HPQ-Silicon files patent for silicon byproduct
Promising results from electrochemical performance tests made with silicon-based byproducts manufactured by HPQ-Silicon Resources Inc.’s Gen2 Purevap quartz reduction reactor (QRR) motivated the company to file a provisional patent application regarding their manufacturing, assembly and usage as anode materials for lithium-ion batteries.Read More
The patent application follows the completion of a series of tests made on the material produced by the Gen2 Purevap QRR at the Centre Energie Materiaux Telecommunications (EMT) of the INRS by Prof. Lionel Roue under an NSERC Engage grant and a NSERC Engage plus grant.
Purevap QRR silicon byproducts — a superior anode material than graphite
Although preliminary, the results obtained are more than promising since the silicon-based byproduct made with the Gen2 Purevap QRR maintained a gravimetric capacity equal to 1,200 mAh/g for more than 100 charge/discharge cycles, a capacity three to four times greater than that of graphite currently used in commercial lithion-ion batteries. This material is also promising in terms of high-speed performance.
“This is another demonstration of our multiprong approach to becoming a key silicon-based material provider for the battery industry and beyond. The unique capabilities of the Purevap nano silicium reactor (NSiR) will enable us to fully exploit the potential of the silicon and its byproducts manufactured by the Purevap quartz reduction reactor,” said Bernard Tourillon, president and chief executive officer of 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 high demand by batteries and EV manufacturers in this renewable energy revolution.”
Orvana pegs Orovalle at 7.93 MT at 3.74 g/t Au M+I
Orvana Minerals Corp. has completed an updated mineral resource and mineral reserve estimate (MRMR update) and life-of-mine plan (LOMP update), each completed in accordance with CIM Definition Standards (2014) and as incorporated by reference into National Instrument 43-101 — Standards of Disclosure for Mineral Projects, for its Orovalle operation in Asturias, Spain.Read More
Orvana retained Roscoe Postle Associates U.K. Ltd. (RPA), now part of SLR Consulting Ltd., an independent consulting firm, to prepare an independent NI 43-101 technical report on the Orovalle operation. The purpose of the 2020 technical report is to incorporate the MRMR update and LOMP update, as at Sept. 30, 2020, which will be filed under the company’s profile on SEDAR within 45 days from the date of this news release. The 2020 technical report replaces the previous Orovalle NI 43-101 technical report, dated Sept. 26, 2014, and filed on SEDAR on Sept. 29, 2014.
“Orvana’s management team is extremely pleased with the updated Orovalle life-of-mine plan of five years. The company’s ability to continue to maintain a five-year life-of-mine plan since 2014 is the result of the execution of a successful exploration strategy, resulting in the company being able to replenish depletion year by year.”
Mr. Gavidia continued: “The company is committed to an aggressive drill program at Orovalle by way of continued systematic infill and brownfield drilling programs with the aim to further extend the life of mine. Current mineral inferred resources, along with the recently released results of our latest brownfield drilling program, indicate a bright long-term future for the operation at Orovalle. We are also optimistic that our promising greenfield exploration programs at Lidia and Ortosa-Godan, with drilling under way, will result in potential additional upside in the near future.”
In fiscal 2014, the company engaged RPA to complete a technical report on El Valle Boinas and Carles mines in accordance with NI 43-101 standards of disclosure. The 2014 technical report, “Technical Report on the El Valle Boinas-Carles Operation, Asturias, Spain,” dated Sept. 26, 2014 (and previously filed under the company’s profile on SEDAR), reported a life-of-mine plan of five years, starting October, 2014, with the first three years of mining at an average of 571,000 tonnes of ore per annum, followed by two years of oxide-only production at a reduced average rate of 243,000 tonnes of ore per annum. The 2014 technical report life-of-mine plan incorporated approximately 2.2 million tonnes of ore, with and estimated metal production of 282,000 ounces of gold, 24.2 million pounds of copper and 767,000 ounces of silver.
During the period commencing in October, 2014, and ending in September, 2020, Orovalle in fact produced 323,651 ounces of gold and 31.6 million pounds of copper, exceeding the 2014 estimated life-of-mine metal production by 15 per cent in gold and 31 per cent in copper.
RPA completed the LOMP update based on proven and probable mineral reserves estimated as at Sept. 30, 2020, as part of the MRMR update. The planned production schedule consists of oxide and skarn ore to be mined from both the El Valle Boinas and Carles mines at an average rate of 686,000 tonnes per annum for a period of five years. The total production schedule estimates 3.4 million tonnes of ore, containing an estimated 307,000 ounces of gold, 756,000 ounces of silver and 27.6 million pounds of copper. In addition, the inferred mineral resources are estimated to contain 410,000 ounces of gold and 24.8 million pounds of copper, providing potential opportunities to extend the operation life.
LIFE OF MINE PLAN STARTING OCTOBER, 2020 Item Units FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Total Mill feed Tonnes 000 t 704 698 681 675 673 3,431 Gold grade g/t Au 2.64 2.93 2.68 2.90 2.75 2.78 Silver grade g/t Ag 8.24 9.76 6.68 4.88 4.55 6.86 Copper grade % Cu 0.42 0.47 0.33 0.32 0.28 0.36 Metal production Gold 000 oz Au 60 66 59 63 60 307 Silver 000 oz Ag 187 219 146 106 98 756 Copper 000 lb Cu 6,552 7,238 4,882 4,829 4,088 27,590
The company last published mineral resources and reserves estimates for Orovalle as at Sept. 30, 2019, in its annual information form dated Dec. 20, 2019.
The following is a summary of the MRMR update in the 2020 NI 43-101 technical report with more detailed information set forth in the included MRMR tables herein:
- Proven and probable reserves — approximately 3.4 million tonnes grading 2.78 grams per tonne gold, 0.36 per cent copper and 6.86 g/t silver, containing 307,000 ounces of gold, 27.6 million pounds of copper and 756,000 ounces of silver. Gold contained in proven and probable reserves as at Sept. 30, 2020, increased 33 per cent compared with Sept. 30, 2019.
- Measured and indicated resources — approximately 7.9 million tonnes grading 3.74 g/t gold, 0.51 per cent copper and 10.38 g/t silver, containing 955,000 ounces of gold, 89.6 million pounds of copper and 2,646,000 ounces of silver.
- Inferred resources — approximately 3.4 million tonnes grading 3.8 g/t gold, 0.33 per cent copper and 8.64 g/t silver, containing 410,000 ounces of gold, 24.8 million pounds of copper and 934,000 ounces of silver.
The MRMR update follows the Canadian Institute of Mining, Metallurgy and Petroleum’s Definitions Standards for Mineral Resources and Reserves (2014) and the technical report has been completed in accordance with the standards of disclosure for mineral projects as defined by NI 43-101. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral reserves and mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues.
MINERAL RESOURCES INCLUSIVE OF MINERAL RESERVES -- SEPT. 30, 2020 OROVALLE MINERALS SL -- OROVALLE OPERATION Tonnes Grade Contained metal Zone (000 t) (g/t Au) (g/t Ag) (% Cu) (000 oz Au) (000 oz Ag) (000 lb Cu) Measured mineral resources Boinas oxide 806 3.84 15.29 0.58 99 396 10,286 Boinas skarn 2,146 2.69 16.54 0.78 186 1,141 36,741 Carles 232 3.45 10.00 0.53 26 75 2,696 La Brueva Total 3,184 3.04 15.75 0.71 311 1,612 49,723 Indicated mineral resources Boinas oxide 3,025 4.78 4.94 0.34 465 480 22,356 Boinas skarn 398 2.78 17.82 0.75 36 228 6,591 Carles 1,327 3.37 7.64 0.38 144 326 10,971 La Brueva Total 4,749 4.22 6.77 0.38 644 1,034 39,918 Measured + indicated mineral resources Boinas oxide 3,831 4.58 7.12 0.39 564 876 32,642 Boinas skarn 2,544 2.70 16.74 0.77 221 1,370 43,332 Carles 1,559 3.38 7.99 0.40 169 400 13,667 La Brueva Total 7,934 3.74 10.38 0.51 955 2,646 89,641 Inferred mineral resources Boinas oxide 1,665 4.36 8.62 0.30 233 461 11,057 Boinas skarn 348 2.85 18.51 0.74 32 207 5,698 Carles 1,163 3.26 4.62 0.30 122 173 7,703 La Brueva 187 3.90 15.53 0.09 23.40 93.13 357.30 Total 3,362 3.80 8.64 0.33 410 934 24,816
- CIM (2014) definitions were followed for mineral resources.
