Thursday 18th January 2018

Resource Clips


November, 2017

Quick, before the bubble bursts—a carbon tax on cryptocurrencies?

November 30th, 2017

by Greg Klein | November 30, 2017

Bitcoin’s wild ride has participants excited and skeptics sneering but conservationists might have cause for concern. The process of “mining” or creating the crypto-dough uses an awful lot of electricity—more than that used by each of 159 countries.

Quick, before the bubble bursts—a carbon tax on cryptocurrencies?

That’s according to Digiconomist, a website committed to “raising the overall quality of the cryptocurrency environment, which in turn may promote cryptocurrency acceptance.” For 12 months ending November 29, the site estimated Bitcoin’s annual electricity consumption at 30.29 terawatt hours.

Using data from the International Energy Agency, Digiconomist estimated that if Bitcoin were a country, it would rank 64th worldwide for electricity use, between Oman and Morocco, with 159 countries trailing. Most African nations, several more in Central and South America, a few more in Asia and even some smaller European countries use less electricity.

To compare with another payment system, Digiconomist said Bitcoin’s energy use by transaction comes out exponentially higher than Visa’s. Although the data was imperfect, the report acknowledged, “the differences are so extreme that they will remain shocking regardless.”

The problem results from increasingly powerful computer banks working flat-out on increasingly complex calculations. Referring to media reports from last August, Digiconomist noted that Bitmain’s Inner Mongolia operation was then credited with about 3.5% of the Bitcoin network’s processing power. (Bitmain has since expanded.) The operation consisted of seven buildings containing 21,000 Bitcoin mining machines, as well as one building holding 4,000 Litecoin machines.

Dirty energy doesn’t help. Pointing out that Bitmain’s electricity comes mostly from coal, Digiconomist found that “the energy efficiency of this Bitcoin mine is significantly worse than one might expect and that the carbon footprint of the mine is simply shocking.”

Digiconomist tackled the subject “to raise awareness on the unsustainability of the proof-of-work algorithm,” arguing that more energy-efficient crypto-creating algorithms can be developed.

As for Ethereum, energy consumption for 12 months ending November 29 came to 10.85 TWh, using about 58 KWh per transaction compared with 271 KWh for crypto #1.

Media reports often count the number of competing cryptos at more than 1,100.

Having soared over 1,000% this year to surpass $11,300 on November 29, Bitcoin’s price has been swinging wildly over the last two days, falling to $9,713 by November 30 press time. Ethereum also hit an all-time high on November 29 at nearly $520, but dropped to $435 by press time.

See Visual Capitalist’s Visualizing the journey to $10,000 Bitcoin.

More news from Rockcliff Metals as geophysics heightens interest in former Manitoba gold mine

November 30th, 2017

by Greg Klein | November 30, 2017

Just two days after announcing an adjacent acquisition, Rockcliff Metals TSXV:RCLF reported 17 high-priority geophysical anomalies on its Laguna gold project, one of several gold and VMS properties in the company’s Flin Flon-Snow Lake portfolio. The latest news comes from 40.5 kilometres of induced polarization and resistivity over the Laguna gold mine trend. Described as a five-by-one-kilometre gold-rich, sulphide-bearing quartz vein environment, the trend hosts a former mine that averaged about 19 g/t during intermittent operation between 1916 and 1939, producing over 60,000 ounces.

More news from Rockcliff Metals as geophysics heightens interest in former Manitoba gold mine

The survey’s tight spacing “allowed excellent surface resolution and superior depth penetration up to 250 metres vertical,” Rockcliff stated. The 17 anomalies “were strategically located mostly below and along strike of known gold-bearing sulphide-rich quartz veins and are all considered worthy of follow-up exploration,” the company added.

Winter plans call for more IP and resistivity along strike and in the footwall of the trend.

Noting that grab sample assays from the area ranged from trace to over 620 g/t, president/CEO Ken Lapierre said, “The Laguna gold mine trend was last drilled in 1944 and now definition of these new untested gold targets is a testament to the excellent untested gold potential at Laguna.”

Covering over 45,000 hectares in central Manitoba, Rockcliff’s Snow Lake portfolio includes five gold projects, two copper-polymetallic deposits with resource estimates, three zinc deposits with historic, non-43-101 estimates, and a non-core zinc project recently optioned to Nevada Zinc TSXV:NZN. The properties all sit within trucking distance of two Hudbay Minerals TSX:HBM processing facilities.

