Ynvisible receives $4.4M from warrant exercise
Since Dec. 1, 2020, Ynvisible Interactive Inc. has received proceeds of $4.4-million pursuant to the exercise of 7,315,473 common share purchase warrants. The exercised warrants were originally issued in connection with non-brokered private placement financings completed by Ynvisible on Jan. 9, 2019, and June 5, 2019, pursuant to which warrants were issued with an exercise price of 60 cents for periods of three years. At the present time, approximately 80 per cent of the warrants have been exercised.Read More
The company intends to use the proceeds of the warrants exercised, along with the funds raised from the company’s recently completed non-brokered private placement financing of $4.5-million, for productization, marketing, increasing production capacity and general working capital.
“The exercising of the warrants is further validation of our strategy as we progress forward,” said Michael Robinson, chief executive officer of Ynvisible.
As at today’s date, a total of 1,663,005 warrants remain outstanding. Each warrant is exercisable to acquire one common share in the capital of Ynvisible at an exercise price of 60 cents. If all remaining warrants are exercised, additional proceeds to the company will total $997,803.
About Ynvisible Interactive Inc.
Ynvisible aims to be a leading company in the emerging printed and flexible electronics sector. Given the cost and power-consumption advantages over conventional electronics, printed electronics are a key enabler of mass adoption of the Internet of things and smart objects. Ynvisible has the experience, know-how and intellectual property in electrochromic materials, inks and systems. Ynvisible’s interactive printed graphics solutions solve the need for ultralow-power, mass-deployable and easy-to-use electronic displays and indicators for everyday smart objects, IoT devices and ambient intelligence (intelligent surfaces). Ynvisible offers a mix of services, materials and technology to brand owners developing smart objects and IoT products.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.
Moneta drills 10 m of 2.85 g/t Au at Golden Highway
Moneta Porcupine Mines Inc. has released the results from six holes drilled to test three target areas for gold mineralization over a strike length of 1,600 metres to the east of the Windjammer South open-pit gold resource. The drill holes were drilled as part of the expanded 2020/2021 winter drill program on the Golden Highway project, 110 kilometres east of Timmins, Ont.Read More
Drilling has intersected significant gold mineralization in three targets areas (Halfway, Halfway Lake and East Fold) over a 1,600 m strike length east of the current gold resources at Golden Highway:
- Halfway, located outside the current Windjammer open pit and up to 400 m east of the current resource:
- Intersected 10.00 metres at 2.85 grams per tonne gold including 1.00 m at 16.10 g/t Au and 1.00 m at 10.90 g/t Au in drill hole MGH20-159;
- Intersected 73.00 m at 0.95 g/t Au including 0.85 m at 11.00 g/t Au and 0.50 m at 10.70 g/t Au in drill hole MGH20-159;
- Intersected 37.46 m at 0.93 g/t Au including 0.75 m at 5.35 g/t Au in drill hole MGH20-159;
- Halfway Lake, located up to 700 m east of the Windjammer South resource outside the current open pit:
- MGH20-164: intersected 10.00 m at 0.47 g/t Au, 9.10 m at 0.41 g/t Au and 25.00 m @t 0.37 g/t Au in drill hole MGH20-164;
- East Fold, located up to 1,600 m east of the current resources and beyond the current Windjammer open pit:
- Intersected 12.40 m at 1.13 g/t Au, including 5.00 m at 1.97 g/t Au and 13.56 m at 0.93 g/t Au, including 1.00 m at 7.42 g/t Au in drill hole MGH20-162;
- Intersected 1.00 m at 13.90 g/t Au in drill hole MGH20-160.
“We are excited to have intersected significant gold mineralization over a 1,600 m strike length outside of our current gold resources with our latest drilling,” commented chief executive officer Gary O’Connor. “The drilling has intersected gold mineralization in three areas hosted within the same geological setting, along the regional banded iron formation A unit, as the majority of our current resources at Golden Highway. The results highlight the potential to continue to add gold resources beyond our current open-pit-hosted resources over a significant strike length. The Windjammer South open-pit resource currently consists of 1.10 million ounces gold indicated resources and 1.00 moz gold inferred resources at a 0.3 g/t Au cut-off within a total Golden Highway resource of 2.70 moz gold indicted and 2.80 moz gold inferred resource. We look forward to concluding the recently announced acquisition of the adjacent Garrison project, which will bring our total resource endowment to 4.00 moz gold indicated and 4.40 moz gold inferred for the combined project.”
The latest assay results are from six drill holes for a total of 3,459.8 m of drilling, completed as part of the current 30,000 m 2020/2019 winter drill program. The six reported holes were targeting the eastern extensions of the Windjammer South resources over a strike length of over 1,600 m in an area that has not been historically targeted. The drilling was focused on testing clastic Timiskaming-age sediment host rocks to the immediate south of the regional banded iron formation (BIF) A unit, the same geological setting as most of the company’s current gold resources.
Discussion of drill results
A total of three drill holes for 2,283.8 m were drilled to test the Halfway target located up to 400 m east of the current Windjammer South gold resource. The holes were targeting the extensions of shallow-dipping wide-stacked mineralized veins drilled and modelled at Windjammer South as well as the steeper extensional higher-grade vein set. The drilling was conducted to follow up significant mineralization intersected in 2019 in hole MGH19-123, which tested the significant gold mineralization east of the Windjammer South resource within the same geological setting intersecting 1.80 m at 7.48 g/t Au, including 0.77 m at 15.50 g/t Au at 210.20 m and 1.28 m at 7.79 g/t Au at 288.00 m.
Other historical drill holes have been drilled in the area to the east of the current mineral resource estimate but were not included in the resource update due to a lack of drill density. Drill intercepts of up to 18.00 m at 1.84 g/t Au including 1.47 m at 16.86 g/t Au in hole MWJ11-43 and 27.00 m at 0.61 g/t Au in hole MWJ11-41 and 22.00 m at 1.02 g/t Au in hole MGH20-142 occur outside the current open pit and will be used in conjunction with the newly released holes as well as additional drilling planned in 2021 designed to continue to expand the resource estimate in this area.
Drill results from the current program at Halfway confirmed the occurrence of the same style of shallow-dipping wide and lower-grade stacked veins sets as well as the steeper higher-grade extensional veins and associated alteration haloes at Halfway over a strike length of 500 m to the east of Windjammer South. Drill hole MGH20-158 was drilled 100 m south of MGH20-159 and intersected wide zones of gold mineralization up to 23.00 m at 0.45 g/t Au. Drill hole MGH20-159 located 100 m east of MGH19-123 intersected up to 73.00 m at 0.95 g/t Au including 0.85 m at 11.00 g/t Au and 0.50 m at 10.70 g/t Au, 10.00 m at 2.85 g/t Au including 1.00 m at 16.10 g/t Au and 1.00 m at 10.90 g/t Au and 37.46 m at 0.93 g/t Au including 1.75 m at 3.88 g/t Au. Drill hole MGH20-161 was drilled 100 m south of MGH19-123 and intersected wide zones of lower-grade gold mineralization of up to 16.85 m at 0.41 g/t Au and 8.45 m at 0.73 g/t Au.
One drill hole for 438.0 m was drilled at the Halfway Lake target located up to 700 m east of the current resource, located in the same geological setting adjacent to the regional BIF A unit. The drill hole intersected stacked quartz vein zones and steeper extensional veins within altered Timiskaming-age clastic sediments. Drill hole MGH20-164 intersected up to 25.00 m at 0.37 g/t Au, 10.00 m at 0.47 g/t Au and 9.10 m at 0.41 g/t Au.
A total of two holes for 1,335.0 m were drilled to test for gold mineralization at East Fold, located over 1,600 m east of the current resources at Golden Highway. The BIF A unit is folded and fault offset in this area with fault emplacement of mafic units also occurring. Drilling confirmed the occurrence of gold mineralized vein sets within altered Timiskaming-age clastic sediments. Drill holes MGH20-160 intersected veining of up to 1.00 m at 13.90 g/t Au, and drill hole MGH20-162 intersected 12.40 m at 1.13 g/t Au and 13.56 g/t Au at 0.93 g/t Au including 1.00 m at 7.42 g/t Au.
