Thursday 18th July 2019

Resource Clips


Posts tagged ‘b.c.’

Ximen Mining to do due diligence on B.C.’s first underground gold mine

April 8th, 2019

by Greg Klein | April 8, 2019

Ximen Mining to do due diligence on B.C.’s first underground gold mine

Connected to power and paved road, the Kenville property has mining
equipment, offices, mechanic shop, core storage and accommodation on site.

 

Just days after picking up additional land in one historic southern British Columbia camp, Ximen Mining TSXV:XIM turned its attention to another former mine. A new option agreement would give the company a stake in another company whose chief asset is another option—to acquire the site of B.C.’s first underground lode gold operation.

Located eight kilometres west of the city of Nelson in southeastern B.C.’s Kootenay region, the Kenville gold mine operated intermittently between 1889 and 1954, extracting 181,395 tonnes containing 2,029 kilograms of gold, 861 kilograms of silver, 23.5 tonnes of lead, 15 tonnes of zinc, 1.6 tonnes of copper and 37 kilograms of cadmium, Ximen stated.

Ximen Mining to do due diligence on B.C.’s first underground gold mine

An historic, non-43-101 estimate gives Kenville’s
257 level 16,289 gold ounces measured and indicated.

Some 13,000 metres of drilling between 2007 and 2008 targeted previously untested areas southwest of the former mine, the company added. Detailed sampling also took place on the 257 level, which alone of the mine’s seven levels remains accessible. In 2009 an historic, non-43-101 resource for the 257 level used a 1.1 g/t cutoff to estimate:

  • measured: 3,312 tonnes averaging 31.72 g/t gold for 3,377 gold ounces

  • indicated: 21,312 tonnes averaging 18.84 g/t for 12,912 ounces

  • inferred: 522,321 tonnes averaging 23.01 g/t for 356,949 ounces

Further drilling took place between 2009 and 2012, finding at least four new veins with potential strike lengths of over 700 metres, according to historic, non-43-101 reports.

Historic accounts of soil surveys and drilling suggest potential for porphyry-type copper-molybdenum-silver-gold mineralization elsewhere on the property, Ximen stated.

Pending due diligence and TSXV approval, the acquisition would take place by optioning an interest in a company that holds an option to acquire Kenville. According to the terms, Ximen would option a promissory note to the vendor amounting to $780,000 plus interest, another promissory note to the vendor amounting to $1 million plus interest convertible into shares of 0995237 B.C. Ltd, mining equipment located in Alberta, and 5,333,334 shares in 0995237 B.C. Ltd.

“The principal asset of 0995237 is its option to acquire the Kenville gold mine,” Ximen stated.

The combined assets would cost Ximen 1,408,333 shares at a deemed price of $0.80, $1.38 million payable in installments and settling of the vendor’s $270,000 debt to arm’s length third parties.

Last week Ximen announced its acquisition of over 12,900 hectares in B.C.’s historic Greenwood camp. The new turf surrounds the company’s Gold Drop project, now optioned to GGX Gold TSXV:GGX. Last year’s Gold Drop drill program found near-surface, high-grade intervals of gold and silver, along with tellurium.

Ximen’s southern B.C. portfolio also includes the Treasure Mountain property under option to New Destiny Mining TSXV:NED and the Okanagan-region Brett gold project.

Ximen closed private placements of $540,000 in December and $250,000 in February. In March the company arranged a private placement of $405,000 subject to TSXV approval.

Read more about Ximen Mining here and here.

Ximen Mining expands its presence in British Columbia’s Greenwood camp

April 5th, 2019

by Greg Klein | April 5, 2019

A former mining region about 500 highway kilometres east of Vancouver continues to attract interest as another company picks up additional property. Through a combination of purchase and staking, Ximen Mining TSXV:XIM acquired over 12,900 hectares surrounding its Gold Drop project, now optioned to GGX Gold TSXV:GGX.

Last year’s drilling at Gold Drop returned near-surface, high-grade intervals of gold and silver along with tellurium, classified by the U.S. government as a critical mineral. Some highlight assays include:

Ximen Mining expands its presence in British Columbia’s Greenwood camp

A quartz sample from Ximen’s recent site
visit brought 2.87 g/t gold and 127 g/t silver.

Hole COD18-67

  • 129.1 g/t gold, 1,154.9 g/t silver and 823.4 g/t tellurium over 7.28 metres, starting at 23.19 metres in downhole depth

COD18-70

  • 107.5 g/t gold, 880 g/t silver and 640.5 g/t tellurium over 6.9 metres, starting at 22.57 metres

True widths were unavailable. The operator has spring drilling scheduled to begin this month.

