Wednesday 13th December 2017

Resource Clips


April, 2015

Mount Polley could re-open within months, Imperial Metals says

April 30th, 2015

by Greg Klein | April 30, 2015

The mine behind a British Columbia environmental disaster could resume operations this summer, according to an Imperial Metals TSX:III spokesperson quoted by Canadian Press on April 30. With a public comment period ending May 2, permission to restart might follow in June. “Within a few weeks we would be able to be up and running,” VP of corporate affairs Steve Robertson told CP. “What we’re proposing is a modified restart.”

The open pit copper-gold mine shut down in August after a nearly 40-metre tailings dam collapsed, spewing 24.4 million cubic metres of effluent into the Quesnel Lake watershed. A January report by an independent panel of three engineering experts attributed the cause to a deposit of glacial till, eight metres below the base of the dam, which the designers failed to understand properly.

You get pulled in both directions. I want to make sure it’s done absolutely flawlessly from a policy point of view. I also want to see those families working.—Bill Bennett,
B.C. mines minister

Then, with little or no long-term planning, “the design was caught between the rising water and the mine plan, between the imperative of raising the dam and the scarcity of materials for building it,” the report stated. “Something had to give and the result was oversteepened dam slopes, deferred buttressing and the seemingly ad hoc nature of dam expansion.”

Following the disaster, the provincial government ordered third-party inspections of 98 tailings facilities at current and former mines. The Canadian Nuclear Safety Commission requested companies report on their uranium tailings facilities.

Robertson made his remarks on April 29, the same day protestors demonstrated opposition at the TSX, B.C. government offices, the Canadian consulate in Los Angeles and Oregon’s Portland State University, the news agency added. Robertson said a restart would initially return jobs to more than half of Mount Polley’s 370 employees.

B.C. mines minister Bill Bennett told CP, “There are a lot of families up there worried about their jobs. You get pulled in both directions. I want to make sure it’s done absolutely flawlessly from a policy point of view. I also want to see those families working.”

April 30th, 2015

Greece works on draft reform bill hoping to unlock bailout instalment Stockhouse
For hard-hit silver miners, gold is the silver lining NAI 500
Tesla unveiling not-so-secret battery systems this week Equities Canada
Storage solutions: Why battery developments are forcing utility change Industrial Minerals
Disruptive stock watcher Chris Berry cautions investors about the real potential of deflation Streetwise Reports
Great deposits of the world—Hishikari, Japan Geology for Investors

Athabasca Basin bought deals: Fission closes $20 million, Denison announces $15 million

April 29th, 2015

by Greg Klein | April 29, 2015

April 29 proved a good day for Athabasca Basin uranium financings as the region’s two most prominent explorers announced substantial bought deals. Fission Uranium TSX:FCU completed a private placement of 13.34 million flow-through shares at $1.50 to bring in $20.01 million. Denison Mines TSX:DML announced an agreement to purchase 12 million flow-through shares at $1.25 for $15 million, an offer that’s expected to close around May 26.

Athabasca Basin bought deals: Fission completes $20 million, Denison announces $15 million

Fission’s placement started at $15 million on April 1. Within hours the figure rose to $17.4 million. With the underwriters exercising their additional 15% option, the deal closed on $20.01 million. Earlier this month the company finished its winter program at Patterson Lake South, which strived to expand and upgrade the Triple R deposit and the R600W zone, as well as explore the PLS property farther afield.

Denison also wrapped up winter work earlier this month after sinking 61 holes totalling 30,400 metres on seven projects, most of them joint ventures. Summer plans call for about 34,000 metres on eight projects, focusing on the flagship Wheeler River project, which has a maiden resource for the Gryphon zone planned for December to complement the very high-grade Phoenix deposit three kilometres southeast. Denison holds 60% of the JV with Cameco Corp TSX:CCO (30%) and JCU (Canada) Exploration (10%).

Also announced April 29, Cameco’s Q1 results showed $566 million in revenue, a 35% increase over the same period last year. Gross profit reached $129 million, a 19% increase. But a net loss attributable to shareholders sunk to $9 million, or $0.02 per share diluted, 107% below Q1 2014 performance. The company attributed blame “primarily due to higher mark-to-market losses on foreign exchange derivatives.”

Other noteworthy uranium news of the day came from NexGen Energy’s (TSXV:NXE) Rook 1 project, adjacent to PLS. Scintillometer results (no substitute for the still-pending assays) showed the Arrow zone’s widest composite mineralized intercept, a total of 226 metres within a 468-metre section starting at 391 metres in downhole depth. NexGen plans a five-rig, 25,000-metre summer program beginning in June.