SELECTED SIGNIFICANT DRILL RESULTS Hole From To Length Au No. (m) (m) (m) (g/t) MGH20-158 325.93 331.00 5.07 0.48 MGH20-158 387.00 410.00 23.00 0.45 includes 399.00 405.00 6.00 0.86 MGH20-159 82.00 123.00 41.00 0.35 MGH20-159 242.00 252.00 10.00 0.41 MGH20-159 270.00 280.00 10.00 2.85 includes 275.00 280.00 5.00 5.51 includes 275.00 276.00 1.00 16.10 and 279.00 280.00 1.00 10.90 MGH20-159 289.00 326.45 37.46 0.93 includes 325.00 325.75 0.75 5.35 MGH20-159 291.00 364.00 73.00 0.95 includes 295.60 296.45 0.85 11.00 and 331.00 331.50 0.50 10.70 and 336.10 338.20 2.10 5.60 includes 337.05 338.20 1.15 7.24 MGH20-160 539.50 540.50 1.00 13.90 MGH20-160 667.40 668.10 0.70 5.80 MGH20-161 214.00 230.85 16.85 0.41 MGH20-161 462.55 471.00 8.45 0.73 MGH20-162 332.60 345.00 12.40 1.13 includes 336.00 337.00 1.00 3.29 and 340.00 341.00 1.00 3.35 MGH20-162 348.44 362.00 13.56 0.93 includes 351.00 352.00 1.00 7.42 MGH20-162 357.00 362.00 5.00 0.84 includes 358.00 359.00 1.00 2.35 MGH20-164 148.00 158.00 10.00 0.47 includes 148.00 149.00 1.00 2.18 MGH20-164 232.90 242.00 9.10 0.41 includes 232.90 235.00 2.10 1.17 MGH20-164 277.00 302.00 25.00 0.37 includes 296.00 297.00 1.00 2.78 Intercepts are calculated using a 0.30 g/t Au cut-off, a maximum of three m internal dilution and no top cap applied. All intercepts are reported as drill widths and estimated to be 75 per cent to 95 per cent of true width. HISTORICAL DRILL RESULTS: HALFWAY TARGET Hole From To Length Au No. (m) (m) (m) (g/t) MGH19-123 210.20 217.90 7.70 2.02 includes 211.23 212.00 0.77 15.50 MGH19-123 232.00 238.50 6.50 1.46 includes 235.00 235.75 0.75 4.17 MGH19-123 288.00 289.28 1.28 7.79 MWJ11-41 249.00 266.00 17.00 0.62 includes 256.00 257.00 1.00 2.98 MWJ11-41 400.00 427.00 27.00 0.61 MWJ11-41 440.00 463.00 23.00 0.32 MWJ11-43 401.00 419.00 18.00 1.84 includes 410.75 414.00 3.25 8.87 includes 411.70 413.17 1.47 16.86 MGH20-142 78.00 100.00 22.00 1.02 MGH20-142 105.00 122.00 17.00 1.09 includes 119.00 122.00 3.00 3.09 MGH20-142 140.00 153.00 13.00 0.81 MGH20-142 180.00 184.00 4.00 2.46 includes 181.00 182.00 1.00 8.08 MGH20-142 194.00 215.00 21.00 0.66 MGH20-142 425.00 449.00 24.00 0.57 Intercepts are calculated using a 0.30 g/t Au cut-off, a maximum of three m internal dilution and no top cap applied. All intercepts are reported as drill widths and estimated to be 75 per cent to 95 per cent of true width.
Quality assurance/quality control procedures
All core drilling conducted by Moneta is oriented. Drill core is cut with half sent to AGAT Laboratories Inc. for drying and crushing to minus two millimetres, with a 1.00-kilogram split pulverized to minus 75 micrometres (200 mesh). AGAT is an International Organization for Standardization 17025-accredited laboratory. A 50 g charge is fire assayed and analyzed using an AAS (atomic absorption spectroscopy) finish for gold. Samples above 10.00 g/t Au are analyzed by fire assay with a gravimetric finish and selected samples with visible gold or high-grade mineralization are assayed by metallic screen fire assay on a 1.00 kg sample. Moneta inserts independent certified reference material and blanks with the samples and assays routine pulp repeats and coarse reject sample duplicates, as well as completing routine third party check assays at Activation Laboratories Ltd. Kevin Montgomery, PGeo, is a qualified person under National Instrument 43-101 and has reviewed and approved the technical contents of this press release.
About Moneta Porcupine Mines Inc.
Moneta’s land package in the Timmins gold camp covers 12,742 hectares including six gold projects plus a joint venture with Kirkland Lake Gold Corp. covering 4,334 hectares. The company’s flagship project, Golden Highway gold project, is located 100 kilometres east of Timmins and hosts a total indicated resource of 2,145,000 ounces gold contained within 55.3 million tonnes at 1.21 g/t Au and a total of 3,337,000 ounces gold contained within 49.7 mt at 2.09 g/t Au in the inferred category at a 2.60 g/t Au at Southwest, 3.00 g/t Au cut-off for the other underground deposits and 0.30 g/t Au for the open pit deposits. The project includes a total of 1,512,000 ounces of open-pit indicated resources contained within 50.5 mt at 0.93 g/t Au and 1,207,000 ounces of open-pit inferred resources contained within 34.0 mt at 1.10 g/t Au. The project also includes 632,000 ounces of indicated underground resources contained within 4.9 mt at 4.05 g/t Au and 2,128,000 ounces of inferred underground resources within 15.7 mt at 4.21 g/t Au.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.
Serengeti drills 212 m of 0.4% Cu at Kwanika
Serengeti Resources Inc. has provided the final batch of assay results from the 2020 drilling campaign completed at the Kwanika project in north-central British Columbia. A total of 4,350 metres were drilled in nine holes testing a number of exploration targets and resource expansion opportunities. The first batch of results were reported on Dec. 16, 2020. The advanced resource-stage Kwanika project is about 26,000 hectares, held by Kwanika Copper Corp. (KCC),* and is located in the Quesnel Trough of British Columbia which hosts numerous porphyry copper-gold deposits.Read More
“The 2020 drilling program at Kwanika was a success. K-202 from the current release, combined with previously released K-197, demonstrates that the Central zone remains open for expansion towards the south along the controlling Central fault into an area of very sparse drilling. Earlier released hole, K-198, intersected two substantial intervals of well above deposit average grade, demonstrating the potential for delineation of higher grade domains within the known resource and drilling to the north indicates that the mineralized envelope remains open in that direction. We look forward to pursuing all of these opportunities in 2021 under the banner of a strengthened corporate entity, once the merger with Sun Metals has been approved by shareholders,” stated David W. Moore, president and chief executive officer of Serengeti Resources.
- K-201: 0.14 per cent copper, 0.08 gram per tonne gold, 1.5 g/t silver and 0.01 per cent molybdenum (0.23 per cent CuEq (copper equivalent)) over 120.1 m, from 59.81 to 179.9 m:
- Including 0.21 per cent Cu, 0.07 g/t Au, 1.9 g/t Ag and 0.03 per cent Mo (0.33 per cent CuEq) over 45.6 m, from 59.8 to 105.4 m;
- Confirms continuity of Cu-Mo-Ag mineralization along west edge of South zone resource.
- K-202: 0.40 per cent Cu, 0.08 g/t Au, 1.7 g/t Ag (0.46 per cent CuEq) over 212.0 m, from 201.5 to 413.5 m:
- Including 0.54 per cent Cu, 0.14 g/t Au, 2.3 g/t Ag (0.64 per cent CuEq) over 79.1 m, from 201.5 to 280.6 m;
- Opens up the Central zone for expansion below and to the south of current pit constrained resource.
- K-204: 0.19 per cent Cu, 0.15 g/t Au, 1.0 g/t Ag (0.29 per cent CuEq) over 51.1 m, from 242.7 to 293.8 m:
- Including 0.33 per cent Cu, 0.19 g/t Au, 1.1 g/t Ag (0.44 per cent CuEq) over 23.0 m, from 249.8 to 272.8 m;
- Intersected similar upper mineralized horizon as K-196; ended in dike swarm interpreted to lie east of mineralized domain.
2020 KWANIKA DRILL PROGRAM -- REPORTED ANALYTICAL RESULTS CURRENT RELEASE Hole ID From (m) To (m) Int. (m) Cu (%) Au (g/t) Ag (g/t) CuEq (%) AuEq (g/t) K-199 No significant values K-200 No significant values K-201 59.8 179.9 120.1 0.14 0.08 1.5 0.23A 0.38B Including 59.8 105.4 45.6 0.21 0.07 1.9 0.33A 0.56B K-202 201.5 413.5 212.0 0.40 0.08 1.7 0.46 0.77 Including 201.5 280.6 79.1 0.54 0.14 2.3 0.64 1.08 K-203 No samples submitted to lab K-204 150.0 156.0 6.0 0.44 0.29 1.9 0.63 1.06 And 242.7 293.8 51.1 0.19 0.15 1.0 0.29 0.48 Including 249.8 272.8 23.0 0.33 0.19 1.1 0.44 0.75
Intercept lengths in the table are not necessarily true widths given the fact that holes are being drilled at different angles through forecast mining shapes within a variably oriented mineralized body. Gold and copper equivalents are calculated using the formulae below based on metal prices of $3.25 per pound of copper, $1,600/oz of gold, $20/oz of silver and $11/lb of molybdenum, with all metal prices quoted in U.S. dollars. Metal recoveries as stated in the PEA as follows: Cu 91 per cent, Au 75 per cent, Ag 75 per cent have been applied to the equivalent calculations.
