Fenixoro to hold Abriaqui drill results webinar Dec. 22
Fenixoro Gold Corp. will host a webinar to provide insight and context on the successful drilling results received to date at its Abriaqui project in Antioquia, Colombia. Vice-president of exploration Stuart Moller and chief executive officer John Carlesso will discuss the results to date.
Read MoreFenixoro CEO John Carlesso commented: “While it is early in the program the results to date are demonstrating the presence of “Buritica style” mineralization — the combination of very high grade gold along with wider zones of lower grade mineralization. We are very pleased that our team is consistently intercepting the mineralized structures we are aiming for. With many new targets being generated and several areas still untested, our view of the potential for Abriaqui remains very positive. The objective of this webinar is to ensure that our audience of investors and stakeholders is informed of our understanding and the significance of the results received so far.”
Technical Information
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.
About Fenixoro Gold Corp.
Fenixoro Gold 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.
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© 2020 Canjex Publishing Ltd. All rights reserved.
Abraplata drills 47 m of 349 g/t AgEq at Diablillos
Abraplata Resource Corp. has released significant high-grade results from the latest assays received for diamond drill holes DDH 20-010A and DDH 20-012 completed at the Oculto deposit, located on its wholly owned Diablillos property in Salta province, Argentina. The holes were designed to test extensions beyond the known estimated mineral resource.
Read MoreHole DDH 20-010A was drilled to a total depth of 610 metres and intersected multiple broad zones of gold and silver mineralization. This extends the high-grade gold mineralization within the oxide zone at depth and demonstrates the potential for additional high-grade gold mineralization in the system at depth, in the sulphide zone beneath the Whittle pit. Hole DDH 20-012 intersected significant gold and silver mineralization extending the company’s knowledge of the northern part of the deposit. Hole DDH 20-011 was abandoned prior to completion due to technical problems.
John Miniotis, president and chief executive officer, commented: “We are extremely pleased with the consistent high-grade drill results our team has been able to deliver throughout the year. Upcoming results that remain to be released from our 2020 exploration program include assays from 19 additional holes. These results are expected to be released in batches starting in the new year, which should help lead to record-high levels of news flow ahead.”
Hole DDH 20-010A
The broad zone of gold and silver mineralization within the oxide horizon in hole DDH 20-010A (47 metres at 3.37 grams per tonne Au; 349.1 g/t silver equivalent (AgEq)) intersected between 210 and 257 m depth substantially extends the oxide gold horizon along strike. In addition, the deeper sulphide zone intercepts demonstrate the potential for additional high-grade gold and silver mineralization beneath the Whittle pit. The intercept of 15 m at 296.1 g/t Ag and 2.16 g/t Au starting at a depth of 261 m demonstrates the potential for high-grade gold and silver in the underlying sulphide zone, beneath the Whittle pit.
Hole DDH 20-012
Exploration program update
To date, the company has reported results from a total of 14 diamond drill holes in the Oculto zone as part of its recently expanded exploration program. Assays results from an additional 19 holes are currently pending from the laboratory due to delays caused by the COVID-19 pandemic.
The company is currently concentrating on exploring the continuity of gold mineralization to the northeast in support of an expansion of the Whittle pit boundary, as well as defining zones of shallow gold mineralization within the pit, which could improve the economics of an open-pit operation. The second drill rig is also being used for reconnaissance exploration of peripheral target areas.
About Diablillos
The 80-square-kilometre Diablillos property is located in the Argentine Puna region — the southern extension of the Altiplano of southern Peru, Bolivia, and northern Chile — and was acquired from SSR Mining Inc. by the company in 2016. There are several known mineral zones on the Diablillos property, with the Oculto zone being the most advanced with approximately 90,000 metres drilled to date. Oculto is a high-sulphidation epithermal silver-gold deposit derived from remnant hot springs activity following Tertiarty-age local magmatic and volcanic activity. Comparatively nearby examples of high-sulphidation epithermal deposits include: El Indio, Chile; Veladero, Argentina; and Pascua Lama, on the Chile-Argentine border.
Effective Aug. 31, 2017, the resource estimate and supporting technical report are National Instrument-43-101-compliant. Full details of the mineral resources are available in a company news release dated March 2, 2018. For additional information please see technical report on the Diablillos project, Salta province, Argentina, dated April 16, 2018, completed by Roscoe Postle Associates Inc., and available on SEDAR.
Quality assurance/quality control and core sampling protocols
Abraplata applies industry-standard exploration methodologies and techniques, and all drill core samples are collected under the supervision of the company’s geologists in accordance with industry practices. Drill core is transported from the drill platform to the logging facility where drill data are compared and verified with the core in the trays. Thereafter, it is logged, photographed and split by diamond saw prior to being sampled. Samples are then bagged, and quality control materials are inserted at regular intervals; these include blanks and certified reference materials as well as duplicate core samples which are collected in order to measure sample representivity. Groups of samples are then placed in large bags which are sealed with numbered tags in order to maintain a chain of custody during the transport of the samples from the project site to the laboratory.
All samples are received by the SGS offices in Salta who then dispatch the samples to the SGS preparation facility in San Juan. From there, the prepared samples are sent to the SGS laboratory in Lima, Peru, where they are analyzed. All samples are analyzed using a multielement technique consisting of a four-acid digestion followed by ICP/AES detection, and gold is analyzed by 50-gram fire assay with an AAS finish. Silver results greater than 100 g/t are reanalyzed using four-acid digestion with an ore grade AAS finish.
Qualified persons
David O’Connor PGeo, chief geologist for Abraplata, is the qualified person as defined by National Instrument 43-101 — Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information in this news release.
Technical notes
All results in this news release are rounded. Assays are uncut and undiluted. Intervals are drilled widths, not true widths. AgEq calculations for reported drill results are based on $20.00 (U.S.)/ounce Ag, $1,500/oz Au and $3.00/pound copper (Cu). The calculations assume 100-per-cent metallurgical recovery and are indicative of gross in situ metal value at the indicated metal prices. The most recent technical report for the Diablillos project is the 2018 preliminary economic assessment (PEA) authored by Roscoe Postle Associates Inc. The PEA assumes average metallurgical recoveries of 82 per cent Ag and 86 per cent Au. No metallurgical testwork has yet been completed on the recovery of copper.
* Note: Hole DDH 20-010A is a twin hole of hole DDH 20-010, drilled from the same collar position, with hole DDH 20-010 having failed at 220 m depth. The results are presented as one hole.
About Abraplata Resource Corp.
Abraplata is a mineral exploration company with a diversified portfolio of silver-gold and copper exploration projects in Argentina and Chile. The company is focused on advancing its 100-per-cent-owned Diablillos silver-gold project in the mining-friendly Salta province of Argentina, which is well advanced, with more than $40-million (U.S.) spent historically on exploration with drilling continuing and an initial open-pit preliminary economic assessment completed in 2018. The company is led by an experienced management team and has long-term supportive shareholders, including Eric Sprott, Altius Minerals and SSR Mining. In addition, Abraplata owns the Arcas project in Chile, where Rio Tinto has an option to earn up to a 75-per-cent interest by financing up to $25-million (U.S.) in exploration. Abraplata is listed on the TSX Venture Exchange under the symbol ABRA.