Ximen’s new Providence claim also borders Grizzly Discoveries’ (TSXV:GZD) Greenwood project, where Kinross Gold TSX:K subsidiary KG Exploration works towards a 75% earn-in. Other companies active in the Greenwood area include Quebec niobium-tantalum explorer Saville Resources TSXV:SRE, which this week announced sampling found high-grade gold and copper along with silver on its Bud project. Last week Nevada lithium explorer Belmont Resources TSXV:BEA announced its acquisition of the Greenwood-area Pathfinder project. Golden Dawn Minerals TSXV:GOM has been working a number of properties in the area, home to numerous former mines.

Ximen Mining expands its presence in British Columbia’s Greenwood camp

An historic pit yielded this sample
of copper-rich massive sulphide.

Among those within or bordering Ximen’s acquisition is the Providence mine, which produced 10,426 tonnes containing 183 kilograms of gold, 42,552 kilograms of silver, 183 tonnes of lead and 118 tonnes of zinc during intermittent operation between 1893 and 1973, according to historic reports. The historic Combination deposit gave up 11 tonnes for 60,340 grams of silver and 653 grams of gold. Ximen’s new claims cover 11 known mineral occurrences, the company stated.

Recent sampling returned 2.87 g/t gold and 127 g/t silver from a mine dump northeast of the former Providence operation. Another sample showed 2,350 ppm copper from one of the property’s undocumented exploration pits that show exposed massive sulphides containing chalcopyrite, bornite and magnetite.

In southern B.C.’s Okanagan region, Ximen also holds the Brett gold project. In November the company announced that metallurgical tests on material stockpiled in the 1990s during early-stage mine development support an historic account of 4 g/t to 5 g/t gold.

About three and a half hours’ driving distance from Vancouver, Ximen has its Treasure Mountain property under option to New Destiny Mining TSXV:NED. Grab samples collected last year included 11.3 g/t and 8.81 g/t gold, as well as samples showing up to 1.45% zinc, 122 g/t silver, 0.87 g/t gold, 57 g/t tellurium and 12.3 g/t indium.

Ximen closed private placements of $540,000 in December and $250,000 in February. Last month the company arranged a private placement of $405,000 subject to TSXV approval.

Read more about Ximen Mining.

Saville Resources samples 4.57 g/t gold and 6.7% copper at southern B.C.’s Greenwood camp

April 3rd, 2019

by Greg Klein | April 3, 2019

High gold-copper grades from a 2018 field program indicate another encouraging project in the portfolio of a company now drilling for niobium-tantalum in Quebec. Saville Resources TSXV:SRE released 20 sample assays from its Bud property, located in an historic southern British Columbia mining camp that has attracted considerable exploration activity.

Six highlights show elevated gold grades coinciding with elevated copper:

Saville Resources samples 4.57 g/t gold and 6.7% copper at southern B.C.’s Greenwood camp

Mining at the Bud property’s Morrison showing from
the late 1890s to 1903 produced 2,918 tons containing
230 ounces of gold, 837 ounces of silver and 23,629 pounds
of copper, according to historic reports.

  • 4.57 g/t gold, 27.7 g/t silver and 6.7% copper

  • 4.44 g/t gold, 17 g/t silver and 6.84% copper

  • 3.54 g/t gold, 76.4 g/t silver and 2.41% copper

  • 1.96 g/t gold, 12.3 g/t silver and 1.2% copper

  • 1.74 g/t gold, 19.3 g/t silver and 1.65% copper

  • 1.23 g/t gold, 66.3 g/t silver and 7.14% copper

The program shows renewed interest in the 381-hectare property following a hiatus. Excavator trenching in 2003 revealed 1.9 g/t gold, 19.5 g/t silver and 1.5% copper over 1.3 metres. One sample averaged 7.8 g/t gold, 9.3 g/t silver and 2,156 ppm copper, while another graded 51.6 g/t gold, 403 g/t silver and 4.16% copper.

A three-hole, 538-metre drill program in 2005 identified a large hydrothermal system with prospective structure and stratigraphy, the company stated. A few selected intervals showed:

  • 3.82 g/t gold, 5.5 g/t silver and 656 ppm copper over 1.15 metres
  • (including 14.3 g/t gold, 22.6 g/t silver and 2,653 ppm copper over 0.15 metres)

  • 3.97 g/t gold, 23.8 g/t silver and 2.03% copper over 0.5 metres

True widths weren’t provided.