CuEq is equal to Cu per cent plus ((Au g/t divided by 31.1034 multiplied by Au price multiplied by Au recovery) plus (Ag g/t divided by 31.1034 multiplied by Ag price multiplied by Ag recovery)) divided by (Cu price multiplied by Cu recovery multiplied by 22.0462).
AuEq is equal to Au g/t plus ((Ag g/t divided by 31.1034 multiplied by Ag price multiplied by Ag recovery) plus (Cu per cent multiplied by Cu price multiplied by Cu recovery multiplied by 22.0462)) divided by (Au g/t divided by 31.1034 multiplied by Au price multiplied by Au recovery).
CuEq and AuEq values for South zone hole K-201 are calculated including Mo assuming a recovery of 60 per cent, as follows:
- CuEq is equal to Cu per cent plus ((Au g/t divided by 31.1034 multiplied by Au price multiplied by Au recovery) plus (Ag g/t divided by 31.1034 multiplied by Ag price multiplied by Ag recovery)) plus (Mo per cent multiplied by Mo price multiplied by Mo recovery multiplied by 22.0462)) divided by (Cu price multiplied by Cu recovery multiplied by 22.0462).
- AuEq is equal to Au g/t plus ((Ag g/t divided by 31.1034 multiplied by Ag price multiplied by Ag recovery) plus (Cu per cent multiplied by Cu price multiplied by Cu recovery multiplied by 22.0462) plus (Mo per cent multiplied by price multiplied by Mo recovery multiplied by 22.0462)) divided by (Au g/t divided by 31.1034 multiplied by Au price multiplied by Au recovery).
DDH-K-199 deviated from the planned orientation more than anticipated, intersecting propylitically altered barren diorite and granodiorite before being abandoned at 173.2 m. The drill was then repositioned to drill K-200.
DDH-K-200 intersected complex intrusive and structural breccias dominated by chlorite-magnetite propylitic and patchy weak potassic alteration with trace chalcopyrite. Locally strong sericite alteration and pyrite overprinting suggest the hole intersected a structural zone that served as a conduit for later Cu-diluting fluids.
DDH-K-201 was drilled across the west edge of the South zone resource to test and confirm grade continuity along the West fault. The hole intersected near-surface disseminated and vein chalcopyrite-molybdenite mineralization within silica altered quartz-syenite east of the West fault, confirming continuity of grade along the west edge of the South zone deposit.
DDH-K-202 was drilled to follow up on encouraging results from K-23, K-190 and K-197 along the Central fault south of the Central zone deposit. The hole drilled through the Central fault intersecting potassically altered diorite hosting chalcopyrite plus or minus chalcocite plus or minus bornite mineralization immediately west of the Central fault and below the unconformity with the sedimentary basin. The hole confirmed that the Central fault is a major controlling structure on mineralization, and that the Central zone system remains open along the fault, and at depth beneath the sedimentary basin. Drill hole density south of K-202 is sparse and potential exists to expand the Central zone southward from current resource boundaries.
DDH-K-203 was an exploration hole drilled to test a Z-axis tipper electromagnetic (ZTEM) and coincident Ah-horizon soil geochemical anomaly southwest of the Central zone along the Pinchi fault. The hole intersected interbedded mafic volcanics and calcareous sediments of the Cache Creek terrane which explain the geophysical response. The hole was abandoned at 179.1 metres and no samples were submitted to the laboratory for analysis.
DDH-K-204 was drilled to follow up on encouraging results from K-196, including two mineralized horizons. K-204 intersected potassically altered diorite and monzodiorite hosting pyrite-chalcopyrite mineralization similar to the upper mineralized horizon in K-196 before entering a barren gabbroic-granitic dike swarm showing complex crosscutting relationships. The dike swarm may represent a high-temperature intrusive system core possibly related to Central zone mineralization. When coupled with mineralized intercepts from prior drill holes to the west and north, this suggests a mineralized system may continue at depth toward the northwest.
* Serengeti sole financed the 2020 Kwanika program. As a consequence, the company’s ownership of KCC increased to about 67 per cent, with POSCO International Corp. holding about 33 per cent.
During June, 2020, Serengeti completed a two-week grid mapping and sampling program at Top Cat to follow up on encouraging results from 2019 including 1.39 per cent Cu, 0.69 g/t Au and 1.38 g/t palladium (see press release dated Jan. 19, 2020) at the Nova area. A total of 92 rock samples, 409 Ah soil samples and 55 stream sediment samples were collected over the area followed by a reconnaissance induced polarization (IP) survey totalling 15 line km in four lines over areas of interest. As a result of the work, a number of alkalic porphyry Cu-Au targets were identified characterized by polymetallic soil and coincident IP anomalies within intrusive rocks of the Duckling Creek suite. The Nova area is now considered drill ready.
Top Cat is under option from the Pinchi Group (see Serengeti press release dated July 23, 2019) and covers approximately 26,000 hectares in north-central B.C. The property adjoins Sun Metals’ wholly owned 39,000-hectare Lorraine property (see Sun Metals press release dated Nov. 26, 2020), which hosts a historical National Instrument 43-101 mineral resource. Lorraine has been the focus of past academic research and hosts a number of alkalic porphyry Cu-Au prospects and occurrences, and the overall prospective trend continues onto the Top Cat property. Top Cat and Lorraine may be integrated as a result of the proposed merger between Serengeti and Sun Metals, announced on Nov. 30, 2020. A comprehensive historical data compilation and targeting exercise is currently under way for the Top Cat-Lorraine tenures, and the company is planning a significant target development program in 2021 for the combined properties to identify targets for future drilling.
Quality assurance/quality control
Sample analysis for the 2020 Kwanika drilling program was completed at Bureau Veritas Minerals Laboratory in Vancouver, B.C., which is ISO 9001:2015 and 17025 accredited. A robust quality assurance/quality control program was completed which included inserting field blanks, standards and duplicates into the sample stream before being shipped to the laboratory. QA/QC samples accounted for a minimum of 10 per cent of the analyzed samples in addition to the laboratory’s own quality assurance program. Copper and silver analysis were determined by MA200 in exploration samples, and MA300 for resource and near-resource samples. MA200 is a combined ICP-ES/MS method following four-acid (MA) digestion with detection ranges of 0.1 to 10,000 ppm for Cu, and 0.1 to 200 ppm for Ag. MA300 is an ICP-ES method following a four-acid (MA) digestion with detection ranges of two to 10,000 ppm for Cu, and 0.5 to 200 ppm for Ag. Overlimit analysis for Cu were determined by MA370, an ICP-ES method following four-acid (MA) digestion with detection ranges of 0.001 to 10 per cent. Gold was determined by FA430, a lead collection, fire assay/AAS method using a 30-gram subsample with detection ranges of 0.005 to 10 ppm.
The field and analytical programs described herein were supervised by Serengeti Resources staff and the technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, and reviewed by the company’s qualified person, Quinn Harper, PGeo, chief geologist of Serengeti Resources, who has supervised the preparation of, and approved the scientific and technical information in, this news release.
About Serengeti Resources Inc.
Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid record of exploration success.
Serengeti and Sun Metals announced on Nov. 30, 2020, that they have entered into a definitive arrangement agreement pursuant to which Serengeti will acquire all of the issued and outstanding shares of Sun Metals. The combined company will result in a diversified copper-gold developer with a large pipeline of projects, in one of Canada’s most prolific porphyry mining camps in north-central B.C., bringing together exploration, development and operational synergies at multiple projects along with continuing resource expansion opportunities and new discovery potential. Additional information can be found on the company’s website.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.
Treasury’s Goliath PEA pegs pretax NPV at $477M
Treasury Metals Inc. has released the results from a preliminary economic assessment for the company’s Goliath gold complex, which includes the Goliath, Goldlund and Miller deposits along a prospective 65-kilometre trend in Northwestern Ontario. The PEA, prepared by Ausenco Engineering Canada Inc. in accordance with National Instrument 43-101, demonstrates the potential to develop a low-cost 5,000-tonne-per-day combined open-pit and underground mining operation with strong economics and the opportunity for significant benefit to the company, indigenous nations and local stakeholders.Read More
“With the announcement of the PEA results today, combined with receipt of the federal environmental assessment approval in 2019, we have confirmed the Goliath gold complex has sufficient critical mass and we expect Treasury Metals to become one of Ontario’s next gold producers. Our robust base case for the project supports a 13-year mine life with average annual production of 102,000 ounces of gold for the first nine years with a posttax NPV of $328-million and IRR of 30.2 per cent,” said Jeremy Wyeth, president and chief executive officer of Treasury Metals. “The project is underpinned by a high-quality resource, and we have taken a conservative approach to resource estimation, with the total M&I ounces virtually unchanged from previous estimates. We also see significant exploration potential across our 330-square-kilometre land package. In 2021, we are focusing on infill and definition drilling to better define the resource, while also initiating step-out drilling to test new targets around both the Goliath and Goldlund deposits.”