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© 2020 Canjex Publishing Ltd. All rights reserved.
Golden Minerals starts mining at Rodeo
Golden Minerals Company has begun mining activities at its Rodeo gold project located in Durango state, Mexico.
Blasting at the open-pit gold operation began last week. Initial blast holes were drilled on the 1460 bench in an area that includes outcropping mill-grade gold mineralization and thin overburden material. Forty-eight holes were drilled and blasted in the first pattern. During the next few weeks, the company will continue to develop the current and adjacent benches. The benches are designed to be five metres each in height. The company anticipates being able to transport the first loads of material to its Velardena oxide mill (located around 60 miles from Rodeo) for processing in January, 2021, assuming the current pace of work continues.
Read MoreProcessing at the Velardena oxide mill is expected to begin as soon as sufficient material containing greater than 3.0 grams per tonne gold has been hauled to the mill site to allow for continuous operation. Initial processing will be at a rate of about 200 tonnes per day (tpd) through the currently operational 10.5-foot-by-13-foot ball mill. As previously communicated, the company is also installing an additional eight-foot-by-22-foot ball mill at Velardena that is specifically designed to increase throughput at the process plant by increasing grinding capacity for the silicified material from Rodeo. It will serve as a regrind ball mill and operate in series after the primary ball mill. The company anticipates the new mill will be installed and ready to run near the end of the first quarter, which should increase daily mill throughput to about 450 tpd. The cost of the second ball mill was anticipated and included in the start-up capital estimate of $1.5-million that has been previously communicated. The company expects a first pour of dore from Rodeo toward the end of January, 2021.
Golden Minerals president and chief executive officer Warren Rehn commented today on the progress at Rodeo: “Thanks to the efficiency of our team in Mexico and the experienced and capable contract mining group, we have started mining at Rodeo about two weeks ahead of schedule. The installation of the second ball mill at our processing plant is also ahead of schedule. We expect to fulfill our plan to be producing gold and silver dore bars for sale in January, 2021.”
About Golden Minerals Company
Golden Minerals is a Delaware corporation based in Golden, Colo. The company is primarily focused on advancing its Rodeo and Velardena properties in Mexico and, through partner-financed exploration, its El Quevar silver property in Argentina, as well as acquiring and advancing mining properties in Mexico, Argentina and Nevada.
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© 2020 Canjex Publishing Ltd. All rights reserved.
Generation Mining arranges $3.3-million financing
Generation Mining Ltd. has arranged a fully subscribed non-brokered private placement of 4,295,000 common shares of the company to be issued on a flow-through basis at a price of 77 cents per share for gross proceeds to the company of $3,307,150. Approximately 47% of the Offering will be subscribed to by a company controlled by Mr. Eric Sprott, making it the largest shareholder of the Company’s common shares.
Read More“We are very grateful for the continued support of our shareholders, including Mr. Sprott, now our largest shareholder,” stated Jamie Levy, President and Chief Executive Officer. After closing this flow- through financing, Generation Mining will have more than $12 million in the bank. “This financing will allow Generation Mining to follow up on the results of our 2020 exploration season, while continuing to work on our feasibility study and permitting in 2021.”
Gross proceeds received from the sale of the Shares will be used to incur “Canadian exploration expenses” as defined in subsection 66.1(6) of the Income Tax Act (Canada) (the “Tax Act”) on the Company’s Marathon Property in the Province of Ontario, and renounced to subscribers in the Offering effective December 31, 2020. Such Canadian exploration expense will also qualify as a “flow-through mining expenditure” as defined in subsection 127(9) of the Tax Act.
A brokerage commission of 6% will be paid on a portion of the Offering.
An application has been filed with the Toronto Stock Exchange (“TSX”) for conditional approval of the Offering pursuant to Section 607 of the TSX Company Manual.
Closing of the Offering is expected to occur on or before December 31, 2020, and is subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals including the approval of the TSX.
About Generation Mining Limited
Generation Mining’s focus is the development of the Marathon Palladium Project, the largest undeveloped platinum group metal Mineral Resource in North America. The Marathon property covers a land package of approximately 22,000 hectares, or 220 square kilometres. Generation Mining acquired a 51% interest in the Marathon Project from Sibanye Stillwater in 2019 and has since increased that ownership to 80%. Upon completion of the Feasibility Study, Sibanye Stillwater has certain back-in rights that can bring its interest in the property back to 51% (see the company’s press release of July 11, 2019, for more details). A feasibility study was started in the second quarter of 2020 with completion expected in the first quarter of 2021.
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© 2020 Canjex Publishing Ltd. All rights reserved.
Cerro de Pasco to drill Quiulacocha facility in 2021
Cerro de Pasco Resources Inc. has provided a corporate update.
On Nov. 27, 2019, the company entered into a definitive share purchase (the “Agreement”) with Volcan Compania Minera S.A.A. (BVL: VOLCABC1) and its subsidiaries (collectively, “Volcan”), whereby CDPR will acquire all the issued shares of Oxidos de Pasco S.A.C., Empresa Administradora de Cerro S.A.C and Remediadora Ambiental S.A.C. (the “Target Companies). The arm’s length transaction (the “Transaction”) will provide CDPR ownership and operation of all mining and processing assets in Cerro de Pasco, Central Peru, including a precious metal leach plant and a base and precious metals concentrator.
Read MoreFollowing multiple past extensions, the Company announced on November 2, 2020 that the Transaction had expired. Volcan, Glencore and CDPR continue to engage proactively to finalize a Transaction that is satisfactory to both parties and beneficial to the local communities.
In relation to the Transaction, CDPR has arranged financing commitments and expressions of interest in excess of USD60M in a combination of equity, unsecured debt financing, as well as lines of credit. Similarly, the Company has assembled a full team of first-class professionals ready to orderly transition the ongoing operations as well as continue current efforts and implement new projects, including but not limited to a comprehensive ESG program, to properly remediate the Cerro de Pasco Mine and have an immediate benefit to affected communities.
Independently the Company continues to advance its El Metalurgista concession and plans to commence drilling the Quiulacocha historical tailings facility in the first quarter of 2021. A geophysical survey has been completed in advance of this work and indicates the depth of up to 40m in places.
The Quiulacocha Tailings Storage Facility (TSF) covers approximately 115 hectares with tailings deposited from 1921 to 1992. The tailings are comprised of processing residues from the Raul Rojas open pit and underground mine. Research indicates that tailings were first deposited on the eastern side of the TSF from January 1921 and were derived from processing of high-grade Cu-Ag-Au ore, with reported historical head grades of up to 10% Cu, 4 g/t Au and over 300 g/t Ag, sourced from east-west striking veins in the underground mine. The main period of tailings deposition at Quiulacocha came after 1943 when the Paragsha plant was put into commission, first treating Cu ore and later processing Zn-Pb-Ag ore. According to historical records, the Cerro de Pasco mine processed approximately 58.3 Mt of Zn-Pb-Ag ore between 1952 to 1992 from the open pit and underground workings with average historical grades of 8.6% Zn, 3.3% Pb and 98 g/t Ag.