- Mineral resources are estimated at a gold equivalent (AuEq) cut-off grade of 2.52 g/t AuEq for Boinas oxide, 2.2 g/t AuEq for Boinas skarn, 1.96 g/t AuEq for Carles skarn and 2.52 g/t AuEq for La Brueva oxides.
- Mineral resources are estimated using long-term prices of $1,700 (U.S.) per oz Au, $20 (U.S.) per oz Ag, and $3.25 (U.S.) per lb Cu. A United States dolllars to euros exchange rate of 1.2:1 was used.
- Mineral resources are inclusive of mineral reserves.
- Crown pillars of 60 m and 40 m are excluded from the mineral resource below the El Valle TSF and Boinas-East old pit, respectively.
- Unrecoverable material in exploited mining areas has been excluded from the mineral resource.
- Areas of contiguous blocks with volumes less than 500 cubic metres have been removed from the mineral resource report to ensure reasonable prospects for eventual economic extraction (RPEEE).
- Numbers may not add due to rounding.
MINERAL RESERVES -- SEPT. 30, 2020, OROVALLE MINERALS SL -- OROVALLE OPERATION Category Tonnes Grade Contained metal (000 t) (g/t Au) (g/t Ag) (% Cu) (000 oz Au) (000 oz Ag) (000 lb Cu) Proven 1,156 2.14 11.61 0.51 79 431 12,922 Probable 2,275 3.10 4.44 0.29 227 325 14,668 Proven and probable 3,431 2.78 6.86 0.36 307 756 27,590
- CIM (2014) definitions were followed for mineral reserves.
- Mineral reserves are estimated using AuEq break-even cut-off grades by zone, consisting of 3.35 g/t AuEq for Boinas oxides (D&F), 2.9 g/t AuEq for Boinas skarns (SLS) and 2.09 g/t AuEq for Carles skarn (SLS). AuEq cut-offs are based on recent operating results for recoveries, off-site concentrate costs and on-site operating costs. AuEq factors are based on metal prices, metallurgical recoveries, metal payables and selling costs.
- Mineral reserves are estimated using average long-term prices of $1,600 (U.S.) per oz Au, $18 (U.S.) per oz Ag and $3 (U.S.) per lb Cu. A U.S. dollars to euros exchange rate of 1.2:1 was used.
- A minimum mining width of four m was used.
- A no-mining standoff distance of 75 m under the El Valle TSF and 42 m under the Boinas-East old pit has been applied.
- A no-mining sterilization zone of 10 m below mined-out stopes and five m around waste-filled stopes has been applied.
- Numbers may not add due to rounding.
The scientific and technical information contained in this press release has been reviewed and approved: (i) in respect of the estimated mineral reserves and the LOMP update by Rick C. Taylor, MAusIMM, CP, of RPA, and (ii) in respect of the estimated mineral resources by John Makin, MAIG, of RPA. RPA is an independent mining consultant and each of Mr. Taylor and Mr. Makin is a qualified person within the meaning of NI 43-101. Qualified persons responsible for other sections of the technical report are Jack Lunnon, CGeol, EurGeol, Patrick Donlon, FAusIMM, and Alessandra (Alex) Pheiffer, MSc, PrSciNat, EAPAN.
Abcourt exercises all 2018 warrants
Abcourt Mines Inc.’s warrants issued in the private placement of 2018 have been exercised. Some were exercised earlier, in October, 2020, others were exercised lately. In December, 2020, 845,000 warrants were exercised and 845,000 common shares were issued for an amount of $84,500 received by the corporation. In global, the corporation issued a total of one million common shares at a price of 10 cents per share upon the exercise of all the 2018 warrants.Read More
The proceeds from the exercise of the 2018 warrants will be used by the corporation for its working capital and for exploration and development work on its mining properties.
Some definition diamond drilling is currently being done at the Sleeping Giant mine.
Temporary suspension of operations
Following an electrical incident, the Elder hoist motor has to be repaired. Consequently, the company has suspended its operations for a 12- to 15-day period.
This press release was prepared by Renaud Hinse, engineer and president of Abcourt Mines. Mr. Hinse is a qualified person under the terms of Regulation 43-101. Mr. Hinse has approved the scientific and technical disclosure.
IsoEnergy to settle $56,258 (U.S.) interest with shares
IsoEnergy Ltd. has agreed to settle a portion of the interest payment due to Queen’s Road Capital Investment Ltd. (QRC) as at Dec. 31, 2020. Pursuant to the unsecured convertible debenture dated August 18, 2020 between QRC and the Company (the “Debenture”), as at December 31, 2020, the Company will owe QRC interest in the amount of US$191,280 of which US$56,258 will be settled with the issuance of 40,026 common shares of the Company (“Shares”), at a deemed price of US$1.41.Read More
Under the terms of the Debenture, the portion of the interest payable to QRC equal to 2.5% per annum is payable in Shares at a price per Share equal to the volume-weighted average trading price per Share on the TSX Venture Exchange (“TSXV”) for the twenty consecutive trading days ending 3 trading days prior to the date such interest is due. The portion of the interest payable to QRC equal to 6.0% per annum is payable in cash. The issuance of the Shares to QRC is subject to TSXV acceptance.
Canada Silver Cobalt hits new silver vein at Castle
Canada Silver Cobalt Works Inc. has intersected a new, additional, high-grade silver vein within 60 metres of the Robinson zone discovery hole CA-11-08. The Robinson zone project is 100 per cent owned by the company in the 78-square-kilometre Castle silver mine property in Gowganda, Ont., Canada.Read More
Highlights and updates:
- Visually, mineralization in the new vein rivals the discovery intersection of hole CA-11-08 (40,944 grams per tonne (1,194 ounces per ton) silver over a core length of 0.45 metre (refer to Gold Bullion Development’s news release dated Aug. 25, 2011) and additional intervals in hole CS-20-08W1 and CS-20-08W2 of 50,583.29 grams per tonne (1,476 ounces per ton) silver over 0.60 metre within 1.5 metres of 20,741 grams per tonne (605 ounces per ton) silver and 70,380 grams per tonne (2,053 ounces per ton) silver over 0.30 metre within a broader zone of 1.4 metres grading 20,136 grams per tonne (587 ounces per ton) silver, respectively (see Canada Silver Cobalt’s press releases dated Dec. 23, 2019, and Jan. 10, 2020).
- The 18,000 metres drilled in the current 50,000-metre program represent only 36 per cent of this phase of drilling. A total of 28 holes are completed, including eight wedge holes.
- This new intersection is 53 metres laterally east-southeast and 25 metres vertically above the original discovery hole (CA-11-08) and further expands the potential high-grade mineralization target area. This new, high-grade mineralized intercept is approximately 80 metres below the upper contact of the diabase sill, which, in the Gowganda camp, typically hosts the majority of the silver mined historically.
With four strongly mineralized veins identified and this additional new, high-grade vein, the potential of the Robinson zone has significantly increased. Follow-up drilling is planned to expand the existing resource panels reported in a press release dated May 28, 2020. In that release, a maiden resource estimate identified zones 1A and 1B of the Robinson zone to have an average silver grade of 8,582 grams per tonne (250 ounces per ton) in a combined 27,400 tonnes of material for a total of 7.56 million inferred ounces of silver using a cut-off grade of 258 grams per tonne silver equivalent (mineral resources that are not mineral reserves do not have demonstrated economic viability).
