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Posts tagged ‘Bowmore Exploration Ltd (BOW)’

Partners in Abitibi

April 2nd, 2012

Bowmore, Threegold find broad Gold Mineralization in Quebec

By Greg Klein

Crowded as Quebec’s Abitibi region is with big players, it’s mostly the juniors who find the gold. Two of them think they’ve found something very big indeed in their Standard Gold-Duverny Project, a joint venture of Bowmore Exploration TSXV:BOW and Threegold Resources TSXV:THG. It’s early days, but Phase I drilling results announced last week have the partners very excited.

Bowmore, Threegold find broad Gold Mineralization in Quebec

“What I found incredibly positive about it, and I don’t think the market quite caught it, is that we define mineralization over 3.6 kilometers.” says Threegold President/CEO Victor Goncalves. “That’s huge. This is the kind of system you only see in major world-class mining camps, such as Timmins, Red Lake, Larder Lake in Ontario and Kalgoorlie in Australia. These are world-class deposits that obviously weren’t found overnight. But what this says to me is that it’s a huge discovery, and we now understand the system much better based on this first round of drilling.”

Assays (from intervals at depths between 10 metres and 373 metres) released March 29 include

  • 0.74 grams per tonne gold over 68 metres
    (including 19.05 g/t over 1 metre)
  • 0.59 g/t over 44 metres
  • 0.57 g/t over 26.5 metres
    (including 6.03 g/t over 1 metre)
  • 0.8 g/t over 16 metres
  • 1.43 g/t over 8 metres
  • 7.06 g/t over 1 metre

Standard Gold and Duverny are two contiguous properties that include the Standard Gold Mine (also known as the Goldvue Mine) which shut down in 1953. As Bowmore President/CEO Paul Dumas explains, the former underground mine now offers open-pit potential. “We wanted to target the initial shaft that was there,” he says. “We did some huge stepouts, 800 to 900 metres, testing the diorite dyke. We’re pleased with the results because we’re looking for a large, bulk-tonnage, open-pittable deposit. This is a kilometric, vast, ankerite-altered zone. So we’re pleased with the results we got. Obviously we’re going to do a follow-up this summer.” Next up will be more mapping and geophysics in preparation for Phase II drilling.

Bowmore holds 100% of Duverny while Threegold holds 100% of Standard. Bowmore, as project operator, has an option to earn up to 70% of Standard through a plan of arrangement with Osisko TSX:OSK. An initial 51% may be had by paying $280,000 and spending $4 million in exploration over five years. The other 19% would come after spending $6 million over an additional five-year period.

Osisko looms larger yet. This mid-cap holds 35% of Bowmore and has two key people on its board, Osisko President Sean Roosen and Executive VP Robert Wares.

“We benefit in several ways,” Dumas points out, “the knowledge that they have, the deal flows that come through their door. Obviously, they’re looking at deposits in excess of two million ounces, so a lot of the more grassroots projects are presented to us. If they fit our strategy, we’ll move on these transactions.”

Threegold‘s Goncalves sounds equally pleased. “What we end up with is 30% of something that we know can be huge, and we’ll have spent nothing to have achieved that. And I’m okay any time that happens.”

This is the kind of system you only see in major world-class mining camps, such as Timmins, Red Lake, Larder Lake in Ontario and Kalgoorlie in Australia —Victor Goncalves

In January, Threegold picked up additional land contiguous to the two properties, another 133 claims “which are about as large as the entire package of Duverny and Standard Gold put together,” Goncalves says.

Both companies have other projects, principally Bowmore‘s Chivas Gold-Silver Project in Sonora State, Mexico and Threegold‘s South Bay Gold Project in the Val-d’Or mining camp southeast of Standard-Duverny.

Bowmore has an option of up to 70% of Chivas, which in 2007 saw 3,100 metres of drilling by X-Ore Minerales. Assays released that year included

  • 1.26 g/t gold and 182 g/t silver over 15.2 metres
  • 1.16 g/t gold and 48 g/t silver over 9.2 metres
  • 0.64 g/t gold and 25.2 g/t silver over 19.8 metres

Bowmore has built about 32 kilometres of mountain road and now has a rig onsite ready to start drilling within a 5.2-square-kilometre epithermal system.

Threegold‘s wholly owned South Bay Project got 1,819 metres of drilling in its Phase II program last year. Assays released March 15 include

  • 1.01 g/t gold over 8.3 metres
  • 0.56 g/t over 1 metre
  • 1.33 g/t over 4.9 metres
  • 0.82 g/t over 5 metres
    (including 1.79 g/t over 2 metres)

Looking back at Standard-Duverny, Goncalves says, “We’re involved in something that could be a world-class mine or even a world-class camp, but without actually having to spend money to do it. Plus, we have our 100%-owned South Bay Project which produced very positive results and will get more drilling. So we have two really good opportunities here.”