The 380-hectare property sits about four kilometres northwest of the town of Greenwood, roughly 500 kilometres by highway east of Vancouver. The surrounding Boundary district includes the former camps of Republic, Belcher, Rossland and Greenwood, which historically produced over 7.5 million ounces of gold, Saville noted. A resurgence of activity has included the Gold Drop property two kilometres southwest of Bud, where last month Ximen Mining TSXV:XIM and GGX Gold TSXV:GGX reported near-surface intervals of tellurium in addition to gold and silver.

Other Greenwood-area explorers include Kinross Gold TSX:K subsidiary KG Exploration, working towards a 75% earn-in on Grizzly Discoveries’ (TSXV:GZD) Greenwood project, Golden Dawn Minerals TSXV:GOM, and Belmont Resources TSXV:BEA, which last week announced acquisition of the Pathfinder property.

In Quebec’s James Bay region, meanwhile, a crew prepares to drill Saville’s flagship Niobium Claim Group, where the agenda calls for at least four holes and 700 metres in an area with encouraging historic assays. More recent boulder samples on the property have provided niobium grades as high as 2.75%, 4.24%, 4.3% and an outstanding 5.93% Nb2O5.

Read more about Saville Resources.

Belmont Resources moves into B.C.’s historic Greenwood mining camp

March 28th, 2019

by Greg Klein | March 28, 2019, updated April 2

A company drilling for Nevada lithium has taken on new turf in a storied southern British Columbia gold-copper district. The acquisition brings Belmont Resources TSXV:BEA a 253-hectare property that formed part of the former Pathfinder project, about 18 kilometres north of Grand Forks and 500 klicks by highway east of Vancouver. The location sits on the northeastern edge of the Boundary mining camp, also known as the Republic-Greenwood gold district.

Belmont Resources moves into B.C.’s historic Greenwood mining camp

Greenwood-area mining dates back to the late 1880s. Approximately 26 former mines produced more than 1.2 million ounces of gold and over 270,000 tonnes of copper, as well as silver, lead and zinc, according to Geoscience BC. Among the past-producers are some workings on the former Pathfinder property. More recent prospecting, sampling, drilling and a magnetic survey on Pathfinder have provided historic data to help Belmont plan a 2019 exploration program.

Kinross Gold TSX:K subsidiary KG Exploration holds property bordering three sides of the Belmont acquisition. The Kinross subsidiary has so far spent $1.28 million towards a 75% earn-in on Grizzly Discoveries’ (TSXV:GZD) Greenwood project and plans further work this year. Ximen Mining TSXV:XIM and GGX Gold TSXV:GGX have recently reported near-surface gold, silver and tellurium assays from their Greenwood-area Gold Drop project. Other companies in the district include Golden Dawn Minerals TSXV:GOM and Quebec niobium-tantalum explorer Saville Resources TSXV:SRE.

To close the acquisition Belmont pays each of two vendors 625,000 shares and 625,000 warrants on TSXV approval, along with another 125,000 shares and 125,000 warrants each within a year. Together, the vendors retain a 1.5% NSR, half of which Belmont may buy for $1 million.

Reporting from their Kibby Basin lithium project in Nevada last week, Belmont and MGX Minerals CSE:XMG announced a “milestone” permit to extract up to 943 million U.S. gallons of water annually for brine processing and potential production of lithium compounds. Assays are pending from last winter’s drilling, which tested a potential fault about 2,300 metres from a previous target that averaged 393 ppm lithium over 42.4 metres and 415 ppm over 30.5 metres.

Belmont’s portfolio also includes an interest in two northern Saskatchewan uranium properties held 50/50 with International Montoro Resources TSXV:IMT.

Subject to exchange approval, Belmont expects to close a private placement first tranche of $67,500. The company closed a private placement totalling $375,000 in July.

American machinations

March 23rd, 2019

Vivian Krause exposes U.S. money and tactics behind Canadian environmentalism

by Greg Klein

This isn’t the kind of Yankee imperialism Canadian protesters typically protest. Powerful American interests pay Canadian environmental activists big, big money—well over half a billion dollars so far—that does nothing for the environment but undermines our economy and national unity. That’s Vivian Krause’s message and, as the pipeline controversy gains intensity, her story’s gaining prominence. But, she argues, Ottawa still shows no intention of using its power to stop this foreign interference.

The money trail begins with huge American backers that include the Gordon and Betty Moore Foundation, the Rockefeller Brothers Fund, the William and Flora Hewlett Foundation, and the David and Lucile Packard Foundation, she says.