The new high-grade intersection is an entirely new vein. The intersection is located a mere 60 metres from the discovery intersection of hole CA-11-08 and is located approximately two kilometres southeast of the Castle No. 3 mine and within two kilometres of two other past producers.
Notably, hole CS-20-39 also intersected a 17-metre zone (downhole, from 502 metres to 519 metres) with several narrow veins mineralized with both silver and cobalt arsenides. Assays are pending for hole CS-20-39.
This new vein and the design of the current drill program offer an excellent opportunity to conduct valuable downhole geophysics, and, based on the results of a pilot program, the company will have a road map to focus more effectively on some of the targets we have identified at the Robinson zone.
Matt Halliday, PGeo, president, commented: “We are very pleased to be disclosing this new vein discovery. This is the type of stellar mineralization we are looking for and to find it so close to the original Robinson vein is very encouraging. We continue to record sound geological information with the aim of strengthening our model and finding more mineralization like this on the existing structures and to search out new ones.”
The Castle property is 15 kilometres east of Pan American Silver’s Juby gold deposit, 30 kilometres due south of Alamos Gold’s Young-Davidson mine, 75 kilometres southwest of Kirkland Lake Gold’s Macassa complex and 100 kilometres southeast of new gold discoveries in the Timmins West area.
The technical information in this news release was prepared under the supervision of Matthew Halliday, PGeo (APGO), president of Canada Silver Cobalt Works and a qualified person in accordance with National Instrument 43-101.
Atico Mining $6.5M (U.S.) debenture private placement
The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced Dec. 7, 2020.Read More
Convertible debenture: $6.5-million (U.S.)
Conversion price: convertible into 11,627,907 common shares at 55.9 U.S. cents per share
Maturity date: five years
Interest rate: 7 per cent per annum
Number of placees: one placee
Finder’s fee: Dundee Goodman Merchant Partners, $357,500 (U.S.)
Azarga Uranium to list additional shares Dec. 31
The Toronto Stock Exchange reports that Azarga Uranium Corp. will list additional shares at the open on Dec. 31, 2020. As stated in its short form prospectus dated Dec. 23, 2020, the company will issue 30 million units at 20 cents per unit in a public offering, with each unit consisting of one share and one-half warrant.Read More
According to the TSX, the units will separate immediately upon the closing of the offering. Each whole warrant will be exercisable at 28 cents per share until 5 p.m. Toronto time on the date that is 24 months after the closing of the offering. The warrants will not be listed and posted for trading on the TSX.
© 2020 Canjex Publishing Ltd. All rights reserved.
Garibaldi drills 132.38 m of 0.62% Ni, 0.51% Cu at E&L
Garibaldi Resources Corp. has released results from the recently completed 2020 drill program, targeting deeper extensions of the easterly plunging E&L intrusion. Building along trend of the expanding 650-metre-long E&L footprint, hole EL-20-96 intersected a newly discovered semi-massive sulphide zone 450 metres east of the lower discovery zone (LDZ) at a depth of 645 metres.Read More
The new zone is along the plunge of the intrusion in the same geological environment in which the northwest and LDZ developed and occurs at the contact of the E&L mineralized gabbro and Hazelton sedimentary rocks. Detailed study of geochemical, geophysical and structural controls supplied vectors targeting deeper areas along a two km long corridor. The model provides significant potential for hosting mineralization and multiple off-hole BHEM (borehole electromagnetic) anomalies remain to be tested.
Garibaldi’s 2020 exploration season encountered significant challenges, yet results indicate increasing scale potential at the company’s flagship E&L project, rich in nickel-copper-cobalt as well as palladium, platinum, gold, silver, osmium, iridium, ruthenium and rhodium. The E&L discovery at Nickel Mountain is the first-ever magmatic massive sulphide system identified in the Eskay camp of northwestern British Columbia. Key seasonal highlights are as follows.
- EL-20-96 has produced the deepest nickel-copper-mineralized intersection yet at E&L at 645 m depth, while also extending the lower discovery zone massive sulphide on its way to target depth. The newly discovered semi-massive sulphide at 645 metres indicates the mineralized E&L gabbro extends significantly beyond and below the near-surface mineralized zones.
- EL-20-96 was collared near the northern part of the E&L intrusion and drilled along trend to the southeast at 56 degrees. It cut through a well-mineralized section of the taxitic-orbicular textured gabbro intersecting 132.38 metres of 0.62 per cent nickel and 0.51 per cent copper. It pierced through 3.98 m of high-grade massive sulphide extending the LDZ five metres to the north.
- EL-20-96 also produced an 18.5-metre interval including the lower section of the orbicular gabbro and top portion of the LDZ significantly enriched in palladium and platinum, grading 3.75 grams per tonne palladium, 1.86 g/t platinum and 1.58 g/t gold. Notably, this hole intercepted a series of gabbros from surface to over 640 metres.
- EL-20-95 was also drilled in the northern part of the E&L intrusion. It cut a 128.15-metre interval of 0.34 per cent Ni and 0.37 per cent Cu, including a 2.15 m interval of disseminated and semi-massive Cu-PGE (copper-platinum group element) mineralization in a transitional zone between E&L and Nickel Mountain gabbro, grading 1.05 per cent Ni, 3.0 per cent Cu, 5.03 g/t Pd, 2.87 g/t Pt and 2.6 g/t Au, located 28 metres north of the LDZ in an area open for expansion. A 15 m intersect returning 0.17 per cent Ni and 0.21 per cent Cu was discovered 90 metres below the LDZ and remains open indicating extensive room to explore this northeast-southwest trend of the E&L system.
- EL-20-91 was collared 500 m southeast of the E&L intrusion and drilled steeply to the northeast along the interpreted trend of the two km E&L corridor. The hole cut through Hazelton sediments and 1.6 metres of semi-massive sulphides at the Hazelton-gabbro contact. The hole intersected 101.36 metres of mineralized E&L gabbro grading 0.18 per cent Ni and 0.16 per cent Cu from 366.14 to 467.5 m. The top 49.5 m of the interval is composed of a taxitic melagabbro. The bottom 51.68 m is composed of a massive olivine pyroxenite. Hole 91 reinforces the interpretation that massive sulphides form along the contact of the E&L gabbro with the Hazelton group. This area remains open and is highly prospective.
- EL-20-90 was collared at the southern extension of the E&L intrusion and extended the near-surface mineralization 29 metres south by cutting 15.37 metres of 0.95 per cent Ni and 0.66 per cent Cu mineralization starting at surface. The hole also intersected 30 metres of mineralized gabbro on the south side of the LDZ.
- EL-20-89 produced the longest nickel-copper-mineralized intersection yet over 151.66 metres (see news release dated Sept. 11, 2020) of 0.56 per cent Ni and 0.61 per cent Cu. The greatly expanded 650 m E&L footprint represents over a threefold extension of the mineralized strike length from the start of the 2020 exploration season.
Garibaldi successfully advanced the company’s flagship E&L project at Nickel Mountain as well as numerous other targets throughout the property, including the company’s more accessible Casper high-grade quartz gold vein system, which progressed to drill readiness. Garibaldi completed four diamond drill holes at Casper by the holiday break; assays are pending.
Expanded 2020 regional prospecting resulted in new surface discoveries, including outcropping mineralized gabbro at Mount Shirley 14 km to the north-northeast of E&L. The strike length of the Nickel Mountain gabbroic complex (NMGC) is over 15 km and remains open. Assays of up to 2.09 per cent Ni and 4.59 per cent Cu confirm magmatic sulphide mineralization outcrop at a second location within the highly prospective 180-square-kilometre Eskay claim group. Magmatic sulphides with orbicular and taxitic-textured melagabbros west of E&L also show strong potential for new mineralized zones.
Jeremy Hanson, Garibaldi vice-president, exploration, stated: “We are very encouraged with the results of the 2020 drilling program. Our planning and analysis led to the discovery of a new mineralized zone 650 m along trend of the E&L system. We have significantly enhanced the footprint with these large stepout holes and are well on our way to tracking down new mineralized zones along the E&L corridor.”