Of Bowmore, Dumas says, “We have a great strategic alliance, access to capital, a very strong share structure and some great prospects. We’ve just come out with the results from Standard Gold; we’re presently drilling Chivas; and we’re going to start another drill program in southern Quebec at our St Victor Property. We’re aggressively looking at other assets as well.”

At press time, Threegold had 108.5 million shares trading at $0.10 a share for a market cap of $10.9 million. Bowmore had 49.3 million shares trading at $0.285 a share for a market cap of $14.1 million.

Bowmore CEO Paul Dumas on Standard Gold and Duverny JV gold assays of 0.74 g/t over 68m

April 2nd, 2012

Resource Clips - essential news on junior gold mining and junior silver miningBowmore Exploration Inc TSXV:BOW in joint venture with Threegold Resources Inc TSXV:THG announced results from their Standard Gold and Duverny properties in the Abitibi region of Quebec. Highlights include

0.74 g/t gold over 68 metres
(including 19.05 g/t over 1 metre)
0.59 g/t over 44 metres
0.57 g/t over 26.5 metres
(including 6.03 g/t over 1 metre)
0.8 g/t over 16 metres
1.43 g/t over 8 metres
7.06 g/t over 1 metre
7.05 g/t over 1 metre

The Standard Gold and Duverny properties are contiguous. The property package and immediate area include three known gold deposits, including the past-producing Standard Gold Mine, which operated between 1935 and 1953. Bowmore has an option with Threegold on both properties. Bowmore may acquire a 51% interest in the Standard Gold Property by paying $280,000 and spending $4 million over a five-year period. Bowmore may acquire an additional 19% interest by spending $6 million over an additional five-year period.

We struck a deal with Osisko where they took 35% of the company. They took two of their top executives, Osisko’s President, Sean Roosen, and their Executive VP, Robert Wares, and appointed them to our board. We benefit in several ways—Paul Dumas

Bowmore President/CEO Paul Dumas tells ResourceClips.com, “We acquired this property a year and a half ago, and we optioned another property that was adjacent to it. We’ve been doing some recon work, some aeromagnetics. We want to drill 5,000 metres this year because we had some targets over the swamp areas, but we had a quick thaw in northern Quebec. So that limited us. We were only able to do about 3,800 metres. But it helps to confirm the zones that we’re looking at. It’s an old mine that was operating between the 1930s and 1940s. We wanted to target the initial shaft that was there. We did some huge stepouts, 800 to 900 metres, testing the diorite dyke. We’re pleased with the results because we’re looking for a large, bulk-tonnage, open-pittable deposit. This is a kilometric, vast ankerite altered zone.

“So we’re pleased with the results we got,” he says. “Obviously we’re going to do a follow-up this summer.

“In May or June 2009, we struck a deal with Osisko TSX:OSK where they took 35% of the company,” he points out. “They took two of their top executives, Osisko’s President, Sean Roosen, and their Executive VP, Robert Wares, and appointed them to our board. We benefit in several ways: the knowledge that they have, the deal flows that come through their door. Obviously they’re looking at deposits in excess of two million ounces, so a lot of the more grassroots projects are presented to us. If they fit our strategy, we’ll move on these transactions.

“We have properties in northern Quebec, southern Quebec and in Mexico,” Dumas adds. “Presently we’re drilling our Chivas Property in Mexico. It’s in the Sierra Madre, about 15 kilometres west of the Dolores Mine that was just bought out by Pan American Silver TSX:PAA. It’s a huge, low-sulphidization epithermal system. The results of our exploration programs define this large epithermal system. It’s about 5.2 square kilometres. There’s an extension on the other side of the northern fault that was drilled. The property was drilled prior to us by a company called Cambior and another company called X-Ore. X-Ore drilled about 3,100 metres on an exposed vein, and they got some good results. For example, they got about 15 metres of 1.26 grams per tonne gold and 182 grams per tonne silver. Our goal right now is to go into that property, drill the extensions of that zone (it’s called the Piedra Rodante Zone) and drill the epithermal system. The epithermal system is covered by a large silica cap that runs over a strike length of more than two kilometres.

“We built about 32 kilometres of road up in the mountains. All the drill pads and the drill went in there last February,” he says.