Vivian Krause exposes the U.S. money behind Canadian environmentalism

They fund intermediaries like the Oak Foundation, Tides Canada and its U.S.-based parent organization the Tides Foundation.

The intermediaries, in turn, channel money to Canadian groups like the David Suzuki Foundation, Greenpeace Canada, the Pembina Institute, West Coast Environmental Law, the Dogwood Initiative, several first nations and the Council of Canadians, supposedly founded as a nationalist group to protect Canadian sovereignty.

Some examples? The Moore Foundation alone, she says, has pumped $259 million into Canada through more than 500 payments averaging about half a million each. Tides got $83 million. “West Coast Environmental Law, for example, receives on a monthly basis between $25,000 and $100,000 just from this one foundation.” Some first nations got $58 million in 99 payments averaging $580,000 each.

Backed by U.S. bucks, the beneficiaries go after Canadian resource industries, especially Alberta oil production, focusing on proposed Canadian pipeline projects and oil tanker traffic. Oddly excluded from the concerns of American funders and Canadian protesters are American oil production and American tanker traffic—even the American tankers that navigate British Columbia’s coast.

Ready to reveal sources, her website links to tax returns, policy papers and other documents to substantiate her message. Not only does she expose so much of their funding, but she also disputes the truthfulness of some of their key statements. Working “from my dining room table, using Google on my own nickel,” Krause single-handedly challenges an extremely well-funded and vocal movement.

She’s been accused of shilling for the federal Conservatives and the oil industry. But that brings a spirited retort: “I did what I did in spite of the Conservative party and in spite of the oil industry,” Krause tells ResourceClips.com. “I actually did what they should have done. But none of them were doing proper issue management research. They weren’t even following this.”

Vivian Krause exposes the U.S. money behind Canadian environmentalism

Vivian Krause delivers the keynote speech at
Resource Works’ fifth anniversary celebration.

Having spent the 1990s working for UNICEF in Guatemala and Indonesia, she then took a job with one of the world’s largest producers of farmed salmon, an industry opposed by B.C. environmentalists. She happened to find documentation tracing their money and strategies to American sources. Then the money trail branched out.

“The same funders blocking farmed salmon from markets were starting to do the same to Alberta oil,” she recalls. “The tactics were the same, the funders were the same, some of the same individuals were involved.

“I worked with charities so I understand charities and charitable foundations. I worked in Indonesia, one of the most corrupt countries in the world, so I was trained to spot things that are fishy, and I also knew a resource-based industry—I witnessed the frontlines of activism against the salmon farming industry.”

As her research continued, she “couldn’t find anyone else who would do this. I kept wondering which think tank, which organization will take this over so I don’t have to do this anymore. I couldn’t find anybody.”

She acknowledges some honorariums in the past and the occasional speaker’s fee, but she remains a self-supporting individual fighting a one-person counter-campaign.

That’s against a movement that “doesn’t help the environment,” she argues. “All it does is bench Canada from the world market. And I would argue that we are one of the best oil producers. Look at what Alberta has done—they put on a carbon tax, they capped production and they created a protected boreal forest. No other oil-producing jurisdiction has done anything near that. Despite all that the Alberta government has done, they’re still being bullied out of the market. So I would argue that this anti-pipeline activism, if it intended to help mitigate the climate and environmental impacts of oil, has had the opposite impact.”

Despite all that the Alberta government has done, they’re still being bullied out of the market. So I would argue that this anti-pipeline activism, if it intended to help mitigate the climate and environmental impacts of oil, has had the opposite impact.

The American-funded campaign also intensifies the conflict between Alberta and some other Canadian jurisdictions, thereby weakening national unity, Krause says. Additionally she’s found American money intruding into Canadian election campaigns.

In one example following Canada’s 2015 federal election, she discovered the Oakland-based Online Progressive Engagement Network (OPEN) boasting that its Canadian campaign contributed “greatly to the ousting of the conservative Harper government.” Krause describes OPEN as a Rockefeller intermediary and the parent organization of Leadnow. Leadnow claimed to have defeated 26 Conservative incumbents, an obviously dubious statement, but Krause maintains the group may well have made a difference in some ridings.

So what’s Ottawa doing about this foreign interference? Nothing, Krause says. Her submissions to the Canada Revenue Agency have gone unanswered. As for Elections Canada, “I feel that they ignored crucial evidence and had they not ignored it they would have come to a different conclusion.”

Canada’s Elections Act has loopholes so big “you could drive a heavy hauler through them,” she adds. “And the amendments that the current government has proposed will not solve the problem.”