Dr. Peter Lightfoot, Garibaldi technical adviser, noted that: “The 2020 exploration program has confirmed the modelled plunge extent of mineralized E&L-type gabbros is open at depth, and it has identified important indications of magmatic sulphides associated with outcrops of gabbros and boulders at two locations on the property. Drill hole EL-20-95 encountered a new style of high-grade mineralization in a transition zone between the E&L intrusion and the Nickel Mountain gabbro. The two intrusions are likely closely related in time and space, so this information provides a new focus for the evaluation of gabbros along the 15 km strike length. These discoveries collectively provide an important new focus for the 2021 work program at Nickel Mountain.”
SIGNIFICANT ASSAY RESULTS FOR DRILL HOLES EL-20-90 TO 96 Hole No. Interval width (from-to) Ni Cu Co Pt Pd Au Ag (%) (%) (%) (g/t) (g/t) (g/t) (g/t) EL-20-96 over 132.38 m (31.5-163.88 m) 0.62 0.51 0.02 0.24 0.51 0.21 2.82 including over 74.92 m (88.96-163.88 m) 0.99 0.83 0.03 0.42 0.88 0.36 3.93 including over 3.98 m (159.9-163.88 m) 6.69 3.07 0.2 0.95 2.02 0.46 7.19 including over 18.5 m (144-162.5 m) 5.25 4.15 0.25 1.86 3.75 1.58 30.79 including over 4.5 m (644.98-649.48 m) 0.55 0.50 0.05 0.02 0.02 0.02 0.55 including over 1.43 m (646-647.43 m) 1.05 0.51 0.1 0.01 0.03 0.03 0.65 EL-20-95 over 128.15 m (0-128.15 m) 0.34 0.37 0.01 0.19 0.34 0.18 1.72 including over 94.9 m (0-94.9 m) 0.37 0.36 0.01 0.15 0.25 0.15 1.28 including over 59.11 m (22.9-82.01 m) 0.45 0.43 0.02 0.18 0.29 0.19 1.42 and over 2.15 m (126-128.15 m) 1.25 3.00 0.02 2.87 5.03 2.66 18.53 and over 6 m (172.9-178.9 m) 0.22 0.28 0.01 0.04 0.17 0.03 1.19 and over 36 m (190.9-226.9 m) 0.12 0.13 0.01 0.02 0.08 0.02 1.67 including over 15 m (211.9-225.9 m) 0.17 0.21 0.01 0.03 0.11 0.03 2.5 EL-20-91 over 101.36m (366.14-467.5 m) 0.18 0.16 0.01 0.02 0.04 0.01 1.03 including over 49.5 m (366.14-415.64 m) 0.16 0.15 0.01 0.01 0.02 0.01 0.94 including over 1.6 m (366.14-367.74 m) 0.84 0.53 0.08 0.01 0.02 0.01 3 and over 51.86 m (415.64-467.5 m) 0.19 0.17 0.02 0.03 0.06 0.02 1.12 and over 0.75 m (448.75-449.5 m) 0.70 0.73 0.07 0.05 0.05 0.02 4 EL-20-90 over 15.37 m (0-15.37 m) 0.95 0.66 0.02 0.18 0.29 0.18 2.05 and over 30 m (120.5-150.5 m) 0.41 0.07 0.02 0.01 0 0 0.5 and over 7.5 m (140-147.5 m) 0.80 0.19 0.04 0.01 0.01 0 0.5
EL-20-94, 93 and 92 were exploratory holes. Hole 94 was a 200-metre stepout to the southwest of the E&L surface expression. Hole 93 was a stepout 700 metres to the east of the E&L, and hole 92 was drilled 500 metres southeast of the E&L. These holes targeted structural contacts that did not return significant results but confirmed the presence of the intrusive, hole 92 cut through 118 metres of high MgO (magnesium oxide) gabbro providing a vector toward potential mineralized E&L gabbro nearby.
Steve Regoci, president and chief executive officer, stated: “Garibaldi management is very pleased with the progress made during the 2020 exploration season. Important gains have been made expanding the E&L strike length and tracking widespread nickel-copper mineralization deeper at Nickel Mountain. Our plans for 2021 remain focused on identifying the conduit pathways for E&L mineralization, which contains critical battery metals that are ideally suited for the rapidly developing electric vehicle markets.”
Quality assurance/quality control (QA/QC)
Garibaldi Resources has applied a rigorous quality assurance/quality control program at the E&L Nickel Mountain project using best industry practice. All core was logged by a geoscientist and selected intervals were sampled. HQ and NQ drill core was sawn in half and each sample half was placed in a marked sample bag with a corresponding sample tag then sealed. The remaining half core is retained in core boxes that are stored at a secure facility in Smithers, B.C. Chain of custody of samples was recorded and maintained for all samples from the drill to the laboratory.
All diamond drilling sample batches included 5-per-cent QA/QC samples consisting of certified blanks, standards and field duplicates. Multiple certified ore assay laboratory standards and one blank standard were used in the process. Samples were submitted to SGS Canada Inc. in Vancouver, B.C., an ISO (International Organization for Standardization) 9001:2008-certified lab, for base metal, sulphur and precious metal analysis using inductively coupled plasma (ICP), fire assay (FA) and Leco methods. Samples were prepared by crushing the entire sample to 75 per cent passing two millimetres, riffle splitting 250 grams and pulverizing the split to better than 85 per cent passing 75 microns. Gold, platinum and palladium were analyzed using a 30-gram fire assay and ICP-AES (inductively coupled plasma atomic emission spectroscopy). Total sulphur and total carbon were analyzed using a Leco method. Nickel, copper, cobalt, silver and base metals were analyzed by sodium peroxide fusion and ICP-MS (inductively coupled plasma mass spectrometry). The performance on the blind standards, blanks and duplicates achieved high levels of accuracy and reproducibility and has been verified by Jeremy Hanson, a qualified person as defined by National Instrument 43-101.
XRF (X-ray fluorescence) measurements were taken with a Niton XL5. XRF measurements analyze a very small section of rock approximately 0.16 square centimetres per measurement and results are not representative of the overall rock or material.
Kincora samples avg. of 8.8 g/t Au at West Fox
Kincora Copper Ltd. has provided an update following field season activities in Mongolia post the issuance of a mining licence for the eastern portion of the Bronze Fox intrusive complex (BFIC). The primary focus of exploration was on the margin of an adjacent second large porphyry system, the Tourmaline Hills intrusive complex (THIC), at a newly identified gold-base metals target within the West Fox prospect.Read More
- New high-grade gold with copper rock-chip samples on margin of Tourmaline Hills intrusive complex at the West Fox prospect:
- Average grade of 8.8 grams per tonne gold from 39 samples with 16 greater than one g/t;
- Results include: 118 g/t gold with 0.33 per cent copper; and 34 g/t gold with 0.86 per cent copper.
- West Fox is an intermediate sulphidation epithermal prospect with an out/subcrop area of three kilometres by 1.2 km identified for follow-up exploration activities, including three new target areas.
- Other epithermal target areas on the margin of the two neighbouring large intrusive complexes within the Bronze Fox project are identified for similar field reconnaissance.
- Field season results highlight upside inherent in binding term sheet executed with Resilience Mining Mongolia Pty. Ltd. (RMM) for Kincora’s Mongolian asset portfolio, retaining significant upside to exploration, project generation and development successes, and streamlining Kincora’s core focus advancing priority drilling activities in New South Wales, Australia.
Field activities have identified three new target zones and returned generally higher-grade gold and copper assay results than previous Ivanhoe Mining (IMMI) activities. Other underexplored regions prospective for intermediate sulphidation epithermal targets on the margin of the THIC and BFIC have been identified for field reconnaissance.
Sam Spring, president and chief executive officer, commented: “The previous focus of limited drilling, geophysics and surface reconnaissance by Kincora within and around the margins of the Tourmaline Hills intrusive complex was testing the potential for large concealed porphyry targets.
