Generic Gold starts drilling at Belvais
Drilling is under way on Generic Gold Corp.’s inaugural diamond drill program on its Belvais project, located in the Abitibi greenstone belt of Quebec, along the Normetal fault zone. This large, fully financed 7,500-metre drill program will be drilled in two phases and will target both orogenic gold and gold-rich VMS (volcanogenic massive sulphide) targets. The initial 3,000 metres for phase 1 have commenced, with the additional 4,500 m of phase 2 planned upon receipt of phase 1 assays. As previously announced (see release dated May 6, 2021), drill targets were generated following compilation of all available data, including recently completed VTEM (versatile time domain electromagnetic) and soil sampling surveys, as well as historical drilling analysis and geophysical work. As shown in an image on the company’s website, the Belvais project lies directly southeast of Amex Exploration’s Perron project, which recently announced a new high-grade gold discovery (the 210 zone) along the Normetal fault (Amex press release dated Feb. 17, 2021), and is also directly east and southeast of Starr Peak’s NewMetal project, which recently announced high-grade VMS mineralization on its Normetmar target (Starr Peak press release dated May 4, 2021). Both of these new discoveries occur along the Normetal fault, which is of particular significance for Generic Gold, as the company holds over 20 kilometres of the Normetal fault on its Belvais claims and is one of the largest landholders in the area with 12,563 hectares.
Aaron Stone, vice-president, exploration, of Generic Gold, said: “We are very excited to begin this drill program having made fantastic progress in advancing this project to the drill-ready stage. We have modelled some very prospective and high-priority EM plates using multiple data points. Some of our targets are surrounding and along strike to the historic Normetal mine and Starr Peak’s new discovery on their NewMetal project. A full structural interpretation of the property has also been completed by an external geophysicist utilizing mag data, which has also provided additional gold and VMS targets.”
Interpretation and modelling of mag and EM (electromagnetic) data have provided an additional 14 gold and 10 VMS targets to be tested by the company, as seen in an image on the company’s website. In addition, Generic has interpreted historical drilling across the property, which the company believes missed EM conductor plates. Some of these historical results show anomalous silver and base metal values. The majority of targets are in proximity to the historical Normetal mine and important major structures, such as the Normetal and Fermont faults.
The company will continue to keep the market updated with drill results once they become available and are compiled.
World Class investment has $966,661 of April revenue
World Class Extractions Inc. has provided an update on Pineapple Express Delivery Inc. (PED), a company in which World Class has a controlling interest. PED is a leading logistics technology company offering compliant and secure delivery of controlled substances and regulated products, including medical and recreational cannabis delivery in Ontario, Manitoba and Saskatchewan, and liquor delivery in certain jurisdictions in Saskatchewan.
Pineapple Express Delivery — highlights
The following PED revenues comprise delivery services of medical and recreational cannabis within Ontario and Manitoba to various business-to-consumer and business-to-business licensed producer companies and liquor deliveries in Saskatchewan:
- April, 2021, revenues totalled $966,661 (March, 2021 — $817,561) with gross margin of 24 per cent (March, 2021 — 24 per cent) (unaudited).
- During April, 2021, the number of deliveries was 65,768 compared with 55,738 in March, 2021, representing an increase of 18 per cent.
- Revenue from January to April, 2021, totalled $2,769,823.
As a result of recent COVID-19 restrictions in Ontario, same-day delivery service was temporarily suspended, resulting in less than expected revenue during this period. Further, due to a major distributors’ year-end in Ontario, supplies were halted for three days in March to conduct inventory counts, contributing to lower volumes and revenue. PED anticipates that monthly revenues for the remainder of 2021 will strengthen as same-day delivery services are reinstated.
PED previously entered into a licensing agreement to provide software and support services to an arm’s-length party. PED provides the set-up, implementation and development of the software and provides support to all locations catered to by the other party. From January to April, 2021, PED received approximately $52,400 in additional revenue from these operations.
Rosy Mondin, chief executive officer of World Class Extractions, remarked: “World Class is pleased with PED’s financial results of $2.77-million from January to April, 2021. PED continues to expand its network to meet the demands of current and future partners, and to ensure that patients and consumers receive their regulated product orders as quickly, safely and as easily as they can obtain any other product in Canada. We are proud that Pineapple Express Delivery is a platform that many Canadians rely on for convenient, safe and secure delivery.”
Furthermore, the company announces that it has granted a total of two million incentive stock options to certain consultants and employees of the company. The options have an exercise price of five cents per share and expire June 1, 2026. The options will vest at a rate of 50 per cent upon the date of the grant and an additional 25-per-cent vesting every six months thereafter.