Treasury continues to advance the Goliath gold complex through the commencement of trade-off optimization studies as part of the prefeasibility level study work, baseline environmental work, community engagement and other critical activities to the required level to facilitate the provincial permitting process.
Goliath gold complex PEA overview
The Goliath gold complex PEA was prepared by Ausenco in collaboration with other technical consultants and the company’s operations and exploration teams (see qualified persons section herein).
The PEA was prepared in accordance with National Instrument 43-101 and the technical report that summarizes the results of the Goliath gold complex PEA will be filed on the company’s website and on SEDAR within 45 days of this news release.
The PEA is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Mining and processing
The PEA considers a combined open-pit and underground mining operation utilizing the resources from three different pit areas over the life of the mine. It is envisioned that mining will be initiated at the Goliath project due to both its proximity to the processing facility and its existing federal EA approval. With significant environmental and baseline work under way it has been assumed that mining at the Goldlund deposit will follow the initial start of production by approximately one year. The Goliath underground operations are expected to begin development in year three with first underground production to come in year four of the proposed mining operations. Proposed open-pit and underground mining is envisioned as being conventional truck and loader/shovel and long hole stoping, respectively.
The process plant will treat 1.8 million tonnes of ore per year at an average throughput of 4,875 tonnes per day with an availability of 92 per cent. The plant design includes a three-stage crushing circuit, ball mill, gravity concentration, classification, standard leach and carbon-in-leach technology, and detoxification before deposition into a tailings storage facility.
The process plant has been designed to realize an average recovery of 95.7 per cent of the gold sourced from Goliath, 91.9 per cent sourced from Goldlund and 89.6 per cent sourced from Miller over the life of the project. Of this, the gravity circuit recovers 17 per cent to 44 per cent of the gold across the three different ore sources. Gold recovery has been based on metallurgical test work completed on Goliath and Goldlund material between 2011 and 2017 with the confidence in recoveries reflecting the more extensive metallurgical work done at Goliath compared with Goldlund and Miller. Metallurgical testing planned for 2021 at Goldlund and Miller is expected to improve recovery assumptions.
The company will provide additional details related to tailings management and closure in the PEA report filed on SEDAR within 45 days.
Mining costs for owner-operated mining were developed from first principles with local vendor quotations and detailed haulage profiles. Process plant operating costs were developed based on the labour requirements and calculated consumption rates of reagents, consumable materials and electrical power associated with the plant equipment. Costing factors were applied leveraging in-house data based on comparable gold milling operations in Ontario. Processing costs include plant maintenance and upkeep.
Initial and sustaining capital costs
Initial capital costs in the PEA are estimated to be $233-million, including a contingency of 5 per cent on mining equipment and 25 per cent on all other direct costs, excluding preproduction stripping. Life of mine sustaining capital is estimated at $313-million, primarily for Goliath underground development and TSF construction. A small sustaining capital budget is allocated to the processing plant, with general plant maintenance and upkeep accounted for in operating costs.
Site closure and reclamation include final closure costs for the Goliath, Goldlund and Miller projects. Costs address demolition of facilities, placement of covers on the tailing facility and waste rock storage areas, and revegetation of disturbed areas.
Economic sensitivity to gold price
Sensitivities of posttax NPV and posttax IRR to gold price per ounce are shown in the relevant table.
All-in-sustaining costs are built up as shown in the relevant table.
Mineral resource estimate
The mineral resource estimate for Goliath used as the basis for the PEA with an effective date of Dec. 16, 2020, was completed using a total of 726 surface drill holes with an aggregated length of 238,036 metres and a total of 96,912 assays. The qualified person responsible for the resource estimate is Pierre Desautels, PGeo, of AGP Mining Consultants.
For Goldlund, the mineral resource estimate with an effective date of Oct. 23, 2020, was completed using a total of 176,498 metres of drill core and channel samples entered as pseudo holes distributed in 856 surface drill holes, 189 surface trench channel samples, 480 underground drill holes and 246 underground channel samples for a total of 114,102 gold assays. The QP responsible for the estimate is Chris Keech, PGeo, of CGK Consulting Services Inc.
For Miller, the mineral resource estimate with an effective date of Oct. 26, 2020, was completed using a total of 96 surface drill holes totalling 7,386 metres. Of those, 26 intersected the mineralized domains and were used in the resource estimate. The QP responsible for the estimate is Paul Daigle, PGeo, of AGP Mining Consultants.
The table summarizes the resource estimate for all three deposits. The material amenable to open-pit extraction was reported within Lerchs-Grossman optimized resource constraining shell, while the material amenable to underground extraction was reported within a three-dimensional wireframe representing a likelihood of being coherent mining shapes with reasonable prospect of being accessed. Open-pit resource constraining shell and underground resource shapes were provided by AGP’s engineering team.
For the Goliath deposit, a gold price of $1,700 (U.S.) per ounce and a silver price of $23 (U.S.) per ounce was used for the cut-off determination. For open-pit resources, a cut-off of 0.25 gram per tonne gold was used. Resources below the open-pit shell used a cut-off of 1.60 g/t gold to define possible underground resources. For the Goldlund and Miller deposits, a gold price of $1,700 (U.S.) per ounce was used for the cut-off determination. For open-pit resources, a cut-off of 0.26 g/t gold was used. Resources below the open-pit shell at Goldlund used a cut-off of 1.60 g/t gold to define possible underground resources.
Note on mineral resources:
- Mineral resources are estimated in conformance with the CIM Mineral Resource definitions referred to in NI 43-101 Standards of Disclosure for Mineral projects. This mineral resource estimate covers the Goliath deposit, the Goldlund deposit and the Miller deposit.
- Mineral resources that are not mineral reserves do not have demonstrated economic viability. The quantity and grade of the reported inferred mineral resources in this estimation are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. For these reasons, an inferred mineral resource has a lower level of confidence than an indicated mineral resource and it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.
- Goliath: mineral resources are reported within an optimized constraining shell using a gold price of $1,700 (U.S.) per ounce and a silver price of $23 (U.S.) per ounce and recoveries of 95.5 per cent for gold and 62.6 per cent for silver and a base mining, processing plus general and administrative costs of $18.68 per tonne open-pit, $93.54 per tonne for underground. Grades were estimated using 1.5-metre capped composites via ordinary kriging for the Main and C zones and inverse distance cubed for all other zones.
- Goldlund: Mineral resources are reported within an optimized constraining shell using a gold price of $1,700 (U.S.) per ounce and gold recovery of 89 per cent and a mining and processing plus general and administrative costs of $18.51 per tonne open-pit, $93.53 per tonne for underground and $2.71 per tonne for base mill feed cost. Gold grades were estimated using two-metre capped composites within nine mineralized zones using ordinary kriging.
- Miller: Mineral resources are reported within an optimized constraining shell using a gold price of $1,700 (U.S.) per ounce and gold recovery of 89 per cent and a mining, base mill feed and general and administrative cost of $21.22 (U.S.) per tonne. Grades were estimated using two-metre capped composites within the granodiorite domain using inverse distance cubed interpolation.
- Summation errors may occur due to rounding.
Over all, a more conservative approach was taken to the mineral resource estimation methodologies on all sites in anticipation of a potential future mining and construction decision. For both Goliath and Goldlund a probabilistic estimation approach was used to model the gold and silver mineralization.
For Goliath, this differs from the previous mineral resource estimate approach that used discrete wireframes created from both geological contacts and drill assay results for the underground model and wider wireframes for the open-pit model. With the new methodology, the entire mineralized corridor for the Main zone and C zone were wireframed conventionally and then internally subdivided in low-grade, medium-grade and high-grade components using a probabilistic approach. The resulting single model respects the known geological information while ensuring that the grade distribution is more representative of the field condition. This has resulted in having a more conservative approach to continuity of the mineralization in both the low-grade (open-pit) and high-grade (underground) zones.
For Goldlund, the mineral resource estimation approach has considered a more conservative treatment of unsampled historic intervals to limit the influence of high-grade samples within the mineralized zones. The Goldlund probability mineral resource estimation approach has also revised the search strategy and geological domains to ensure that the modelling better reflects the controls on gold mineralization. This has resulted in a more conservative mineral resource estimate with more tonnes at a lower average grade above cut-off. Drilling is currently under way that specifically targets areas that have insufficient drill hole density with the goal of increasing the confidence in the continuity and adding inferred mineral resources in those areas.
The results of these updated resource estimates allow for a much larger proportion of measured and indicated resources to be included in the proposed mining plan. Additional exploration drilling is currently continuing that is anticipated to enhance resource continuity based on this approach to previously assumed levels.
Further details on the mineral resource estimate will be available in the technical report on SEDAR and on the company’s website.