Rockcliff’s Bur zinc-copper deposit currently has drilling underway for about 15 holes totalling 3,000 metres, while the company’s 51%-optioned Talbot copper-zinc-polymetallic property has a resource update in progress.

Read more about Rockcliff Metals here and here.

November 30th, 2017

Eat gold GoldSeek
Move over, Tesla! China holds the keys to electric vehicles Stockhouse
Eight charts that show the insanity of today’s economy Equities.com
Caution urged amid rising fluorspar prices Industrial Minerals
Rick Rule talks gold, government and chances of a junior resource discovery market SmallCapPower
Uranium production cuts “very positive” for the market Streetwise Reports
Great deposits: The Comstock lode Geology for Investors
LME zeros in on electric vehicles as London comes of age Benchmark Mineral Intelligence
Q2 energy metals earnings review—crunch time for the lithium majors The Disruptive Discoveries Journal

New mineralogical understanding brings new focus to Maple Gold Mines’ Douay drill program

November 29th, 2017

by Greg Klein | November 29, 2017

New mineralogical understanding brings new focus to Maple Gold Mines’ Douay drill program

A chart outlines the new target area as well as five priority clusters for a resource update.

 

Heralding “significant breakthroughs” in recognizing the Douay project’s similarities to other Abitibi deposits, Maple Gold Mines TSXV:MGM looks forward to more drilling in mid-January. The company, formerly Aurvista Gold, spent several months re-evaluating previous drill results and identifying a new target area to share priority with resource expansion.

The 37,000-hectare property stretches 55 kilometres of strike along Quebec’s Casa Berardi fault zone.

New mineralogical understanding brings new focus to Maple Gold Mines’ Douay drill program

Field preps begin for a program of 25,000 to
30,000 metres at Maple Gold Mines’ Abitibi project.

Following the last winter-spring program, Maple re-logged over 5,000 metres of selected core and conducted initial interpretation of XRF geochemical data from over 46,000 core samples. One breakthrough was the realization that syenitic intrusive rocks in the current resource area, about seven kilometres long, extend for an additional three kilometres in strike. Another breakthrough was a new high-priority target that’s “virtually untested by previous diamond drilling.”

A syenite-associated gold system hosts most of Douay’s current resource, which uses a base case 0.5 g/t cutoff for seven zones totalling an inferred 83.3 million tonnes averaging 1.05 g/t for 2.81 million gold ounces. The deposit remains open along strike and down plunge. “This intrusive-associated style of mineralization is also present at several recently discovered and/or developed Abitibi deposits, including Malartic, Young-Davidson and Windfall,” the company emphasized.

The new high-priority area, called the NE Syenite target, lies 2.6 kilometres from Douay’s Porphyry zone. Measuring about six kilometres by one kilometre, the area features a paired high/low magnetic response and underwent eight RC holes that intersected syenite or felsic intrusive rock, the company explained. A single historic diamond drill hole found about 150 metres of syenite and foliated mafic tuff. Maple has at least 11 holes planned for the target.

Another priority will be step-out drilling from the resource area, focusing on five clusters of impressive past results.

Maple also plans a remote spectral geology survey over outcrops west of the deposit to set targets for summer mapping and geochemical sampling.

Maple’s behind-the-scenes prepping coincided with a company transition, bringing new turf that more than doubled the property size, a new technical advisory committee, new management and board appointments including Ivanhoe veteran Matthew Hornor as president/CEO, and $10.1 million in private placements, as well as the new company name and ticker.

Douay’s last drill program sunk 59 holes for 23,965 metres, with the final assays released in July.

November 29th, 2017

Chris Powell: London update on gold market manipulation GoldSeek
Eight charts that show the insanity of today’s economy Equities.com
Caution urged amid rising fluorspar prices Industrial Minerals
Rick Rule talks gold, government and chances of a junior resource discovery market SmallCapPower
Synchronized global growth may have arrived Stockhouse
Uranium production cuts “very positive” for the market Streetwise Reports
Great deposits: The Comstock lode Geology for Investors
LME zeros in on electric vehicles as London comes of age Benchmark Mineral Intelligence
Q2 energy metals earnings review—crunch time for the lithium majors The Disruptive Discoveries Journal