Westhaven drills 0.45 m of 614 g/t Au at Shovelnose
Westhaven Gold Corp. has released drill results from its continuing drill campaign at its 17,623-hectare Shovelnose gold property. Shovelnose is located within the prospective Spences Bridge gold belt (SBGB), which borders the Coquihalla Highway 30 kilometres south of Merritt, B.C.
- SNR21-04 (South zone: Vein zone 1, 82 to 123.55 metres)
- 41.55 metres of 8.17 grams per tonne gold and 34.64 g/t silver;
- Including 6.04 m of 52.25 g/t Au and 195.04 g/t Ag;
- Including 1.22 m of 253.05 g/t Au and 889.75 g/t Ag;
- Including 0.45 m of 614 g/t Au and 2,070 g/t Ag.
- 41.55 metres of 8.17 grams per tonne gold and 34.64 g/t silver;
- SNR21-03 (South zone: Vein zone 1, 79.20 to 154 m)
- 74.80 m of 3.18 g/t Au and 18.92 g/t Ag;
- Including 5.13 m of 26.13 g/t Au and 158.03 g/t Ag.
- Also, eight metres of 7.41 g/t Au and 55.32 g/t Ag;
- Including 1.32m of 31.90 g/t Au and 269 g/t Ag.
- 74.80 m of 3.18 g/t Au and 18.92 g/t Ag;
Gareth Thomas, president and chief executive officer of Westhaven Gold, states: “These high-grade drill intercepts, including 614 g/t gold and 2,070 g/t silver, help further validate the high-grade nature of this project. Hole SNR21-04 is one of the shallowest high-grade Vein zone 1 intercepts drilled on Shovelnose to date. It is encouraging to see the expansion of mineralization and the continuity of high-grade within the South zone, especially as we continue to drill this area in preparation for an inaugural maiden resource.” Mr. Thomas goes on to add, “With the recent exploration success at the FMN zone (SN21-161: 15.97 m of 9.15 g/t Au and 27.43 g/t Ag), and with several high-priority targets generated from ongoing exploration programs including geophysics, geochemistry and prospecting, a third drill is being mobilized to the property.”
Peter Fischl, exploration manager, adds: “The recent results from holes SNR21-03 and SNR21-04 expanded the area of high-grade (plus-100 gram-metres Au) situated along strike above 1,250 m elevation in Vein zone 1. These two holes continued northeastward into the underlying Vein zone 2, where significant intervals of mineralization were also encountered, including 1.64 g/t Au over 96.30 m (SNR21-04, 219 to 315.30 m).”
EnCore applauds Biden’s support for nuclear energy
EnCore Energy Corp. applauds the support for existing nuclear power plants in President Joe Biden’s proposed budget for fiscal 2022. In his proposed budget for FY 2022, President Biden is proposing up to $9.75 billion in tax credits for the generation of electricity from existing nuclear power facilities over the next 10 years.
Paul Goranson, the company’s chief executive officer, said: “Although nuclear power provides almost 20% of America’s electricity, it makes up 55% of the country’s clean energy generation. Right now, because of the way electricity markets are priced, we continue to hear of more premature shutdowns of nuclear power plants. Meeting the President’s commitment for a rapid transition to a clean energy economy can only be accomplished by maintaining the existing and expanding the nuclear fleet. This proposed budget puts actions to words in providing tangible support for the value nuclear energy brings to this transition. At EnCore, we believe that a strong nuclear power industry will mean a strong uranium industry in America. This is consistent with our Company’s strategy.”
BTU Metals completes TNT target drill hole to 589 m
BTU Metals Corp. has completed drill hole BTU-21-66 in the TNT target area, which was drilled to 589 metres. The hole is currently being logged, cut, and samples are being sent for fire assay (gold) and geochemical analysis (multi-element). Of the 10 drill holes targeting gold in the recently completed program, all have now been logged, and all but two have been sampled and are in the lab for analysis. Samples from the remaining two holes will be in the lab for analysis shortly.
HighlightsOn the gold targets – arsenopyrite mineralization, up to 40m thick, intersected along a magnetic low geophysical trend. Arsenopyrite intersected in all holes on this structure, including holes 800m apart along strike, samples are in the lab and results are expected shortly.The arsenopyrite bearing geophysical structure has 2.4km of strike on BTU ground and extends north-west onto Great Bear’s property where it follows the Dixie Creek for ~1.8km to the area of the LP Fault gold mineralization.Drilling of hole BTU-21-66 in the TNT target area completed, minor sphalerite and chalcopyrite mineralization intersected supporting a possible VMS ("Volcanogenic Massive Sulphide") thesis. The strongest geophysical targets from the TNT geochemical-geophysical study are on the Pakwash North property and plans are being made to drill these targets in the coming months.Field program underway to generate new targets on the 230 square km property.