Permitting and approvals
The approach to environmental permitting and approvals for the Goliath gold complex will be to treat the Goliath, Goldlund and Miller deposits as three distinct projects for provincial permitting, all being processed at the mill facility within the existing federal environmental assessment approval for Goliath.
The schedule for permitting and approvals for the Goliath gold project is more advanced than the schedule for Goldlund and Miller, given that a federal environmental assessment has already been completed for this project. Specifically, on Aug. 19, 2019, Treasury Metals received federal government approval under the Canadian Environmental Assessment Act, 2012, for the Goliath gold project, with the Minister of Environment and Climate Change Canada concluding that with implementation of appropriate mitigation measures, the project is not likely to cause significant adverse environmental effects. Therefore, following the release of the PEA, the Goliath gold project may proceed directly into provincial permitting and other environmental approvals using the updated proposed mining plan, while additional baseline data collection will be completed for Goldlund and Miller to support anticipated future provincial approval processes. A full year of baseline data collection has been completed for the Goldlund site and will continue throughout the remainder of 2021 to support the anticipated future provincial approval processes.
The PEA has outlined a number of initiatives that may enhance the project which include:
- For Goldlund, 6,400 metres of additional infill drilling in zone one to confirm the continuity of high-grade mineralization and convert indicated to measured mineralization; 29,000 metres of additional infill drilling in zones two, three, four, six, eight and nine to convert inferred mineralization to indicated mineralization; and 7,200 metres of exploration drilling to confirm the northeast extensions of zones one and four;
- For Goliath, the focus will be on converting the remaining inferred resources to the indicated category in preparation for a prefeasibility study. The proposed resource conversion program consists of approximately 31,000 metres of additional drilling across the full strike of proposed underground mine plan. A small, limited drill program is also proposed for resource expansion between covering a strike length of 200 metres on the eastern portion of the deposit, which could result in sufficient material amenable to open-pit extraction. This small program consists of approximately 3,000 metres of additional drilling;
- Further metallurgical test work to increase gold recovery at Goldlund and Miller;
- The use of mined-out open-pit areas provide an opportunity for the storage of tailings and waste material. There is a significant volume that could be utilized for storage on a long-term basis that would both reduce cost, and importantly provide an opportunity to limit the footprint and volume of tailings stored above surface;
- The transport of Goldlund mineralized materials represents a significant cost that could be reduced by the use of ore sorting technology. Goldlund material has been shown to be amenable to such technology and prioritized for study;
- The optimization of transporting material from the Goldlund and Miller sites to the Goliath mill facility represents an opportunity for reduced cost. Additional studies will be completed in the next phase to better define the capital and operating costs of various options including different trucking options and the use of technologies such as Railveyor that provide efficient transport options; and
- Additional testing of the correlation of gold to silver at the Goldlund and Miller deposits has the opportunity to add silver to the resource if completed. The limited test data at the Goldlund resource are not sufficient to be included as part of the resource, but it should be noted that in this limited testing there does appear to be silver associated with some samples. A more fulsome assay program should be instituted to reassay available samples and include assaying for future drill programs to investigate whether or not sufficient correlation is possible to create a silver byproduct from mining.
The company intends to immediately initiate trade-off and optimization studies as part of a formal prefeasibility study, baseline environmental work and other critical studies with a view to completing all required engineering work to facilitate the provincial permitting process later this year. Engagement with local communities and indigenous nations will also continue throughout the year.
In addition, the company will continue exploration drilling at the Goldlund deposit totalling approximately 42,000 metres, which will include both infill and definition drilling, as well as additional drilling at the Miller deposit. The company intends to mobilize a second drill at the Goliath deposit in the spring to conduct infill and definition drilling totalling approximately 27,000 metres in order to explore targets at depth and along strike which are outside the existing resource. Contingent on the success of the drill program and market conditions, the company may consider mobilizing a third exploration drill.
The PEA for the Treasury Metal Goliath gold complex summarized in this news release was completed by Ausenco together with other technical consultants and will be incorporated in a NI 43-101 technical report which will be available under Treasury’s SEDAR profile, and on the Treasury website within 45 days of this news release. The affiliation and areas of responsibility for each of the qualified persons involved in preparing the PEA, upon which the technical report will be based, are as follows: Tommaso Roberto Raponi, PEng — qualified person for processing and metallurgy; Mr. Desautels, PGeo — qualified person for Goliath mineral resource evaluation; Christopher Keech, PGeo — qualified person for Goldlund mineral resource evaluation; Mr. Daigle, PGeo — qualified person for Miller resource evaluation; Gordon Zurowski, PEng — qualified person for mine engineering and costing; Reagan McIsaac, PhD, PEng — qualified person for tailings management; Sheila Daniel, PGeo — qualified person for closure and closure costing,
By virtue of their education, membership to a recognized professional association and relevant work experience, Mr. Raponi, Mr. Desautels, Mr. Keech, Mr. Daigle and Mr. Zurowski are independent qualified persons as defined under NI 43-101.
The qualified persons responsible for the preparation of the PEA and the technical report in respect thereof have verified the data disclosed in this news release, including sampling, analytical and test data underlying the information contained in this news release. Geological, mine engineering and metallurgical reviews included, among other things, reviewing mapping, core logs, and relogging existing drill holes, review of geotechnical and hydrological studies, environmental and community factors, the development of the life of mine plan, capital and operating costs, transportation, taxation and royalties, and review of existing metallurgical test work. In the opinion of the qualified persons, the data, assumptions and parameters used to estimate mineral resources, the metallurgical model, the economic analysis and the PEA are sufficiently reliable for those purposes. The technical report in respect of the PEA, when filed, will contain more detailed information concerning individual responsibilities, associated quality assurance and quality control, and other data verification matters, and the key assumptions, parameters and methods used by the company.
Mark Wheeler, PEng, director, projects, and Adam Larsen, exploration manager, are both considered as a qualified person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects, and have reviewed and approved the scientific and technical disclosure contained in this news release on behalf of Treasury.
About Treasury Metals Inc.
Treasury Metals is a gold-focused company with assets in Canada. Treasury’s Goliath gold complex, which includes the Goliath, Goldlund and Miller deposits along a 65-kilometre trend, is located in Northwestern Ontario. The deposits benefit substantially from excellent access to the Trans-Canada Highway, related power and rail infrastructure, and close proximity to several communities including Dryden and Sioux Lookout, Ont. The company also owns several other projects throughout Canada, including the Lara polymetallic project, Weebigee-Sandy Lake gold project joint venture and grassroots gold exploration property Gold Rock.
Ausenco is a global company based across 26 offices in 14 countries, with projects in over 80 locations worldwide. Combining deep technical expertise with a 30-year record, Ausenco delivers innovative, value-add consulting studies, project delivery, asset operations and maintenance solutions to the mining and metals, oil and gas, and industrial sectors.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.
Lithium Chile arranges $3.5-million private placement
Lithium Chile Inc. is planning to complete a non-brokered private placement of up to 12.5 million units of the company at a price of 28 cents per unit for aggregate gross proceeds of up to $3.5-million. There is no minimum Offering. In addition, the Company has reserved an option (the “Over-Allotment Option”) to issue an additional 1,875,000 Units (equaling 15% of the Offering). Each Unit will be comprised of one (1) common share of the Company (a “Common Share”) and one (1) Common Share purchase warrant (“Warrant”). Each Warrant shall be exercisable at $0.60 per Common Share for a period of 24 months from the date of closing of the Offering. The Warrants issued pursuant to the Offering will contain an acceleration clause such that the expiry date for the Warrants may be accelerated at the Company’s discretion upon the Common Shares trading at or above $0.75 per share for a period of 20 consecutive trading days. If the Company elects to trigger the acceleration clause, the Warrants must be exercised within thirty days from receipt of notice from the Company that the acceleration clause has been triggered.Read More
Lithium Chile may pay a cash commission or finder’s fee to qualified non-related parties of up to 7% of the gross proceeds of the Offering, including the Over-Allotment Option and broker warrants (the “Broker Warrants”) equal to up to 7% of the number of Units sold in the Offering, including the Over-Allotment Option. Each Broker Warrant will entitle the holder to acquire one Common Share at a price of $0.28 per Broker Warrant for a period of 18 months from the date of issuance.
The use of proceeds of the Offering is dependent on the final amount raised. Based on the maximum offering, the use of proceeds will be as follows (CAD$): $2,990,000 to drill up to nine holes, $116,000 for detailed sampling, and $394,000 for working capital and to pay the expenses of the Offering.
The Offering is being offered to all of the existing shareholders of the Company who are permitted to subscribe pursuant to the Existing Shareholder Exemption. This offer is open until March 15, 2021 or such other date or dates as the Company determines and one or more closings are expected to occur, with the first closing anticipated for on or before February 17, 2021.
Any existing shareholders interested in participating in the Offering should contact the Company pursuant to the contact information set forth below.
