepts from holes 001-004. Numbers in bold font are newly reported in this Press Release
A table accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/613a9d98-3754-446a-9b78-e3a749f3e975
Stuart Moller, Vice President Exploration and Director of the Company and a Qualified Person for the purposes of NI 43-101 (P.Geo, British Colombia), has prepared or supervised the preparation of the technical information contained in this press release. Mr. Moller has more than 40 years of experience in exploration for precious and other metals including ten in Colombia and is a Fellow of the Society of Exploration Geologists.
Drill core sampling is done in accordance with industry standards. The HQ and NQ diameter core is sawed, and half core samples are submitted to the laboratory. The other half core along with laboratory coarse reject material and sample pulps are stored in secure facilities on site and/or in the sample prep lab. Following strict chain of custody protocols, the samples are driven to the ISO 17025:2017 certified ALS Laboratory sample preparation facility in Medellin and ALS ships the prepared pulps to their assay laboratory in Lima, Peru. Blanks, duplicates, and certified reference standards totaling 15% of the total samples are inserted into the sample stream. To date, no material quality control issues have been detected. Gold is analyzed by fire assay with 50 gram charges for grades in excess of 10 grams per tonne and the additional elements are analyzed by ICP with appropriate follow-up for over- limits.
Reported grade intervals are calculated using uncut gold values at a minimum grade cutoff of one gram per tonne gold. The one gram level was chosen as being reasonable for reporting purposes but it has no necessary relation to potential future resource/reserve calculations. The current database is too small to calculate statistically valid levels for cutting of high grade. Maximum sample length is one meter and the length of sub-cutoff grade core contained within a given interval is restricted to one meter. Reported sample and interval widths are based on lengths of individual samples in core and do not necessarily represent true widths of mineralization. True widths will often be less than the quoted interval lengths.
The currently reported results may not represent full results for a given drill hole as some additional sampling may be required. All material drill results will be publicly reported in due course regardless of when they are received.
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.
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. A Phase 1 drilling program has begun at Abriaqui following the completion of surface and underground geological mapping and sampling, as well as a preliminary magnetometry survey.
FenixOro’s VP of Exploration, Stuart Moller, led the discovery team at Buritica for Continental Gold in 2007-2011. At the time of its latest report, the Buritica Mine 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 began formal production in November 2020 and has expected 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”). 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. Continental Gold was recently the subject of a takeover by Zijin Mining in an all-cash transaction valued at C$1.4 billion.
FenixOro Gold Corp
350 Bay St. Suite 700
Cautionary Statement on Forward-Looking Information
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of FenixOro’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “will”, “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein include, but are not limited to information concerning the Abriaqui. Although FenixOro believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. In particular, there is no guarantee that Abriaqui will produce viable quantities of minerals, that the Company will pursue Abriaqui or that any mineral deposits will be found.. The forward-looking information and forward-looking statements contained in this news release are made as of the date of this press release, and FenixOro does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release.
The first four drill holes at Abriaqui showing gold intercepts, known veins and historical mines.Figure 2
Significant additional targets in the expanded district.Table 1
Significant mineralized intercepts from holes 001-004. Numbers in bold font are newly reported in this Press Release
Cantex Intersects 23.67 Metre Zone Containing Massive Sulphides at 700 Metres Depth at North Rackla
KELOWNA, BC, Dec. 17, 2020 /CNW/ – Cantex Mine Development Corp. (CD: TSXV) (the “Company”) has released an update on the work program at its 14,077 hectare North Rackla claim block where drill results continue to define a lead-zinc-silver mineralized system with Broken Hill Type (BHT) affinities.Read More
Dr. Chuck Fipke reports
- Results for Main Zone drilling from pad MZ34 extend depth of mineralization to 700 metres below surface with a 23.67 metre true width intersection
- A total of 24 holes for 11,210 metres were completed during the season with all core samples either received by or on their way to the laboratory for analysis
MAIN ZONE RESULTS
Assay results have been received for a further four holes drilled from two pads. The pad locations are presented in Figure 1 and the results are reported below in Table 1.
As presented in Table 1, mineralization was intersected over 58.2 metres of hole YKDD20-163. This intersection is the deepest drilled on the project to date, at 700 metres below surface. The mineralization is wide, with a true width of 23.67 metres and an average grade of 8.15% combined lead and zinc with 24 g/t silver. Within this there are several high grade zones, including a 4.62 metre true width of 19.24% combined lead and zinc with 67 g/t silver.
While most of the results from hole YKDD20-159 were disclosed in a previous release (dated October 28, 2020) one additional deeper interval has now been received. This is presented Table 1 below.
