Thursday 24th October 2019

Resource Clips


Posts tagged ‘Azimut Exploration Inc (AZM)’

Update: 92 Resources explores polymetallic potential of Quebec’s James Bay region

July 8th, 2019

by Greg Klein | updated July 8, 2019

Lithium, gold, copper and molybdenum are among the goals of a program now underway at 92 Resources’ (TSXV:NTY) Corvette-FCI project. A four-person crew expects to spend three to four weeks on the property, which consists of 92’s 100%-held Corvette claims as well as the FCI-East and FCI-West turf, optioned under a 75% earn-in from Osisko Mining TSX:OSK. Work will be conducted by Dahrouge Geological Consulting.

92 Resources to explore polymetallic potential of Quebec’s James Bay region

Over a campaign of three to four weeks, 92 Resources hopes to
build on previous success with energy, precious and base metals.

The agenda calls for prospecting along with rock and soil sampling. Among the priorities will be the Golden Gap Prospect at FCI-West, where historic, non-43-101 outcrop samples have graded between 3.1 g/t and 108.9 g/t gold, along with an historic drill intercept of 10.5 g/t over seven metres and a channel sample of 14.5 g/t over two metres.

Past reports of molybdenum occurrences on the area’s southern copper trend will also come under scrutiny.

The Lac Bruno prospect provides another area of interest, where a boulder field produced 13 samples exceeding 1 g/t gold, with one sample hitting 38.1 g/t. Up-ice soil sampling will extend from FCI-East to the boulders’ interpreted source on 92’s wholly owned Corvette claims.

Energy metals also attract interest, as the company’s previous work identified a well-mineralized lithium pegmatite system over a strike extending at least three kilometres on Corvette, with further potential on FCI-East. Lithium-tantalum channel samples released last year from Corvette’s CV1 pegmatite averaged 1.35% Li2O and 109 ppm Ta2O5, reaching as high as 2.28% Li2O and 471 ppm Ta2O5 over six metres. Three other spodumene-bearing pegmatites also show promise.

Located within the Guyer group of the Greater La Grande Greenstone Belt, the property sits about 10 kilometres south of the all-season Trans-Taiga Road and powerline, adjacently south of Midland Exploration’s (TSXV:MD) Mythril copper-gold-molybdenum-silver project and immediately east of Pikwa, a polymetallic project of Azimut Exploration TSXV:AZM and Ressources Québec’s SOQUEM subsidiary.

92’s Quebec portfolio also includes the Pontax, Eastman and Lac du Beryl properties. Grab samples from Pontax have reached up to 0.94% Li2O and 520 ppm Ta2O5.

In British Columbia 92 holds the Silver Sands vanadium prospect and the Golden frac sand project, the latter adjacent to Northern Silica’s high-grade Moberly silica mine and subject of a 43-101 technical report filed by 92 last year.

In the Northwest Territories, the company has a 40% stake in the Hidden Lake lithium project, with Far Resources CSE:FAT holding the remainder. In a 1,079-metre drill program last year, all 10 holes found grades above 1% Li2O, with one intercept showing 1.6% over 9.2 metres. Using Hidden Lake material, a mini pilot plant produced 40 kilograms of concentrate grading 6.11% Li2O with recovery over 80%.

92 Resources to explore polymetallic potential of Quebec’s James Bay region

June 19th, 2019

by Greg Klein | June 19, 2019

Lithium, gold, copper and molybdenum are among the goals of a program that begins next month at 92 Resources’ (TSXV:NTY) Corvette-FCI project. The property consists of 92’s 100%-held Corvette claims as well as the FCI-East and FCI-West turf, optioned under a 75% earn-in from Osisko Mining TSX:OSK. Work will be conducted by Dahrouge Geological Consulting.

92 Resources to explore polymetallic potential of Quebec’s James Bay region

Over a campaign of three to four weeks, 92 Resources hopes to
build on previous success with energy, precious and base metals.

The agenda calls for prospecting along with rock and soil sampling. Among the priorities will be the Golden Gap Prospect at FCI-West, where historic, non-43-101 outcrop samples have graded between 3.1 g/t and 108.9 g/t gold, along with an historic drill intercept of 10.5 g/t over seven metres and a channel sample of 14.5 g/t over two metres.

Past reports of molybdenum occurrences on the area’s southern copper trend will also come under scrutiny.