The Company has set January 29, 2021 as the record date for determining existing shareholders entitled to subscribe for Units pursuant to the Existing Shareholder Exemption. Subscribers purchasing Units under the Existing Shareholder Exemption will need to represent in writing that they meet certain requirements of the Existing Shareholder Exemption, including that they were, on or before the record date, a shareholder of the Company and still are a shareholder as at the closing date. The aggregate acquisition cost to a subscriber under the Existing Shareholder Exemption cannot exceed $15,000 unless that subscriber has obtained advice from a registered investment dealer regarding the suitability of the investment.
As the Company is also relying on the Exemption for Sales to Purchasers Advised by Investment Dealers, it confirms that there is no material fact or material change related to the Company which has not been generally disclosed. In addition to offering the Units pursuant to the Existing Shareholder Exemption and the Exemption for Sales to Purchasers Advised by Investment Dealers, the Units are also being offered pursuant to other available prospectus exemptions, including sales to accredited investors. Unless the Company determines to increase the gross proceeds of the Offering, if subscriptions received for the Offering based on all available exemptions exceed the maximum Offering amount of $3,500,000 or $4,025,000 if the Over-Allotment Option is fully subscribed, Units will be allocated pro rata among all subscribers qualifying under all available exemptions.
Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange. The Common Shares, Warrants and Broker Warrants issued will be subject to a four month hold period from the date of the closing of the Offering.
It is expected that insiders of the Company will participate in the Offering.
About Lithium Chile
Lithium Chile is advancing a lithium property portfolio consisting of 71,900 hectares covering sections of 10 salars and two laguna complexes in Chile.
Lithium Chile also owns 5 properties that are prospective for gold, silver and copper. Exploration efforts are continuing on Lithium Chile’s Carmona property which lies in the heart of the Chilean Mega Porphyry copper, gold and silver belt. is now also advancing a property portfolio that is prospective for gold, silver and copper. Two of those properties, Apolo and Sancarron, lie within the core of the El Indo Gold belt noted for its multi-million-ounce gold deposits and are the subject of an option agreement.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.
EnCore Energy appoints Mierkey as CFO, Davis resigns
EnCore Energy Corp. has appointed Carrie Mierkey as the company’s chief financial officer effective immediately.Read More
Ms. Mierkey, CPA, BBA, CFO
Ms. Mierkey is a certified public accountant with over 13 years of experience in finance for both private and public companies. She has spent most of her career working in various financial roles at Energy Fuels Inc. and Cameco Resources (Cameco Inc.’s United States uranium operations). She has experience in operational and production financial reporting and accounting, as well as U.S. GAAP and tax reporting. She also has experience in managing the financial aspects of mergers and acquisitions. Ms. Mierkey comes to the company from Motion & Flow Control Products Inc. where she recently served as corporate controller.
The company also wishes to thank Scott Davis, former CFO, for his service and wishes him great success in the future.
Paul Goranson, the company’s chief executive officer, said: “At a time that EnCore Energy is transforming to a near-term U.S. uranium producer, Carrie’s experience with corporate and operational financial responsibilities is key to our success in that transformation. I had the privilege of working with Carrie in my prior roles at Energy Fuels and Cameco, and I know she brings the experience and skills to be part of EnCore’s future as a premier in-situ uranium producer. I also want to thank Scott Davis for his work on our recent transaction with Westwater Resources as well as his management of the company’s financial health during his time with the company.”
About EnCore Energy Corp.
EnCore Energy is a U.S. domestic uranium developer focused on becoming a leading in-situ recovery uranium producer. The company is led by a team of industry experts with extensive knowledge and experience in the development and operations of in situ recovery uranium operations. EnCore Energy’s opportunities are created from the company’s transformational acquisition of its two South Texas production facilities, the changing global uranium supply/demand outlook and opportunities for industry consolidation.
© 2021 Canjex Publishing Ltd. All rights reserved.
Santacruz Silver produces 3.65 million oz AgEq in 2020
Santacruz Silver Mining Ltd. has released operating results from the Zimapan mine in Zimapan Hidalgo, and the Rosario project in Charcas, San Luis Potosi, located in Mexico, for the fourth quarter and year ended Dec. 31, 2020, and has provided an operations update.Read More
- Silver equivalent consolidated annual production increased by 30 per cent to 3,655,320 AgEq ounces (2019 — 2,829,459 AgEq ounces), including 1,157,812 ounces of silver, 11,056 tonnes of zinc, 3,948 tonnes of lead and 1,544 tonnes of copper;
- Silver production at the Zimapan mine in Q4 increased by 20 per cent to 297,538 ounces compared with Q4 2019 (248,593 ounces) and by 5 per cent compared with Q3 2020 (282,760 ounces); and
- Silver production at the Rosario project in Q4 (43,350 ounces) was virtually unchanged from Q4 2019 and increased by 103 per cent as compared with Q3 2020 (21,363 ounces).
“Our priority during 2020 was to ensure the health and safety of our employees and stakeholders during the unprecedented COVID-19 pandemic,” commented Carlos Silva, chief executive officer. “Despite countrywide closures early in the year, we achieved a safe return to full production by June, 2020, and reached record levels by year-end, which is a significant accomplishment for our team on the ground. Additionally, production from Veta Grande has been completely replaced by production from the Zimapan mine.”
Mr. Silva continued: “Our goal in 2021 is to continue optimizations and further improve production rates, particularly as new areas underground offer expansion potential. Of note, during Q4 2020 the company completed development works on a new mineralized zone at the Zimapan mine, the Horizontes zone, which is expected to contribute higher-grade mineralized material to the mill feed. Importantly, we expect to conclude the acquisition of the Zimapan mine from Minera Cedros (Industrias Penoles, SAB) shortly.”
With the addition of new underground mining equipment in October, 2020, production throughput at the Zimapan mine increased to 180,000 tonnes for Q4 and is on target to reach 200,000 tonnes by Q3 2021. Management anticipates that this improvement will have a positive impact on operating cash flows.
With the addition of new underground mining equipment during Q4 it is expected that production throughput at the Rosario project will increase in 2021 to 30,000 tonnes per month by Q2. As with the Zimapan mine, management anticipates that improvement will have a positive impact on operating cash flows.
About Santacruz Silver Mining Ltd.
Santacruz is a Mexican-focused silver company that currently owns and operates the Rosario mine. The company also owns 100 per cent of Carrizal Mining. Carrizal Mining holds a 20-per-cent working interest in the company’s Veta Grande project and has the right to operate the Zimapan mine until June 30, 2021, under a mining lease agreement. The acquisition of the Zimapan mine and related assets is subject to a number of conditions, including receipt of all necessary regulatory approvals including approval of the TSX Venture Exchange to the transaction which will constitute a fundamental acquisition pursuant to TSX-V Policy 5.3.
The company is managed by a technical team of professionals with proven records in developing, operating and discovering silver mines in Mexico. The company’s corporate objective is to become a mid-tier silver producer.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.
Cerro de Pasco estimates 31.48M oz Ag at Excelsior
Cerro de Pasco Resources Inc. has released the results of a maiden mineral resource estimate for the Excelsior stockpile in Cerro de Pasco, Peru, prepared in accordance with Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM council on May 10, 2014.Read More
The Excelsior stockpile covers a surface area of 67.92 hectares and contains approximately 70 million tonnes of material mined from the open pit at the world-renowned Cerro de Pasco mine, approximately between the years 1952 and 1996. The polymetallic material was stockpiled as it was, at the time, considered to be low-grade and uneconomic.
This maiden mineral resource estimate accounts for the portion of the Excelsior stockpile which falls within CDPR’s 100-per-cent-owned El Metalurgista mining concession as stated in the attached table.
- The mineral resource estimate was prepared by Dr. Adrian Martinez Vargas, PGeo, senior resource geologist and employee of CSA Global Consultants Canada Ltd., an ERM Group company, and an independent qualified person for the purposes of National Instrument 43-101.
- Numbers have been rounded to reflect the precision of a mineral resource estimate, therefore numbers may not total.
- The reporting cut-off is calculated as the marginal net smelter return that equals total estimated mining ($1 (U.S.) per tonne for stockpiles), processing ($8 (U.S.) per tonne) and administration costs ($2 (U.S.) per tonne), assumed metallurgical extraction by multiple stage flotation, and metal prices of zinc $2,650 (U.S.) per tonne, lead $2,125 (U.S.) per tonne, and silver $16 (U.S.) per ounce. Metallurgical processing recoveries were modelled using test work and production data provided to CDPR by Volcan, operator of the Cerro de Pasco mine.
- Block model grade interpolation was undertaken using ordinary kriging.
- The average grade estimates reflect resources in-situ and do not include modifying factors such as external dilution, mining losses and process recovery losses. However, resources were reported based on a regularized model that included dilution with low-grade material.
- The mineral resource estimate for the surface stockpile is constrained by the lateral limits of the El Metalurgista concession boundaries and the limits of the stockpile surfaces within the concession.
