American Manganese brags about JES publication
American Manganese Inc. has noted that the detailed technical paper, “Experimental Study on Recycling of Spent Lithium-Ion Battery Cathode Materials,” has been submitted, reviewed and published in the Journal of the Electrochemical Society (JES). The JES is a peer-reviewed journal established in 1902 and is one of the most highly cited journals in electrochemistry, and solid-state science and technology.Read More
The publication describes experimental work leading to the company’s patented RecycLiCo process (United States patent No. 10,246,343 and PCT international publication No. WO2018089595A1) for the recycling of valuable and critical metals from spent lithium-ion battery cathode materials. Included in the publication is lab-scale testing of NMC (lithium nickel manganese cobalt oxide), NCA (lithium nickel cobalt aluminum oxide), LMO (lithium manganese oxide) and LCO (lithium cobalt oxide) cathode materials. Key details demonstrate over 99 per cent extraction of lithium, nickel, cobalt and manganese, and an environmentally friendlier closed-loop hydrometallurgical process that minimizes environmental impacts of recycling lithium-ion battery cathode materials.
“We are thrilled that a highly cited and respected peer-reviewed scientific journal like JES reviewed and published the findings of our research in lithium-ion battery cathode material recycling,” said Larry Reaugh, president and chief executive officer of American Manganese. “This shows that the work we had undertaken to develop the RecycLiCo process is able to pass the scrutiny of people with expertise in this field.”
Kincora Copper 1:3 share rollback
Pursuant to a special resolution passed by shareholders on Nov. 24, 2020, the company has consolidated its capital on a one-new-for-three-old basis. The name of the company has not been changed.Read More
Effective at the opening on Jan. 8, 2021, the common shares of Kincora Copper Ltd. will commence trading on the TSX Venture Exchange on a consolidated basis. The company is classified as a mineral exploration/development company.
Capitalization: unlimited shares with no par value, of which 69,386,944 shares are issued and outstanding
Escrow: nil shares subject to escrow
Transfer agent: Computershare Investor Services Inc.
Trading symbol: KCC (unchanged)
Cusip No.: 49451A 60 3 (new)
Galway Metals drills 3.1 m of 4.8 g/t Au at Clarence
Galway Metals Inc. has released assay results from a new discovery from wildcat exploration drilling at the company’s Clarence Stream project in southwest New Brunswick, Canada. This hole, the first in the area, is located 900 metres northwest and likely along a different trend than the discovery hole in the previously reported new discovery (now named the Adrian zone) of 13.4 grams per tonne (g/t) Au over 12.95 metres (m). The new discovery intersected 4.8 g/t Au over 3.1 m in sediments between two intrusions (20 m away from one) and is controlled by a fault.Read More
In the other hole being reported, an intersection of 9.4 g/t Au over 0.5 m with visible gold (VG) was returned from a step-out hole located 400 m east of the previous eastern limit and along strike of the GMZ. The intervening 400 m is the continuation of the soil anomaly that led to the discovery of the GMZ in December, 2017, and has not yet been drilled. Results from this hole cover a core length of six m that were rushed out of the 391.5 m total; the balance of this hole remains pending.
Galway is increasing its drill count to seven rigs from five at Clarence Stream
Given the three new discoveries Galway has made in recent months (13.4 g/t Au over 12.95 m, 186.5 g/t Au over 0.6 m and 4.8 g/t Au over 3.1 m), which are now targeted for follow-up drilling, plus the highly prospective claims recently acquired that the company plans to drill (Aug. 25, 2020), plus the goal of completing the drill program for the pending resource update, Galway has decided to expand its drill program at Clarence Stream to seven rigs from five. The sixth rig is expected to arrive in January and the seventh in February. This drilling, which will result in an increase in the 2020-2021 program to 100,000 m from 75,000 m, is expected to further demonstrate that Clarence Stream is an important new gold district in North America.
- New discovery: Hole CL-72 intersected 4.8 g/t Au over 3.1 m, starting at a vertical depth of 95 m.
- GMZ East extension (400 m): Hole CL-75 intersected 9.4 g/t Au over 0.5 m, starting at a vertical depth of 204 m.
“The number of gold-bearing zones — eight — that have been intersected when drilling gold-in-soil anomalies at Clarence Stream is impressive. With five rigs turning and two more on their way, Galway is looking forward to following up to expand the new discoveries and to drill the dozens of other stronger anomalies on the property,” cites Robert Hinchcliffe, president and chief executive officer of Galway Metals.
New discovery is in a similar setting to all other intrusion-related gold deposits at Clarence Stream
The 4.8 g/t Au over 3.1 m new discovery intersection is located in sediments between two intrusions and is controlled by a fault. It was originally drilled to test a 61-part-per-billion soil anomaly that coincided with a strong linear magnetic low, and is in quartz veining with associated 1 per cent to 3 per cent pyrite, pyrrhotite and arsenopyrite. It is located 20 m south of the contact with a granite. This is a similar setting, and with similar geochemical/geophysical signatures, as all the other intrusion-related gold deposits and discoveries at Clarence Stream. Several other intersections in the hole were anomalous for gold, such as 102 ppb over 6.0 m (including 391 ppb over 0.9 m).
400-metre stepout may extend the GMZ by 50 per cent to over 1.1 kilometres
The 9.4 g/t Au over 0.5 m intersection with VG is located in 1.1 m of 10 per cent quartz stringers with 2 per cent pyrite plus pyrrhotite in sediments. Galway is looking forward to drilling the intervening 400 m gap between this intersect and the easternmost extent of the GMZ, which could result in the GMZ being extended by 50 per cent to more than 1.1 km in strike length. The GMZ is 765 m long to date (excludes this 400 m step-out intersect), with multiple structures over 310 m horizontal thickness (width) and with all veins open in every direction. Soil anomalies, in conjunction with glacial till and stream sediment anomalies, led to the discovery of all five known gold deposits at Clarence Stream, and the property hosts many other as of yet untested gold anomalies. The new Adrian zone is located to the northeast of the GMZ.
As Galway continues to make new discoveries, it is becoming apparent that Clarence Stream is an important new gold district in North America.
ASSAY RESULTS Hole ID From (m) To (m) Intercept (m) Intercept (m) TW Au g/t GWM20CL-72 128.9 132.0 3.1 4.8 incl. 128.9 130.1 1.2 6.7 incl. 130.1 131.0 0.9 7.0 incl. 131.0 132.0 1.0 0.6 GWM20CL-75 0 280.5 Pending 283.0 283.5 0.5 9.4 VG 286.5 398.1 Pending (1) 0.42 g/t Au was used for the bottom cut-off (2) True widths are unknown if not noted ** Previously released; VG = visible gold
New Brunswick junior mining assistance program
Galway would like to acknowledge financial support from the New Brunswick junior mining assistance program, which partially funded drilling of the GMZ, Jubilee and Richard zones.
Geology and mineralization
The discovery of the Richard zone in hole 12 contains elevated levels of bismuth, arsenopyrite and antimony, in multiple quartz veins, with tungsten in the vicinity. This is similar to other Clarence Stream deposits, which can be characterized as intrusion-related, quartz-vein-hosted gold deposits. The Richard zone contains multiple zones of quartz veining with sulphides and sericite alteration. In general, mineralization at Clarence Stream consists of 10 per cent to 70 per cent quartz stockworks and veins with 1 per cent to 5 per cent fine pyrite plus pyrrhotite plus arsenopyrite plus stibnite in sericite-altered sediments. The Jubilee mineralization consists of 2 per cent to 5 per cent disseminated pyrite, sphalerite, galena, arsenopyrite, chalcopyrite and pyrrhotite in sediments with white to smoky grey quartz veining. Locally there is up to 10 per cent sphalerite and semi-massive galena veinlets. The 2.5 km trend that hosts the GMZ, Richard and Jubilee zones contains a mineralized mafic intrusive locally, similar to the South zone, which currently hosts most of the property’s last reported gold resources (September, 2017). A more complete description of Clarence Stream’s geology and mineralization can be found on the company’s website.