November 28th, 2017

Eight charts that show the insanity of today’s economy Equities.com
Caution urged amid rising fluorspar prices Industrial Minerals
Rick Rule talks gold, government and chances of a junior resource discovery market SmallCapPower
Synchronized global growth may have arrived Stockhouse
Uranium production cuts “very positive” for the market Streetwise Reports
Economic pain distributed unevenly through society GoldSeek
Great deposits: The Comstock lode Geology for Investors
LME zeros in on electric vehicles as London comes of age Benchmark Mineral Intelligence
Q2 energy metals earnings review—crunch time for the lithium majors The Disruptive Discoveries Journal

Mountain Boy/Jayden hit 8.63 g/t over 7.72 metres in new Golden Triangle gold zone

November 28th, 2017

by Greg Klein | November 28, 2017

Strong assays from a previously unexplored area 550 metres northeast of the Silver Coin deposit indicate a new gold zone on the northwestern British Columbia property, according to the JV partners. With 80% and 20% interests respectively, Jayden Resources TSXV:JDN and Mountain Boy Minerals TSXV:MTB announced the discovery from a recently completed 14-hole, 2,226-metre program.

Highlights from five holes released November 28 include:

Mountain Boy/Jayden hit 8.63 g/t over 7.72 metres in new Golden Triangle gold zone

Magnificent scenery doesn’t distract attention
from high-grade gold at Silver Coin.

Hole SC17-444

  • 8.08 g/t gold and 4.7 g/t silver over 2 metres, starting at 94.03 metres in downhole depth
  • (including 13.7 g/t gold and 5.91 g/t silver over 1 metre)

SC17-445

  • 5.12 g/t gold and 91.3 g/t silver over 3 metres, starting at 35 metres

  • 5.38 g/t gold and 17.07 g/t silver over 7.3 metres, starting at 146.2 metres
  • (including 6.21 g/t gold and 12.06 g/t silver over 5.37 metres)
  • (and including 15.5 g/t gold and 17.1 g/t silver over 1 metre)
  • (and including 10.7 g/t gold and 18 g/t silver over 0.5 metres)

SC17-446

  • 5.9 g/t gold and 45.32 g/t silver over 1.8 metres, starting at 103.6 metres
  • (including 8.62 g/t gold and 42.6 g/t silver over 0.8 metres)

  • 14.6 g/t gold and 52.5 g/t silver over 1 metre, starting at 131.2 metres

SC17-452

  • 8.63 g/t gold and 11.99 g/t silver over 7.72 metres, starting at 16.46 metres
  • (including 17.69 g/t gold and 23 g/t silver over 3.2 metres)

  • 4.86 g/t gold and 5.68 g/t silver over 2.5 metres, starting at 77.82 metres
  • (including 6.46 g/t gold and 6.22 g/t silver over 1.5 metres)

  • 8.25 g/t gold over 1 metre, starting at 88.97 metres

True widths were estimated between 60% and 80%. More assays are pending.

As for the main Silver Coin deposit, using a 2 g/t gold cutoff its 2013 resource shows an inferred category of 967,000 tonnes averaging 4.39 g/t gold, 18.98 g/t silver, 0.64% zinc, 0.25% lead and 0.04% copper.

The 1,470-hectare property hosts a zone of faulting and shearing with mineralization up to 300 metres wide and 2.5 kilometres long, the JV partners stated. They consider Silver Coin to share many characteristics with the former Silbak-Premier mine five kilometres south, which produced an estimated 1.8 million ounces gold, 41 million ounces silver, 4.2 million pounds copper, 62 million pounds lead and 20 million pounds zinc.

Meanwhile Mountain Boy has been reporting high grades and visible gold from another Golden Triangle drill campaign, as the company’s 35%-held Red Cliff project advances towards its maiden resource.

A drill program on two contiguous Golden Triangle properties, Mountain Boy’s 100%-held BA and Surprise Creek silver-base metals projects, awaits analysis of results from an airborne VTEM and magnetic survey.

Having closed a $586,400 private placement in September, the company offered a $300,000 private placement last month.

Read Isabel Belger’s interview with Mountain Boy Minerals chairperson René Bernard.

See an infographic about B.C.’s Golden Triangle.