The last of the samples from the 2020 drill program are presently on their way to the laboratory for processing. These results, along with those already submitted for analysis, will be reported when received.
Table 1. Drill results
Structural geologist Chris Buchanan’s work suggests that mineralization at the Central Target has been offset by an east-west fault. This explains the apparent north-easterly offset of mineralisation and why sulphides were not intersected in this area during the 2019 drilling. Unfortunately, this was not able to be tested this year and will be a priority next season.
The drill holes reported in this press release were drilled using HQ (63.5mm) diamond drill bits. In a few cases, where the drill lacked sufficient power to drill this large core at depth, the hole was reduced to NQ (47.6mm). The core was logged, marked up for sampling and then divided into equal halves using a diamond saw on site. One half of the core was left in the original core box. The other half was sampled and placed into sealed bags which were in turn placed into larger bags closed with security seals prior to being transported to CF Mineral Research Ltd. in Kelowna, BC.
At CF Minerals the drill core and prospecting rock samples were dried prior to crushing to -10 mesh. The samples, which averaged over 3kg, were then mixed prior to splitting off 800g. The 800g splits were pulverized to -200 mesh and a 250g split was sent for assay. Quality control procedures included running a barren sand sample through both the crusher and pulveriser between each sample to ensure no inter-sample contamination occurred. Silica blanks were inserted along with certified reference samples. These quality control samples were each inserted approximately every 20 samples.
ALS Chemex in Vancouver assayed the samples using a four-acid digestion with an ICP-MS finish. The 48 element ME-MS61 technique was used to provide a geochemical signature of the mineralization. Where lead, zinc or copper values exceeded one percent the Pb-OG62, Zn-OG62 or Cu-OG62 techniques were used. These have upper limits of 20% lead, 30% zinc and 50% copper, respectively. Samples with lead and zinc values over these limits were then analyzed by titration methods Pb-VOL70 and Zn-VOL50. Where silver samples exceeded 100 g/t the Ag-OG62 technique was used which has an upper limit of 1,500 g/t. When this was exceeded the Ag-GRA21 technique was used. Gold was assayed for using Au-ICP22 which has an upper limit of 10 g/t; where exceeded the Au-GRA22 technique was used. The over limit analyses (and the over limit – over limit analyses) contributed to delays in receiving final assay results.
The technical information and results reported here have been reviewed by Mr. Chad Ulansky P.Geol., a Qualified Person under National Instrument 43-101, who is responsible for the technical content of this release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Information set forth in this news release includes forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the terms and completion of the proposed sale transaction are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks identified in the management discussion and analysis section of the Company’s interim and most recent annual financial statements or other reports and filings with Canadian securities regulators. Forward looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the respective companies undertake no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
SOURCE Cantex Mine Development Corp.
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Cantex Mine Development Corp, Tel: +1-250-860-8582; Email: firstname.lastname@example.org
HPQ NANO Reaches Major Milestones With Gen 1 Nano Silicon Reactor Operational
MONTREAL, Dec. 17, 2020 (GLOBE NEWSWIRE) — Innovative silicon solutions provider HPQ Silicon Resources Inc. (“HPQ” or “the Company”) (TSX-V: HPQ; FWB: UGE;Other OTC : URAGF), through its wholly – owned subsidiary, HPQ Nano Silicon Powders inc (“HPQ NANO”), is pleased to announce today that technology provider PyroGenesis Canada Inc.(TSX: PYR) has informed HPQ NANO that phase 1 of the PUREVAPTM Nano Silicon Reactor (“NSiR”) development program has reached the commissioning stage, with the Gen1 PUREVAPTMNSiR now ready to start producing Silicon nano materials.Read More
“The announcement today is indeed a major milestone and we are proud at having played a key role in this accomplishment. We are all extremely excited to have the Nano Reactor up and running, on schedule and on budget, particularly during these trying times.” said P. Peter Pascali CEO and Chairman of PyroGenesis Canada Inc. “The next major step is to get qualified samples into end user’s hands which we are pushing to do before year-end, or shortly afterwards. The more we progress with the Nano reactor the more it seems to us to be a real game changer. It may very well become the gold standard for making nano Si for the battery industry. Success to date bodes well for the future, and today’s announcement is one major step in that direction”.
PUREVAPTM NSiR LOW-COST SPHERICAL SILICON MATERIALS: A GAME CHANGING LEAP
Despite strong research and massive investment in Silicon material for batteries, current manufacturing processes are simply not scalable or commercially viable. With a capability of producing tailor made silicon materials within a wide range (from < 0.20 µm up to 5 µm), the PUREVAPTM NSiR represents a game changing leap forward in resolving the issues of commercial viability and scalability.