The Lac Bruno prospect provides another area of interest, where a boulder field produced 13 samples exceeding 1 g/t gold, with one sample hitting 38.1 g/t. Up-ice soil sampling will extend from FCI-East to the boulders’ interpreted source on 92’s wholly owned Corvette claims.

Energy metals also attract interest, as the company’s previous work identified a well-mineralized lithium pegmatite system over a strike extending at least three kilometres on Corvette, with further potential on FCI-East. Lithium-tantalum channel samples released last year from Corvette’s CV1 pegmatite averaged 1.35% Li2O and 109 ppm Ta2O5, reaching as high as 2.28% Li2O and 471 ppm Ta2O5 over six metres. Three other spodumene-bearing pegmatites also show promise.

Located within the Guyer group of the Greater La Grande Greenstone Belt, the property sits about 10 kilometres south of the all-season Trans-Taiga Road and powerline, adjacently south of Midland Exploration’s (TSXV:MD) Mythril copper-gold-molybdenum-silver project and immediately east of Pikwa, a polymetallic project of Azimut Exploration TSXV:AZM and Ressources Québec’s SOQUEM subsidiary.

92’s Quebec portfolio also includes the Pontax, Eastman and Lac du Beryl properties. Grab samples from Pontax have reached up to 0.94% Li2O and 520 ppm Ta2O5.

In British Columbia 92 holds the Silver Sands vanadium prospect and the Golden frac sand project, the latter adjacent to Northern Silica’s high-grade Moberly silica mine and subject of a 43-101 technical report filed by 92 last year.

In the Northwest Territories, the company has a 40% stake in the Hidden Lake lithium project, with Far Resources CSE:FAT holding the remainder. In a 1,079-metre drill program last year, all 10 holes found grades above 1% Li2O, with one intercept showing 1.6% over 9.2 metres. Using Hidden Lake material, a mini pilot plant produced 40 kilograms of concentrate grading 6.11% Li2O with recovery over 80%.

92 Resources increases its Quebec lithium-polymetallic potential with expanded acquisition

April 24th, 2019

by Greg Klein | April 24, 2019

An amended option with “no additional share, cash or work commitment” brings more land and greater prospects in northern Quebec’s James Bay region to 92 Resources TSXV:NTY. A 4,253-hectare increase to a previous 75% earn-in with Osisko Mining TSX:OSK now covers that company’s entire FCI property. Combined with 92’s adjacent and wholly owned Corvette project, the Corvette-FCI property now comprises three contiguous claim blocks in a 14,496-hectare parcel that stretches for over 25 kilometres along the Lac Guyer greenstone belt.

92 Resources increases its Quebec lithium-polymetallic potential with expanded acquisition

Past work at the newly acquired FCI West found 16 showings of base and precious metals along two parallel trends extending over 10 kilometres in length. Historic, non-43-101 assays from FCI West’s Golden Gap prospect included outcrop samples as high as 108.9 g/t gold, a 2003 drill interval of 10.5 g/t gold over seven metres and a channel sample of 14.5 g/t gold over two metres.

FCI West’s Tyrone-T9 prospect includes an historic, non-43-101 channel sample of 1.15% copper over 2.1 metres. Despite high-grade lithium showings at Corvette, FCI West has never been evaluated for the energy metal, the company stated.

Immediately south and west of 92’s new turf sits Azimut Exploration’s (TSXV:AZM) Pikwa property. Adjacently north of FCI West, Midland Exploration’s (TSXV:MD) 2018 field program on the Mythril project found outcrop and boulder samples grading 16.7% copper, 16.8 g/t gold and 3.04% molybdenum. 92 anticipates significant activity by multiple companies along the Lac Guyer greenstone belt this year “as the magnitude of the Mythril-style copper-gold mineralization unfolds.”

Regional infrastructure includes a powerline and the all-season Trans-Taiga Road 10 kilometres north of Corvette-FCI.

This year’s exploration program will follow evaluation of historic data, with work expected to wrap up in summer.

The amended option with Osisko would give 92 the additional claims by satisfying terms of the 75% earn-in on FCI East. That deal calls for an initial million shares, another million shares and $250,000 of work in year one, another $800,000 in year two and a further $1.2 million in year three, while Osisko acts as project operator. At that point the companies would form a 50/50 JV. Another $2 million in expenditures from 92 would raise the company’s stake to 75%. With FCI West now incorporated into that agreement, “no additional share, cash or work commitment is required by the company,” 92 emphasized.