April 29th, 2015

Greece works on draft reform bill hoping to unlock bailout instalment Stockhouse
For hard-hit silver miners, gold is the silver lining NAI 500
Tesla unveiling not-so-secret battery systems this week Equities Canada
Storage solutions: Why battery developments are forcing utility change Industrial Minerals
Disruptive stock watcher Chris Berry cautions investors about the real potential of deflation Streetwise Reports
Great deposits of the world—Hishikari, Japan Geology for Investors

April 28th, 2015

For hard-hit silver miners, gold is the silver lining NAI 500
Tesla unveiling not-so-secret battery systems this week Equities Canada
Storage solutions: Why battery developments are forcing utility change Industrial Minerals
Why China remains the wild card in global zinc markets Stockhouse
Disruptive stock watcher Chris Berry cautions investors about the real potential of deflation Streetwise Reports
Great deposits of the world—Hishikari, Japan Geology for Investors

April 27th, 2015

Tesla unveiling not-so-secret battery systems this week Equities Canada
Storage solutions: Why battery developments are forcing utility change Industrial Minerals
Why China remains the wild card in global zinc markets Stockhouse
The mystery of China’s gold stash may soon be solved NAI 500
SWOT analysis: Several gold companies release positive drilling results and production updates GoldSeek
Disruptive stock watcher Chris Berry cautions investors about the real potential of deflation Streetwise Reports
Great deposits of the world—Hishikari, Japan Geology for Investors

On the trail of the 49ers

April 24th, 2015

A neophyte meets the miners who still work California’s historic goldfields

by Greg Klein

He’s gotta be the tenderest of tenderfoots, the greenest of greenhorns and the cheekiest of cheechakos—a gold tourist who can’t even handle a shovel tries to relive the 1849 experience after the 2013 price plummet, arriving without equipment, experience or even a reality show film crew. But eventually something else overpowers yellow metal’s allure as a different kind of El Dorado becomes intangibly more important. That’s the story Steve Boggan relates in Gold Fever: One Man’s Adventures on the Trail of the Gold Rush.

A London-based journalist, Boggan rushes into his project chaotically. Completely unequipped, although with money to spend, he shows up in California’s historic gold country to throw himself at the mercy of latter-day Argonauts. Surprisingly they take him in, sometimes without even betraying amusement. As a result he gains the coaching as well as the friendship of some rugged characters.

A neophyte meets the miners who still work California’s historic goldfields

Among them is Dave Mack, self-proclaimed adventure junkie, extreme prospector and “the most aggressive underwater gold miner in the world.” A former U.S. Navy SEAL, he dives into fast-moving water, resisting the torrent with hundreds of pounds of lead around his waist, to vacuum riverbeds for gold. When Boggan asks to accompany him, the big guy laughs.

“The last person who came out with me drowned in three minutes. And he was a scuba instructor.”

“Okay. How about I come out with you for two minutes?”

Some others include Craig, whose first assault conviction came at age seven. Tom, a Scottish arrival via Australia, proves relentlessly determined despite being the “unluckiest man in California.” Mike, suffering from a serious spinal injury, carries a sluice box, pick, shovel, buckets and other gear on his back while hobbling to his claim on crutches.

As for Gene, he’d been panning since he was six or seven. Now 64 and given about two years to live, he had been diagnosed with Alzheimer’s in his late 50s.

One cause doctors suggested was “those long expeditions into the wild,” Boggan writes. “Rivers were more polluted back then, he said, so eating fish and drinking water from streams and rivers could have exposed him to dangerous levels of mercury. I asked him if that possibility sullied the memories. No, he replied. He wouldn’t change them for the world.”

Why? Duane offers an explanation. He claims to have gold fever but exalts over the lifestyle. “‘I love this way of life and I wouldn’t be living it if it wasn’t for the gold. Look at it here…’ He let his right arm surf the air outside the window. ‘It’s goddamn beautiful. Imagine all the poor bastards working at a desk in some office or in a factory, watching the hands on the clock go round. What time is it here? Hell, I don’t know!’”

Dave Mack’s explanation cites The Hobbit.

“It’s all about the ring, the ring,” he tells Boggan. “Tolkien had it right about all the traits and the corrosive power of that ring and the deep desire to possess it. It has a simple meaning—even the best of men could not hold that ring for long without being seduced by it. Raw gold is just like that.”

His quest continues even though he’s found enough to retire comfortably.