With the Gen1 NSiR now operational, HPQ NANO will be uniquely positioned to be able to offer industry participants a wide spectrum of products for testing, while we advance phase 2 of the PUREVAPTM NSiR development program towards the confirmation of the scalability of the process in order to increase our capacity to meet the anticipated emerging demands from battery, EV manufactures and other markets looking for nano silicon materials.
Image 1) HPQ NANO Phase 1 and Phase 2 project timelines is available at:
“First, let me thank the PyroGenesis team for getting the Gen1 PUREVAPTMNSiR operational, on time and on budget, during these challenging times. This is a major and critical milestone for us. Having the capability to produce Silicon nanopowders and nanowires will allow HPQ to be at the forefront of Nano Silicon for batteries as we continue working on scaling up the capacities of our next generation of PUREVAPTMNSiR reactors. This is another demonstration of the depth and flexibility of HPQ’s R&D consortium as we strive to produce products for renewable energy storage participants and electric vehicle manufacturers, who are searching for cost effective ways of increasing the Silicon contained in their batteries.,” said Bernard Tourillon, President and CEO HPQ Silicon. “Silicon’s potential to meet energy storage demand is undeniable, generating massive investments, and serious industry interest. We are very confident that demand for the Silicon materials we will produce, with our low-cost scalable processes, will be in high demand by batteries and EV manufacturers in this renewable energy revolution.”
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., a high-tech company, is a leader in the design, development, manufacture and commercialization of advanced plasma processes and products. The Company provides its engineering and manufacturing expertise and its turnkey process equipment packages to customers in the defense, metallurgical, mining, advanced materials (including 3D printing), and environmental industries. With a team of experienced engineers, scientists and technicians working out of its Montreal office and its 3,800 m2 manufacturing facility, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The Company’s core competencies allow PyroGenesis to provide innovative plasma torches, plasma waste processes, high-temperature metallurgical processes, and engineering services to the global marketplace. PyroGenesis’ operations are ISO 9001:2015 and AS9100D certified. For more information, please visit www.pyrogenesis.com.
About HPQ Silicon
Silicon (Si), also known as silicon metal, is one of today’s key strategic materials needed for the decarbonization of the economy and the Renewable Energy Revolution (“RER”).
Silicon is the most abundant element in earth’s crust but does not exist in its pure state and must be extracted from quartz (SiO2) in what has historically been a capital and energy intensive process. HPQ is building a portfolio of silicon–based products using innovative scalable processes. The target objective is to produce high value speciality Silicon products using technologies that will reduce energy consumption, GHG’s, and carbon footprint.
- The PUREVAPTM “Quartz Reduction Reactors” (QRR), an innovative process (patent pending), which will permit the one step transformation of quartz (SiO2) into high purity silicon (Si) at reduced costs, energy input, and carbon footprint that will propagate its considerable renewable energy potential.
- HPQ believes it will become the lowest cost (Capex and Opex) producer of silicon (Si) and high purity silicon metal (3N – 4N Si).
- Through its 100% owned subsidiary HPQ NANO Silicon Powders Inc, the PUREVAPTM Nano Silicon Reactor (NSiR), a new proprietary process that can use different purities of silicon (Si) as feedstock, to make spherical silicon nanopowders and nanowires.
- HPQ believes it can also become the lowest cost manufacturer of spherical Si nanopowders and silicon-based composites needed by manufacturers of next-generation lithium-ion batteries.
- During the coming months, spherical Si nanopowders and nanowires silicon-based composite samples requested by industry participants and research institutions’ will be produced using PUREVAPTMSiNR.
- HPQ believes it can also become the lowest cost manufacturer of spherical Si nanopowders and silicon-based composites needed by manufacturers of next-generation lithium-ion batteries.
HPQ is also working with industry leader Apollon Solar of France to:
- Use their patented process and develop a capability to produce commercially porous silicon (Si) wafers and porous silicon (Si) powders.
- The collaboration will allow HPQ to become the lowest cost producer of porous silicon wafers for all-solid -state batteries and porous silicon powders for Li-ion batteries.
- Develop the hydrogen generation potential of Silicon nanopowders for use with the GennaoTM system.
- Commercialize, exclusively in Canada, and non-exclusive in the U.S.A., the GennaoTM H2 system and the chemical powders required for the hydrolysis production of Hydrogen (“H2”).
This News Release is available on the company’s CEO Verified Discussion Forum, a moderated social media platform that enables civilized discussion and Q&A between Management and Shareholders.