Review by qualified person, quality control and reports
Michael Sutton, PGeo, director and vice-president of exploration for Galway Metals, is the qualified person who supervised the preparation of the scientific and technical disclosure in this news release on behalf of Galway Metals. All core, chip/boulder samples and soil samples are assayed by Activation Laboratories, located at 41 Bittern St., Ancaster, Ont., Canada, and/or Agat Laboratories, located at 5623 McAdam Rd., Mississauga, Ont., Canada, L4Z 1N9, and 35 General Aviation Rd., Timmins, Ont., P4P 7C3. All three labs have ISO/IEC 17025 accreditation. All core is under watch from the drill site to the core processing facility. All samples are assayed for gold by fire assay, with gravimetric finish, and other elements assayed using ICP. The company’s quality assurance/quality control program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards, blanks and duplicates are inserted at one per 20 samples. Approximately 5 per cent of the pulps and rejects are sent for check assaying at a second lab with the results averaged and intersections updated when received. Core recovery in the mineralized zones has averaged 99 per cent.
For results of all holes that Galway has drilled at Clarence Stream, go to Galway’s website.
Eskay Mining private placement
The TSX Venture Exchange has accepted for filing documentation with respect to a brokered private placement announced on Nov. 26, 2020, and Nov. 20, 2020.Read More
Flow-through (FT) shares
Number of shares: 2,904,700 flow-through common shares
Purchase price: $1.05 per flow-through common share
Number of shares: 7,725,600 flow-through common shares
Purchase price: $1.25 per flow-through common share
Warrants: 3,862,800 share purchase warrants to purchase 3,862,800 common shares
Warrant exercise price: $1.30 until Dec. 11, 2022
Number of shares: 1,214,100 non-flow-through common shares
Purchase price: 90 cents per non-flow-through common share
Warrants: 607,050 share purchase warrants to purchase 607,050 common shares
Warrant exercise price: $1.30 until Dec. 11, 2022
Number of placees: 93 placees
Total pro group involvement: 77,600 (three placees)
Brokers’ commissions: aggregate of $737,977.50 in cash and 582,789 non-transferable broker warrants payable to Echelon Wealth Partners Inc. and Eight Capital (Each broker warrant entitles the holder to acquire one non-flow-through unit at 90 cents until Dec. 11, 2022.)
Note that in certain circumstances the exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.
Greencastle Resources agreement for Mayflower property
The TSX Venture Exchange has accepted for filing documentation relating to a letter option agreement dated Nov. 30, 2020, between Todd Thurier, David Kroocmo and Greencastle Resources Ltd. Pursuant to the agreement, the company shall have the option to acquire a 100-per-cent interest in the Mayflower property, located 35 kilometres west of Atikokan in Northwestern Ontario.Read More
In order to acquire the 100-per-cent interest in the property, the company must pay an aggregate of $100,000 and issue an aggregate of 600,000 common shares, as well as incur aggregate exploration expenditures of $250,000 over a three-year period.
For more information, refer to the company’s news release dated Dec. 2, 2020.
Oroco Resource 12.9-million-share private placement
The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced Dec. 10, 2020.Read More
Number of shares: 12.9 million shares
Purchase price: $1.20 per share
Warrants: 6.45 million share purchase warrants to purchase 6.45 million shares
Warrant initial exercise price: $1.60
Warrant term to expiry: two years
Number of placees: 154 placees
Finders’ fees: RFC Ambrian Ltd., $50,000 cash and 40,000 warrants; Mariusz Skonieczny, 70,000 warrants; Longford Capital Corp., 38,400 shares and 19,200 warrants; Longord Capital, 10,000 warrants
Finder’s warrant initial exercise price: $1.20
Finder’s warrant term to expiry: non-transferable — two-year term
Note that in certain circumstances the exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.
Arizona Metals starts drilling at Kay mine
Drilling is currently under way for Arizona Metals Corp.’s Kay mine phase 2 expansion drill program.Read More
Drilling under the fully financed phase 2 program will consist of up to 11,000 metres in 29 core drill holes, to test for new VMS (volcanogenic massive sulphide) lenses in anticlinal hinge zones identified to the north and south of recent drilling, as well as the up-plunge and down-plunge extensions of known hinges. Drilling will begin at the Kay mine targets and progress to targets on strike (north and south) of the Kay mine, and then to Central and Western targets as permitting is completed.
Marc Pais, chief executive officer, commented: “We are pleased to have commenced the phase 2 drill program, which we believe has the potential to significantly expand the scope and scale of the Kay project, well beyond the boundaries of the 5.8-million-tonne historic estimate (1) outlined by Exxon Minerals in 1982. Our successful phase 1 drill program greatly increased our confidence in the model. Drilling encountered massive sulphides in 19 of 20 holes. Recently completed spectral alteration analyses of the Kay mine phase 1 program drill core, along with downhole EM geophysical surveying, has given us an even stronger understanding of the folding of the Kay deposit at depth. This work has identified a number of high-priority drill targets, which we believe have the potential to host additional VMS lenses, as well as wide mineralized hinge zones, similar to the 43 metres of 3.9 per cent copper equivalent (including 15 m of 6.7 per cent CuEq) encountered in hole 13.”
Altus Strategies drills 60 m of 3.34 g/t Au at Diba
Altus Strategies PLC has released encouraging initial results from the continuing 10,000-metre reverse circulation (RC) drilling program at its 100-per-cent-owned Diba gold project located in western Mali. Diba hosts a shallow-dipping near-surface gold deposit and several other prospect areas.Read More
- Initial results from 10,000 m RC drilling program at Diba gold project in western Mali;
- Intersections from Diba Deposit include:
- 3.34 grams per tonne gold over 60 m from 17 m (including 13.60 g/t Au over nine m);
- 4.48 g/t Au over 15 m from 22 m (including 7.18 g/t Au over nine m);
- 22.11 g/t Au over six m from 89 m;
- 2.51 g/t Au over 12 m from three m (including 3.32 g/t Au over seven m);
- Two new zones discovered at the Diba NW prospect, 800 m northwest of Diba deposit;
- A mineral resource estimate (MRE) for the Diba deposit comprises:
- 4,834,000 tonnes at 1.39 g/t Au for 217,000 ounces in the indicated category;
- 5,479,000 tonnes at 1.06 g/t Au for 187,000 ounces in the inferred category;
- Further assay results from the balance of the drilling program anticipated shortly;
- Follow-up drilling planned for Q2 of 2021 to include currently undrilled prospects;
- Diba is strategically located in a world-famous gold belt that hosts numerous open-pit mines.
Steven Poulton, chief executive officer of Altus, commented: “We are delighted to report on the excellent results returned from the ongoing 10,000 m RC drilling program at the Diba gold project in western Mali, including 3.34 g/t Au over 60 m from 17 m downhole from within the Diba deposit. Separately we are highly encouraged by intercepts outside the margins of the current MRE envelope, indicating along strike and downdip continuation, including 4.48 g/t Au over 15 m from 22 m on its western side and 22.11 g/t Au over six m from 89 m on its eastern side.
“The current drilling program is also testing satellite prospects to the main Diba deposit. Initial results received from the Diba NW prospect indicate the discovery of two potentially significant, shallow-dipping and consistent zones of mineralization totalling approximately 750 m in strike length with intersections including 0.87 g/t Au over 21 m from 79 m.
“A number of priority prospects have not been tested in the current program, and we anticipate that these will be drilled in a follow-up program once physical access to the drill rig is complete. In the meantime, we look forward to updating shareholders on further assay results from the current program as they are received.”
Diba project: drilling program
The RC drilling program is currently being undertaken by Capital Drilling Ltd. and, once complete, will comprise approximately 110 holes totalling approximately 10,000 m. Approximately 4,800 m (over 52 holes) is being drilled in and around that part of the Diba deposit subject to the MRE, testing the potential downdip and along-strike extensions, as well as infilling areas to increase the resource confidence. Approximately 5,200 metres are being drilled to test up to five priority prospects each located within three km of the Diba deposit.
The results for assays returned for the first 51 holes covering a total of 4,886 m of drilling are summarized in the associated table. These holes were drilled at a minus-60-degree inclination and ranged between 50 m and 270 m in length. Drilling has been orientated perpendicular to the strike of the Diba deposit and the interpreted structural orientation of the target areas.
The programme was designed to:
- Test potential extension of that part of the Diba deposit subject to the MRE along strike and downdip;
- Increase the resource confidence of the MRE, including the northeast-trending high-grade zone;
- Test the potential for mineralization at five surrounding prospects within three km of that part of the Diba deposit subject to the MRE;
- Provide quality assurance/quality control support for the Diba deposit model.
Testing potential extension of the Diba MRE
Drilling was undertaken along strike (to the north and south), downdip (to the east) and also targeted the potential for lenses to the west. To date, approximately 4,345 m of drilling has been completed in 23 holes, and assay results have been returned for 14 holes (covering approximately 1,396 m of drilling). Three holes remain to be drilled.