Reprocessing the Quiulacocha tailings and storing it in a responsible manner in an approved modern facility is an important part of remediating the greater Cerro de Pasco Mine but would also provide value and multiple benefits to the communities of Cerro de Pasco.
Guy Goulet, CEO of CDPR commented: “Although we had hoped to have completed the Cerro de Pasco acquisition this year, we have weathered a very challenging period with the COVID-related delays and ensuing issues. Despite all of this, we continue to engage with Volcan and Glencore to finalize the Transaction for the benefit of all stakeholders, in particular the communities of Cerro de Pasco. We have and continue to receive tremendous support to fund the transaction from our existing shareholders and the market in general, we look forward to advancing the future of Cerro de Pasco. Our key objective with respect to finalizing the acquisition, is to re-prioritize cashflows generated post-closing to ensure the acquisition remains balanced and priority is given to the health and environmental issues facing the local population.”
Technical Information
Shane Whitty, CGeol and V.P. of Exploration and Technical Services for CDPR, has reviewed and approved the scientific and technical information regarding the technical information contained in this news release. Mr. Whitty is a Qualified Person within the meaning of Canadian Securities Administrator’s National Instrument 43-101 (“NI 43-101”).
About Cerro de Pasco Resources
Cerro de Pasco Resources Inc. is a resource management company, with a focus on applying the latest technology in the production of commodity metals through the treatment and reprocessing of all material resources, dumps, tailings, mining waste etc. at Cerro de Pasco to secure long-term economic prosperity. CDPR strives to meet to the highest level of environmental, social, and legal compliance. CDPR provides extensive knowledge of Cerro de Pasco’s challenges and potential, based on first-hand experience and a team of top experts.
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© 2020 Canjex Publishing Ltd. All rights reserved.
Gold Terra appoints Strazdins as IR manager
Gold Terra Resource Corp. has appointed Mara Strazdins as manager of investor relations. The appointment of Mara is a key component in Gold Terra’s strategy to raise their profile with current and potential investors as the Company moves forward with the exploration of the Yellowknife City Gold Project, Northwest Territories.
Read MoreDavid Suda, President and CEO, stated, "We are very pleased to announce that Mara will be joining our team. She will give Gold Terra a strong IR presence in the market and amongst investors at a time when we continue to expand and delineate gold resources at our Yellowknife City Gold Project with the objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada."
Mara has over 15 years of investor relations and corporate communications experience in the mining industry. Prior to joining Gold Terra, Mara worked as VP Investor Relations Advisory for Storyboard Communications and, previously to that as VP Investor Relations and Corporate Communications for Zenyatta Ventures, Duluth Metals Limited, Wallbridge Mining Limited and CHF Investor Relations. Mara started her career as a geologist and holds a Bachelor of Science in Geology (Hons.). With a diversified background in investor relations, communications and geology, Mara will be focusing on raising the Company's visibility within the investment community.
Mara has been granted 200,000 stock options exercisable at C$0.35 per share for a period of 5 years, subject to the policies of the TSX Venture Exchange and the Company's stock option plan.
About Gold Terra's Yellowknife City Gold Project
The YCG project encompasses 800 sq. km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, Gold Terra controls one of the six major high-grade gold camps in Canada. Being within 10 kilometres of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power and skilled tradespeople.
The YCG lies on the prolific Yellowknife greenstone belt, covering nearly 70 kilometres of strike length along the main mineralized shear system that host the former-producing high-grade Con and Giant gold mines. The Company's exploration programs have successfully identified significant zones of gold mineralization and multiple targets that remain to be tested which reinforces the Company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.
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© 2020 Canjex Publishing Ltd. All rights reserved.
Eskay Mining drills 5.1 m of 31.23 g/t Au
Eskay Mining Corp. has confirmed discovery of two precious metal-rich volcanogenic massive sulphide deposits at the TV and Jeff targets on joint venture ground held with Kirkland Lake Gold Ltd. (80 per cent Eskay/20 per cent Kirkland Lake Gold). Assays for 9 of 20 diamond drill holes (TV20-35, TV20-36, TV20-37, TV20-38, TV20-39, TV20-40, J20-31, J20-34 and J20-37) completed between August and October, 2020 are discussed in this news release. Importantly, all drill holes encountered significant Au and Ag intervals. Assays for the remaining 11 holes are expected back by late January, 2021.
Read MoreHighlights and Summary:
- All drill holes assayed to date display one or more significant intervals of precious metal-rich VMS mineralization (Au eq = Au + Ag/72) with highlights including:
- TV:
- TV20-40: 29.92 m grading 3.5 gpt Au eq including 4.10 m grading 11.7 gpt Au eq and a second zone of 65.27 m grading 1.6 gpt Au eq
- TV20-39: 40.74 m grading 1.8 gpt Au eq including 10.50 m grading 2.9 gpt Au eq
- TV20-38: 20.53 m grading 2.4 gpt Au eq including 10.50 m grading 3.5 gpt Au eq
- TV20-37: 17.46 m grading 3.3 gpt Au eq including 4.2 m grading 7.9 gpt Au eq and a second zone of 54.95 m grading 1 gpt Au eq
- TV20-36: 32.83 m grading 2.3 gpt Au eq including 1.5 m grading 17.3 gpt Au eq
- TV20-35: 15.00 m grading 2.2 gpt Au eq and a second zone of 16.33 m grading 3.2 gpt Au eq
- Jeff:
- J20-31: 24.55 m grading 2.0 gpt Au eq
- J20-34: 5.08 m grading 33.1 gpt Au eq including 1.59 meters grading 83.4 gpt Au eq
- J20-37: 7.66 m grading 4.6 gpt Au eq
- TV:
The TV and Jeff targets are approximately 1.8 km apart. Right now, the Company is interpreting these discoveries to be separate systems, but a recent SkyTEM geophysical survey suggests strong continuity of stratigraphy along this segment of the east limb of the Eskay Anticline. Therefore, it is conceivable that TV and Jeff are actually connected and part of a larger approximately 6 km long corridor along which numerous electrically conductive anomalies occur.
Mineralization encountered to date is predominantly of stratabound stockwork to massive sulphide replacement style hosted by mudstone and peperite sills (intrusive rocks) within the Hazelton Group, the same host rocks hosting the Eskay Creek Deposit approximately 13 km to the north. Intercepts that Eskay Mining has encountered in its drill program are remarkably similar in grade, thickness and style to those recently encountered in the Lower and Even Lower mudstone units drilled by Skeena Resources.