The Corporation’s interest in developing the PUREVAP™ QRR and any projected capital or operating cost savings associated with its development should not be construed as being related to the establishing the economic viability or technical feasibility of any of the Company’s Quartz Projects.
This press release contains certain forward-looking statements, including, without limitation, statements containing the words “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “in the process” and other similar expressions which constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements reflect the Company’s current expectation and assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company’s on-going filings with the security’s regulatory authorities, which filings can be found at http://www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact
Bernard J. Tourillon, Chairman, President and CEO Tel (514) 907-1011
Patrick Levasseur, Vice-President and COO Tel: (514) 262-9239
http://www.hpqsilicon.com Email: Info@hpqsilicon.com
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Defiance Silver unit acquires royalty option on Tepal
Geologix Explorations Mexico SA de CV, a subsidiary of Defiance Silver Corp., has acquired an option to repurchase the royalty on the company’s Tepal project in Michoacan, Mexico, from Minera Tepal SA de CV. The company has the option to acquire the existing 2.5% NSR from Minera Tepal over four years for total consideration of USD $4.85 million. Payments may be accelerated at the option of the purchaser.Read More
Chris Wright, Executive Chairman & CEO, commented: “We are pleased to conclude this transaction with Minera Tepal and want to thank them for their continued support in developing the Tepal Au-Cu deposit. Acquiring an option to repurchase the NSR royalty enhances the project economics at Tepal and will enable Defiance to preserve flexibility for financing future development of the project.”
Investor Relations Agreement
Defiance also announces that it has ended the investor relations consulting agreement previously announced on September 16th, 2019. Both parties have waived the thirty-day written notice period.
About Defiance Silver Corp.
Defiance Silver Corp. (TSXV: DEF) (OTC Pink: DNCVF) (FSE: D4E) is an exploration company advancing their district-scale San Acacio Deposit, located in the historic Zacatecas Silver District and the 100% owned Tepal Gold/Copper Project in Michoacan state, Mexico. Defiance is managed by a team of proven mine developers with a track record of exploring, advancing and developing several operating mines and advanced resource projects. Defiance’s corporate mandate is to expand the San Acacio and Tepal projects to become premier Mexican silver and gold deposits.
We seek Safe Harbor.
Kootenay Silver and Aztec Minerals Sign Joint Venture Agreement for the Cervantes Project, Sonora State, Mexico
VANCOUVER, BC, Dec. 17, 2020 /CNW/ – Kootenay Silver Inc. (TSXV: KTN) (the “Company” or “Kootenay”) is pleased to announce the Company has entered into a joint venture agreement with Aztec Minerals Corp. (TSXV: AZT) (“Aztec”) in respect of the Cervantes porphyry gold-copper project in Sonora, Mexico (“Cervantes”). As noted in the Aztec press release dated July 30, 2019, Aztec has completed its earn-in and exercised the option to acquire a 65% interest in Cervantes. Kootenay retains the remaining 35% interest. The parties will hold their interests in Cervantes indirectly through share ownership in a joint venture company, Aztec Minerals (Mexico) JV. Corp. The joint venture company indirectly owns 100% of Cervantes through its wholly owned subsidiary, Minera Azteca Dorado S.A. de CV.Read More
Simon Dyakowski, CEO of Aztec, stated “We are pleased to have finalized the Cervantes joint venture agreement with Kootenay and look forward to recommencing exploration activities at the project in 2021. Aztec’s first drill program at Cervantes resulted in the discovery of a large, well mineralized gold oxide zone at the California zone, one of several prospective porphyry gold-copper targets on the property. Aztec and Kootenay will now form a joint venture Management Committee with Aztec as the Operator of the joint venture. The Committee will meet in the new year to review and approve the next phase of exploration to unfold the full potential of this exciting exploration asset.”
James McDonald President and CEO of Kootenay added “We are excited about formulating the first exploration plan under the JV agreement and look forward to further testing of the California oxide gold zone and larger gold copper porphyry potential associated with it. The initial acquisition and identification of Cervantes is the result of the project generative work by Kootenay’s technical team. It is an example of the quality of early stage projects within the Company’s pipeline of projects that includes several properties in Mexico and Canada currently available for option.”
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Kootenay Silver Inc.