But any solution would depend on the CRA, she emphasizes. “As I was told during the Elections Canada investigation, if the Charities Directorate allows Canadian-registered charities to bring in money for those purposes, they then ‘Canadianize’ the money. And then, when those charities report the money to Elections Canada, for the purposes of Elections Canada it’s Canadian. So the CRA needs to enforce the Income Tax Act so that charities are not conducting activities that are not exclusively charitable.”

Nevertheless, she remains optimistic. For that, she credits several prominent natives for “lifting the taboo. There was a taboo on talking about this American funding. The BC Liberals, for 10 years, said we can’t fight it. They used to say, ‘They’ve got billions, we’ve only got millions. We have to go along with this Great Bear Rainforest’ [a 6.4-million-hectare West Coast environmental reserve] even though they knew that there’s no great bears in the Great Bear Rainforest.

“The taboo has been lifted. Now we can start asking for some accountability, starting with the CRA.”

Visit Vivian Krause’s website.

Watch Resource Works’ site for an upcoming video of a March 14 speech by Vivian Krause.

Reason over emotion

March 20th, 2019

Resource Works marks five years of fact-based activism

by Greg Klein

One sign of encouragement for British Columbia’s embattled resource industries came in the province’s February throne speech, when the New Democratic Party government declared that B.C.’s “traditional industries—forestry and mining, oil and gas, fisheries and farming, and renewable electricity—power our economy and form the bedrock of our communities.”

Many saw the statement as a long-overdue acknowledgment, but Stewart Muir also sensed evidence of his organization’s success. “A few years ago people weren’t saying that,” the executive director of Resource Works points out. “People were saying, ‘We want a tech economy, we want to get Facebook and Microsoft jobs, because that’s our future.’ Now it’s becoming more common to hear recognition that many of our most innovative and high-tech jobs, also the best-paying ones, are in resource-related fields.”

Resource Works marks five years of fact-based activism

If public awareness has shifted, he and his group can take considerable credit. As Muir looks back on five years of activity, he can contrast then and now.

The genesis was actually 2013, when a provincial election campaign seemingly made an NDP government certain. That brought fears of another “dismal decade” like the NDP administration of 1991 to 2001, when B.C.’s economy sank despite robust performance in other parts of Canada. A group of people connected with resources looked for ways to express their industries’ message in the face of the official indifference, if not outright hostility, that they anticipated.

They recruited Muir, a journalist and historian who was then a director of The Nature Trust of British Columbia, and put together a board and advisory council. Resource Works formally began operations in April 2014 with the publication of its first economic study. The NDP victory, surprisingly, didn’t happen until May 2017. And that was a minority government propped up by the Greens. Nevertheless the last throne speech clearly sounded a positive note, much to Muir’s delight and the industries’ relief.

It’s hard to overlook Resource Works’ influence. After five years Muir and his group can point to numerous research reports, a great many media articles, media interviews, public appearances, rallies, a growing social media presence and ongoing consultations with first nations and other communities across the province. Through all that the organization encourages respectful dialogue backed up by objective, verifiable facts.

Resource Works marks five years of fact-based activism

Stewart Muir: Bridging material
necessity with environmental realism.
(Photo: Resource Works)

A fifth anniversary luncheon featured a speech by Vivian Krause, who has traced the American sources of hundreds of millions of dollars in funding for Canadian environmental activists.

As for his group’s sponsorship, it initially consisted of a three-year commitment from “25 or so funders who came together through the Business Council of British Columbia,” Muir tells ResourceClips.com. “That made us essentially an industry-funded group but it was important to show that we were doing something that was responsible and accountable. So we created a non-profit society and appointed a board of directors. We have our advisory council from communities, we have mayors, first nations, and that helps validate our work. I think that’s what makes us different, and we’re doing something that’s based on research.”

Along with wide-ranging support, the group stands on its credibility, he emphasizes. “I’ve spent decades in major newsrooms where anything we published had to pass the test of being true and I don’t see that the movements opposed to resource development apply those tests. They seem to just drive what they think they can get away with, and they create a lot of alarm and confusion that isn’t based on facts.”

The group’s biggest challenge is countering emotion with reason, he says. With social media, “everything is reduced to a meme or a six-second audio or video clip, or an animation…. People are retreating into these small information bubbles that are driven by emotion. At the same time, the people who have influence over voters and decision-makers have changed a lot. Politicians, business leaders and academics used to have more influence. Nowdays one person talking to another is almost the most powerful influence in how people make decisions. That’s what polling research that I’ve reviewed says. So I think we need to provide something that will make people successful in having conversations with others…. It’s about one-to-one relationships and social media.”