More modest are Duane’s returns, yet he does alright. About 500 bucks in a good week, three to four hundred in an average week. That’s more than he needs. “I have to pay insurance for my vehicle, I have gas and food for me and the dogs, but that’s about it. If I need something big—like the motor for the boat—I can usually work out some kind of trade. I have no worries, only excitement each time I find gold.”

Boggan touches on aspects of gold through the ages, subjects treated better elsewhere, notably in Matthew Hart’s Gold: The Race for the World’s Most Seductive Metal. And Boggan’s remarks can be careless, giving the impression he’d never before been outside England. Even so, he alternates first-hand historic accounts with his own experiences to add balance and context, the book’s greatest strength.

Eventually the target of his own quest diverts from gold to “the guy,” an unnamed being people refer to when describing big discoveries. He “seemed everywhere and nowhere; rumours of his fantastical finds were enough to send hordes of miners rushing from one speculative camp to another.”

Boggan pretends they’re all referring to the same person.

The guy, I thought, always the guy. Every day someone would tell me about a big gold find, about the guy who found a nugget this big, and their hand would be shaped something like a walnut or a clementine.

‘Heard about the guy on the Bear River …?’

‘… the Yuba …’

‘… the Feather …’

‘… near Mariposa …’

‘… Colfax …’

‘… Grass Valley …’

‘… pulling them out this big …’

‘… this big …’

‘… this big …’

‘… swear to God, the guy is shitting gold nuggets.’”

The author does find the guy who is, as far as Boggan’s concerned, the guy. But the riches associated with him are intangible. And that wraps up this story with a happy/sad ending.

April 24th, 2015

Storage solutions: Why battery developments are forcing utility change Industrial Minerals
Tesla wants to power your home with a battery Equities Canada
Why China remains the wild card in global zinc markets Stockhouse
The mystery of China’s gold stash may soon be solved NAI 500
SWOT analysis: Several gold companies release positive drilling results and production updates GoldSeek
Disruptive stock watcher Chris Berry cautions investors about the real potential of deflation Streetwise Reports
Great deposits of the world—Hishikari, Japan Geology for Investors

Jody Dahrouge joins Lakeland Resources’ board of directors

April 23rd, 2015

by Greg Klein | April 23, 2015

Well-known geologist Jody Dahrouge brings his 25 years of experience to Athabasca Basin uranium explorer Lakeland Resources’ (TSXV:LK) board of directors, the company announced April 23. With a wide range of Canadian and international experience, Dahrouge served as president/COO of Fission Energy, the predecessor of Fission Uranium TSX:FCU. He played a key role in the company’s acquisition of Waterbury Lake, Patterson Lake and Patterson Lake South. Waterbury Lake became the scene of the J-zone discovery, while PLS now hosts the Triple R deposit.

Jody Dahrouge joins Lakeland Resources’ board of directors

Jody Dahrouge

Since 1998 he’s been president of Dahrouge Geological Consulting, working with a broad range of public and private exploration and mining companies. As a professional geologist, Dahrouge holds B.Sc. degrees in both geology and computer science.

“We are very pleased to have Mr. Dahrouge as part of the Lakeland team,” stated president/CEO Jonathan Armes. “He brings a wealth of knowledge and experience to the board. We look forward to Jody’s contributions and leadership as we continue to establish ourselves as a significant presence in the Athabasca Basin.”

Last month the company completed a successful 14-hole, 2,550-metre winter drill program that found anomalous radioactivity at its Star/Gibbon’s Creek project on the Basin’s northern rim. While assays are pending, initial results show “alteration suggestive of a proximal basement-hosted or unconformity-hosted uranium occurrence,” said Armes.

Lakeland also holds drill-ready projects at Newnham Lake, east of Star/Gibbon’s, and Lazy Edward Bay on the Basin’s southern margin. In February the company expanded its holdings to 32 properties totalling over 300,000 hectares, giving Lakeland one of the Basin region’s largest portfolios.

Read more about Lakeland Resources.

Disclaimer: Lakeland Resources Inc is a client of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in Lakeland Resources.

April 23rd, 2015

Tesla wants to power your home with a battery Equities Canada
Why China remains the wild card in global zinc markets Stockhouse
The mystery of China’s gold stash may soon be solved NAI 500
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SWOT analysis: Several gold companies release positive drilling results and production updates GoldSeek
Disruptive stock watcher Chris Berry cautions investors about the real potential of deflation Streetwise Reports
Great deposits of the world—Hishikari, Japan Geology for Investors