Both the TV and Jeff deposits are wide open along strike, down dip and up section. Key prospective stratigraphy including the mudstone that is host to high grade mineralization at Eskay Creek that is sandwiched between a footwall rhyolite and hanging wall basalt has yet to be drilled at TV and Jeff. This unit is hypothesized to be a short distance up section from the current drill holes making for a very intriguing untested target.
Eskay Mining is particularly excited by the presence of local bonanza grades of Au and Ag within recent drill intercepts suggesting the potential for discovery of high-grade mineralization similar to that mined historically at Eskay Creek. Several holes yet to be assayed displayed local intervals of silver rich minerals such as pyrargyrite and the native gold-silver alloy, electrum. Assays from these holes are eagerly awaited.
Eskay’s 2020 drill program is the first to be undertaken in this area since the early to mid-1990’s when a few scattered holes were drilled at these targets. This was at a time when the geology of the Eskay Creek deposit was not all that well understood. In July of this year, Eskay Mining’s team, led by Dr. John DeDecker and Dr. Thomas Monecke of the Colorado School of Mines, confirmed that TV and Jeff are indeed VMS systems similar to Eskay Creek and therefore designed the drill program to test them as such, including systematic evaluation of the host stratigraphy.
Interestingly, rock alteration associated with mineralization encountered to date is not as intense as that seen at the Eskay Creek deposit. Eskay Mining thinks this is possibly because its recent drill holes are situated in a distal part of the system. Therefore, there is good opportunity to vector in on the more intensely altered and higher grade part of the system. As mentioned above, bonanza Au and Ag grades encountered within some recent intercepts suggest potential for finding Eskay Creek type high-grade mineralization nearby.
These discoveries confirm the presence of new Eskay Creek type massive sulphide deposits within the highly propsective Eskay graben, or geologic trough, that extends southward from the Eskay Creek deposit. Approximtely 85% of this belt occurs within Eskay Mining’s tenure. In 2020, Eskay Mining has identified numerous other VMS targets on its tenure. The Company plans an aggressive +30,000 m drill program in 2021 to follow up on the TV and Jeff discoveries but to also test at least another dozen high priority drill targets.
“We are delighted to confirm the discovery of two precious metal-rich VMS systems,” commented Dr. Quinton Hennigh, director and technical advisor to Eskay Mining. “Once we saw that we had hit significant mineralization in our first drill hole at TV, the goal of the remainder of the 2020 drill program came into sharp focus, more aggressive drilling at the TV and nearby Jeff targets. It is remarkable that every hole assayed thus far reports one or more significant mineralized intercepts. We expect similar results from the remaining eleven holes to be assayed.
Although TV and Jeff are nearly 2 km apart, we see growing evidence these systems are connected and lie within a 6 km long highly prospective corridor of electrically conductive geophysical anomalies thought to be associated with sulphide mineralization. Given the large analogue, Skeena’s Eskay Creek deposit, a few km to the north, we are very excited by the potential at TV-Jeff. With approximately $15 million in the bank, we look forward to an aggressive drill program to follow up on these exciting discoveries and test a multitude of additional high priority VMS targets.
QA/QC, Methodology Statement:Halved HQ drill core samples are submitted to ALS Geochemistry in North Vancouver, British Columbia for preparation and analysis. ALS is accredited to the ISO/IEC 17025 standard for gold assays. All analytical methods include quality control standards inserted at set frequencies. The entire sample interval is crushed and homogenized, 250 g of the homogenized sample is pulped. All samples were analyzed for gold, silver, mercury, and a suite of 48 major and trace elements. Analysis for gold is by fire assay fusion followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) on 30 g of pulp. Analysis for silver is by fire assay and gravimetric analysis on 30 g of pulp. Mercury is analyzed using the trace Hg Inductively Coupled Plasma Mass Spectroscopy (ICP-MS) method. All other major and trace elements are analyzed by four-acid digestion followed by ICP-MS.
Dr. Quinton Hennigh, P. Geo., the Company’s technical adviser, and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical contents of this news release.
About Eskay Mining Corp.
Eskay Mining Corp (TSXV:ESK) is a TSX Venture Exchange listed company, headquartered in Toronto, Ontario. Eskay is an exploration company focused on the exploration and development of precious and base metals along the Eskay rift in a highly prolific region of northwest British Columbia known as the “Golden Triangle,” approximately 70km northwest of Stewart, BC. The Company currently holds mineral tenures in this area comprised of 177 claims (130,000 acres).
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
Orea completes engineering studies at Montagne d’Or
Orea Mining Corp. has completed the additional engineering and environmental studies for the development of the Montagne d’Or gold mine in French Guiana, France.
Read More“This is a major milestone for permitting of Montagne d’Or, one of the top undeveloped gold deposits in the Guiana Shield,” commented Rock Lefrancois, president and chief executive officer of Orea.
The Montagne d’Or joint-venture (owned 44.99 per cent by Orea and 55.01 per cent by Nord Gold SE) launched additional engineering and environmental studies in early 2019 for project modifications and improvements subsequent to the bankable feasibility study completed in 2017 and public consultation held in 2018. The studies principally addressed mine design, access road layout, hybrid on-site power generation and quarry development for construction material. They also included additional fauna and flora inventories, geotechnical drilling, ground geophysical surveys, geochemical analysis and laboratory test work.
The complimentary studies, which involved a number of international and French and local consulting firms, are now substantially complete with final fauna and flora surveys over the selected natural compensation site to be conducted in February, 2021. The current schedule is to have all draft versions of the permitting dossiers to be completed by the end of December, 2020, with final versions to be produced in the first quarter of 2021.
The principal components of the completed studies include:
- Tailings storage facility redesign, lowering the height of retainment dams and dam break study;
- On-site hybrid solar power generation, eliminating the environmental impacts of connecting the mine to the local power grid, which involved the construction of a 106-km aerial power line, reducing the overall carbon emissions of the project by 80%;
- Waste management plan and waste rock storage redesign to avoid acid drainage;
- Hydrogeological modelling, detailed water management, water balance and contact water pond design;
- Quarry development for construction material and multi-criterion comparative analysis of the studied quarry site alternatives;
- Detailed redesign of the 125 km access road from Saint-Laurent du Maroni, stormwater and safety devices, bridges, watercourse crossings, retaining walls and rehabilitation of abandoned sections; Hazardous material transport study and supply, transport and storage of explosives;
- Overall project mass balance and site closure and rehabilitation plan; and Natural Compensation Site development.