Kootenay Silver Inc. is an exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre Region of Mexico and in British Columbia, Canada. Supported by one of the largest junior portfolios of silver assets in Mexico, Kootenay continues to provide its shareholders with significant leverage to silver prices. The Company remains focused on the expansion of its current silver resources, new discoveries and the near-term economic development of its priority silver projects located in the states of Sonora, Sinaloa and Chihuahua, Mexico, respectively.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
The information in this news release has been prepared as at December 16, 2020. Certain statements in this news release, referred to herein as “forward-looking statements”, constitute “forward-looking statements” under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as “expected”, “may”, “will” or similar terms.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Kootenay as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by law, Kootenay expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Kootenay’s expectations or any change in events, conditions or circumstances on which any such statement is based.
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SOURCE Kootenay Silver Inc.
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James McDonald, CEO and President at 403-880-6016; Ken Berry, Chairman at 604-601-5652; 1-888-601-5650, or visit: http://www.kootenaysilver.com
Serengeti and Sun Metals Close Upsized $10,350,000 Bought Deal Offering in Connection With Merger Transaction
VANCOUVER, BC, Dec. 17, 2020 /CNW/ – Serengeti Resources Inc. (TSXV: SIR) (“Serengeti“) and Sun Metals Corp. (TSXV: SUNM) (“Sun Metals“) are pleased to announce, further to their joint news releases dated November 30, 2020 and December 2, 2020, the closing of the previously announced upsized bought deal financing of 82,800,000 subscription receipts (the “Subscription Receipts“) of Sun Metals, at a price of $0.125 per Subscription Receipt (the “Issue Price“) for gross proceeds of $10,350,000 (the “Offering“). The Offering included a full exercise of the underwriters’ over-allotment option, and was co-led by PI Financial Corp. and Haywood Securities Inc. (the “Co-Lead Underwriters”), and included Agentis Capital Markets Canada Limited Partnership, Clarus Securities Inc. and Cormark Securities Inc. (collectively, with the Co-Lead Underwriters, the “Underwriters“).Read More
The Offering is being conducted in connection with the previously announced merger transaction, whereby Serengeti will acquire all of the shares of Sun Metals on the basis of 0.43 common shares of Serengeti (on a pre-Consolidation (as defined below) basis) for each share of Sun Metals held (the “Exchange Ratio“), to create a premier Canadian multi-asset copper-gold developer (the “Transaction“). Proceeds from the issue and sale of the Subscription Receipts will be used to advance the collective portfolio of copper-gold exploration and development assets in British Columbia, and for general working capital purposes.
The Subscription Receipts were issued pursuant to a subscription receipt agreement (the “Subscription Receipt Agreement“) entered into by Sun Metals, Serengeti, the Co-Lead Underwriters, and Computershare Trust Company of Canada as subscription receipt agent. Pursuant to the Subscription Receipt Agreement, the gross proceeds of the Offering (less 50% of the Underwriters’ cash commission and all of the Underwriters’ expenses) (the “Escrowed Funds“) will be held in escrow pending satisfaction of certain conditions, including, amongst others, (a) the satisfaction or waiver of each of the conditions precedent to the Transaction; and (b) the receipt of all required shareholder and regulatory approvals in connection with the Transaction and the Offering, including the conditional approval of the TSX Venture Exchange (the “TSX-V“) (collectively, the “Escrow Release Conditions“). If the Escrow Release Conditions have not been satisfied on or prior to March 31, 2021, the holders of Subscription Receipts will be returned a cash amount equal to the Issue Price of the Subscription Receipts and any interest that has been earned on the Escrowed Funds.
Upon the satisfaction of the Escrow Release Conditions prior to March 31, 2021, each Subscription Receipt will automatically convert into one Unit (each, a “Unit“) of Sun Metals which shall be exchanged, adjusted, or converted into securities of Serengeti at the Exchange Ratio, on a post-Consolidation basis, upon completion of the Transaction. The number of units of Serengeti to be exchanged or adjusted will reflect the previously announced consolidation (the “Consolidation“), whereby immediately prior to the closing of the Transaction, Serengeti will consolidate its common shares on a two for one basis, subject to the receipt of all necessary approvals.
Each Unit will consist of one common share of Sun Metals (each a “Common Share“) and one-half of one common share purchase warrant (each a “Warrant“). Each full Warrant will be exercisable to acquire one common share of Sun Metals (each a “Warrant Share“) for a period of 24 months from the closing of the Offering, at an exercise price of $0.18. Each Warrant is subject to acceleration in the event that the volume weighted average trading price of the common shares of Sun Metals on the TSX Venture Exchange is equal to or greater than $0.30 for 20 consecutive trading days. All prices to be adjusted by the Exchange Ratio upon completion of the Transaction. It is expected that an aggregate of 17,802,000 post-Consolidation shares of Serengeti will be issued and the warrants will be adjusted to entitle the holders to acquire an additional 8,901,000 post-Consolidation shares of Serengeti at an approximate effective price of $0.84 per share, on or before December 17, 2022, subject to agreed acceleration provisions, on conversion of the Subscription Receipts and following completion of the Transaction.