“This year’s field activities at Tourmaline Hills benefited from Kincora’s activities in the Macquarie Arc, Australia. We applied a new conceptual target model similar to the Cowal gold-base metal project (flagship project of Evolution Mining, with a nine-million-ounce gold resource inventory) and the target of the company’s neighbouring Fairholme project, which we are planning on drilling in 2021, located less than 15 km from Cowal.
“We are encouraged by the results and new targets at West Fox, and scope for further similar targets on the margins of the two large intrusions at the Bronze Fox project. We feel these results also highlight the larger picture upside to Kincora from the recently announced agreement with Resilience Mining to realize the inherent value of our Mongolian portfolio and their complementary Mongolia strategy, as we focus on our core Australian operations.”
Over the last year, Kincora has assembled a strategic and district-scale position in the key belts of the Macquarie Arc, within the Lachlan fold belt, in central west New South Wales. High-priority drilling commenced in April, 2020, and continues at the company’s flagship Trundle project with very promising copper and gold results. The company is in advanced stages of planning drilling at a further two projects in New South Wales within the next six months.
Prior to current core activities in New South Wales, Kincora’s focus was on exploration and project generation in Mongolia targeting large-scale porphyry discoveries. A peak landholding of 13 licences covering 1,689 square km has been systematically explored and refined to three licences covering 321 square km.
The company has retained one of the largest land packages in the southern Gobi porphyry belt and undertaken the largest project generation and exploration initiatives by any foreign group in recent times in Mongolia.
In September, 2020, a mining licence was issued over the eastern licence and portion of the Bronze Fox project, centred over the Bronze Fox intrusive complex (BFIC) within this licence.
The mining licence provides tenure for a 30-year period. An independent block model supports a 416-million-tonne to 428-million-tonne at 0.26-per-cent to 0.30-per-cent copper exploration target (0.20-per-cent copper cut-off), with desktop studies having been undertaken for a potential small-scale oxide development project (1). Relatively limited drilling supports upside at one of the largest copper systems in Mongolia with only a small portion of the Bronze Fox intrusion (and Tourmaline Hill’s intrusion) drill tested.
During 2020, surface exploration activities commenced at and around the neighbouring Tourmaline Hills intrusive complex (THIC), which is also a large, outcropping gold-copper system with limited drilling and often the focus of informal gold mining activities.
Given the company’s exploration activities in New South Wales and having secured the Bronze Fox mining licence, Kincora commenced a strategic review for its Mongolian portfolio — seeking to continue to systematically advance the project portfolio, grow the portfolio’s value and streamline activities given the company’s focus on its New South Wales assets. The strategic review resulted in a binding agreement with Resilience Mining Mongolia Pty. Ltd.
Tourmaline Hills project
Kincora’s 2020 activities at Tourmaline Hills focused on relogging all prior drill holes held by the company (4,771.25 metres for 15 holes) and undertaking further surface geological activities, exploring the concept of a higher-level epithermal gold-base metal system within and on the margin of the intrusive complex.
This year’s field activities benefit from the company’s activities in the Macquarie Arc, and similar type conceptual target to the Cowal project (flagship project of Evolution Mining, with a nine-million-ounce gold resource inventory) and the target of the company’s Fairholme project, located less than 15 km from Cowal with preparations continuing to drill there in the first half of 2021.
Prior exploration activities by Kincora within and on the margins of the THIC followed up previous shallow drilling, geophysics and surface exploration efforts by Ivanhoe Mines (IMMI) and were solely focused on the deeper porphyry potential. Kincora drilling occurred during the 2012 field season immediately postacquisition of the licence (and before the licence was revoked and then returned as part of the 106-licence dispute with the Mongolian government).
A cost-effective geological mapping and rock chip program commenced in the Mongolian 2020 fall to better understand the extent and phases of veining and mineralization at the West Fox prospect. This involved, taking surface rock chip samples of the recognized key vein sets, mapping key structures, assessing zonation across the system and the potential for neighbouring undercover extensions. Given the nature of the new conceptual target, prior Kincora and other explorer drilling, geophysics, soil and rock chip sampling are viewed as too sparely spaced, and infill and more systematic follow-up programs are warranted across this area.
Kincora’s 2020 activities have also identified three new target zones within the West Fox prospect area and generated generally higher grade gold and copper assay results than previous IMMI activities.
The geochemistry of mineralized zones mapped by Kincora at West Fox supports an intermediate sulphidation (IS) epithermal target:
- Anomalous Pb-Zn-Cu (lead-zinc-copper) associated with Au-As (gold-arsenic) mineralization;
- Elevated Bi (bismuth) and Mo (molybdenum) evidencing involvement of magmatic fluids;
- Anomalous Mn (manganese), possibly after rhodochrosite;
- Outcropping intermediate sulphidation epithermal-style alteration, possibly supporting a higher level setting in the mineralized intrusive system and a preserved shallow to moderate depth unexplored target zone.
Trace element geochemistry indicates gold association with:
- Proximal: As, Pb-Zn, Mo and Bi;
- Peripheral: Mn and Mg.
The prospect’s coincident magnetic high feature has little to no expression in outcrop. Coupled with thick hornfels alteration with peripheral chlorite-epidote, this suggests that an intermediate sulphidation gold-base metal mineralization system may be sourced from a deeper intrusive. The mapped mineralized veins are mostly eroded or covered by the thin veneer of transported cover.
Three types of mineralized veins appear to be at different genetic stages and interpreted to be from the same magmatic sourced mineralization event and sharing same structural permeabilitites. Zonation from an interpreted proximal to distal environment from a magmatic source is evident across the prospect area.
A total of 39 rock chip samples were taken from representative areas of parallel mineralized veins, with five different type of vein systems identified — see assay results in the attached table.
Following this field program, other epithermal target areas on the margin of the BFIC and THIC within the Bronze Fox project, including within the West Fox prospect, have now been identified for similar field reconnaissance.
Follow-up activities are proposed at priority targets for early in the 2021 field season and Kincora is advancing these plans with RMM.
Red Well project
The southern edge of the company’s Red Well licence is located as close as 15 km along the trend of the Oyu Tolgoi and Shivee Tolgoi mineralized systems, which have a known 26 km north-northeast arc transverse trend. In 2017, Rio Tinto undertook drilling on the southern adjacent licence to Red Well on strike to the undercover extension of the Shivee Tolgoi mineralized trend.
Kincora’s exploration activities at Red Well have included rock chip sampling, age dating, archeology and paleontology which were under taken ahead of ground magnetics and gravity, and soil geochemistry. The best rock chip sample returned 2 per cent copper, 0.25 g/t gold, 1.5 g/t silver, 0.25 per cent arsenic and zinc, 0.08 per cent lead and 0.002 per cent molybdenum in altered and mineralized volcanics.
(1) The potential quantity and grade ranges are conceptual. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. For further details on Bronze Fox refer to the company’s Nov. 18, 2019, and June 26, 2019, press releases.
Agreement with RMM
On Dec. 14, 2020, Kincora announced a binding option and acquisition agreement with Resilience Mining Mongolia Pty. Ltd. (RMM). RMM is a private Australian company that is an active explorer and project generator in Mongolia, led by an executive team and board with extensive international and in-country Mongolia experience.
The agreement provides RMM a period of exclusivity, paid for in monthly cash instalments, to complete due diligence, legal agreements and capital market activities. Kincora’s Mongolian asset portfolio includes the Bronze Fox mining licence, neighbouring Tourmaline Hills exploration licence (within which the West Fox prospect is located) and the Red Well exploration licence. RMM will also secure the Southern Gobi White Pearl camp, and access to Kincora’s proprietary project generation database and Mongolian-based exploration and administration teams.