About Montagne d’Or
Montagne d’Or is a permitting-stage open pit gold deposit that hosts Measured Mineral Resources of 10.3 Mt at 1.804 g/t (600,000 oz), Indicated Mineral Resources of 74.8 Mt at 1.350 g/t (3.25 Moz) and additional Inferred Mineral Resources of 20.2 Mt at 1.48 g/t gold (960,000 oz), prepared in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The Mineral Resources are confined within a pit shell defined by a gold price of US$1,300/oz and a cut-off grade of 0.4 grams per tonne gold. Mineral Reserves have also been defined with Proven Mineral Reserves of 8.25 Mt at 1.99 g/t (530,000 oz) and Probable Mineral Reserves of 45.87 Mt at 1.50 g/t (2.2 Moz). The Proven and Probable Mineral Reserves were estimated using a gold price of US$1,200 per ounce at varied cut-off grades from 0.552 to 0.665 grams per tonne gold, dependent on lithological rock types, economics and estimated metallurgical recovery. Montagne d’Or ore can be readily processed to recover the contained gold and silver values using unit operations considered standard to the industry. It is a large and unique Paleoproterozoic gold-rich volcanogenic sulfide deposit, presently drill-defined over a strike extent of 2,300 meters and to a vertical depth of 200 to 250 meters.
Montagne d’Or is located in northwestern French Guiana, 180 kilometers west of the capital Cayenne and is accessed by 125 kilometers of laterite road from the commune of Saint-Laurent du Maroni, the second largest city in French Guiana. Nordgold first earned a 50.01% interest in the project in September 2017 by spending US$30 million and completing a Bankable Feasibility Study (“BFS”). Nordgold then acquired an additional 5% interest pursuant to a share purchase agreement.
The 2017 BFS contemplates an open pit operation over a 12-year mine life. Highlights of the BFS at a gold price of US$1,250 per ounce are as follows:
- After-tax Net Present Value (NPV) at a 5% discount rate: US$370 million;
- After-tax Internal Rate of Return (IRR): 18.7%;
- After-tax payback period: 4.1 years;
- Average annual gold production for years 1 to 10: 237,000 ounces;
- Average gold grade for years 1 to 10: 1.73 grams per tonne gold;
- All-In Sustaining Cost (AISC) for years 1 to 10: US$749 per ounce of gold;
- Initial capital expenditures (after surplus tax credit): US$361 million.
The BFS economic model gold price sensitivity shows that the after-tax project NPV at a 5% discount rate changes approximately US$1.24 million for every US$1 change in gold price. At a gold price of US$1,500 per ounce, the NPV and IRR increase respectively to US$681 million and 26.7%.
Upside Potential of Montagne d’Or
There are several opportunities to increase the current Mineral Reserves and mine life within the designed resource pit. Approximately 2 million ounces of Mineral Resources are not converted to Mineral Reserves, which include Inferred Mineral Resources of 960,000 ounces of gold at average grade of 1.48 grams per tonne gold. Infill drilling has the potential to convert some of these Inferred Mineral Resources to higher resource classification categories.
There is also the potential to lower the cut-off grade used for the Mineral Reserve estimates, in consideration of the current higher gold price, which could convert some additional Indicated Mineral Resources into Mineral Reserves.
Limited drilling has been carried-out outside the resource pit. The 2017 drilling program was successful in confirming gold mineralization up to 400 meters on strike to the west (0.56 g/t gold over 58.1 meters, including 2.32 g/t gold over 9.0 meters) and at depth, 100 meters below the resource pit (0.92 g/t Au over 41.2 meters, including 1.92 g/t Au over 17.7 meters) (see Orea’s news release dated August 15, 2017).
For more information, see Orea’s news release titled “Columbus Gold Announces Positive Bankable Feasibility Study for Montagne d’Or Gold Project, French Guiana” dated March 20, 2017 and filed on SEDAR and the technical report prepared in accordance with the requirements of NI 43-101 titled “NI 43-101 Technical Report, Bankable Feasibility Study – Montagne d’Or Project, French Guiana” by SRK Consulting for Columbus Gold (now Orea Mining) and Nordgold with an Effective Date of March 6, 2017, and a report date of April 28, 2017, which was filed on SEDAR on April 28, 2017.
Qualified Person
Rock Lefrancois, president and CEO of Orea and qualified person under National Instrument 43-101, has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.
About Orea Mining Corp.
Orea Mining is a leading gold exploration and development company operating in a prospective and underexplored segment of the Guiana Shield, South America. Its mission is to develop gold deposits with a reduced environmental footprint using innovative technologies, upholding the highest international standards for responsible mining. In French Guiana, Orea Mining holds a major interest in the world-class Montagne d’Or mine development project. It is also advancing the Maripa gold exploration project.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
Globex: Quick Update
Globex has engaged Novatem to undertake a detailed (25m spacing) aeromagnetic survey over our large Opinaca River gold property located on strike to the southwest of Azimut’s gold discovery. The property covers 13 kilometers of the rock units that house the Elmer gold discovery and totals 65 claims including 4 separate claims to the north such that our 3431-ha land package also adjoins on both the south and northwest of Dios’s K2 gold target which Dios has just completed drilling.
Read MoreSubject to court approval, Globex has acquired a permitted Silica Quarry in Wyse Township, Ontario, located near the Quebec border west of the town of Temiscaming, Quebec. Included in the purchase are an array of stackers, two 43-foot house trailers, a large hydraulic shovel, a generator and miscellaneous other equipment. The property has a large historical resource of high-grade silica grading in the range of +98% SiO2.
Globex has optioned the Lac Suzanne Nord, nickel, copper, cobalt property to Enertourbe Inc. The property consists of 3 claim packages totaling 23 claims (1,278 ha). Numerous showings of nickel, copper and cobalt in sulphides occur on all the claim packages.
We have also signed a number of CA’s wherein companies are undertaking due diligence on a number of Globex’s properties. Data has been made available to the various parties and studies are ongoing.
The price of metals has been rising steadily in particular as it relates to gold, copper and zinc. The rising zinc price is reflected in rising royalty payments from Nyrstar’s operations at our Mid-Tennessee royalty property. Payments currently have risen to over $100,000 per month and are expected to rise further as the zinc price continues to climb.
Globex currently has a strong cash and share positions of other companies, no debt, owns all it’s 190 assets and has only fifty-five million shares issued and outstanding. Revenue from options continues. Tres-Or, for example, has confirmed that the $200,000 option payment on the Fontana gold property will be made by January 11, 2021.
Various companies are working on Globex royalty properties including O3 on our Nordeau East and West assets, located east of Val-d’Or, Quebec, Tres-Or and Kiboko on our optioned Fontana gold property, Renforth Resources currently completing a first phase 7,000 metre drill program of a 15,000 m program on our Parbec gold royalty property, Radisson Mining drilling on adjoining claims on gold zones that plunge into Globex’s Kewagama Gold Mine royalty asset, Excellon Resources completing over 14 drill holes on our
Silver City option in Saxony, Germany, Starr Peak undertaking a magnetometer survey on our Normetal/Normetmar base metal mines royalty property and surface sampling on our Rousseau and Lac Turgeon gold royalty properties, BMEX drilling on our Tut gold royalty property, Eros Resources Corporation undertaking permitting and engineering work to advance the Bell Mountain gold/silver property to production, Nippon Dragon Resources starting underground operations at the Globex royalty, Rocmec 1 gold deposit, Maganese X Energy Corp. completing 28 drill holes totaling 4,509 m on Globex’s Battery Hill Manganese royalty property, among others.