The Subscription Receipts were offered by way of a private placement in all the provinces of Canada and in the United States on a private placement basis pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act“). The Subscription Receipts and the Common Shares, Warrants and Warrant Shares underlying the Subscription Receipts, will be subject to a statutory four-month hold period in accordance with Canadian securities legislation, or until such securities are exchanged or adjusted pursuant to the Transaction.
Certain insiders of Sun Metals acquired Subscription Receipts pursuant to the Offering and as such the Offering is considered a related party transaction with the meaning of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101“). Neither Sun Metals, nor to the knowledge of Sun Metals after reasonable inquiry, a related party, has knowledge of any material information concerning Sun Metals or its securities that has not been generally disclosed. Sun Metals has relied on exemptions from the formal valuation and minority approval requirements of sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation, based on a determination that the fair market value of the participation in the Offering by insiders will not exceed 25% of the market capitalization of the Sun Metals, as determined in accordance with MI 61-101. Sun Metals did not file a material change report more than 21 days before the expected closing of the Offering because the details of the participation therein by related parties of Sun Metals were not settled until shortly prior to closing of the Offering and the parties wished to close on an expedited basis for business reasons.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the Subscription Receipts in the United States. The Subscription Receipts and the Common Shares, Warrants and Warrant Shares have not been and will not be registered under the U.S. Securities Act, or any state securities laws and may not be offered or sold within the United States except pursuant to an available exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of exploration success. The Company is currently advancing its majority-owned, advanced Kwanika copper-gold project and exploring its extensive portfolio of properties in north-central British Columbia. Additional information can be found on the Company’s website at www.serengetiresources.com.
About Sun Metals
Sun Metals is advancing its 100% owned flagship, high-grade Stardust Project located in north-central British Columbia, Canada. Stardust is a high-grade polymetallic Carbonate Replacement Deposit with a rich history. Sun Metals also owns the Lorraine copper-gold project, and the OK copper-molybdenum project.
On Behalf of the Board of Directors of Serengeti Resources Inc.
“David W. Moore”
President, CEO & Director
On Behalf of the Board of Directors of Sun Metals Corp.
President, CEO & Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward Looking Information
All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding anticipated benefits of the Transaction, the closing of the Transaction and the use of proceeds from the Offering, are forward-looking statements. Although Serengeti and Sun Metals (the “Companies”) believe that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Companies can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Companies’ periodic filings with Canadian securities regulators, and assumptions made with regard to: the Companies’ ability to complete the proposed Transaction; the Companies’ ability to secure the necessary shareholder, securityholder, legal and regulatory approvals required to complete the Transaction; the estimated costs associated with the advancement of the Companies’ projects; and the Companies’ ability to achieve the synergies expected as a result of the Transaction. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from the Companies’ expectations include risks associated with the business of Serengeti and Sun Metals; risks related to the satisfaction or waiver of certain conditions to the closing of the Transaction; non-completion of the Transaction; risks related to reliance on technical information provided by Serengeti and Sun Metals; risks related to exploration and potential development of the Companies’ projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and additional risks identified in Serengeti and Sun Metals’ filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Neither Serengeti nor Sun Metals undertakes any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
SOURCE Sun Metals
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Serengeti Resources Inc., Tel: 604-605-1300, Email: email@example.com; Sun Metals Corp., Tel: 604-683-7790, Email: firstname.lastname@example.org
Cartier Res pegs Pusticamica at 1.45Mt of 2.87 g/t AuEq
Cartier Resources Inc. has released the results of the mineral resource estimate of the Pusticamica gold deposit on the Benoist property, located 65 kilometres northeast of Lebel-sur-Quevillon, Que. The estimate, completed and made available on December 16, 2020, was carried out by Ms. Christine Beausoleil P. Geo. and Claude Savard P. Geo. of InnovExplo Inc., independent qualified persons within the meaning of NI 43-101.Read More
“The Pusticamica deposit has the characteristics required for bulk tonnage approach as evidenced, among other things, by the geometry of the deposit, the polymetallic mineralization and the first results of the property’s resource estimate,” commented Philippe Cloutier, President and CEO.