Upon RMM having raised a minimum of $6-million (Australian) in new equity, listing on the Australian Securities Exchange (ASX) and exercise of the option, Kincora will retain a 20-per-cent effective free carried asset level interest for Kincora’s existing Mongolia portfolio until certain project milestones have been met, have the right of first refusal for a 20-per-cent effective asset level interest in any new Mongolian projects, a 9.9-per-cent stake in RMM and the right to a board seat. The shares will be subject to a 12-month voluntary escrow period.
The agreement provides attractive upside to Kincora, backing a well-motivated group, advancing an attractive portfolio and project generation strategy, including advancing the West Fox prospect and other intermediate sulphidation epithermal targets around the two large intrusive complexes within the Bronze Fox project. The deal also enables Kincora to focus on the company’s district-scale pipeline and continuing drilling activities in New South Wales, Australia.
Please refer to Kincora’s Dec. 14, 2020, press release for further details on the RMM agreement.
WEST FOX ROCK CHIP SAMPLE RESULTS Gold Gold* Copper Silver Arsenic Iron Zinc Lead No. Sample (g/t) (g/t) (%) (ppm) (ppm) (%) (ppm) (ppm) 1 KCCRO20006 0.42 - 0.001 1.02 >10,000 6.89 45 10.0 2 KCCRO20007 2.45 - 0.027 8.16 2,567 6.87 214 121.0 3 KCCRO20008 0.14 - 0.002 1.06 1,082 5.86 74 44.7 4 KCCRO20009 <0.01 - 0.004 0.39 145 4.46 610 69.7 5 KCCRO20010 1.41 - 0.308 5.53 701 6.33 573 784.0 6 KCCRO20011 0.25 - 0.041 5.57 5,329 5.91 1,175 2,760.0 7 KCCRO20012 95.50 99.60 0.194 38.80 >10,000 >15.00 593 379.0 8 KCCRO20013 0.46 - 0.014 4.34 7,841 5.70 54 51.4 9 KCCRO20014 12.10 12.20 0.037 12.80 >10,000 9.01 23 526.0 10 KCCRO20015 0.44 0.44 0.001 0.68 878 3.88 40 8.8 11 KCCRO20016 1.31 1.32 0.079 3.42 5,271 8.46 136 172.0 12 KCCRO20017 0.64 - 0.011 1.10 >10,000 8.17 243 84.2 13 KCCRO20018 0.04 - 0.004 0.13 361 5.13 46 8.4 14 KCCRO20019 4.77 - 0.079 8.58 8,326 >15.00 1,452 844.0 15 KCCRO20020 34.00 35.80 0.856 36.10 >10,000 >15.00 167 552.0 16 KCCRO20021 4.43 - 0.074 2.58 5,400 7.85 415 1,470.0 17 KCCRO20022 0.07 - 0.005 0.41 202 3.10 60 16.4 18 KCCRO20023 0.29 - 0.016 0.68 1,294 4.29 41 15.1 19 KCCRO20024 0.02 - 0.006 0.42 74 6.36 64 11.1 20 KCCRO20025 0.03 - 0.001 0.28 1,144 7.28 35 5.3 21 KCCRO20027 0.01 - 0.035 1.08 397 5.64 203 61.9 22 KCCRO20028 12.40 - 0.104 23.80 >10,000 10.83 77 1,440.0 23 KCCRO20029 4.58 - 0.004 4.65 >10,000 11.77 577 1,470.0 24 KCCRO20030 1.80 - 0.017 3.40 >10,000 11.02 197 458.0 25 KCCRO20031 0.13 - 0.002 0.25 2,859 5.35 153 33.8 26 KCCRO20032 0.05 - 0.001 0.57 500 6.86 138 11.8 27 KCCRO20033 0.42 - 0.035 1.06 4,755 8.86 1,600 3,810.0 28 KCCRO20034 0.01 - 0.005 0.50 860 5.57 67 66.2 29 KCCRO20035 0.12 - 0.009 1.38 662 2.05 405 117.0 30 KCCRO20036 0.10 - 0.004 1.29 316 1.41 299 188.0 31 KCCRO20037 4.22 - 0.011 2.60 >10,000 10.65 78 273.0 32 KCCRO20038 1.33 - 0.023 3.06 >10,000 3.07 45 256.0 33 KCCRO20039 0.28 - 0.023 0.97 682 2.52 751 38.1 34 KCCRO20040 18.70 18.90 0.188 50.10 >10,000 >15.00 1,982 >10,000.0 35 KCCRO20041 118.00 153.00 0.327 60.60 >10,000 >15.00 1,028 3,650.0 36 KCCRO20042 0.24 - 0.114 1.06 1,776 7.23 106 153.0 37 KCCRO20043 12.10 13.70 0.032 23.80 5,908 >15.00 147 881.0 38 KCCRO20044 0.94 - 0.133 15.70 371 4.75 1,401 1,520.0 39 KCCRO20045 0.19 - 0.001 0.54 1,895 4.31 38 16.7 Gold* (g/t) -- reassayed gold result from original reported assay.
Assaying and quality assurance/quality control procedures
Sampling and QA/QC procedures are carried out by Kincora Copper and its contractors, using the company’s protocols as per industry best practices.
All samples have been assayed at SGS IMME Mongolia LLC Laboratories (SGS), Ulan Bator, Mongolia.
In addition to internal checks by SGS, the company incorporates a QA/QC sample protocol utilizing prepared standards for 5 per cent of all assayed samples.
All reported assay results are performed by SGS.
The following assay techniques have been adopted:
- Gold: FAA505 (fire assay), reported;
- Multiple elements: ICM40B (four-acid digestion with ICP-AES analysis for 48 elements).
The scientific and technical information in this news release was prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 — Standards of Disclosure for Mineral Projects, and was reviewed, verified and compiled by Kincora’s geological staff under the supervision of Peter Leaman (MSc, mineral exploration, FAusIMM), senior vice-president of exploration of Kincora, and John Holliday (BSc, honours, BEc, member of the Australian Institute of Geoscientists), non-executive director and technical committee chairman, who are the qualified persons for the purpose of NI 43-101.
The review and verification process for the information disclosed herein for the Tourmaline Hills project has included the receipt of all material exploration data, results and sampling procedures of previous operators, and review of such information by Kincora’s geological staff using standard verification procedures.
Orvana files technical reports for Don Mario, Orovalle
Orvana Minerals Corp. has filed its annual information form (AIF) for the year ended Sept. 30, 2020, and independent technical reports on the Don Mario oxide stockpile project (OSP) and the Orovalle operation.Read More
“Orvana is ending 2020 on a high note as it is delivering solid technical reports of its mineral reserves in Spain and Bolivia. Our filings today, once again, show Orvana’s upside for years to come; and demonstrates our ability to execute on our plan to maintain stable production while continuing to replenish depletion year-by-year”, stated Juan Gavidia, CEO of the Company.
OSP Technical Report
Orvana retained DGCS S.A. (“DGCS”) to prepare a technical report for the Don Mario Oxide Stockpile Project, in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
The Company, through its wholly owned subsidiary EMIPA, is the owner of the Don Mario Operation (“Don Mario”), a set of assets that includes Las Tojas ore body, and the previously mined out Lower Mineralized Zone (“LMZ”), Upper Mineralized Zone (“UMZ”) and Cerro Felix mines, plus the Processing Plant and the Tailings Storage Facility. Operations at Don Mario were temporarily suspended in the first quarter of fiscal 2020 and is currently in care and maintenance. The UMZ deposit, depleted in 2017, generated a 2Mton mixed copper oxide stockpile (the “Oxide Stockpile”) with gold and silver grades during its mine life. Since fiscal 2018, the Company has been evaluating metallurgical alternatives to process the Oxide Stockpile, involving different international metallurgical consultants. The evaluation concluded that a sulphidization circuit would maximize the value of the Oxide Stockpile. The construction of the sulphidization circuit and ancillary facilities to process the Oxide Stockpile remains subject to the favorable completion of technical and economic analysis, and the availability of funding.