The results received to date confirm potential on-strike and downdip extensions, including:
- Continuation of mineralization downdip in the east:
- 22.11 g/t Au over six m from 89 m downhole (20KSRC049);
- 0.73 g/t Au over three m from 80 m downhole (20KSRC-050);
- Continuation of mineralization updip to the west:
- 0.54 g/t Au over two m from 17 m downhole (20KSRC-004);
- 5.42 g/t Au over two m from 46 m downhole (20KSRC-005);
- Along strike to the south:
- 1.23 g/t Au over five m from 87 m downhole (20KSRC-009).
Increase the resource confidence of the MRE, including the northeast-trending high-grade zone
Approximately 1,384 metres of drilling have been completed in 15 holes within that part of the Diba deposit subject to the MRE, particularly targeting the interpreted high-grade northeast-trending zone. Assay results from six holes have been received to date with an additional six holes remaining to be drilled.
The results received to date confirm high-grade and near-surface mineralization, including:
- 7.18 g/t Au over nine m from 26 m downhole (20KSRC-006);
- 29.65 g/t Au over two m from 26 m downhole (20KSRC-028);
- 3.34 g/t/Au over 60 m from 17 m downhole (20KSRC-051).
Test the potential for mineralization at five surrounding prospects within three km of the MRE
Approximately 5,275 m of drilling has been completed in 56 holes across five targets. Assay results have been received for 30 holes to date with an additional two holes remaining to be drilled.
The results received to date validate the exploration potential near to the Diba deposit, including:
- 0.75 g/t Au over 16 m from three m downhole (20KSRC-019);
- 0.87 g/t Au over 21 m from 79 m downhole (20KSRC-041).
Provide quality assurance/quality control support for the Diba deposit model
A number of holes were planned proximal to historic holes to validate previous assay results and intersections in the Diba deposit model. So far one hole has been completed and a further three holes are to be drilled.
The results received to date validate the historic assay data and intersections, including:
- 3.34 g/t Au over 60 m from 17 m downhole (20KSRC-051).
DIBA DRILL INTERSECTIONS FROM CURRENT PROGRAM Hole ID From To Intersection Grade (m) (m) (m) (g/t Au) 20KSRC-006 22.00 37.00 15.00 4.48 including 26.00 35.00 9.00 7.18 44.00 51.00 7.00 0.51 59.00 60.00 1.00 0.51 20KSRC-010 3.00 15.00 12.00 2.51 including 3.00 7.00 4.00 1.62 8.00 15.00 7.00 3.32 20.00 25.00 5.00 0.50 20KSRC-011 7.00 13.00 6.00 0.81 17.00 19.00 2.00 0.99 25.00 29.00 4.00 0.84 20KSRC-015 1.00 6.00 5.00 0.63 38.00 39.00 1.00 2.01 46.00 48.00 2.00 1.14 20KSRC-028 26.00 28.00 2.00 29.65 35.00 36.00 1.00 0.53 41.00 45.00 4.00 0.46 including 41.00 42.00 1.00 0.73 70.00 71.00 1.00 1.25 87.00 88.00 1.00 0.78 122.00 127.00 5.00 0.72 152.00 153.00 1.00 0.76 20KSRC-051 17.00 77.00 60.00 3.34 including 17.00 20.00 3.00 6.66 22.00 29.00 7.00 2.44 30.00 39.00 9.00 13.60 20KSRC-001 no significant results 20KSRC-002 no significant results 20KSRC-003 19.00 20.00 1.00 1.79 25.00 38.00 13.00 1.05 20KSRC-004 17.00 19.00 2.00 0.54 20KSRC-005 46.00 48.00 2.00 5.42 20KSRC-007 no significant results 20KSRC-008 no significant results 20KSRC-009 83.00 99.00 16.00 0.79 including 87.00 92.00 5.00 1.23 20KSRC-012 82.00 85.00 3.00 0.93 20KSRC-013 37.00 38.00 1.00 0.94 20KSRC-014 69.00 70.00 1.00 0.80 20KSRC-016 13.00 16.00 3.00 1.47 26.00 27.00 1.00 0.88 31.00 32.00 1.00 2.27 20KSRC-049A 57.00 58.00 1.00 0.53 76.00 77.00 1.00 0.56 81.00 84.00 3.00 0.43 89.00 95.00 6.00 22.11 103.00 104.00 1.00 0.52 130.00 131.00 1.00 0.51 145.00 148.00 3.00 0.53 167.00 171.00 4.00 0.37 239.00 244.00 5.00 3.33 255.00 256.00 1.00 1.31 20KSRC-050 11.00 12.00 1.00 1.03 80.00 83.00 3.00 0.73 97.00 98.00 1.00 0.51 122.00 124.00 2.00 0.74 134.00 135.00 1.00 0.63 20KSRC-017 4.00 5.00 1.00 0.50 9.00 10.00 1.00 0.51 40.00 48.00 8.00 0.55 52.00 53.00 1.00 0.73 20KSRC-018 no significant results 20KSRC-019 3.00 19.00 16.00 0.75 23.00 28.00 5.00 0.54 41.00 42.00 1.00 0.52 58.00 59.00 1.00 1.03 75.00 76.00 1.00 0.72 20KSRC-020 22.00 41.00 19.00 0.68 48.00 49.00 1.00 0.53 67.00 69.00 2.00 1.29 20KSRC-021 35.00 36.00 1.00 1.66 20KSRC-022 18.00 19.00 1.00 1.21 25.00 30.00 5.00 0.76 38.00 39.00 1.00 0.51 44.00 45.00 1.00 1.10 72.00 73.00 1.00 0.51 20KSRC-023 2.00 14.00 12.00 0.77 18.00 20.00 2.00 0.62 28.00 30.00 2.00 0.57 68.00 69.00 1.00 0.53 71.00 72.00 1.00 0.79 20KSRC-024 4.00 5.00 1.00 0.89 16.00 21.00 5.00 0.48 39.00 41.00 2.00 0.77 51.00 57.00 6.00 0.57 62.00 63.00 1.00 0.50 20KSRC-025 35.00 50.00 15.00 0.54 62.00 63.00 1.00 0.64 67.00 68.00 1.00 0.66 74.00 76.00 2.00 0.61 20KSRC-026 63.00 64.00 1.00 0.61 20KSRC-027 61.00 62.00 1.00 1.02 20KSRC-029 no significant results 20KSRC-030 no significant results 20KSRC-031 no significant results 20KSRC-032 32.00 33.00 1.00 0.52 60.00 61.00 1.00 0.84 66.00 67.00 1.00 0.57 20KSRC-033 26.00 27.00 1.00 1.17 86.00 87.00 1.00 2.63 20KSRC-034 no significant results 20KSRC-035 20.00 21.00 1.00 0.55 28.00 32.00 4.00 0.72 37.00 46.00 9.00 0.79 54.00 55.00 1.00 0.50 20KSRC-036 15.00 16.00 1.00 0.54 23.00 24.00 1.00 0.77 31.00 32.00 1.00 0.67 35.00 41.00 6.00 0.62 43.00 45.00 2.00 0.62 57.00 61.00 4.00 0.42 68.00 69.00 1.00 0.54 20KSRC-037 16.00 18.00 2.00 0.60 24.00 25.00 1.00 0.62 69.00 79.00 10.00 0.55 86.00 87.00 1.00 0.51 96.00 97.00 1.00 0.82 20KSRC-038 24.00 27.00 3.00 0.71 39.00 48.00 9.00 0.47 79.00 80.00 1.00 0.52 20KSRC-039 2.00 3.00 1.00 0.54 40.00 41.00 1.00 0.60 20KSRC-040 2.00 3.00 1.00 0.59 39.00 46.00 7.00 0.37 66.00 73.00 7.00 0.55 78.00 79.00 1.00 0.51 20KSRC-041 15.00 16.00 1.00 0.60 47.00 48.00 1.00 0.56 57.00 58.00 1.00 1.03 73.00 75.00 2.00 1.09 79.00 100.00 21.00 0.87 20KSRC-042 3.00 11.00 8.00 0.68 17.00 25.00 8.00 0.65 29.00 32.00 3.00 1.36 38.00 44.00 6.00 0.51 64.00 65.00 1.00 0.53 87.00 98.00 11.00 0.73 20KSRC-043 29.00 30.00 1.00 0.52 36.00 44.00 8.00 0.67 48.00 49.00 1.00 0.73 55.00 65.00 10.00 0.85 20KSRC-044 42.00 57.00 15.00 0.52 62.00 67.00 5.00 0.62 72.00 74.00 2.00 0.71 91.00 92.00 1.00 0.76 20KSRC-045 68.00 79.00 11.00 0.47 87.00 98.00 11.00 0.63 20KSRC-046 34.00 35.00 1.00 0.50 40.00 41.00 1.00 1.15 64.00 66.00 2.00 0.99 20KSRC-047 no significant results 20KSRC-048 57.00 58.00 1.00 0.70 74.00 75.00 1.00 1.18 Notes (1) Intersections are based on 0.5 g/t Au cut off and less than or equal to three m consecutive internal waste. (2) Intersections are down-the-hole and do not represent true widths of mineralization. (3) No grade capping has been applied. (4) Estimated true widths for the holes are from 75 per cent to 100 per cent of the intercept width.