The table below presents the estimated mineral resources to date for the Benoist Property:
At this stage, it is reasonable to believe that a crown pillar, somewhere between 500,000 and 700,000 t at grades between 3.5 g/t AuEq and 4.5 g/t AuEq, may be added to the project conditional to the success of a geotechnical drilling program, a rock mechanic study and a resources estimation that follow NI 43-101 and CIM definitions and guidelines. This is based on drilling results and preliminary grade block model covering the crown pillar between 30 m to 100 m below surface. The reader should be cautioned that this potential crown pillar is not a mineral resource estimate and is conceptual in nature. There has been insufficient exploration and engineering works to define this as a mineral resource, and it is uncertain if further exploration and engineering will result in the exploration target being delineated as a mineral resource.
The table of the sensitivity of the cut-off grade on gold resources is presented below:
The table above illustrates the sensitivity of this mineral resource estimate to different cut-off grades for an underground operation scenario with reasonable prospects for economic extraction. The reader should be cautioned that the figures provided in the Table should not be interpreted as a mineral resource statement. The reported quantities and grade estimates at different cut-off grades are presented in-situ and for the sole purpose of demonstrating the sensitivity of the model.
Additional notes on resource estimates:
- 1. These mineral resources are not mineral reserves because their economic viability has not been demonstrated. The amount and content of inferred resources reported in this mineral resource estimate is uncertain and there can be no assurance that some or all of the inferred mineral resources may be converted to indicated mineral resources with further exploration drilling.
- 2. The mineral resource estimate is in accordance with the current standards and guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and NI 43-101 for the publication of mineral resources.
- 3. Resources are presented in-situ for an undiluted underground operation scenario and considered to have reasonable outlook for economic extraction.
- 4. A cut-off grade of 1.5 g/t AuEq was used to estimate mineral resources from calculations made with the following key parameters:
- Gold price of US $ 1,600 / oz;
- Exchange rate of US $ 1.33 / CAN $ per troy ounce;
- Cost of mining and hoisting 55 CAN $/t;
- Milling cost of 22.50 CAN $/t;
- “G&A” and environmental costs of CAN $ 9.50 / t including a non-redeemable 0.5% NSR (Net Smelter Return) royalty and refinery fees of CAN $ 5 / t;
- The AuEq conversion formula uses a silver price of US $ 18.30 / oz and a copper price of US $ 2.67 / lb;
- Recovery percentage of gold at mill of 90%.
- 5. The estimate was made from a database as May 19th 2020, of 93 drill holes totaling 32,356 m drilled and 14,243 samples analyzed for gold and collected over a core length of 14,647 m representing 45 % of the drilled core length. For silver, 5,334 samples were collected over 5,321 m and for copper, 6,318 samples were collected over 6,537 m. This database contains 453 blank and standard samples, inserted by Cartier between August 28, 2012 and February 25, 2014. This database was validated before starting to estimate resources. The estimate was carried out on 2 mineralized structures (Pusticamica and Dyke), intersected by 2,880 m of drilling, having produced 124 different gold intersections.
- 6. Two mineralized structures (Pusticamica and Dyke) where each of those is divided into North and South domains were modeled in 3 dimensions using a minimum true width of 2.4 m. An in-situ density of 2.88 g/cm3 was applied to all structures. The raw assays were capped at 55 g/t Au for the Pusticamica Structure and 20 g/t Au for the Dyke Structure, while the Ag and Cu values remain uncapped except for the Pusticamica North Structure where silver grades were capped at 122 g/t Ag. The 1 m composites were calculated inside the structures using the content of the adjacent material when assayed or a value of zero when not assayed.
- 7. Given the nature of the polymetallic mineralization (Au, Cu and Ag), the width of the zones and its wide distribution of grades, the cut-off grade of the project is expressed in gold equivalent (AuEq) and the assumptions made for its calculation are considered for a potential high volume underground bulk mining scenario. For this mineral resource estimate, a cut-off grade of 1.5 g/t AuEq has been used. The assumptions and basis of its calculation are described below. Specific extraction methods are only used to establish reasonable cut-off grades for various parts of the deposit. No PEA (Preliminary Economic Assessment), PFS (Preliminary Feasibility Study) or FS (Feasibility Study) study has been carried out to support the economic viability or technical feasibility of exploiting part of the mineral resource by a method of particular extraction. The cut-off grade will need to be reassessed in light of existing market conditions and other factors, such as : gold price, exchange rate, mining method, associated costs, etc. The estimate of the underground cut-off grade is based on the economic parameters presented in point 4 above. The selection of reasonable forward-looking parameters, which assume that some or all of the estimated resources could potentially be extracted, is based on a scenario of underground bulk mining of 4000 t / d to 4500 t / d. This is also based on the assumption of a scenario of milling and tailings pond on site when there will be a sufficient mineral inventory to justify the economic nature of this scenario. After evaluating the sensitivity of the project and for homogenization purposes, the QP retained 1.5 g/t AuEq as the official cut-off grade for this mineral resource estimate.