The company retains a 100% interest in Corvette’s 172 claims.

92’s Quebec portfolio also includes the Pontax, Eastman and Lac du Beryl properties. Lithium-tantalum grab samples from Pontax have reached up to 0.94% Li2O and 520 ppm Ta2O5.

In British Columbia 92 holds the Silver Sands vanadium prospect and the Golden frac sand project. In the Northwest Territories, Far Resources CSE:FAT works towards a 90% earn-in on 92’s Hidden Lake lithium project.

92 closed a private placement of $618,000 last December.

Read more about 92 Resources here and here.

Week in review

November 23rd, 2012

A mining and exploration retrospect for November 17 to 23, 2012

by Greg Klein

Next Page 1 | 2

Quebec’s new royalty regimen “in a matter of months”

The new Parti Quebecois government unveiled its first budget this week without changing the royalty or tax code for miners. But, the Globe and Mail reported Wednesday, that could change early next year. The PQ wants to extract another $388 million from the industry. “We started working on a new framework and this regime will come into force in a matter of months,” the G&M quoted Finance Minister Nicolas Marceau.

During last summer’s election campaign, Marceau’s party talked of imposing a 5% royalty on all minerals extracted, regardless of a company’s profit. The PQ also proposed a 30% tax on all mining profits above 8%, to rake in the $388 million over five years.

A mining and exploration retrospect

Jean-Marc Lulin, president/CEO of Azimut Exploration TSXV:AZM and outgoing president of the Quebec Mineral Exploration Association, told the G&M, “Our competitive advantage in the world lies in our legal, political and fiscal regime. You can’t toy with that without putting investments at risk.”

The government said it will consult with the industry prior to implementing changes.

The PQ also campaigned on revisions to the previous Liberal government’s Plan Nord infrastructure program. Last week’s news about how the government and Stornoway Diamond TSX:SWY will divide costs to built a road to the company’s Renard project, however, shows no real change to the plan so far.

Nuclear defence

“More people die from coal pollution each day than have been killed by 50 years of nuclear power operations—and that’s just from lung disease. If you include future deaths from global warming due to burning fossil fuels, closing down nuclear power stations is sheer madness.”

So concluded Gwynne Dyer’s column in Wednesday’s Georgia Straight, a left-wing Vancouver weekly. Nuclear energy, he said, “is a kind of witchcraft” that scares people “at least in the developed countries. [The Greens’ anti-nuclear campaign] cannot be logically reconciled with their concern for the environment, given that abandoning nuclear will lead to a big rise in fossil fuel use, but they have never managed to make a clear distinction between the nuclear weapons they feared and the peaceful use of nuclear power…. Fortunately, their superstitious fears are largely absent in more sophisticated parts of the world. Only four new nuclear reactors are under construction in the European Union, and only one in the United States, but there are 61 being built elsewhere. Over two-thirds of them are being built in the BRICs (Brazil, Russia, India and China), where economies are growing fast and governments are increasingly concerned about both pollution and climate change.”

Read more about nuclear energy, and uranium supply and demand, here.

Yet coal continues its breathtaking expansion

Nearly 1,200 new coal plants worldwide are in the planning stages, MarketWatch reported on Wednesday. China and India account for about 76%. The global top five coal burners are China, U.S., India, Germany and Japan.

MarketWatch cited a report from the World Resources Institute that listed Japan, China and South Korea as the world’s biggest importers. “In Japan, as pressure mounts to phase out nuclear power after the 2011 Fukushima Daiichi disaster, coal imports are likely to continue to grow.”

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Grade A

November 29th, 2011

Eastmain Advances Quebec Gold Projects

By Greg Klein

“What sets this project apart from many others is the grade of the open pit,” says Eastmain Resources TSX:ER President/CEO Donald Robinson of his flagship Clearwater Gold-Tellurium Project in the James Bay region of Quebec. “Right now, it’s 5.7 grams gold per tonne, which is three to five times higher than many of the projects out there. So our No. 1 goal is to make the resource bigger. We’ve been doing that over the last five months.”

Eastmain Advances Quebec Gold Projects

As of April, the open-pit resource estimate for Clearwater’s Eau Claire Deposit came to 2.73 million tonnes grading 5.72 g/t for 502,000 gold ounces measured and indicated and 1.4 million tonnes grading 2.83 g/t for 127,000 gold ounces inferred. Eau Claire’s underground resource came to 630,000 tonnes grading 6.46 g/t for 130,000 gold ounces measured and indicated and 3.92 million tonnes grading 7.21 g/t for 910,000 gold ounces inferred.