Mineral resource update
The company intends to incorporate the results from the current drill program when all have been received and compiled into an updated MRE for the Diba deposit. Diba currently hosts an MRE of 217,000 ounces at 1.39 g/t Au (indicated) and 187,000 ounces at 1.06 g/t Au (inferred) in both oxide and fresh domains as set out in the associated table. The MRE was previously reported by the Company on 06 July 2020 (see Altus' news release titled "Significant Gold Resource at Diba Project, Western Mali").
DIBA MINERAL RESOURCE ESTIMATE Inferred Grade Contained Grade Contained Tonnes (g/t) gold (oz) Tonnes (g/t) gold (oz) Oxide 3,900,000 1.46 183,100 939,000 1.10 33,200 Fresh 934,000 1.12 33,600 4,540,000 1.05 153,300 Total 4,834,000 1.39 217,000 5,479,000 1.06 187,000 Notes (1) The MRE has an effective date of July 6, 2020. (2) The mineral resources in the MRE are classified according to the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) "Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines" dated Nov. 29, 2019,and CIM "Definition Standards for Mineral Resources and Mineral Reserves" dated May 10, 2014. (3) Mineral resources are reported within a pit shell and are reported to a base-case cut-off grade of 0.5 g/t Au. (4) The quantity and grade of reported inferred resources in this estimation are uncertain in nature, and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category. (5) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, marketing or other relevant issues. (6) All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures. (7) Tonnages are rounded to 1,000 t and gold to 1,000 oz as this is an estimate.
Diba project: location
The 81-square-kilometre Diba (Korali Sud licence) project is located in the Kayes region of western Mali, approximately 450 km northwest of the capital city of Bamako. The project sits five km west of the company’s Lakanfla gold project, which is under joint venture with Australian Securities Exchange-listed Marvel Gold Ltd. and approximately 13 km south of the multimillion-ounce Sadiola gold mine and 35 km south of the multimillion-ounce Yatela former gold mine, both owned by Allied Gold Corp. Diba is bounded by the Sadiola permit on its northern and eastern boundaries. Mineralization hosted on these properties is not necessarily indicative of mineralization hosted at Diba.
Diba project: geology and mineralization
Mineralization at the Diba project is sediment-hosted within a series of stacked lenses, typically between 20 m and 40 m thick. The lenses are shallow-dipping at approximately 30 degrees angled to the east/east-southeast. The Diba deposit is considered to be controlled by a number of northwest- and northeast-oriented structures, with gold occurring as fine-grained disseminations in localized high-grade calcite-quartz veinlets. Alteration at Diba is typically albite-hematite-plus/minus-pyrite, although pyrite content is generally very low (less than 1 per cent). The weathering profile at the project is estimated to be up to 70 m vertical depth, resulting in extensive oxidation from surface. The oxide gold mineralization at Diba is predominantly found in saprolite within 50 m of surface and across a compact 700 m by 700 m area.
Orca Gold appoints White to board
Orca Gold Inc. has appointed Brad White to the board of directors of the company, effective immediately.Read More
Mr. White is based in Toronto and has over 20 years of experience as a portfolio manager with a focus on alternative investments, including hedge funds, private equity and venture capital. He is currently a principal at Blue Deer Capital, an exempt market dealer, and is a co-founder and the chairman emeritus of EdgeHill Partners, a plus-$650-million alternative asset manager started in 2010. Prior to forming EdgeHill, Mr. White was a co-founder of Salida Capital, where over an eight-year period as portfolio manager his funds recorded 30 per cent compounded returns annually. He is also a director of Synaptive Medical, a private medical technology company. Prior to fund management, Mr. White worked as a research analyst at Morgan Stanley, TD Securities and BMO Nesbitt Burns, compiling over 27 years of experience in capital markets. Over the last two decades, Mr. White has been an avid investor in the metals and mining industry. He is also the founder and benefactor of the Embley Park Foundation, a private philanthropic organization. He holds a BComm from Memorial University and a CFA designation.
Richard Clark, chief executive officer and director of Orca Gold, said: “Management is very pleased with the addition of Mr. White to the board of directors. With all the positive developments in Sudan, the company is moving the block 14 gold project towards construction. Brad’s extensive experience in capital markets will be a great asset to Orca in the financial planning to achieve the company’s goals for block 14.”
The company has also granted 300,000 incentive stock options to Mr. White. The options are exercisable, subject to vesting provisions, over a period of three years at a price of 82 cents per share.
Anaconda acquires 4,175 ha at Tilt Cove
Anaconda Mining Inc. has expanded and further consolidated the Tilt Cove gold project located within the Baie Verte mining district in Newfoundland, approximately 45 kilometres by quality roads from the company’s Pine Cove mill and long-term tailings facility. The expansion includes an additional 4,175 hectares of prospective mineral property, acquired via staking and an option agreement, that covers an additional 14 kilometres of favourable geology and structure in the region. The company now maintains a 100-per-cent interest over 35 kilometres of highly prospective strike length including the Nugget Pond horizon that hosted the Nugget Pond mine.Read More
Highlights of the expanded area of the Tilt Cove project include:
- A highly prospective, road-accessible mineral property with 17 significant gold and copper occurrences;
- 190 of 1,416 historic rock grab and float samples grading between 0.5 and 152.6 grams per tonne gold, including 79 rock grab and float samples grading between 5.0 and 152.6 g/t gold;
- Underlain by the Betts Cove complex geology, which hosts the nearby, formerly producing, high-grade Nugget Pond mine, as well as the Tilt Cove and Betts Cove copper mines;
- Adjacent to the Green Bay fault, part of the Long-Range fault system, a first order structure proximal and genetically linked to numerous gold deposits including the high-grade Nugget Pond and Hammerdown mines.
“We are excited to have completed such a significant expansion of the Tilt Cove gold project, which provides the company with an additional 14 kilometres of continued strike length, in a highly prospective mineral property, encompassing the same geological trend as the past-producing, high-grade, Nugget Pond mine, which had an average recovered grade of 9.85 grams per tonne gold. The Tilt Cove gold project now includes a 35-kilometre strike extent of this highly prospective geological terrane, in addition to being adjacent to the Green Bay fault, a crustal-scale structure proximal and genetically linked to both the Nugget Pond and Hammerdown mines. We continue to aggressively execute our exploration programs at Tilt Cove, including an initial ongoing 10,000-metre program, and we are well funded to advance exploration work on our expanded land package and follow-up on any potential discovery,” said Kevin Bullock, president and chief executive officer, Anaconda Mining.
The continuing 10,000-metre drill program continues to focus on several high-priority targets with drilling expected to continue into the winter. The company is aggressively executing on its exploration and growth plans, having drilled 3,569 metres at the Scarp zone and West Pond targets, with plans to initiate drilling at the Betts Cove, Growler, West Pond and East Pond targets early in the first quarter of 2021. The results of drilling at the Scarp zone and West Pond will be communicated once all assays have been received.
Expansion of the Tilt Cove project
Anaconda has expanded the Tilt Cove project, acquiring an additional 14 kilometres of strike extent of the Betts Cove complex, host to the past-producing, high-grade, Nugget Pond gold mine as well as the Tilt Cove and Betts Cove copper mines. The expanded area is road accessible, underlain by the Betts Cove ophiolite, as found throughout Tilt Cove, and 17 significant gold and copper occurrences with 190 of 1,416 rock grab and float samples grading between 0.5 and 152.6 g/t gold, including 79 of 1,416 rock grab and float samples grading between 5.0 and 152.6 g/t gold. These occurrences have only been historically tested, primarily for base metals, by cursory diamond drilling comprising 1,701.1 metres in 16 drill holes between 1965 and 1997. None of the drilling completed in 1965 (seven holes, 1,023 metres) was tested for gold mineralization and many of the other subsequent holes stopped short of the targeted mineralization. Compilation and review of historic data will be completed during early 2021 in advance of a summer exploration program.