At Globex, we have also been focused on acquiring an understanding the potential of our various advanced assets and have completed 3D models of a number of our advanced properties, including the Francoeur Gold Mine, Vauze polymetallic mine, Ramp Gold Mine, Wrightbar Gold Mine, Tarmac Gold Zones, Standard Gold Mine, Lac Fortune Gold Mine, Blackcliff Gold Mine (in partnership with Altai Resources), among others.
We have flown detailed aeromagnetic surveys over our Francoeur/Arntfield/Lac Fortune gold property, Silidor/New Marlon Gold Mine property, Standard Gold Mine property, Blackcliff Gold Mine property (in partnership with Altai Resources), Laguerre/Knutson gold property, our Courville, Venus, Randall and Napping Dwarf properties and our McNeely lithium project. Novatem have been engaged to fly a number of other Globex properties starting in the new year.
This press release was written by Jack Stoch, Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.
| We Seek Safe Harbour. | Foreign Private Issuer 12g3 – 2(b) |
| CUSIP Number 379900 50 9 LEI 529900XYUKGG3LF9PY95 |
|
| For further information, contact: | |
| Jack Stoch, P.Geo., Acc.Dir. President & CEO Globex Mining Enterprises Inc. 86, 14th Street Rouyn-Noranda, Quebec Canada J9X 2J1 |
Tel.: 819.797.5242 Fax: 819.797.1470 info@globexmining.com www.globexmining.com |
Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”). No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com
© 2020 Canjex Publishing Ltd. All rights reserved.
Black Iron signs $100M (U.S.) royalty term sheet
Black Iron Inc. has entered into a non-binding royalty term sheet for $100-million (U.S.) with a prominent United States-based institutional investor.
Read MoreMatt Simpson, CEO of Black Iron, stated: "This major planned investment from a high caliber institution is game-changing for Black Iron. It aims to provide the company with a substantial portion of the necessary construction financing, and, more importantly, the basis for a long-term partnership with a highly respected financial institution. As one of the lowest cost iron ore mines globally, Black Iron is poised to deliver tremendous value to its shareholders as we embark on the final stages of our capital raise and seek to begin construction in the second half of 2021."
The company has received nonbinding term sheets from global investment banks for $260 million to $300 million in first lien financing. Additionally, the Company has received multiple nonbinding term sheets from offtake parties that not only commit to purchase 100% of the company’s iron concentrate, but also to invest a substantial amount of equity into the project. These investments in conjunction with this $100 million royalty provide the necessary capital to complete the first four million tonne phase of development.
This US$100 million investment would be funded upon entering into a binding definitive agreement and the achievement of certain closing conditions. In exchange for investing US$100 million, the investor is entitled to receive a perpetual 6.75% royalty on the phase-one volume of four million tonnes.
In conjunction with this announcement, Black Iron has issued thirty million non-transferable common share purchase warrants (the "Warrants") to Perpetual Iron Inc. ("Perpetual") at an exercise price of $0.31 valid for five years for facilitating and supporting negotiations between Black Iron and the investor. None of these Warrants vest (i.e. Perpetual being able to exercise) until binding agreements are signed with investor. Ten million Warrants will vest upon Black Iron entering into a binding definitive agreement with investor and the balance of the Warrants will vest upon Black Iron's initial draw of the Facility upon which there will also be a payment to Perpetual of US$4 million. Should Black Iron not enter into a binding definitive agreement with this investor within two years from the date hereof, all Warrants issued to Perpetual will be voided. The issuance of these Warrants includes restrictions on the number of shares Perpetual can sell during the first three years post issuance while Black Iron constructs its Shymanivske Project and brings it into operation.
About Black Iron
Black Iron is an iron ore exploration and development company, advancing its 100% owned Shymanivske project located in Kryviy Rih, Ukraine. The Shymanivske project contains a NI 43-101 compliant mineral resource estimated to be 646 Mt Measured and Indicated mineral resources, consisting of 355 Mt Measured mineral resources grading 32.0% total iron and 19.5% magnetic iron, and Indicated mineral resources of 290 Mt grading 31.1% total iron and 17.9% magnetic iron, using a cut-off grade of 10% magnetic iron. Additionally, the Shymanivske project contains 188 Mt of Inferred mineral resources grading 30.1% total iron and 18.4% magnetic iron. Full mineral resource details can be found in the NI 43-101 compliant technical report entitled "Preliminary Economic Assessment of the Re-scoped Shymanivske Iron Ore Deposit" effective November 21, 2017 under the Company's profile on SEDAR at http://www.sedar.com. The Shymanivske project is surrounded by five other operating mines, including ArcelorMittal's iron ore complex. Please visit the Company's website at http://www.blackiron.com for more information.
The technical and scientific contents of this press release have been prepared under the supervision of and have been reviewed and approved by Matt Simpson, P.Eng, CEO of Black Iron, who is a Qualified Person as defined by NI 43-101.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
Highgold drills 0.5 m of 190.5 g/t Au at Munro-Croesus
Highgold Mining Inc. has released the first round of assay results from the 2020 fall drill program at its Munro-Croesus project located in the Timmins gold camp in Ontario, Canada. The Program evaluated targets in the immediate vicinity of the historic Croesus Gold Mine as well as new targets identified in recent trench sample results elsewhere on the property. A total of 31 holes were completed totalling 2,645 meters. Assays have been received for nine (9) holes with significant results reported below and in Table 1.
Read MoreHighlight Drill Intersections 190.5 g/t Au over 0.5 meters (MC20-43) at Croesus Mine targetincludes 311.0 g/t Au over 0.3 meters 8.25 g/t Au over 0.4 meters (MC20-42) at Croesus Mine target 11.01 g/t Au over 1.1 meters (MC20-46) at #4 Shaft targetwithin a broad alteration & vein zone grading 3.16 g/t Au over 4.2 meters.
“The successful near-surface intersection of a high-grade vein structure overlying the historic Croesus Gold Mine workings highlights the opportunity for additional discoveries in an established bonanza grade gold environment,” commented President and CEO Darwin Green. “Equally significant is the intersection of high-grade gold approximately one kilometre away at the #4 Shaft target, which brings into focus the greater potential of HighGold’s recently consolidated and surprisingly underexplored Munro-Croesus property package.”
“While the Alaska Johnson Tract project remains HighGold’s flagship, with an allocation of up to 80 percent of the company’s annual exploration budget, the Timmins Munro-Croesus project is clearly emerging as an exciting second pillar for the Company and opportunity for creating additional shareholder value. Munros-Croesus is a project that can be effectively explored year-round and is complimentary to Johnson Tract in sharing the key attributes of high gold grades in a top North American mining jurisdiction. The Company has a large number of assay results yet to report for its 2020 drill programs from both Johnson Tract and Munro Croesus. We are currently experiencing faster assay turnaround for Ontario than Alaska, as are our contemporaries, and look forward to providing additional assay result updates for both projects in the coming weeks as data is received.”