Paul Wood, BTU CEO, said, "We are looking forward to receiving lab results from our most recent drill program, particularly from the holes which intersected the arsenopyrite-bearing structure which appears to be structurally connected to the LP Fault and that could be be a splay off of it. The drill will be turning again in short order on a number of our already identified targets and we continue to identify more prospective targets on Dixie Halo, one of the most extensive land packages in Red Lake as the exploration team combs through more of our now 230 km2 of claims."Figure 1: BTU drill holes over 2VD magnetics, property boundary in orange, Great Bear Resources LP gold mineralization in yellow at top left, area of figure 2 outlined in black.
Drill holes BTU-21-56 to BTU-21-65 were drilled in the Dixie Creek area (northeast corner) targeting gold mineralization (see Figure 1). The Dixie Creek area is &#8216;up-ice' from several high gold-grain-in-till anomalies, many of which have a high proportion of pristine gold grains indicating a potential bedrock source is nearby. The area is also on trend with Great Bear Resources' LP Fault gold discoveries, where they recently reached 300 reported drill holes and are spending $45M on exploration this year.
Sulphide mineralization and quartz carbonate veining was intersected in all holes, and of particular interest is the arsenopyrite mineralization that was intersected in holes BTU-21-58 to BTU-21-61, along a magnetic low trend that follows the Dixie Creek topographic lineament and that extends in a northwesterly direction into the LP Fault area. This structure has never been drill-tested before and every hole in it has intersected at least some arsenopyrite mineralization with the most extensive intersection of ~40 meters of pyrite-arsenopyrite in quartz veining coming in hole BTU-21-59. Holes 58 & 59 are approximately 800 metres apart from holes 60 & 61 (see Figure 2). Due to technical challenges holes 56 and 57 did not reach their target depths.Figure 2: Close up of the area of arsenopyrite mineralization.
Drill hole BTU-21-66 in the TNT area targeted two electrically conductive bodies located in an area which is interpreted to be a potential pathway for the migration of metal-rich fluids from depth towards the paleosurface (where lenses of massive sulphides often accumulate in VMS systems). The presence of copper and zinc minerals (chalcopyrite and sphalerite) in hole BTU-21-66 lends further support to the thesis that the system is a potentially VMS system. Significant intervals of the hole are strongly mineralized with pyrite and minor pyrrhotite. Minor chalcopyrite and sphalerite were also noted in several sections of the hole.
Geological, geochemical, and geophysical studies and evaluations by geological consultant Harold Gibson, Professor of Volcanology and Ore Deposits at Laurentian University, Company personnel, as well as geophysical consultant Alan King were recently completed for the TNT and Pakwash North area. The studies indicate that the TNT area mineralization clearly has direct copper-silver correlation, similar to some known high temperature base metal mineralization and the studies indicate the mineralization is associated with strong alteration including some areas with sodium depletion and strong potassium enrichment rather typical of VMS systems. Work by the group has identified several targets with the potential to be base metal bearing and that warrant drill testing.
Induced Polarization ("IP") geophysical survey work on Pakwash Lake identified a significant chargeability target and a coincident resistivity low feature that extend for at least 600 metres in a generally northerly direction and the target remains open to the north. Time Domain Electromagnetic ("TDEM") survey data on the target confirmed the interpretation from the IP survey. Such features are often an indication of the presence of accumulations of sulphide minerals. Additionally, the TDEM survey identified a secondary weaker target just to the west of the strong new target. There is no geological information available within 1 km of the new targets. These targets will be drilled in the coming months.
Other field work is underway on the Dixie Halo property and this work will continue throughout the summer months in support of generating new gold exploration targets that will be drill tested later in the summer and into the fall of this year.
Fairfax Financial declares dividend on preferreds
Fairfax Financial Holdings Ltd. has declared quarterly dividends per share on its preferred shares.
Series of Preferred Shares Dividend (C$) Payment Date Record Date Series C 0.294313 June 30, 2021 June 15, 2021 Series D 0.20089 June 29, 2021 Series E 0.198938 June 30, 2021 Series F 0.13918 June 29, 2021 Series G 0.185125 June 30, 2021 Series H 0.16411 June 29, 2021 Series I 0.207938 June 30, 2021 Series J 0.18219 June 29, 2021 Series K 0.291938 June 30, 2021 Series M 0.312688 June 30, 2021
Applicable Canadian withholding tax will be applied to dividends payable to non-residents of Canada.
Fairfax has also determined the quarterly dividend rates in respect of the June 30, 2021 to September 29, 2021 dividend period for its floating rate preferred shares. The rates, together with the dividends per share payable for such period (if and when declared), are set forth below:
Series of Preferred Shares Rate (%) Annualized Rate (%) Dividend (C$) Series D 0.82145 3.25901 0.20536 Series F 0.57191 2.26901 0.14298 Series H 0.67274 2.66901 0.16818 Series J 0.74583 2.95901 0.18646
Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and the associated investment management.