The expansion of the Tilt Cove project was primarily achieved by staking of 2,375 hectares of mineral lands in a single licence. The company also entered into an option agreement with local prospectors for the right to acquire a 100-per-cent undivided interest in a further 1,800 hectares in 13 licences. The option agreement provides for total cash payments of $145,000 and further share or cash payments (at the company’s election) of $85,000, both over a four-year term, as well as a 2-per-cent net smelter return, capped at $5-million.
This news release has been reviewed and approved by Paul McNeill, PGeo, vice-president, exploration, with Anaconda Mining, a qualified person, under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Regulus drills 141.6m of 0.43% CuEq at Antakori
Regulus Resources Inc. has provided the results from the first two drill holes (AK-20-044 and AK-20-045) from the Anta Norte area of the AntaKori copper-gold project in northern Peru. The aim of the drill program at Anta Norte is to test various geophysical and geological targets and expand the existing footprint of mineralization of the AntaKori deposit. The first two holes in Anta Norte were completed on the Colquirrumi claims where the company has the right to earn up to a 70-per-cent interest from Compania Minera Colquirrumi SA (see May 18, 2016, press release) by drilling 7,500 metres. To date, including the two holes reported in this release, 3,669.7 m have been completed on this ground. Both holes were cut short of their intended depth (see Nov. 23, 2020, press release).Read More
Hole AK-20-044 successfully extended the mineralized footprint of the AntaKori system well beyond the current limits of the 2019 resource model and conceptual pit. In addition, mineralization and favourable alteration appear to be increasing with depth, with the hole ending in 50.8 m of well-mineralized material. Hole AK-20-045 is less well mineralized, however the intensity of mineralization and alteration is also clearly increasing toward the bottom of the hole. Both holes ended in the favourable lithological host rocks for skarn-style alteration and mineralization before being stopped, indicating potential for more mineralization at depth. The results of these holes (in particular AK-20-044) combined with previous results of holes AK-19-034, AK-19-037 and AK-19-041, and some additional support drilling, should warrant extending and deepening the conceptual resource pit, which would add significant resources to the overall AntaKori system. In addition, mineralogical, geochemical and alteration information from both holes suggest that they were drilled along the western flank of the potential source of the hydrothermal mineralizing fluids. This is also consistent with the ground magnetic data and geological modelling that have been done to date. This provides additional evidence supporting the hypothesis that the centre of the system lies east-southeast of these holes, wholly within 100-per-cent-owned Regulus claims.
Highlights from drill holes AK-20-044 and AK-20-045 — Anta Norte Area of the AntaKori project
- 10.60 m of 0.28 per cent copper, 0.20 gram per tonne gold and 8.36 g/t silver (0.50 per cent copper equivalent (CuEq)) from 281.90 m;
- 59.05 m of 0.47 per cent Cu, 0.38 g/t Au and 30.77 g/t Ag (1.02 per cent CuEq) from 304.25 m;
- 141.60 m of 0.22 per cent Cu, 0.22 g/t Au and 5.71 g/t Ag (0.43 per cent CuEq) from 477.00 m:
- Including 10.20 m of 0.15 per cent Cu, 1.08 g/t Au and 15.77 g/t Ag (1.07 per cent CuEq) from 479.00 m;
- Including 14.70 m of 0.35 per cent Cu, 0.61 g/t Au and 20.61 g/t Ag (0.98 per cent CuEq) from 562.90 m;
- 50.80 m of 0.32 per cent Cu, 0.28 g/t Au and 1.71 g/t Ag (0.54 per cent CuEq) from 762.60 m:
- Including 10.80 m of 0.48 per cent Cu, 0.44 g/t Au and 2.51 g/t Ag (0.81 per cent CuEq) from 779.70 m;
- Alteration and mineralization were increasing toward the bottom of the hole;
- Hole was stopped before it reached the end of the favourable geological sequence for skarn-style mineralization.
- 15.90 m of 0.31 per cent Cu, 0.76 g/t Au and 2.24 g/t Ag (0.87 per cent CuEq) from 640.75 m;
- 17.25 m of 0.33 per cent Cu, 0.36 g/t Au and 2.44 g/t Ag (0.61 per cent CuEq) from 821.65 m;
- Alteration and mineralization were increasing toward the bottom of the hole;
- Hole was stopped before it reached the end of the favourable geological sequence for skarn-style mineralization.
Dr. Kevin B. Heather, chief geological officer of Regulus, commented as follows: “The Anta Norte target area is approximately 1.2 kilometres by 1.6 km in size and will require several holes to truly test the full extent of the various anomalies. The results of these holes, in a greenfield area, are very encouraging from a geological and resource perspective. They extend the mineralized footprint well beyond the current constraints of our 2019 resource model, and with additional support drilling, should justify expanding the conceptual resource pit well beyond its current limits. Expanding the resource pit is especially important, as it not only adds new resources from recent drilling, but also because it should capture existing unclassified resource blocks that are already modelled but that currently fall outside of the conceptual pit and are thus not included. In addition, the results from these two holes and previously reported holes, are vectoring us towards the centre of the system being located on our 100-per-cent-owned claims, east-southeast of holes 44 and 45, where we believe there may be a porphyry centre with more skarn-style mineralization and ultimately the mineralizing source for the region.”
John Black, chief executive officer of Regulus, commented as follows: “We are encouraged by the results of the first two holes in this greenfield area of the AntaKori project. The results from these holes significantly expand the known extent of the AntaKori system and provide us with better information for future drill targets. Given both holes ended in mineralization, which seemed to be intensifying with depth, we may decide to revisit these holes and see if they can be extended at some point. In addition, drilling these holes brings us one step closer to fulfilling our drilling obligation to earn up to a 70-per-cent interest in the Colquirrumi claims and further consolidation of the region. Drilling at the Anta Norte portion of the AntaKori project is currently temporarily suspended while we address concerns about potential impacts from drilling. Discussions are progressing well and we anticipate that we will reinitiate drilling soon. It is our intention, upon recommencing drilling, to move onto our 100-per-cent-owned ground to test the most promising targets.”
Discussion of results
The attached table provides more details regarding the mineralized intercepts encountered in drill holes AK-20-044 and AK-20-045.
ANTAKORI HOLES AK-20-044 AND AK-20-045 Drill hole From (m) To (m) Interval (m) Cu (%) Au (ppm) Ag (ppm) As (ppm) Zn (%) CuEq (%) AK-20-044 interval (1) 281.90 292.50 10.60 0.28 0.20 8.36 387 0.61 0.50 interval 304.25 363.30 59.05 0.47 0.38 30.77 582 0.36 1.02 interval 477.00 618.60 141.60 0.22 0.22 5.71 239 0.26 0.43 including (2) 479.00 489.20 10.20 0.15 1.08 15.77 522 0.56 1.07 including 562.90 577.60 14.70 0.35 0.61 20.61 1178 1.18 0.98 interval 762.60 813.40 50.80 0.32 0.28 1.71 181 0.00 0.54 including 779.70 790.50 10.80 0.48 0.44 2.51 211 0.00 0.81 Total depth 813.40 AK-19-045 interval 640.75 656.65 15.90 0.31 0.76 2.24 561 0.01 0.87 interval 821.65 838.90 17.25 0.33 0.36 2.44 70 0.02 0.61 Total depth 841.40 The grades are uncut. CuEq and AuEq values were calculated using copper, gold and silver. Metal prices utilized for the calculations are Cu -- $2.25 (U.S.) per pound, Au -- $1,100 (U.S.) per ounce and Ag -- $14 (U.S.)/oz. All intervals presented in the table consist of sulphide mineralization. No adjustments were made for recovery as the project is an early-stage exploration project and metallurgical data to allow for estimation of recoveries are not yet available. The formulas utilized to calculate equivalent values are CuEq (per cent) is equal to Cu per cent plus (Au g/t multiplied by 0.7130) plus (Ag g/t multiplied by 0.0091). Notes (1) Interval calculated using a 0.2-per-cent CuEq cut-off. (2) Including interval calculated using a 0.5-per-cent CuEq cut-off.