- Mineral resources are estimated and classified in accordance with CIM definition standards for mineral resources and mineral reserves, adopted by the CIM council on May 10, 2014, using the estimation of mineral resource and mineral reserves best practice guidelines, adopted by the CIM council on Nov. 29, 2019.
- Mineral resources are not reserves and, as such, do not have demonstrated economic viability.
- One troy ounce equals 31.10348 grams.
The mineral resource estimate was completed by independent qualified person, Dr. Vargas, PGeo, senior resource geologist and employee of CSA Global Consultants Canada Ltd., an ERM Group company. CDPR provided the block model, the informing data used for interpolation, relevant wire frames with geological interpretations and topographic surfaces, and the accompanying reports with the assumptions and parameters used for interpolation. Validations were completed by CSA Global on the model, informing data, geological interpretation and estimation domains, and interpolation parameters and assumptions. CSA Global also updated the density, topography and NSR cut-off used for reporting.
The maiden resource estimate incorporates six diamond drill-holes completed in 2008, sampled at two-metre intervals, composites of approximately six-metre depth collected from 146 test pits (trenches) completed in 2008, and 74 reverse circulation drill holes drilled in 2009, sampled at two-metres interval. In addition, a set of surface grab samples collected prior to 2009 was used only to inform geological modelling. A total of 2,555 samples were used for mineral resource estimation: 2,191 from RC drill holes, 207 from diamond drill holes and 146 from test pits. Samples were assayed for copper, lead, zinc and bismuth in per cent, and silver in g/t.
Surface rights to the Excelsior stockpile are owned by Activos Mineros SAC, a company created in June, 2006, and wholly owned by the Peruvian government. CDPR has initiated certain procedures with the Ministry of Energy and Mines with the intention of acquiring the surface rights from AMSAC or obtaining its temporary permission to use them.
A technical report for the Excelsior stockpile prepared by CSA Global in accordance with Canadian Securities Administrator’s National Instrument 43-101 will be filed under the company’s profile on SEDAR within 45 days of this news release.
The scientific and technical information contained in this news release has been reviewed and approved by Dr. Vargas, PGeo, senior resource geologist with CSA Global, and an independent qualified person with respect to the company’s Excelsior stockpile for the purposes of NI 43-101.
Shane Whitty, CGeol and vice-president of exploration and technical services for CDPR, has reviewed and approved the scientific and technical information regarding the technical information contained in this news release. Mr. Whitty is a qualified person for the purposes of NI 43-101.
About Cerro de Pasco Resources Inc.
Cerro de Pasco Resources is a resource management company, with a focus on applying the latest technology in the production of commodity metals through the treatment and reprocessing of all material resources, dumps, tailings, mining waste etc. at Cerro de Pasco to secure long-term economic prosperity. CDPR strives to meet to the highest level of environmental, social and legal compliance. CDPR provides extensive knowledge of Cerro de Pasco’s challenges and potential, based on first-hand experience and a team of top experts.
About CSA Global
CSA Global, part of the ERM group of companies, is an international mining consultancy that has been providing services to its clients across all mineral commodities and regions globally for over 35 years, with offices located in Vancouver, Toronto, Perth, Brisbane, Jakarta, Singapore, Johannesburg, Horsham (United Kingdom) and Dublin. CSA Global and ERM provide expert multidisciplinary advisory services across the mining life cycle from exploration, resource estimation, development studies and mining to closure, working with large and small mining companies, investment banks, financial and legal services groups, and private investors.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.
Eskay Mining drills 35.5 m of 9.5 g/t Au, 70 g/t Ag
Eskay Mining Corp. has received all assays from 20 drill holes completed during its maiden diamond drill program at two precious-metal-rich volcanogenic massive sulphide deposits, Jeff and TV, on joint venture ground held with Kirkland Lake Gold Ltd. (80 per cent Eskay/20 per cent Kirkland Lake Gold). Assays include 35.5 metres grading 9.50 grams per tonne gold and 70 grams per tonne silver, including 9.25 metres grading 32.17 grams per tonne gold and 93.2 grams per tonne silver in hole J20-33 at Jeff.Read More
Highlights and summary
- An impressive 18 of 20 holes from the 2020 drill campaign report significant precious mineral intercepts (gold equivalent equals gold plus silver/65) including:
- J20-39: 50.36 m grading 1.8 gpt Au eq including 14.12 m grading 4.2 gpt Au eq;
- J20-38: 10.70 m grading 1.3 gpt Au eq;
- J20-37: 7.66 m grading 4.9 gpt Au eq*;
- J20-35: 13.30 m grading 1.8 gpt Au eq;
- J20-34: 5.08 m grading 33.4 gpt Au eq including 1.59 m grading 83.8 gpt Au eq*;
- J20-33: 35.5 m grading 10.6 gpt Au eq including 9.25 m grading 33.6 gpt Au eq including three metres grading 82.8 gpt Au eq;
- J20-32: 3.20 m grading 3.9 gpt Au eq; and
- J20-31: 24.55 m grading 2.0 gpt Au eq*.
- TV20-45: 3.66 m grading 2.4 gpt Au eq;
- TV20-44: 24.54 m grading 1.5 gpt Au eq;
- TV20-42: eight metres grading 2.2 gpt Au eq;
- TV20-41: 9.23 m grading 1.2 gpt Au eq;
- TV20-40: 29.92 m grading 3.5 gpt Au eq including 4.10 m grading 11.7 gpt Au eq and a second zone of 65.27 m grading 1.7 gpt Au eq*;
- TV20-39: 40.74 m grading 1.8 gpt Au eq including 10.50 m grading 2.9 gpt Au eq*;
- TV20-38: 20.53 m grading 2.5 gpt Au eq including 10.50 m grading 3.5 gpt Au eq*;
- TV20-37: 17.46 m grading 3.3 gpt Au eq including 4.2 m grading eight gpt Au eq and a second zone of 54.95 m grading one gpt Au eq*;
- TV20-36: 32.83 m grading 2.3 gpt Au eq including 1.5 m grading 17.4 gpt Au eq*; and
- TV20-35: 15 m grading 2.3 gpt Au eq and a second zone of 16.33 m grading 3.4 gpt Au eq*.
- * Previously announced in company news releases dated Sept. 22, 2020, and Dec. 22, 2020.
- High-grade Au-Ag mineralization encountered in holes J20-33 and J20-34 is interpreted to represent possible feeder mineralization for an exhalative Eskay Creek type system, possibly situated somewhat higher up the stratigraphic section in close vicinity to the drill hole locations;
- A 50.36 m intercept grading 1.8 gpt Au eq including 14.12 m grading 4.2 gpt Au eq in hole J20-39 represents a significant down-dip extension mineralization at Jeff. The results from J20-39, J20-37 and J20-38 show that Jeff has stratigraphically stacked mineralized zones with significant prospectivity down-dip and along-strike, as is the case at TV;
- Although TV and Jeff targets are approximately 1.8 kilometres apart, and the company is interpreting these discoveries to be separate systems, interpretations of recent SkyTEM geophysical data suggest strong continuity of stratigraphy along this segment of the east limb of the Eskay anti-cline. TV and Jeff may well be geologically connected and part of a larger approximately six-kilometre-long corridor along which numerous electrically conductive anomalies occur;
- Mineralization encountered to date is predominantly of stratabound stockwork to massive sulphide replacement style hosted by mudstone and peperite sills (intrusive rocks) within the Hazelton Group, the same host rocks hosting the Eskay Creek deposit approximately 13 km to the north. Intercepts that Eskay Mining has encountered in its drill program are remarkably similar in grade, thickness and style to those recently encountered in the lower and even lower mudstone units drilled by Skeena Resources;
- Both the TV and Jeff deposits are wide open along strike, down dip and up section. Key prospective stratigraphy including the mudstone that is host to high-grade mineralization at Eskay Creek that is sandwiched between a footwall rhyolite and hanging wall basalt has yet to be drilled at TV and Jeff. This unit is hypothesized to be a short distance up section from the current drill holes making for a very intriguing untested target;
- Eskay’s 2020 drill program is the first to be undertaken in this area since the early to mid-1990s, when a few scattered holes were drilled at these targets. This was at a time when the geology of the Eskay Creek deposit was not all that well understood. In July of this year, Eskay Mining’s team, led by Dr. John DeDecker and Dr. Thomas Monecke of the Colorado School of Mines, confirmed that TV and Jeff are indeed VMS systems similar to Eskay Creek and therefore designed the drill program to test them as such, including systematic evaluation of the host stratigraphy; and
- These discoveries confirm the presence of new Eskay Creek type massive sulphide deposits within the highly propsective Eskay graben, or geologic trough, that extends southward from the Eskay Creek deposit. Approximtely 85 per cent of this belt occurs within Eskay Mining’s tenure. In 2020, Eskay Mining has identified numerous other VMS targets on its tenure. The company plans an aggressive plus-30,000-metre drill program in 2021 to follow up on the TV and Jeff discoveries and to also test at least another dozen high-priority drill targets.