Rockcliff Metals adds another gold property to its polymetallic package in Manitoba

November 28th, 2017

by Greg Klein | November 28, 2017

An “opportunist” acquisition increases the gold presence on Rockcliff Metals’ (TSXV:RCLF) Snow Lake portfolio. The 2,557-hectare Lucky Jack property borders the company’s Laguna project, host to a former mine and site of an airborne geophysical program last summer.

Limited exploration on Lucky Jack dates to the 1920s, when a shaft was reportedly sunk on a quartz vein system measuring about 1,000 metres long and up to 25 metres wide. Historic, non-43-101 results for 21 grab samples from the shaft area averaged 66 g/t gold.

Rockcliff Metals adds another gold property to its Manitoba gold/VMS package

Channel samples in 1982 showed non-43-101 assays including 11 g/t gold over 0.4 metres and 44.2 g/t over 1.4 metres, with gold values recorded over a 130-metre strike. Near-surface drilling in 1988 brought non-43-101 results of 8.9 g/t gold over one metre, 15.9 g/t over one metre, 19.6 g/t over 0.5 metres and 32.5 g/t over 0.5 metres.

About 1.7 kilometres west of the shaft, another near-surface hole sunk in 1985 brought non-43-101 intervals of 5.6 g/t gold over 0.3 metres, 11.5 g/t over 0.46 metres and 58.5 g/t over 0.4 metres. Samples taken about 5.5 kilometres northwest of the shaft brought non-43-101 assays up to 20.6 g/t gold.

Lucky Jack costs Rockcliff $77,250. Seven of the property’s 15 claims have a 2% NSR applicable, half of which Rockcliff may buy for $500,000 per 0.5%.

Although Rockcliff currently focuses on its VMS projects, Lucky Jack brings the company’s gold portfolio to five properties including Laguna, Dickstone North, Snow Lake and last month’s acquisition of Berry Creek.

The company’s Snow Lake package also includes two copper-polymetallic deposits with resource estimates and three zinc deposits with historic, non-43-101 estimates. The properties all sit within trucking distance of two processing facilities owned by Hudbay Minerals TSX:HBM.

Following Phase II drilling on the 51%-optioned Talbot copper-zinc-polymetallic property, Rockcliff has a resource update underway. Drilling resumed this month on the Bur zinc-copper deposit, with a program of about 15 holes totalling 3,000 metres.

Read more about Rockcliff Metals here and here.

Quebec acquisition brings Saville Resources precious, base and rare metals prospectivity

November 27th, 2017

by Greg Klein | November 27, 2017

A flurry of updates shows a new project, new faces and new financing for a rejuvenated Saville Resources TSXV:SRE. The company now moves into Quebec’s James Bay region by taking on the 3,370-hectare Covette property. Although it’s seen limited exploration so far, Covette underwent a 1,402-line-kilometre VTEM survey late last year, along with prospecting and sampling this year. The coincidence of EM conductors with magnetic highs suggests prospectivity for base and precious metals, the company reported. This year’s field program included pegmatite sampling for evidence of lithium.

Quebec acquisition brings Saville Resources precious, base and rare metals prospectivity

Of two historic, non-43-101 grab samples, one returned 4.7% molybdenum, 0.73% bismuth, 0.09% lead and 6 g/t silver; while the other showed 1.2 g/t silver and 0.18% copper.

An underlying greenstone belt could offer base and precious metals potential as well as pegmatite-hosted lithium and tantalum. “Komatiites have also been described in the region, with such rock types known to host significant nickel-copper massive sulphide deposits at other localities globally,” the company stated.

Covette lies just 10 kilometres north of the all-weather Trans-Taiga road, which runs parallel to the LG-3 transmission line.

Pending TSXV approval, Saville gets the property by paying Zimtu Capital TSXV:ZC $350,000.

Additionally, Saville announced Michael Hodge’s appointment as president/CEO/director. Having started his career in 1999 on the staking program for Commerce Resources’ (TSXV:CCE) Blue River tantalum-niobium project in British Columbia, Hodge has field experience on over 25 exploration projects as well as success in raising capital for junior miners.

Jody Bellefleur joins Saville as CFO, bringing over 20 years’ experience as a corporate accountant for the sector.

Saville also announced a private placement of up to $270,000. The company closed an $857,300 placement in July. Among other updates, Saville settled $219,000 in debt by issuing shares and warrants that would represent 18.7% of the company’s outstanding shares.

James Rickards predicts an economic crisis exponentially worse than 2008

November 27th, 2017

…Read more