The OSP Technical Report highlights are:
Proven Oxide Stockpile Reserves of 2 million tonnes containing 120,900 ounces of gold, 38,438 tonnes of copper and 3.2 million ounces of silver (see Table 1).
Estimated metal recoveries of the Oxide Stockpile based on processing by sulphidization.
The capital cost estimate for modification of the existing processing plant to process the Oxide Stockpile is approximately US$25.6 million.
The unit operating cost for processing the Oxide Stockpile is estimated at an average of US$93.1 per tonne.
Final evaluation of the feasibility of the Oxide Stockpile Project is planned to be completed by the end of the third quarter of fiscal 2021, upon completion of detailed engineering works.
Subject to the favorable completion of technical, economic and funding analysis, the sulphidization circuit and ancillary facilities development is expected to require approximately twelve months before starting commercial production.
The Oxide Stockpile Project will provide three full production years for Don Mario.
Table 1 - Oxide Stockpile Mineral Reserves - September 30, 2020 Proven Location/Zone TonnageGrade Grade Grade Contained MetalContained MetalContained Metal (000 t)(g/t Au)(% Cu)(g/t Ag)(000 oz Au) (t Cu) (000 oz Ag) DM1 Oxide 492 2.24 1.74 54.4 33.7 8,132 818.0 DM2 (Oxide Pre-strip) 264 1.90 1.98 17.9 16.1 5,233 152.5 DM3 (Dolomite Oxide) 181 1.89 1.96 21.6 11.0 3,538 125.5 Plant Stockpile Oxide)490 1.61 1.57 57.8 25.4 7,703 910.3 DM4 Stock Talco 438 1.65 2.44 64.9 23.2 10,683 914.7 DM5 (Dolomite Oxide) 192 1.86 1.64 48.7 11.5 3,149 300.4 Total 2,032 1.85 1.89 49.3 120.9 38,438 3,221.3
The scientific and technical information contained in this press release related to the OSP Technical Report has been reviewed and approved by Mr. Zandonai, principal of DGCS, who is an independent Qualified Person within the meaning of NI 43-101.
The OSP Technical Report replaces the previous Don Mario Mine Operation NI 43-101 technical report filed on SEDAR on January 27, 2017, with an effective date of September 30, 2016.
2020 Orovalle Technical Report
As previously announced, Orvana retained Roscoe Postle Associates UK Ltd. (RPA), now part of SLR Consulting Ltd (SLR), to prepare an independent technical report on the Orovalle Operation in accordance with NI 43-101 Standards of Disclosure. The report highlights are:
Life of mine plan includes oxide and skarn ore, from El Valle Boinas and Carles mines, at an average annual rate of 686,000 tonnes, for a period of five years.
Proven and Probable Reserves of 3.4 million tonnes of ore containing 307,000 ounces of gold, 756,000 ounces of silver and 27.6 million pounds of copper.
Inferred Mineral Resources of approximately 3.4 million tonnes containing 410,000 ounces of gold, 934,000 ounces of silver and 24.8 million pounds of copper, providing opportunities to further extend mine life.
The scientific and technical information contained in this press release has been reviewed and approved: (i) in respect of the estimated Mineral Reserves and the LOMP Update by Rick C. Taylor, MAusIMM, CP., of RPA, and (ii) in respect of the estimated Mineral Resources by John Makin, MAIG., of RPA. RPA is an independent mining consultant and each of Messrs. Taylor and Makin is a Qualified Person within the meaning of NI 43-101. Qualified Persons responsible for other sections of the Technical Report are Jack Lunnon, CGeol, EurGeol, Patrick Donlon, FAusIMM and Alessandra (Alex) Pheiffer, M.Sc., PrSciNat, EAPAN.
The 2020 Orovalle Technical Report replaces the previous Orovalle NI 43-101 technical report dated September 26, 2014, and filed on SEDAR on September 29, 2014.
The OSP Technical Report and the 2020 Orovalle Technical Report (collectively, the “Reports”) follows the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definitions Standards for Mineral Resources and Reserves (2014). The Reports have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Reserves and Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
Maple Gold Mines closes $10-million bought deal
Maple Gold Mines Ltd. has closed its previously announced bought deal offering of common shares of the company with BMO Capital Markets.Read More
Pursuant to the Offering, an aggregate of 27.8 million Common Shares were sold by the Company at a price of C$0.36 per Common Share (the “Offering Price”) for gross proceeds of approximately C$10 million. The Company has also granted the Underwriter an over-allotment option, exercisable in whole or in part at any time up to 30 days following closing of the Offering, to purchase up to an additional 4,170,000 Common Shares at the Offering Price.
The Company intends to use the net proceeds of the Offering to continue advancement of the Douay gold project, for general corporate purposes, and to fund future potential growth opportunities.
The Offering was completed by way of a short form prospectus in all of the provinces of Canada and was offered by way of private placement in the United States.
The Underwriter received a cash commission (the “Underwriter’s Fee”) equal to 6% of the gross proceeds of the Offering, other than (i) in respect of Common Shares sold to certain president’s list subscribers, in which case the Underwriter’s Fee was reduced to 3% and (ii) in respect of Common Shares sold to Agnico Eagle Mines Limited, in which case no Underwriter’s Fee was paid thereon.
Black Iron continues offtake process for Shymanivske
Black Iron Inc.’s management recently hosted representatives from a company interested to secure offtake rights from the Shymanivske iron ore project at site in Ukraine as part of the currently continuing competitive offtake process involving several steel mills and global traders. These companies are interested to secure the rights to purchase Black Iron’s expected ultra high grade 68% pellet feed at a slight discount to market in exchange for making an investment towards Project construction.Read More
As detailed in Black Iron's updated PEA, an estimated US$452 million is required for Project construction and once financing costs, tax refund timing delays and working capital for start-up are added, the total funds required to be raised is estimated by Black Iron's financial advisor to be ~US$505 million not including a cost overrun facility or guarantee that may be required by senior debt lenders of an additional ~5 to 15%. Several term sheets have been received for the capital required for Project construction as detailed below:
Black Iron is ideally seeking the balance of funds required for construction of the Project to come from an offtake agreement with a steel mill or global trading house and is currently running a two phased process. The first phase of this process closed on October 9, 2020 and select groups have been invited to a second phase, which will likely include either virtual or in-person site visits as has recently occurred. Post signing of the offtake agreement, the Company expects to enter into a binding agreement with a construction company to secure their investment. This is expected to be followed by banks, export credit agencies and the royalty investor conducting due diligence in parallel to Black Iron's completing an updated feasibility study and environmental impact assessment to secure the balance of funding for Project construction.
Further to the December 22, 2020 announcement regarding Black Iron signing a US$100 million term sheet for a life of mine 6.75% royalty on the initial 4Mtpa production, the Toronto Stock Exchange (TSX) has reviewed this transaction and conditionally approved the granting of 30 million warrants to Perpetual Iron LLC ("Perpetual") for facilitating and supporting negotiations with the investor. These warrants have an exercise price of $0.31 and expire on December 30, 2025. The Warrants will only vest (i.e. Perpetual being able to exercise) until the Company enters into binding agreements with the investor. Ten million warrants will vest upon Black Iron entering into a binding definitive agreement with the investor and the balance of the warrants will vest upon the investor funding its investment. Should Black Iron not enter into a binding definitive agreement with this investor prior to December 22, 2022, all warrants issued to Perpetual will expire. The issuance of the warrants is subject to final Toronto Stock Exchange approval.
Broader Iron Ore Market Update
Iron ore is the top appreciating mainstream commodity of 2020 with price increase of 97% to current $161 per tonne for feedstock with 62% iron content. Iron ore with 65% iron content is currently selling for ~$173 per tonne and Black Iron plans to produce ultra-premium 68% iron content pellet feed that substantially reduces GHG emissions in the production of steel as compared to the more typical 62% iron ore fines used. In Black Iron's PEA, a highly conservative long term iron ore price of $62 per tonne for 62% iron content ore is used resulting in an after-tax net present value (NPV) using a 10% discount rate of US$1.4 billion.