“It was clear that the greatest potential would come by expanding the near-surface, open-pittable resources,” Robinson reports. “We’ve outlined an area immediately to the west of the defined resource that’s at least 500 metres long. We’ve got about 60 drill holes into it so far. The best hole is just under 18 grams across 12 metres. There’s more than two dozen holes that have visible gold in quartz-tourmaline veins. The footprint of the pit looks like it’ll grow at least twice as big as it was.”

Assays released November 7 include

  • 5.82 g/t gold and 12.3 g/t tellurium over 16.5 metres
    (including 25.1 g/t gold and 54.2 g/t tellurium over 3.5 metres)
  • 15.5 g/t gold and 19.9 g/t tellurium over 3.5 metres
  • 3.38 g/t gold and 4.08 g/t tellurium over 13 metres
    (including 35.6 g/t gold and 51.9 g/t tellurium over 1 metre)
  • 19.2 g/t gold and 88.8 g/t tellurium over 2 metres
  • 2.24 g/t gold and 1.53 g/t tellurium over 12 metres

Robinson hopes to have an updated resource by June 2012, this time including tellurium. Exploration Manager Catherine Butella explains, “Tellurium has been a by-product of the copper-refining process, but now with the new leach methods, it’s no longer extracted that way. Right now tellurium is sold on base-metals spot prices, but it’s perceived to have a lot more worth. There are certain experts who think it’s going to be priced like a precious metal. It’s used in passive solar power, as a coating on windows, the coating on the back of DVDs and CDs, and it’s going to be used as the new phase change technology [used in rewritable DVDs and CDs]. It’s got a lot of uses, and there’s very little around. It’s one of the rarest metals out there.”

Robinson waxes optimistic about the possible production scenario. “At these kinds of grades, a mill at 2,000 tonnes a day will generate 100,000 ounces annual production. The capital cost of this project has advantages, not only because you don’t have to build a 60,000-tonne-a-day mill, but because we’re two kilometres from a road and five kilometres from the cheapest power in the world. It gets even more exciting—our largest stockholder is building the first mine in the district, 50 kilometres to the north.” Goldcorp TSX:G, which holds 8% of Eastmain, has slated its Éléonore Gold Mine for 2014 production.

Next in importance after Clearwater is the company’s self-titled Eastmain Gold-Silver-Copper Project, which has an historic, non-43-101 resource estimate of 800,000 tonnes grading 9.95 g/t gold for 255,750 gold ounces.

“We just completed 14,000 metres of drilling at Eastmain.” Robinson says. “The property comes with 100 square kilometres, and the mine trend is at least 10. There are underground workings and there’s a ramp into the property. There’s a mine camp that was built; it’s permitted; there’s an airstrip, fuel farm and—God love the Quebec government with their Plan Nord—they’re now converting the old winter road that services the property into a permanent road.”

The company also acts as project operator on Éléonore South, holding 36.8% in the JV with Goldcorp (36.8%) and Azimut Exploration TSXV:AZM (26.4%). The early-stage gold project lies adjacent to Goldcorp’s Éléonore development.

This year we’ve had the largest program in the history of the company, 46,000 metres of drilling and a $10-million budget. We’ll do it again, at least as big, in 2012 —Donald Robinson

Last August, Eastmain JV’d with Honey Badger Exploration TSXV:TUF, granting it an option to earn an initial 50% in the Radisson Gold Project. Eastmain holds 12 properties altogether, all in Quebec’s James Bay region, some of which are also available for options.

“This year we’ve had the largest program in the history of the company, Robinson says, “46,000 metres of drilling and a $10-million budget. We’ll do it again, at least as big, in 2012.”

At press time, Eastmain had 95 million shares trading at $1.26 for a market cap of $119.7 million. Analysts believe the share price will rise higher. Robinson explains, “Casimir Capital have a target of $2.25, Macquarie have just upped their target to $2.75, and Rodman & Renshaw out of New York have a target of $2.82.”

Robinson concludes, “We’re in the best mining district in the world; we have mine-ready infrastructure and two high-grade gold deposits. They look like they’re mineable using open pit methods, and Clearwater is going to be a mine. We’ve been endorsed by one of the largest gold miners in the world, and a number of research firms follow us. There’s a lot of third-party scrutiny on us, and so far they like what they’ve seen.”