Drill hole AK-20-044 — geology descriptions
Hole AK-20-044 was drilled with an azimuth of 027 degrees and an inclination of minus 70 degrees. The first five m of the hole passed through transported overburden material before getting into bedrock consisting of about 95 m of dominantly Miocene-aged tuffs of the Calipuy formation, with some intervals of late breccia cutting the tuffs. The massive crystal tuffs have a uniform texture and locally resemble intrusive rocks; however, the presence of broken crystals and sparse but consistent lithic clasts shows them to be fragmental rocks. They are pervasively altered to a quartz-sericite-pyrite-clay assemblage. Mineralization is weak within the volcanic package of rocks, with sparse enargite-pyrite veins mostly associated with the late breccia bodies.
From about 97 to 733 m, the hole encountered a thick sequence of metamorphosed and variably skarn-altered, calcareous sedimentary rocks cut by intervals of breccia and diorite intrusive rocks. These intrusive rocks account for roughly 37 per cent of the interval and are weakly mineralized and are altered to a quartz-sericite-pyrite assemblage, with patchy chlorite and epidote alteration. These intrusions belong to an early group of intrusive rocks thought to be approximately contemporaneous with the skarn forming event. All these sedimentary rocks occur within either the outer thermal halo of an intrusive event (the marble front) or within the metasomatic alteration halo (the skarn front). The upper portion of the sedimentary interval, to about 280 m depth, contains alternating marble, hornfels and skarn intervals which indicate that this zone is in the vicinity of the skarn front.
Below 280 m, the Chulec formation is dominated by massive skarn and contains important intervals of brecciated skarn, notably between 317 and 359 m. These breccias are associated with elevated copper-gold grades in the neighbouring skarns, which suggests that they formed early and served as pathways of enhanced permeability during the retrograde skarn alteration and mineralization. Reported intervals 281.90 to 292.50 m and 304.25 to 363.30 m are this style of mineralization, but also have slightly elevated zinc (Zn) values suggesting the company is toward the outer portion of the skarn system.
The lower part of the Chulec interval, from 495 m onward, is moderately to well mineralized and contains several massive sulphide intervals at 544 to 545 m and from 563 to 571 m. There are several diorite intrusions, like those described above, at 584 to 593 m, 617 to 644 m, 685 to 712 m and 713 to 717 m. Another massive sulphide interval occurs from 716 to 722 m and then at 733 m the contact with fine-grained sedimentary rocks of the underlying Inca formation was encountered. The report interval from 477.00 to 618.60 m is characterized by a mix of prograde and retrograde skarn assemblages, numerous diorite intrusive dikes, locally developed breccias and numerous massive sulphide replacement bodies.
The hole continues in hornfels, marble and skarn of the Inca formation until the hole terminates at 813.4 m. The rocks exhibit a moderate retrograde skarn alteration dominated by chlorite and magnetite, with lesser epidote, pyrite and chalcopyrite. Intervals of massive sulphides are present at 774 to 778 m, 783 to 791 m and 803 to 806 m. The reported interval 762.60 to 813.40 m consists of moderate skarn-style copper-gold mineralization, which clearly continues to intensify toward the bottom of the hole.
Drill hole AK-20-045 — geology descriptions
Hole AK-20-045 is drilled at an azimuth of 030 degrees and an inclination of minus 70 degrees. It passes through four m of overburden, possibly slumped material, and then remains in Calipuy formation volcanic crystal tuffs to 73 m depth.
From 73 to 259 m, the hole cuts a series of alternating marble and hornfels layers with minor skarn development. Apart from a metre of skarn with a clot of massive sulphide at 239 m, the interval has no copper mineralization, however late-stage carbonate base metal veinlets with sphalerite and some galena are common.
From 259 to 563 m, the hole cuts through Chulec formation, consisting mostly of marble with a few skarn beds. The skarn in this interval is not well mineralized, however the carbonate base metal veinlets with minor zinc and lead continue to 390 m.
From 563 to 760 m, the hole cuts a long interval of quartz-hornblende-biotite diorite with a pervasive quartz-sericite alteration and patchy skarn-related epidote-chlorite alteration. The diorite is barren apart from isolated enargite-pyrite veining in the reported interval from 640.75 to 656.65 m. There is extensive quartz-pyrite veining with very occasional chalcopyrite, typical of the outer, peripheral pyrite halo to a porphyry copper-gold centre.
From 760 to 840 m the hole cuts through massive Chulec formation skarn, generally with pervasive retrograde chlorite-epidote-calcite-magnetite alteration and weak to moderate disseminated chalcopyrite mineralization. The skarn interval is cut by a polymictic breccia from 807 to 812 m, with clasts of diorite, skarn and quartzite. Below 820 m, the mineralization intensifies with intervals of massive sulphides and a milled skarn breccia in the final reported interval from 821.65 to 838.90 m. The last metre of the hole is once again porphyritic diorite, and the hole terminates at 841.4 m.
Geological interpretation and discussion
Drill holes AK-20-044 and AK-20-045 are the first two drill holes collared exclusively on Colquirrumi agreement ground and had four objectives: (1) provide additional drill metreage toward the required 7,500 m in order to trigger the 70-per-cent earn-in on the Colquirrumi claims; (2) provide a fence line of holes to define the extent of the skarn mineralizing system to the north of that defined by the 2019 drilling into this area; (3) test whether the San Miguel diorite intrusion is a linear, stock-shaped body as depicted on most historical maps and sections, or whether it is a more flat-lying sill-shaped body as postulated by Regulus and suggested by the geomorphology of the area; and (4) test the western edge of the very large, circular-shaped magnetic anomaly that defines the Anta Norte target area.
Hole AK-20-044 intersected multiple, reportable intervals of skarn-style replacement copper-gold mineralization spatially associated with milled-matrix breccias, diorite intrusive dikes, and favourable prograde and retrograde skarn alteration. Hole AK-20-045 intersected hornfelsed sedimentary rocks and marbles with lesser metasomatic skarn alteration, although the intensity of skarn alteration and associated copper-gold mineralization is clearly increasing toward the bottom of the hole. The hornfelsed sedimentary rocks and marbles are the product of contact thermal metamorphism related to intrusive activity, whereas the metasomatic skarn alteration and mineralization indicates that those same intrusions, or slightly younger intrusions, were carrying copper- and gold-bearing hydrothermal fluids that are responsible for the mineralization currently being explored for at Anta Norte. The combination of the above-mentioned geological features and the fact that many of the reported intervals have slightly elevated zinc (Zn) values, all suggest the company is on a more distal portion of the skarn system. When viewed in conjunction with where the holes were located relative to the western edge of the exceptionally large, circular-shaped magnetic anomaly that defines the Anta Norte target area, the centre of the system appears to be toward the east-southeast of holes AK-20-044 and AK-20-045, coincident with the centre of the large magnetic feature, which is located on Regulus’s 100-per-cent-owned claims. Hole AK-20-044 clearly is a significant stepout from the mineralization encountered in hole AK-19-037 and a major stepout from the 2019 resource pit.
The true widths of the mineralized intervals reported in the attached table are difficult to ascertain and additional drilling and geologic modelling will be required to better constrain the geometry of the mineralized zones. Skarn-style mineralization in the Cretaceous sedimentary sequence is mainly controlled by the subhorizontal stratigraphy and reported mineralized intercepts are probably close to true thicknesses, as the drill holes are steeply inclined at minus 70 degrees.
Am Creek JV drills 82.5 m of 3.286 g/t AuEq at Treaty
American Creek Resources Ltd. has released results for the last set of 2020 diamond drill holes for the Goldstorm zone at its joint venture flagship property, Treaty Creek.Read More
The project is located within the heart of the Golden Triangle of Northwestern British Columbia which is on-trend from Seabridge’s KSM Project located five kilometers southwest of the Goldstorm Zone. Results from sampling of 9,621.7 meters of HQ and NQ2 core, from 11 diamond drill holes, have recently been received from MSA Labs. American Creek’s JV partner, Tudor Gold has completed 50 diamond drill holes at the Goldstorm System (GS) and three diamond drill holes at the Perfect Storm Zone (PSZ), for respective totals of approximately 44,000 meters (GS) and 1,600 meters (PSZ) during the 2020 exploration season. It was necessary to abandon two of the final drill holes as ground conditions prevented the safe completion of GS-20-99 and GS-20-101 late in the season, however, significant gold and silver mineralization was encountered in GS-20-99 (0.647 gpt AuEq over 109.5 meters) and this hole ended in strong stockwork within the DS5 System. Unfortunately drill hole GS-20-101 was abandoned before intersecting the area of the intended target and this hole will be re-drilled in 2021. From the remaining 51 drill holes, all but one were successful in intersecting the intended targets.