- 8. The present mineral resource estimate was performed using a block model approach with GEMS (v.6.8.2). The interpolation of the contents (Au, Ag and Cu) was obtained by Ordinary Kriging (OK) using rigid limits between structures but soft limits for domains of the same structure. The results in AuEq were calculated after interpolation of the different metals.
- 9. The mineral resource estimate presented here is categorized into indicated and inferred resources. The indicated mineral resource category is defined by interpolation using a search ellipsoid that contains a minimum of three drill holes within a 25 m radius. The category of inferred mineral resources is defined by interpolation using a search ellipsoid which contains a minimum of two drill holes within a radius of 50 m.
- 10.The number of metric tons has been rounded to the nearest hundred and the metal content is presented in troy ounce (ton x grade / 31.10348) rounded to the nearest tenth.
- 11.InnovExplo Inc. is not aware of any environmental, permit, mining claim or legal, tax, socio-political, commercial or other relevant matter not mentioned in this news release, which could have a significant impact on the mineral resource estimate.
Features of the Benoist Project:
- The Benoist Property hosts the Pusticamica gold deposit, which also contains copper and silver concentrations.
- This mineralization has all the typical characteristics sought by Cartier and as at the Chimo Mine Project could rapidly outline high-tonnage mineralization.
- Cartier holds a 100% interest in the property for which 2.5% net smelter return (“NSR”) royalties have been awarded of which 2.0% is redeemable at any time for CAN $ 2M.
- The property, which is accessible year-round via forestry road 3000, is located near the mills of the Langlois and Bachelor mines and the future mill of Osisko Mining’s Windfall Project.
- Work to date on the property consists of 93 boreholes totalling 32,356 m, resulting in 14,243 samples collected over a sampled length of 14,647 m.
Award of Stock Options
On December 16th, 2020, the Board of Directors granted a total of 2,100,000 stock options to directors, officers, and one employee of the Company. Pursuant to the terms of the stock option plan, each option will entitle the holder thereof to purchase one common share of the Company at a price of $0.235 per share no later than December 15th, 2025.
Cartier Resources Inc., founded in 2006, is based in Val-d’Or, Quebec. The province has consistently ranked as one of the world’s best mining jurisdictions, primarily because of its favourable geology, attractive fiscal environment and pro-mining government.
- The Company has a strong cash position with more than $13.4 million and a significant corporate and institutional endorsement, including Agnico Eagle Mines, Merian Global, and Quebec investment funds.
- Cartier’s strategy is to focus on gold projects with features that offer the potential for rapid growth.
- The Company holds a portfolio of exploration projects in the Abitibi Greenstone Belt of Quebec, one of the world’s most prolific mining regions.
- The Company’s focus is to advance its four key projects through drilling programs. All of the projects were acquired at reasonable costs in recent years and are drill-ready with targets along the geometric extensions of gold deposits.
- Exploration work is currently focused on the Chimo Mine and Benoist properties to maximize value for investors. The Company is preparing the next phase of exploration work, which will entail drilling programs on the Benoist, Fenton and Wilson properties.
The scientific and technical information on the Company and the Benoist Project in this news release was prepared and reviewed by Mr. Gaetan Lavalliere, P.Geo., PhD, Cartier’s Vice-President, and Mr. Ronan Deroff, P.Geo, M.Sc., Cartier’s Senior Geologist, Project Manager and Geomatician, both qualified persons as defined in NI 43-101. Mr. Lavalliere approved the information contained in this press release.
The qualified persons independent of the issuer within the meaning of NI 43-101, responsible for estimating the mineral resources of the Pusticamica gold deposit of the Benoist Property, are Ms. Christine Beausoleil, P.Geo. and Claude Savard, P.Geo., of InnovExplo Inc. Ms. Beausoleil and Ms. Savard declare that they have read this press release and that the scientific and technical information relating to the resource estimate presented therein is consistent.
InnovExplo is a consulting firm providing services in mineral exploration, mining geology, mineral resources, mining engineering, the environment, and sustainable development. Since its founding in 2003, InnovExplo has worked on 450 different mandates for 170 junior mineral exploration companies and producers. The firm has produced more than 300 geological or engineering reports for projects covering almost all areas of a mining project, from exploration to operations, mainly including the drafting of NI 43-101 technical reports.
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