According to online poll results commissioned by LNG Canada and released earlier this month, 79% of respondents across Canada and 71% of those in B.C. support resource development. The findings “broadly support” those of previous polls including a February 2017 survey for Resource Works, the group stated.

What we’re hearing from is a small group who are very vocal, who are very good at engaging with emotion and who, as we learned here today, are very well supported with money to do their work.

But such sentiments get relatively little media coverage, Muir says. “What we’re hearing from is a small group who are very vocal, who are very good at engaging with emotion and who, as we learned here today, are very well supported with money to do their work. They’ve been disproportionately successful in swaying not just the public but also politicians who tend to err on what they see as the side of caution, which is: ‘No, let’s not risk a noisy protest against us. So we’re not going to build that pipeline, we’re not going to allow access to that land base, we’re not going to allow that mine to proceed.’”

Yet Muir remains optimistic, partly through a global perspective on the future. An estimated 10 billion people by 2050 will need ever more resources for energy consumption, not to mention food and other necessities.

“If we have a new generation that’s being told in school we can’t harm the earth, I’m glad they get that message. But if the next step is we can’t do anything to extract resources, how is that generation going to live the life that they think is coming? I think it’ll be a very disappointing time if all these prescriptions that we have to radically change society take place…. There’s no solution there that doesn’t involve an enormous amount of human misery.”

As for his group’s future, “what I heard today is Resource Works has to keep going. We need to enlist more people to share our information so we want to have more gatherings and reach more people. I feel really good that we have got through what is a very difficult space. We want to continue with that because something’s working.”

Read more about Resource Works.

Update: Ximen Mining/GGX Gold add tellurium to B.C. gold-silver project, drilling resumes in April

March 18th, 2019

by Greg Klein | updated March 20, 2019

New assays add impressive critical mineral results to near-surface, high-grade precious metals at southern British Columbia’s Greenwood mining camp. The news comes from the Gold Drop project, where earlier this month Ximen Mining TSXV:XIM and GGX Gold TSXV:GGX reported intervals as high as 129.1 g/t gold and 1,154.9 g/t silver over 7.28 metres, along with 107.5 g/t gold and 880 g/t silver over 6.9 metres. After 14 intervals surpassed the upper analytical limit of 500 g/t tellurium, the core was re-assayed specifically for the critical mineral.

Among the results were 823.4 g/t tellurium over 7.28 metres and 640.5 g/t over 6.9 metres. Combined with the gold-silver results, the intervals now show:

Ximen Mining/GGX Gold examine tellurium potential of B.C. gold-silver project

Hole COD18-67

  • 129.1 g/t gold, 1,154.9 g/t silver and 823.4 g/t tellurium over 7.28 metres, starting at 23.19 metres in downhole depth

COD18-70

  • 107.5 g/t gold, 880 g/t silver and 640.5 g/t tellurium over 6.9 metres, starting at 22.57 metres

True widths were unavailable.

Other individual samples graded as high as 3,860 g/t and 2,250 g/t tellurium, both in near-surface 0.38-metre intervals from COD18-67. COD18-70 also showed individual samples up to 3,340 g/t over 0.45 metres and 2,960 g/t over 0.4 metres.

“Tellurium occurs in a soft silver-grey telluride mineral,” the companies stated. “Whenever this mineral is observed in the drill core, the interval has elevated silver, gold and tellurium values. This telluride mineral is likely a silver-tellurium-gold alloy named sylvanite.”

The decision to re-assay the core was prompted by “multiple industry inquiries and spiked interest with regards to the tellurium grades,” Ximen president/CEO Chris Anderson said earlier this month.

Due to the multiple industry inquiries and spiked interest with regards to the tellurium grades, as well as the fact that the grades have exceeded upper analytical limits at the lab, the decision was made to re-assay these drill core samples.—Chris Anderson,
Ximen Mining president/CEO

The 2018 program sunk 71 holes on the COD vein in the property’s Southwest zone and also conducted trenching in the COD area along with drilling on the Everest vein. Drilling and trenching have followed COD’s vein system for 400 metres along strike, leaving it open along strike and at depth. The upcoming drill campaign will continue testing the vein’s southern extension.

GGX acts as operator on the 5,628-hectare property. If GGX completes its 100% option, Ximen may form a JV by reimbursing GGX 30% of its spending to that date. Ximen retains a 2.5% NSR. The property sits about 500 kilometres by highway east of Vancouver.

Included in last year’s U.S. government list of 35 critical minerals, tellurium finds uses globally in solar applications (40%), thermo-electric production (30%), metallurgy (15%), rubber applications (5%) and other purposes (10%), according to a recent report from the U.S. Geological Survey. The U.S. imports over 75% of its tellurium supply.