“An impressive 18 out of 20 drill holes we completed in a short 2020 drill program have encountered significant Au-Ag mineralized intercepts including some high-grade,” commented Dr. Quinton Hennigh, director and technical adviser to Eskay Mining. “We are delighted to see assays confirm visual indications that we were on to something very special at TV-Jeff. Our newest results give us lots of information required to now aggressively step-out and expand upon these two precious-metal-rich VMS discoveries. Two things particularly excite us. Firstly, we are starting to see very high grades like those of the Eskay Creek deposit, and although these occur in feeder mineralization at Jeff, we think the exhalative style mineralization may be lurking nearby. Secondly, although TV and Jeff are nearly two kilometres apart, we see growing evidence these systems are connected and make up a greater six-kilometre-long prospective corridor of electrically conductive geophysical anomalies thought to result from sulphide mineralization. With all data now in hand, we can lay out plans for our robust 2021 Phase 2 drill campaign.”
Quality assurance/quality control, methodology statement
Halved HQ drill core samples are submitted to ALS Geochemistry in Terrace, B.C., for preparation and analysis. ALS is accredited to the ISO/IEC 17025 standard for gold assays. All analytical methods include quality control standards inserted at set frequencies. The entire sample interval is crushed and homogenized, 250 grams of the homogenized sample are pulped. All samples were analyzed for gold, silver, mercury and a suite of 48 major and trace elements. Analysis for gold is by fire assay fusion followed by inductively coupled plasma atomic emission spectroscopy on 30 grams of pulp. Analysis for silver is by fire assay and gravimetric analysis on 30 grams of pulp. Mercury is analyzed using the trace Hg inductively coupled plasma mass spectroscopy method. All other major and trace elements are analyzed by four-acid digestion followed by ICP-MS.
Dr. Hennigh, PGeo, a director of the company and its technical adviser, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical contents of this news release.
About Eskay Mining Corp.
Eskay Mining is a TSX Venture Exchange listed company, headquartered in Toronto, Ont. Eskay is an exploration company focused on the exploration and development of precious and base metals along the Eskay rift in a highly prolific region of northwest British Columbia known as the Golden Triangle, approximately 70 kilometres northwest of Stewart, B.C. The company currently holds mineral tenures in this area comprising 177 claims (130,000 acres).
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Fenixoro Gold arranges $1-million private placement
Fenixoro Gold Corp. has arranged a non-brokered private placement, consisting of 3,333,333 units at a price of 30 cents per unit for anticipated gross proceeds of approximately $1-million. The Private Placement is being subscribed for by a small number of significant shareholders of the Company. Each Unit will consist of one common share of the Company and one whole common share purchase warrant, with each warrant being exercisable for one additional common share at an exercise price of $0.35 for a period of two years from the date of issuance. All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months and one day from the date of issuance. The Company intends to use the net proceeds of the Private Placement to continue its Phase 1 drilling program at the Abriaqui Project and for general working capital purposes.Read More
Closing of the Private Placement is subject to certain standard closing conditions, as well as the approval of the Canadian Securities Exchange. Closing is expected to be completed on or about February 5, 2021.
Fenixoro chief executive officer John Carlesso commented: “We look forward to closing on this private placement and appreciate the vote of confidence from our significant shareholders. Our drilling to date has intercepted “Buritifca style” mineralization, known for high grade gold in vein structures and wider zones of lower grade mineralization, in multiple locations across the northern block of the project. The next phase of drilling will consist of depth extensions and step-out holes along the 1.2 km surface extent of the principal Santa Teresa Vein. The intent of this phase is to begin the process of quantifying resource potential on the Santa Teresa, in addition to the multiple veins surrounding and parallel to the Santa Teresa that drilling has intercepted so far.
Stuart Moller, Vice President Exploration and Director of the Company and a Qualified Person for the purposes of NI 43-101 (P.Geo, British Colombia), has prepared or supervised the preparation of the technical information contained in this press release. Mr. Moller has more than 40 years of experience in exploration for precious and other metals including ten in Colombia and is a Fellow of the Society of Exploration Geologists.
About Fenixoro Gold Corp.
Fenixoro Gold is a Canadian company focused on acquiring gold projects with world class exploration potential in the most prolific gold producing regions of Colombia. Fenixoro’s flagship property, the Abriaqui project, is located 15 km west of Continental Gold’s Buritica project in Antioquia State at the northern end of the Mid-Cauca gold belt, a geological trend which has seen multiple large gold discoveries in the past 10 years including Buritica and Anglo Gold’s Nuevo Chaquiro and La Colosa. As documented in “NI 43-101 Technical Report on the Abriaqui project Antioquia State, Colombia” (December 5, 2019), the geological characteristics of Abriaqui and Buritica are very similar. The report also documents the high gold grade at Abriaqui with samples taken from 20 of the veins assaying greater than 20 g/t gold. A Phase 1 drilling program has begun at Abriaqui following the completion of surface and underground geological mapping and sampling, as well as a preliminary magnetometry survey.
Fenixoro’s VP of Exploration, Stuart Moller, led the discovery team at Buritica for Continental Gold in 2007-2011. At the time of its latest report, the Buritica Mine contains measured plus indicated resources of 5.32 million ounces of gold (16.02 Mt grading 10.32 g/t) plus a 6.02 million ounce inferred resource (21.87 Mt grading 8.56 g/t) for a total of 11.34 million ounces of gold resources. Buritica began formal production in November 2020 and has expected annual average production of 250,000 ounces at an all-in sustaining cost of approximately US$600 per ounce. Resources, cost and production data are taken from Continental Gold’s “NI 43-101 Buritica Mineral Resource 2019-01, Antioquia, Colombia, 18 March, 2019”). Continental Gold was recently the subject of a takeover by Zijin Mining in an all-cash transaction valued at C$1.4 billion.
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Abcourt resumes operations at Elder
Abcourt Mines Inc. has resumed operations at the Elder mine. The motor for the hoist at the Elder mine was repaired with success. A production crew started with the night shift on Friday night, Jan. 29, 2021. The company is ready to increase production quickly to reach the excellent level that it had before the shutdown.Read More
Being a employer of choice in the area, Abcourt is sure that most of its employees will be back to work within the next few days. The company’s excellent safety record, with more than 450 days without compensable accidents, will help Abcourt with the hiring of new employees as needed. Besides, the company is happy to have a clean mine. This is a great advantage to recruit new miners when needed to develop Abcourt’s projects. The assays of the mine water rejected in the environment over the past eight years have complied with regulations 99 per cent of the time. The chief operating officer of the corporation said, “I am very proud of this excellent environmental and safety record.”
The company’s good financial situation and its records of production and sales of gold over the latest quarters enabled Abcourt to go through this difficult period of work stoppage.
During the temporary closure period at the Elder mine, most of the rehabilitation crew at the Sleeping Giant mine was kept to advance this project. The company’s objective of having two mines in production at the end of calender 2021 remains realistic and realizable.
This press release was prepared by Renaud Hinse, engineer and president of Abcourt. Mr. Hinse is a qualified person under the terms of Regulation 43-101. Mr. Hinse has approved the scientific and technical disclosure.
About Abcourt Mines Inc.
Abcourt is a gold producer and a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. The Elder property has gold resources. Abcourt is currently focusing on the exploitation of the Elder mine and on the rehabilitation of the Sleeping Giant mine. For the long term in gold, the corporation has prepared a $2-million exploration program, mainly for the Sleeping Giant mine where important targets of gold mineralization have not been explored yet.
In 2016, Abcourt acquired the Sleeping Giant mine and mill, located halfway between Amos and Matagami, in Abitibi, Que. The mill has a capacity to treat 700 to 750 tonnes per day. Measured mineral resources total 10,900 tonnes with a grade of 12.2 grams per tonne of gold and indicated resources total 475,625 tonnes with a grade of 11.2 g/t of gold. Inferred resources are 93,100 tonnes with a grade of 11.85 g/t of gold. A National Instrument 43-101 feasibility study was completed in July, 2019, by PRB Mining Services Inc. Probable reserves according to Multilateral Instrument 43-101 have been estimated at 339,221 tonnes with a grade of 7.9 g/t of gold.
The Abcourt-Barvue property has silver-zinc reserves (2019). An MI feasibility study was completed in 2007 by Roche/Genivar. An update was completed in July, 2019, by PRB Mining Services Inc. A total of 8.07 million tonnes are in proven and probable reserves with a grade of 51.79 g/t of silver and 2.83 per cent zinc. About 81.6 per cent of these reserves are mineable by open pit and 18.4 per cent are mineable by underground operations. Inferred resources total 2.07 million tonnes with a grade of 114.16 g/t of silver and 2.89 per cent zinc.
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