This price increase is largely being driven by several countries spending hundreds of millions on major infrastructure projects such as roads, railways, 5G networks to get people back to work and stimulate economic recovery coming out of COVID191. These infrastructure projects tend to take multiple years to complete and this has led to an increase in the price people are paying today to lock in future iron ore prices on the Singapore Exchange (SGX).
Revival Gold achieves zero lost-time incidents in 2020
Revival Gold Inc. has provided a summary of the company’s key 2020 accomplishments advancing the past-producing Beartrack-Arnett gold project located in Idaho, United States.Read More
- Increased Beartrack-Arnett’s inferred mineral resource estimate by 114 per cent to 47.2 million tonnes grading 1.08 grams per tonne gold containing 1.64 million ounces of gold and the project’s indicated mineral resource estimate by 11 per cent to 36.4 million tonnes grading 1.16 g/t gold containing 1.35 million ounces of gold;
- Raised $15-million in an upsized bought-deal equity financing with funds earmarked toward advancing Beartrack-Arnett exploration and technical studies in 2020 and 2021;
- Announced the appointment of Maura Lendon as a non-executive member of the board;
- Delivered a solid first phase preliminary economic assessment outlining initial production of 72,000 ounces gold per year from the restart of open pit heap leach operations at Beartrack-Arnett with initial capital of $100-million and an AISC of $1,057 per ounce;
- Completed 8,450 metres of drilling in 40 core holes in four target areas to upgrade and expand the resource at the Haidee target and test new targets located along approximately eight kilometres of favourable geological structure at Beartrack-Arnett;
- Released results from 23 drill holes at the Haidee target, all of which intersected oxide-gold mineralization close to surface including 0.93 g/t gold over 28.3 m and 0.86 g/t gold over 48.5 m;
- Initiated work on a fully integrated three-dimensional computer model of the geology at Beartrack-Arnett to facilitate the application of industry leading artificial intelligence technologies, deepen Revival Gold’s understanding of the deposit setting and target high-grade mineralization on the project;
- Achieved an exemplary safety record with zero lost-time incidents among company employees and contractors this year.
“Despite difficult operating conditions through most of 2020, Revival Gold’s operating team is to be commended for delivering a zero-lost time year while the company continued to grow and de-risk its flagship Beartrack-Arnett gold project. A significant expansion of the mineral resource in February paved the way for a large equity financing in August and the completion of a PEA on the first phase restart of open pit heap leach operations in November. Mineralization at Beartrack-Arnett remains open along strike and at depth. As the year draws to a close, Revival Gold has begun to release results demonstrating the potential to build on the recent first phase PEA heap leach mine plan and advance the prospect for an exciting new second phase mill opportunity,” said president and chief executive officer of Revival Gold, Hugh Agro. “The outlook for gold is favourable going into 2021 while new quality growth projects in gold in good locations are becoming increasingly rare,” he added.
Orca Gold issues 193,568 shares to directors, officers
Orca Gold Inc. has issued an aggregate of 193,568 common shares to directors and officers of the company on Dec. 30, 2020, pursuant to a compensation arrangement previously announced on Dec. 23, 2019, and approved by the TSX Venture Exchange.
The common shares issued are subject to a four-month-and-one-day hold period commencing on the date of issuance.
Ynvisible names Evis adviser; closes $4.5M financing
Ynvisible Interactive Inc. has strengthened its advisory board with the addition of Seda Evis, a business, user-centred design and finance leader. By uniting business expertise, research talent, and financial resources, Ynvisible aims to build innovative solutions and technology standards that provide an easy visual interface for the Internet of Things (IoT). Seda Evis is joining the Ynvisible Advisory Board as Ramin Heydarpour has joined the Ynvisible Board of Directors as of December 2020.Read More
Ynvisible has infused the Advisory Board with leaders in private and academic sectors, specializing in Supply Chain Management, Packaging, Consumer Insights, Engineering, Business, and Finance.
Seda Evis joins Mitchell Huang, Adam Laubach, Dr. Rudi Leuschner, Sal Pellingra, and Tiffany Vasilchik, Dr. Michael Okoroafor, Dr. Harlan Byker, and Dr. Harri Kopola.
These inspiring professionals work collaboratively with like-minded experts and organizations to cultivate deeper relationships between industry, government, and financial partners. Ultimately, this infusion of new perspectives will transform the entire Ynvisible value chain.
Michael Robinson, COO of Ynvisible, says, “Ynvisible’s ability to return shareholder and customer value hinges on our Customer Experience (CX) and our capacity to rapidly and iteratively build, measure and learn around our products and services. A robust CX practice has been shown to deliver double- and triple-digit ROI. Seda Evis brings a wealth of customer-centered insight that I’m very excited to integrate to support our continued growth in 2021 and beyond.”
Seda Evis is an award-winning business leader, combining strategy with design process and user-centered insights leading to growth. She designs new products, services, businesses that spark change for Fortune 500 companies such as Amazon, Nike, Toyota, Philips, GE, Herman Miller, with persistence to see it through from vision to build. Seda is a Designer-in-Residence at the University of California San Diego’s DesignLab, led by Don Norman. She’s also an incoming board member at Design Forward Alliance, a non-profit that promotes human-centered design as a tool to help advance San Diego as a premier city for business, education, and enjoyment.
She holds an Urban Design and Planning degree from Middle East Technical University in Ankara, Turkey, with a minor in Architectural Conservation and a Masters in Business Administration from the University of San Diego.
Ynvisible announces that it will be closing, subject to acceptance by the TSX Venture Exchange, a non-brokered private placement of 12,857,142 Units of the Company (the “Units”) at $0.35 per Unit to raise gross proceeds of $4,500,000 (the “Offering”), whereby each Unit shall consist of one common share in the capital of the Company (“Share”) and one-third (1/3) of one Share purchase warrant (“Warrant”). Each whole Warrant, subject to an acceleration provision, will be exercisable into an additional Share at an exercise price of $0.50 for a period of 18 months from the date of issuance.
Jani-Mikael Kuusisto, Chief Executive Officer of Ynvisible, stated, “We are very pleased with the interest in our financing and to see several institutional investors investing into Ynvisible. This private placement, pending closing, combined with the recent exercises of warrants, is set to strengthen our cash position by more than $5 million. This significantly increases our runway and allows our team to further accelerate our business with more resources for customer delivery and customer service, plus an increased focus on building and monetizing our products business.”
In connection with the Offering, applicable finders’ fees to eligible finders will comprise (i) cash commissions in an aggregate amount of $68,628, and (ii) an aggregate of 452,280 finders’ units. The finders’ units will bear the same terms and conditions of the Units, consisting of one Share and one-third (1/3) of one Warrant, exercisable into an additional Share at an exercise price of $0.50 for a period of 18 months from the date of issuance.
All securities issued pursuant to the Offering shall be subject to a statutory four-month hold period from the date of closing in accordance with applicable Canadian securities laws. The Offering’s net proceeds will be used for general working capital, productization, marketing, and increasing production capacity.
EXERCISING OF WARRANTS
At the commencement of Ynvisible’s FY2020 Q3, the Company had 8,978,478 Warrants issued and outstanding, whereby each Warrant was exercisable into a Share at an exercise price of $0.60. These Warrants were issued pursuant to private placement financings that closed in January and June 2019. A total of 1,027,505 of these Warrants have recently been exercised generating proceeds of $616,503.
Eloro revises local dial-in number for annual meeting
Due to a technical difficulty, the local Toronto dial-in number Eloro Resources Ltd. provided in connection with its annual and special meeting to be held through teleconference on Dec. 30, 2020, at 1 p.m. EST cannot be used with the provided participant passcode. Attendees of the Meeting can still utilize the toll-free number, and in situations where that is not possible the following replacement local dial-in number can be utilized:Read More
LOCAL DIAL-IN: (647) 428-0072
TOLL FREE DIAL-IN: 1-866-512-0904
PARTICIPANT PASS-CODE: 6483977