Ximen’s flagship is the Brett project in southern B.C.’s Okanagan region. Last November the company announced that metallurgical tests on material stockpiled during early-stage mine development in the 1990s support an historic account of 4 g/t to 5 g/t gold.

Ximen has its Treasure Mountain property under option to New Destiny Mining TSXV:NED. Grab samples from last year’s program included gold grades of 11.3 g/t and 8.81 g/t from the property’s east-northeast areas, and up to 1.45% zinc, 122 g/t silver, 0.87 g/t gold, 57 g/t tellurium and 12.3 g/t indium in the southeast region. Grab samples from a trench in the southeast area showed anomalous gold grades including 0.877 g/t, 0.46 g/t and 0.359 g/t.

The companies received permits last month for additional work on the property, which partly surrounds Nicola Mining’s (TSXV:NIM) Treasure Mountain project, about three and a half hours’ driving distance from Vancouver. Nicola’s property underwent silver-lead-zinc underground mining in 2008 and 2013.

Last month Ximen appointed Mathew Ball as VP of exploration. With over 30 years of experience, he’s served as president/COO of B.C.’s Bralorne gold mine and currently acts as interim CEO/COO/chief geologist for Golden Dawn Minerals TSXV:GOM, another company active in the Greenwood camp. “Dr. Ball brings a wealth of practical experience and knowledge of lode and epithermal gold-silver, porphyry copper-gold and related skarn deposits,” all of which potentially occur in Ximen’s three projects, the company stated.

Ximen closed private placements of $540,000 in December and $250,000 in February. On March 18 the company announced it arranged a private placement of $405,000 subject to TSXV approval.

Ximen Mining/GGX Gold examine tellurium potential of B.C. gold-silver project

March 7th, 2019

This story has been updated and moved here.

Canadian investors remain at risk despite awareness of fraudulent tactics: BCSC

March 6th, 2019

by Greg Klein | March 6, 2019

The scamster’s quickest way to a mark’s wallet might be through the victim’s family and friends. Out of six warning signs of investment fraud, a new poll finds, being encouraged to invest because friends and family have already done so fools the most Canadians.

Conducted for the B.C. Securities Commission, the online survey questioned 2,915 Canadians, including 1,407 in B.C. In the lowest score of awareness, only 61% of B.C. respondents and 55% nationally recognized the family and friends ruse, among the half-dozen gambits that also included:

Canadian investors remain at risk despite awareness of fraudulent tactics: BCSC

  • Guaranteed high returns with little or no risk

  • Moving money outside the country to avoid tax

  • A strong push to act now

  • An offer of inside information

  • An offer available only to a select few

The most widely recognized ruse was guaranteed high returns, spotted by 77% in B.C. and 74% in Canada overall. Only 44% of British Columbians and 40% of Canadians overall caught all six.

“But one missed sign is sometimes all it takes for someone to be victimized,” pointed out BCSC director of communications and education Pamela McDonald.

British Columbians scored slightly better than the national results, but also admitted to a slightly greater tendency to getting ripped off. Twelve percent of B.C. respondents said they’d been conned, compared with 10% nationally. Oddly enough, another 12% (B.C.) and 10% (Canada-wide) said they didn’t know whether they’d been swindled.

Scam losses amounted to $5,000 or more for 40% (B.C.) and 45% (Canada-wide). But British Columbians expressed marginally less insecurity, with 44% conceding they were as likely as anyone else to get scammed, compared with 45% nationally.

The closest affinity between B.C. and nation-wide results came with responses to a statement that “reporting a fraudulent investment is more trouble than it’s worth.” In both groups, only 16% agreed.

“We are encouraged to see that most people are willing to report investment fraud, rather than just letting it go,” said BCSC director of enforcement Doug Muir. “Our investigators need the public’s help. The sooner we know about scams, the better our chances of preventing further losses.”

The BCSC accepts tips at 604.899.6854, 800.373,6393, inquiries@bcsc.bc.ca and via online form.

Read more about the fraud-awareness survey.

Learn more about fraud awareness.

Related:

Miners and explorers pick their spots in Fraser Institute’s latest report card

February 28th, 2019

by Greg Klein | February 28, 2019

Ontario dropped dramatically but an improved performance by the Northwest Territories and Nunavut helped Canada retain its status as the planet’s most mining-friendly country. That’s the verdict of the Fraser Institute’s Annual Survey of Mining Companies 2018, a study of jurisdictions worldwide. Some 291 mining and exploration people responded to questions on a number of issues, supplying enough info to rank 83 countries, provinces and states.