“We’ve been working all our properties hard since we brought them into our portfolio but I would emphasize Standard Gold-Duverny and also Chivas. We had a write-up last year from Canaccord’s Wendell Zerb, who called us one of his top picks for juniors for 2011. What turned him on was this project in Mexico.”

View Company Profile

Contact:
Bowmore Exploration Inc
Paul A. Dumas
President/CEO
514.861.4441

Threegold Resources Inc
Victor Goncalves
President/CEO
204.997.5517
or Sylvain Laberge
Investor Relations
514.702.9841

by Greg Klein

Bowmore, Threegold report Quebec Results of 0.74 g/t Gold over 68m

March 30th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningBowmore Exploration Inc TSXV:BOW in joint venture with Threegold Resources Inc TSXV:THG announced results from their Standard Gold and Duverny properties in the Abitibi region of Quebec. Highlights include

0.74 g/t gold over 68 metres
(including 19.05 g/t over 1 metre)
0.59 g/t over 44 metres
0.57 g/t over 26.5 metres
(including 6.03 g/t over 1 metre)
0.8 g/t over 16 metres
1.43 g/t over 8 metres
7.06 g/t over 1 metre
7.05 g/t over 1 metre

The Standard Gold and Duverny properties are contiguous. The property package and immediate area include three known gold deposits, including the past-producing Standard Gold Mine, which operated between 1935 and 1953. Bowmore has an option with Threegold on both properties. Bowmore may acquire a 51% interest in the Standard Gold Property by paying $280,000 and spending $4 million over a five-year period. Bowmore may acquire an additional 19% interest by spending $6 million over an additional five-year period.

We struck a deal with Osisko where they took 35% of the company. They took two of their top executives, Osisko’s President, Sean Roosen, and their Executive VP, Robert Wares, and appointed them to our board. We benefit in several ways—Paul Dumas

Bowmore President/CEO Paul Dumas tells ResourceClips.com, “We acquired this property a year and a half ago, and we optioned another property that was adjacent to it. We’ve been doing some recon work, some aeromagnetics. We want to drill 5,000 metres this year because we had some targets over the swamp areas, but we had a quick thaw in northern Quebec. So that limited us. We were only able to do about 3,800 metres. But it helps to confirm the zones that we’re looking at. It’s an old mine that was operating between the 1930s and 1940s. We wanted to target the initial shaft that was there. We did some huge stepouts, 800 to 900 metres, testing the diorite dyke. We’re pleased with the results because we’re looking for a large, bulk-tonnage, open-pittable deposit. This is a kilometric, vast ankerite altered zone.

“So we’re pleased with the results we got,” he says. “Obviously we’re going to do a follow-up this summer.

“In May or June 2009, we struck a deal with Osisko TSX:OSK where they took 35% of the company,” he points out. “They took two of their top executives, Osisko’s President, Sean Roosen, and their Executive VP, Robert Wares, and appointed them to our board. We benefit in several ways: the knowledge that they have, the deal flows that come through their door. Obviously they’re looking at deposits in excess of two million ounces, so a lot of the more grassroots projects are presented to us. If they fit our strategy, we’ll move on these transactions.

“We have properties in northern Quebec, southern Quebec and in Mexico,” Dumas adds. “Presently we’re drilling our Chivas Property in Mexico. It’s in the Sierra Madre, about 15 kilometres west of the Dolores Mine that was just bought out by Pan American Silver TSX:PAA. It’s a huge, low-sulphidization epithermal system. The results of our exploration programs define this large epithermal system. It’s about 5.2 square kilometres. There’s an extension on the other side of the northern fault that was drilled. The property was drilled prior to us by a company called Cambior and another company called X-Ore. X-Ore drilled about 3,100 metres on an exposed vein, and they got some good results. For example, they got about 15 metres of 1.26 grams per tonne gold and 182 grams per tonne silver. Our goal right now is to go into that property, drill the extensions of that zone (it’s called the Piedra Rodante Zone) and drill the epithermal system. The epithermal system is covered by a large silica cap that runs over a strike length of more than two kilometres.

“We built about 32 kilometres of road up in the mountains. All the drill pads and the drill went in there last February,” he says.

“We’ve been working all our properties hard since we brought them into our portfolio but I would emphasize Standard Gold-Duverny and also Chivas. We had a write-up last year from Canaccord’s Wendell Zerb, who called us one of his top picks for juniors for 2011. What turned him on was this project in Mexico.”

View Company Profile

Contact:
Bowmore Exploration Inc
Paul A. Dumas
President/CEO
514.861.4441

Threegold Resources Inc
Victor Goncalves
President/CEO
204.997.5517
or Sylvain Laberge
Investor Relations
514.702.9841

by Greg Klein