Tudor Gold’s Vice President of Project Development, Ken Konkin, P.Geo., stated: “We are very pleased with the results obtained from our 2020 exploration program and we anticipate the completion of an initial resource estimate over the next few months. We are also determined to continue the exploration efforts in 2021 to better define and potentially expand the Goldstorm and Perfect Storm Systems. It was not possible to attempt drilling at some of our high priority exploration targets due to the rapid accumulation of snow in late November and December that caused avalanche hazards, therefore, these sites remain as excellent drill targets. We have since received our explosives permit and have purchased an explosives magazine so our avalanche teams can now safely remove snow build-up for the up-coming exploration season. Our goal is to again have a late spring start-up so that we can effectively prepare the slopes to allow drilling in the northeast area of the Goldstorm System that was not completed in 2020. The Au-Ag-Cu mineralization remains open to the northeast and to the southeast, with the possible exception of section 114+00 NE, where the easternmost drill hole (GS-20-102) may have defined the southeast limit in that area.”
Goldstorm Highlights include:Eleven diamond drill holes in this news release totaling 9,621.7 meters; the favorable composite results are listed in Table 1 below. Best near-surface intercept was from the 300 Horizon in GS-20-91 on Section 112+50 NE that averaged 0.856 gpt AuEq over 1033.5 meters (60.0-1093.5 m) containing an enriched portion of 532.5 meters (60.0-592.5 m) that averaged 1.112 gpt AuEq. GS-20-92 also had a remarkable 82.5 meter intercept (213.0-295.5 m) of 3.286 gpt AuEq within the 300 Horizon, which is the highest grade gold composite interval drilled to date on the project. This lies within a longer intercept of 531.0 meters (90.0-621.0 m) averaging 0.999 gpt AuEq.An aggressive 150 meter step-out drill hole (GS-20-99) extended the DS-5 Zone further to southeast on section 115+50 NE. The intercept averaged 0.647 gpt AuEq over 109.5 meters (855.5-965.0 m). The hole was lost at 965.0 meters in strong stockwork and DS5-type mineralization. The system remains open to the northeast and southeast along Section 115+50 NE.
The following two tables below provide the complete list of composited drill hole results as well as the drill hole data including hole location, elevation, depth, dip and azimuth.
Table l: Gold equivalent composite values from eleven Goldstorm Zone drill holesTable 1To view an enhanced version of Table 1, please visit:https://orders.newsfilecorp.com/files/682/71563_americancreekfigure1en.jpgAll assay values are uncut and intervals reflect drilled intercept lengths.HQ and NQ2 diameter core samples were sawn in half and typically sampled at standard 1.5m intervalsThe following metal prices were used to calculate the Au Eq metal content: Gold $1322/oz, Ag: $15.91/oz, Cu: $2.86/lb. Calculations used the formula Au Eq g/t = (Au g/t) + (Ag g/t x 0.012) + (Cu% x 1.4835). All metals are reported in USD and calculations do not consider metal recoveries. True widths have not been determined as the mineralized body remains open in all directions. Further drilling is required to determine the mineralized body orientation and true widths.
Table ll: Drill Data for Holes in Press Release January 7th, 2021Table 2To view an enhanced version of Table 2, please visit:https://orders.newsfilecorp.com/files/682/71563_americancreekfigure2en.jpg
Attached are Sections 108+00 NE, 109+00 NE, 112+50 NE, 114+00 NE and 115+50 NE showing holes traces with gold and copper histogram results and a Plan Map showing the drill hole and section locations.
Walter Storm, President and CEO, stated: “Our goal for Tudor Gold is to fast-track the exploration of our flagship Treaty Creek Project. We continue to advance the project on several fronts including completing our initial metallurgical work on the Goldstorm System, for which an update will be issued later this month. In addition, we recently completed the first year of an on-going water sampling program and purchased a climate station that will monitor on-site environmental conditions, providing the data required for base-line studies. Furthermore, we are preparing a winter access plan to start the 2021 exploration season as soon as the major snowfall season comes to an end in the coming spring. This approach worked extremely well for our start-up team that was able to walk-in heavy equipment on the snowpack in 2020, allowing us to start drilling much earlier than previous years. In so doing, we hit a corporate-best for drilling this past year with the completion of 53 drill holes totaling over 45,600 meters. We thank our team of men and women who worked safely and diligently during these extremely difficult conditions.”
Darren Blaney, CEO of American Creek, commented: “As I have stated previously, we are extremely pleased with the exploration program our JV partner Tudor Gold has completed this year at Treaty Creek. We sincerely thank and congratulate both the Tudor Gold and More Core Diamond Drilling teams for their outstanding work and accomplishments in 2020. The Treaty Creek project is shaping up to be everything we hoped it would be. We look forward to the upcoming metallurgical work and the maiden resource calculation for the Goldstorm deposit.”
Drill core samples were prepared at MSA Labs’ Preparation Laboratory in Terrace, BC and assayed at MSA Labs’ Geochemical Laboratory in Langley, BC. Analytical accuracy and precision are monitored by the submission of blanks, certified standards and duplicate samples inserted at regular intervals into the sample stream by Tudor Gold personnel. MSA Laboratories quality system complies with the requirements for the Company. International Standards ISO 17025 and ISO 9001. MSA Labs is independent of the company.
Blue Lagoon drills 3.13 m of 17.69 g/t Au at Dome
Recently completed drilling on Blue Lagoon Resources Inc.’s Dome Mountain gold project shows potential to increase the extent of the known gold mineralization downdip from the current extent of the known resource based on deep mineralization encountered in hole DM-20-139 and along strike to the east based on high-grade gold intercepts in hole DM-20-114 (the farthest east mineralized intercept on the Boulder vein completed on the project to date).Read More
"The recently completed drill program was successful with regards to infill and, most significantly, proving the concept of the mineralized Boulder Vein continuing at depth and, along strike to the east." said Blue Lagoon Resources chief geologist, Bill Cronk. "The high-grade intercepts in holes DM-20-139 and DM-20-114 offer near term prospectivity to increase the overall resource significantly, both at depth and along strike. Additionally, the intercept from hole DM-20-114 appears to be substantiated by a discreet Mag anomaly identified in our recently completed airborne Mag survey and offers a clear target for further drilling along strike to the east," he added.
DM-20-139 was drilled vertically to a depth of 595.88 meters and intercepted the Boulder Vein at 338 meters and hit 3.13 meters running 17.69 g/t Au and 70.40 g/t Ag (including 0.65 meters running 48.4 g/t Au and 95 g/t Ag). This intercept is the deepest intercept to date on the Boulder Vein. The recently filed technical report (news released Dec 24, 2020) outlines the Boulder Vein as 1000 meters in strike length and 200 meters of down-dip extent. The high grade gold intercept in hole DM-20-139 is 150 meters deeper than the lowest elevation of the Boulder Resource (Figure 1).
This hole proves the veracity of a mineralized down-dip exploration model and, the 2021 drilling program scheduled to commence on January 11 will prioritize further drilling at depth.Figure 1Boulder Resource Section showing hole DM-20-139 pierce-point of the Boulder Vein at depth, relativeto the modeled Boulder Vein Resource. Looking North
Hole DM-20-114 intercepted 107 g/t Au and 278.5 g/t Ag over 1.42 meters including 165.3 g/t Au and 398 g/t Ag over 0.71 meters. This intercept provides for the farthest east intercept in the Boulder Vein system to date. Furthermore, recent airborne data collected from our 2020 airborne survey shows a distinct Mag anomaly associated with the eastern vein intercept. The Mag anomaly clearly highlights a singular fault like feature which corresponds to the eastern end of the known Boulder Vein system (and the DM-20-114 vein intercept) and continues for at least another kilometer in the East-West direction (Figure 2).Figure 2Location of 2020 drillholes with hole DM-20-114 highlighted; Mag feature on eastern end extends to the east from the high-grade drill hole intercept in DM-20-114
The drilling program scheduled to begin next week (January 11, 2021) will target both the down dip potential of the Boulder Vein system as well as the high-grade vein extending to the East.