Canadian and American jurisdictions dominated the most important section, with four spots each on the Investment Attractiveness Index’s top 10. Combined ratings for all Canadian jurisdictions held this country’s place as the miners’ favourite overall.

The IAI rates both geology and government policies. Respondents typically say they base about 40% of their investment decisions on policy factors and about 60% on geology. Here’s the IAI top 10 with the previous year’s numbers in parentheses:

  • 1 Nevada (3)

  • 2 Western Australia (5)

  • 3 Saskatchewan (2)

  • 4 Quebec (6)

  • 5 Alaska (10)

  • 6 Chile (8)

  • 7 Utah (15)

  • 8 Arizona (9)

  • 9 Yukon (13)

  • 10 Northwest Territories (21)

Here are Canada’s IAI rankings:

  • 3 Saskatchewan (2)

  • 4 Quebec (6)

  • 9 Yukon (13)

  • 10 Northwest Territories (21)

  • 11 Newfoundland and Labrador (11)

  • 12 Manitoba (18)

  • 15 Nunavut (26)

  • 18 British Columbia (20)

  • 20 Ontario (7)

  • 30 New Brunswick (30)

  • 51 Alberta (49)

  • 57 Nova Scotia (56)

Despite Ontario’s fall from grace, the province’s policy ratings changed little from last year. Relative to other jurisdictions, however, the province plummeted. Concerns include disputed land claims, as well as uncertainty about protected areas and environmental regulations.

The Policy Perception Index ignored geology to focus on how government treats miners and explorers. Saskatchewan ranked first worldwide, as seen in these Canadian standings:

The evidence is clear—mineral deposits alone are not enough to attract precious commodity investment dollars. A sound regulatory regime coupled with competitive fiscal policies is key to making a jurisdiction attractive in the eyes of mining investors.—Ashley Stedman,
senior policy analyst,
the Fraser Institute

  • 1 Saskatchewan (3)

  • 9 New Brunswick (13)

  • 10 Quebec (9)

  • 11 Nova Scotia (24)

  • 14 Alberta (16)

  • 18 Newfoundland (10)

  • 24 Yukon (22)

  • 30 Ontario (20)

  • 33 Manitoba (27)

  • 42 NWT (42)

  • 44 B.C. (36)

  • 45 Nunavut (44)

The NWT and Nunavut’s indifferent PPI performance suggests greater appreciation of the territories’ geology boosted their IAI rank.

This year’s study included a chapter on exploration permitting, previously the subject of a separate Fraser Institute study. Twenty-two jurisdictions in Canada, the U.S., Australia and Scandinavia were evaluated for time, transparency and certainty. Cumulatively, the six American states did best, with 72% of explorers saying they got permits within six months, compared with 69% for the eight Canadian provinces, 53% for the two Scandinavian countries (Finland and Sweden) and 34% for the six Australian states.

A majority of respondents working in Canada (56%) said permitting waits had grown over the last decade, compared with 52% in Australia, 45% in Scandinavia and 28% in the U.S.

A lack of permitting transparency was cited as an investment deterrent by 48% of respondents working in Australia, 44% in Canada, 33% in Scandinavia and 24% in the U.S.

Eighty-eight percent of explorers working in the U.S. and Scandinavia expressed confidence that they’d eventually get permits, followed by 77% for Australia and 73% for Canada.

Saskatchewan led Canada for timeline certainty, transparency and, with Quebec, confidence that permits would eventually come through.

As for the IAI’s 10 worst, they include Bolivia, despite some recent efforts to encourage development; China, the only east Asian country in the study; and problem-plagued Venezuela.

  • 74 Bolivia (86)

  • 75 La Rioja province, Argentina (80)

  • 76 Dominican Republic (72)

  • 77 Ethiopia (81)

  • 78 China (83)

  • 79 Panama (77)

  • 80 Guatemala (91)

  • 81 Nicaragua (82)

  • 82 Neuquen province, Argentina (57)

  • 83 Venezuela (85)

Explorers made up nearly 52% of survey respondents, producers just over 25%, consulting companies over 16% and others nearly 8%.

“The evidence is clear—mineral deposits alone are not enough to attract precious commodity investment dollars,” said Ashley Stedman, who co-wrote the study with Kenneth P. Green. “A sound regulatory regime coupled with competitive fiscal policies is key to making a jurisdiction attractive in the eyes of mining investors.”

Download the Fraser Institute Annual Survey of Mining Companies 2018.