Munro-Croesus Drill Program Details
The 2020 Fall Drill program at Munro-Croesus was designed as a first pass orientation program that included targets adjacent to underground workings and at new prospects in outlying areas to the historic mine site. At the outlying prospects, drilling primarily consisted of short holes drilled beneath recently opened historic trenches with the objective of better understanding the geometry, continuity, and geological characteristics of prospects that have seen no work for many decades. In many cases these prospects appear to have not been previously drilled.
Croesus Gold Mine Area
The Company completed eight (8) short holes totalling 288 meters on two drill cross-sections in the immediate vicinity of the historic Croesus inclined shaft to evaluate the shallow hanging wall and footwall lithologic sequences to the historically mined Croesus vein. The last three (3) holes of the Program on the southern of the two cross-sections intersected promising quartz-carbonate veining with associated pyrite and arsenopyrite with highlights listed below:2.3 grams per tonne gold (“g/t Au”) over 2 meters, in hole MC20-418.25 g/t Au over 0.4 meters, in hole MC20-42190.5 g/t Au over 0.5 meters, including 311.0 g/t Au over 0.3 meters, in hole MC20-43
The high-grade intercept in hole MC20-43 is developed within the upper sulphidic pillow breccia phase of the Croesus basalt flow with 25-40% pyrite and trace arsenian pyrite along pillow selvedges and 15-25% quartz-carbonate veining. The intercept lies approximately 5 meters above the old underground workings and may represent a new vein, or a splay of the historic Croesus vein that tracked up into the hanging wall sequence and was missed in previous mining operations.
The former Croesus Gold Mine is renowned for having produced some of the highest-grade gold mined in Canada. Total historical Croesus mine gold production from milled ore as reported by the Ontario Department of Mines (Reference Ontario Department of Mines Vol. LX, Part VIII, 1951) was 14,854 ounces gold from 5,333 short tons milled for an average grade of 2.78 oz gold per short ton (95.3 g/tonne). Research by a previous owner suggests that the above-reported milled ore production did not include the very high-grade direct shipping gold ore which was shipped directly to the Canadian Mint for processing. Five (5) gold samples purchased by the Ontario Bureau of Mines for exhibition purposes and now in possession of the Royal Ontario Museum in Toronto, Ontario weigh 85 pounds collectively and contain 480.7 ounces of gold or 11,310 oz gold per short ton (387,727 g/tonne).
#4 Shaft Area
The #4 Shaft area is located one kilometer from the Croesus Gold Mine area and represents one of the new targets being evaluated by the Company on the greater Munro-Croesus property. The Company recently completed a prospecting and mapping program followed by mechanical stripping, power washing and channel sampling of gold-bearing quartz vein systems in September 2020 (See HighGold Mining press release dated September 22, 2020). One of the new quartz vein prospects, the #4 Shaft Area, returned promising surface channel samples including 11.24 g/t Au over 1.85 meters, 17.05 g/t Au over 0.8 meters, and 8.42 g/t Au over 1.5 meters.
The Company conducted follow-up diamond drilling in October 2020 with the first hole, MC20-46, returning encouraging values a short distance underneath the exposed quartz veining, including: 3.16 g/t Au over 4.2 meters, including 11.01 g/t Au over 1.1 meters, in hole MC20-46
The historic #4 Shaft area was developed during the 1916-1919 era with an inclined shaft to a reported depth of 100 feet. The quartz vein structure is exposed in a single trench and test pit and historic channel sampling from 1929 returned 5.14 g/t Au over 4.78 meters, including 10.62 g/t Au over 1.12 meters.
Table 1 Significant Assay Results Drill HoleFrom(meters)To(meters)Length(meters)Au(g/t) Target MC20-36 - - - nsv Croesus Mine Area MC20-37 - - - nsv Croesus Mine Area MC20-38 - - - nsv Croesus Mine Area MC20-39 - - - nsv Croesus Mine Area MC20-40 - - - nsv Croesus Mine Area MC20-41 4.5 6.5 2.0 2.26 Croesus Mine Area MC20-42 3.1 3.5 0.4 8.25 Croesus Mine Area MC20-43 3.3 3.8 0.5 190.51 Croesus Mine Area Including 3.5 3.8 0.3 311.00 Croesus Mine Area MC20-46 3.4 7.6 4.2 3.16 #4 Shaft Target Including 5.9 7.0 0.2 11.01 #4 Shaft Target
Drill intercepts reported as core lengths are estimated to be 70‐100% true width. nsv = no significant values. Averages are length weighted. Ian Cunningham-Dunlop, P.Eng., VP Exploration for HighGold Mining Inc. and a qualified person as defined by Canadian National Instrument 43-101, has reviewed and verified the information within this table.
Participation Right Exercise
In connection with the Company’s recently announced C$3,000,000 non-brokered private placement (the “FT Private Placement”) (see HighGold Mining news release dated December 15, 2020), the Company is pleased to announce that it expects to issue an additional 350,000 flow-through common shares of the Company (the “Participation Shares”) pursuant to an existing shareholder’s election to exercise its participation right granted under an investor rights agreement (the “Participation Right Exercise”; together with the FT Private Placement, the “Offering”). The Participation Shares will be issued at a price of C$2.00 per Participation Share for additional gross proceeds of C$700,000, for aggregate gross proceeds from the Offering of C$3,700,000. Following the completion of this financing, it is anticipated that HighGold will have more than C$18 million in working capital.
The gross proceeds from the Offering are intended to be used to incur Canadian Exploration Expenses that are “flow-through mining expenditures” (as such terms are defined in the Income Tax Act (Canada)) on the Company’s Ontario gold projects located in the greater Timmins region, Ontario.
The closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the acceptance for filing of the TSX Venture Exchange (the “TSXV”) and any applicable securities regulatory authorities. All securities issued in connection with the Offering, including the Participation Shares, will be subject to a four-month and one day hold period in Canada.
About HighGold
HighGold is a well-funded mineral exploration company focused on high-grade gold projects located in North America. HighGold’s flagship asset is the high-grade Johnson Tract Gold (Zn-Cu) Project located in Southcentral Alaska, USA. The Company also controls a portfolio of quality gold projects in the greater Timmins gold camp, Ontario, Canada that includes the Munro-Croesus Gold property, which is renowned for its high-grade mineralization, and the large Golden Mile and Golden Perimeter properties. HighGold’s experienced Board and senior management team, are committed to creating shareholder value through the discovery process, careful allocation of capital, and environmentally/socially responsible mineral exploration.