2021 DRILL PROGRAM EXPECTED TO SIGNIFICANLTYEXPAND KNOWN RESOURCE WITH NEW DATA
On December 24, 2020, the Company news released and filed a technical report entitled NI 43-101 Technical Report, Dome Mountain Mine dated December 21, 2020 prepared by Roughstock Mining Services LLC, which reported a mineral resource of 70,418 ounces gold and 341,784 ounces silver in the indicated category and 109,160 oz Au and 473,890 oz Ag in the inferred category, based on 398 drill holes (39,398 metres), completed at the Dome Mountain Gold Project over the period from 1985 to 2016.
It's important to note that the report does not include data from the 2020 drill program which consisted of an additional 26 drill holes totalling 3,786 meters. The Company will update the resource estimate once analysis of the data from the 2020 drill program and the upcoming 2021 drill program has been completed, expected in the second half of 2021.
The scientific and technical disclosure in this news release was approved by William Cronk, P.Geo., a qualified person as defined in NI 43-101 and a consultant to the Company.
Orea Mining to acquire Colombian gold project
Orea Mining Corp. has signed a binding letter of intent to acquire gold projects with an existing ore processing facility, including significant plant and equipment, in Colombia, South America.Read More
- The BLOI was signed with the sellers on Dec. 21 to acquire a 100-per-cent interest in 13 mining concessions in three separate blocks located in the department of Bolivar, northern Colombia, South America;
- The execution of the corresponding definitive agreement is subject to the successful completion of due diligence by Orea within 90 days from the signing of the BLOI;
- The project covers a total surface area of 250 square kilometres encompassing numerous artisanal gold mines;
- Orea considers the project to be highly prospective for large epithermal and porphyry gold-copper deposits; and
- The construction of a fully permitted ore processing plant on the land holdings is near completion and will be fundamental to formalizing mining in the region.
“After evaluating numerous opportunities in 2020, Orea is delivering on its promise to add a quality gold project to its portfolio, in line with its responsible mining approach,” commented Rock Lefrancois, president and chief executive officer of Orea. “As our Montagne d’Or gold project in French Guiana has entered mine permitting, this new acquisition within the emerging northern Andean copper-gold province will be the driver for exciting development and further growth in 2021,” he added.
The project lies within the northern San Lucas mountain range, northeast of the Colombian central cordillera. The region is known for its gold production since precolonial times, which is presently subject to prevalent formal and informal artisanal mining. The project area is characterized by moderate topography and low elevations ranging from 40 metres to 700 metres above sea level.
As is recognized all over the northern San Lucas range, numerous small-scale near-surface artisanal underground mines are documented over the project and surrounding areas. The mines are developed along narrow sulphide-rich quartz veins with economic grades in gold, silver, copper, zinc and lead. Within the northern San Lucas range, these polymetallic veins are associated with granitic intrusion of Jurassic age. A potential second phase of the gold mineralization has been recognized on the project interpreted to be associated with younger porphyritic domes of Tertiary age, where mineralized vein systems exhibit epithermal textures with associated alterations. The relation of the polymetallic vein-type mineralization with buried porphyry-type gold-copper systems has not yet been investigated on the project.
Mr. Lefrancois also commented: “The acquisition of this large land package offers excellent exposure for the discovery of epithermal and porphyry gold-copper deposits for the implementation of industrial-scale mining in the region and almost immediate cash flow from the processing plant.”
As a business unit separate from exploration activities, an ore processing plant is under construction on the project to treat artisanal ore feed from mines within the project and surrounding mining concessions. The plant is estimated to be 75-per-cent complete and $3-million (U.S.) capital expenditures are required for commissioning of the plant at a rate of 150 tonnes per day. Crushing and grinding capabilities can be increased to process 200 tonnes per day to 300 tonnes per day. The plant flowsheet uses standard crushing and grinding, gravity separation of the free gold and non-toxic chemical reagents flotation to produce a concentrate. No cyanide leach circuit is required to obtain more-than-90-per-cent recovery of the gold. The flotation concentrate may be shipped to a refinery via Barranquilla, Santa Marta or Cartagena on the Caribbean coast. Free gold is poured into dore gold bars and exported via Medellin for refining.
A corporate and social responsibility strategy for responsible and sustainable development of the region has been implemented by the seller. Social licensing was achieved by toll mining. Social efforts have also been advanced in the different areas of influence with the support of local authorities such as vaccination days, educational talks, improvement of school infrastructure, tropical storm season relief, among others.
Orea’s initial objectives for the development of the project include:
- Project- and regional-scale geological evaluation and consolidation of the land package;
- Exploration strategy, targeting and resource drilling;
- Inventory of artisanal mines on the project and surrounding mining concessions;
- Secure toll mining contracts with artisanal miners;
- Commission and optimize processing plant at 150 tonnes per day;
- Mechanize and assure security protocols at artisanal mines to increase ore feed; and
- Increase plant processing rate to 200 tonnes per day to 300 tonnes per day.
Terms of acquisition
The project is held within a Colombian private company and the acquisition of the project will be completed in two stages with key terms as follows:
- Stage 1
- Acquisition of approximately 44 per cent of the Colombian entity in exchange for cash of approximately $105,000 (U.S.), 6.6 million shares of Orea and granting a 25-per-cent net profit interest of the project mill output to the seller, capped at 300 tonnes per day ore feed and a maximum of 13.3 billion Colombian pesos (approximately $4.9-million); and
- Issue five million shares of Orea to a third party for the assignment of the right to acquire the Colombian entity.
- Stage 2
- Upon the NPI being paid in full, or an equivalent amount advanced to the seller, acquisition of 56 per cent of the Colombian entity in exchange for 20.4 million Orea shares.
- Upon closing of Stage 1, Orea will:
- Have security of the remaining shares;
- Be granted voting rights to the remaining shares;
- Be appointed operator of the project; and
- Assume all economic benefits and risks to the Colombian entity.
“By structuring this transaction as a two-stage acquisition, we managed to effectively have 100-per-cent control immediately, with minimal dilution as the most significant share payment will be issued in the future, and the cash component will be paid through the NPI,” said Mr. Lefrancois.
The transaction contemplated under the BLOI is subject to the approval by the Toronto Stock Exchange.
Frontier begins mini-pilot plant operations in Ontario
Frontier Lithium Inc. has begun mini-pilot plant operations with XPS Expert Process Solutions, a Glencore company, at its research and development centre in Falconbridge, Ont., and at other off-site locations. The goal of the pilot is to directly produce lithium hydroxide from the PAK Lithium Project resource. The PAK project contains Ontario’s highest grade and largest lithium resource and is located in an emerging premium lithium mineral district located in the Great Lakes region of northern Ontario.Read More
In 2020 Frontier Lithium awarded XPS, the contract to jointly construct and operate the Pilot in its Falconbridge, Ontario facility. Sample preparation and concentrate production have recently been completed, pyrometallurgical processing has commenced, and final hydrometallurgical circuit construction and commissioning is currently taking place. The mini-pilot is configured to produced high quality lithium-bearing pregnant leach solution (“PLS”) that is suitable for continuous crystallization by a reputable off-site third party with the objective of demonstrating the production of high purity battery quality lithium hydroxide monohydrate from a steady state process. This pilot project is being undertaken to alleviate financial and technical risks associated with scaling-up of our innovative patent pending lithium extraction process which is under an International Patent Cooperation Treaty (PCT) filing. The pilot aims to generate high-purity battery grade lithium hydroxide chemical which will be used as marketing samples of the product and will also provide essential data required for a future Pre-Feasibility Study to be conducted by the company. The final crystallization work is expected to be completed in the spring of 2021.
Trevor Walker, president and chief executive officer, said: “We are excited by our progress with XPS on the mini-pilot plant. Last year’s preliminary test results showed the lithium extraction technology to be viable at bench-scale. The initial commissioning of the pilot represents a significant milestone and marks the culmination of extensive research and development into a flowsheet that could process spodumene concentrates directly to lithium hydroxide chemicals without employing a lithium carbonate intermediate. Frontier is well positioned in the Great Lakes region as it develops Ontario’s largest lithium bearing spodumene resource with multiple deposits which will be required to support North American lithium-ion battery production capacity.”
All scientific and technical information in this release has been reviewed and approved by Garth Drever, P.Geo., the qualified person (QP) under the definitions established by National Instrument 43-101.
The Company has been provided a new U.S. OTC Market symbol of LITOF. The Company’s primary listing is in Canada on TSX Venture Exchange under the symbol “FL”.
The Company anticipates releasing the initial results from its Preliminary Economic Assessment study for a fully integrated project producing lithium hydroxide from the PAK Lithium Project early next month.