Qualified Person and Quality Assurance
Ian Cunningham-Dunlop, P.Eng., VP Exploration for HighGold Mining Inc. and a qualified person (“QP”) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
Samples of drill core were cut by a diamond blade rock saw, with half of the cut core placed in individual sealed polyurethane bags and half placed back in the original core box for permanent storage. Sample lengths typically vary from a minimum 0.2-meter interval to a maximum 1.5-meter interval, with an average 0.5 to 1.0-meter sample length. Drill core samples were delivered by truck in sealed woven plastic bags to ALS Geochemistry laboratory facility in Timmins, Ontario for sample preparation with final analysis at ALS Geochemistry Analytical Lab facility in North Vancouver, BC. ALS Geochemistry operate meeting all requirements of International Standards ISO/IEC 17025:2017 and ISO 9001:2015. Gold was determined by fire-assay fusion of a 50 g sub-sample with atomic absorption spectroscopy (AAS). Samples that returned values >100 ppm gold from fire assay and AAS were determined by using fire assay and a gravimetric finish. Various metals including silver, gold, copper, lead and zinc were analyzed by inductively-coupled plasma (ICP) atomic emission spectroscopy, following multi-acid digestion. The elements copper, lead and zinc were determined by ore grade assay for samples that returned values >10,000 ppm by ICP analysis. Silver was determined by ore grade assay for samples that returned >100 ppm.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
Sirios files Cheechoo technical report on SEDAR
Sirios Resources Inc. has filed on SEDAR the technical report titled “Mineral Resource Estimate Update for the Cheechoo Project Eeyou Istchee James Bay, Quebec, Canada,” with an effective date of Oct. 31, 2020. The report, in compliance to the NI 43-101 standards and completed for the company by BBA Inc., h the resource estimate update of the Cheechoo gold project, located at Eeyou Istchee James Bay at Quebec.
Read MoreThe updated resource shows an increase of 355,000 ounces of gold compared to its initial resource estimate, representing an increase of 22%. The report indicates that, based on an open-pit constrained model, the inferred resources are estimated at 1.955 million gold ounces (Moz) contained in 93.0 million tonnes (Mt) with an average grade of 0.65 grams of gold per tonne (g/t Au) (figure 1).
Dominique Doucet, President and CEO of Sirios, states: ” I want to congratulate our technical team, who within less than a year, significantly increased the resource estimate on our Cheechoo gold deposit.”
The scientific and technical content of this press release has been reviewed and approved by Mr. Dominique Doucet, P.Eng. President and CEO of Sirios Resources Inc. and Mr. Jordi Turcotte, P. Geo. Senior Geologist who are “Qualified Persons” as defined by National Instrument 43-101.
About the Cheechoo Property
The Cheechoo Property located 9 km from the Eleonore gold mine of Newmont at Eeyou Istchee James Bay, Quebec, is wholly owned by Sirios. The new resource estimate of the project (October 2020) delineated inferred resources of 1.96 million ounces of gold, with a significant potential to increase these resources.
About Sirios
Founded in 1995, Sirios Resources develops and explores its own mining exploration projects. Pioneer in the discovery of significant gold deposits in the Eeyou Istchee James Bay region of Quebec, Canada, over the years, Sirios is focusing on its flagship gold project Cheechoo, the 2016 discovery of the year in Quebec.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
Victory Metals increases financing to $17.5-million
Further to its news release dated Dec. 4, 2020, and due to significant demand, Victory Metals Inc. has increased the size of its non-brokered private placement financing of subscription receipts of Victory from $8-million to approximately $17.5-million. The Private Placement is expected to close in two tranches, with the first tranche anticipated to close on December 23, 2020 and the second tranche to close in January 2021. The Subscription Receipts will be issued at a price of $0.55 per Subscription Receipt (the “Subscription Price”).
Read MoreThe Private Placement is being conducted in conjunction with the previously announced merger of equals transaction (the “Merger”) between Victory and Nevada King Mining Ltd. (” Nevada King “) pursuant to which Victory will acquire all the issued and outstanding shares of Nevada King for common shares of Victory (the “Victory Shares”), with the shareholders of Nevada King to hold 50% of the issued and outstanding Victory Shares on completion of the Merger. In addition to customary conditions to completion of the Merger, including shareholder, court and regulatory approvals, a key business condition is the completion of an $8 million financing at an effective price per Victory share of not less than $0.50.
Details Regarding The Subscription Receipts
The Subscription Receipts will be issued pursuant to a subscription receipt agreement to be entered into between Victory and the subscription receipt agent (the “Subscription Receipt Agreement”). Pursuant to the Subscription Receipt Agreement, each Subscription Receipt will entitle the holder to receive one post-Merger Victory Share immediately after closing of the Merger, subject to other standard conditions, without further action on the part of the holder and without payment of additional consideration. The proceeds of the Private Placement will be held in escrow pending the completion of the Merger. If the Merger is not completed before April 16, 2020 the Subscription Receipts will be deemed to be cancelled and the holders of Subscription Receipts will receive a cash amount equal to the aggregate Subscription Price of their Subscription Receipts and any interest that was earned on the Subscription Price.
The Subscription Receipts to be issued under the Private Placement and the Victory Shares to be issued in exchange for the Subscription Receipts upon the closing of the Transaction will be subject to a statutory hold period expiring four months and one day from the closing date of the Private Placement.
The proceeds of the Private Placement will be used to advance Victory’s development and exploration stage assets and for other general corporate purposes.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
Enviroleach’s $5.34M private placement fully subscribed
Enviroleach Technologies Inc.’s previously announced non-brokered private placement has been fully subscribed. The Company has received subscriptions for 17,825,001 units (each a "Unit") at a price of $0.30 per Unit for total gross proceeds of $5,347,500. The Company is proceeding with transaction closing which, due to administrative contraints associated with year end and holiday hours, is anticipated to be completed by December 30, 2020.
Read MoreEnviroLeach’s executive team and board of directors wish to thank investors for their support and interest in this pivotal funding, which is allows the Company to execute its multi-faceted business strategy. EnviroLeach is in position to increase operational throughput at its EnviroCircuit printed circuit board processing facility, and to drive adoption of its economic and environmentally sustainable innovations in the gold mining sector.
The proceeds of the Private Placement will be used for the acquisition of feedstock for Enviroleach's printed circuit board assembly processing facility, the continued development of the Company's technologies, and general working capital.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities.
About EnviroLeach Technologies Inc.
EnviroLeach is an emerging leader in cost-effective and environmentally sustainable technologies for the extraction of valuable metals from conventional gold ores and end-of-life printed circuit board assemblies. Using its proprietary and patented water-based, near-neutral pH treatment process, the EnviroLeach formula extracts metals from mineral concentrates and E-Waste using only FDA approved additives operating under ambient conditions. The unique ability to re-use the EnviroLeach formula results in a cost-effective and sustainable alternative to the current use of cyanide and smelters.
Backed by the momentum of a first-class staff of scientists and engineers, tens of thousands individual tests and assays, independent validations, strategic partners and tens of thousands of hours in research and development, EnviroLeach's technology is emerging as a potential new standard for the provision of eco-friendly methods for the hydrometallurgical extraction of precious metals in both the mining and E-Waste sectors. Further information is available on the EnviroLeach web site: https://EnviroLeach.com
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.