Monday 13th July 2020

Resource Clips


Posts tagged ‘british columbia’

IMC International Mining readies summer gold-copper-silver program in B.C.

July 10th, 2020

by Greg Klein | July 10, 2020

As base camp construction nears completion, a field crew has mobilized for summer exploration that could lead to autumn drilling in central British Columbia. An acquisition that closed just last April, IMC International Mining’s (CSE:IMCX) Thane project will undergo induced polarization and mapping, along with rock, soil and silt sampling to follow up on previous gold-copper results.

IMC International Mining readies summer gold-copper-silver program in B.C.

Focus of the campaign will be Cathedral, one of six areas of interest found through previous work on the 20,600-hectare property in B.C.’s Quesnel Terrane. IP will expand on last year’s survey, covering a broader area and in greater detail. Sampling will take place over the geophysical grid. Results will be evaluated for a possible drill program before winter.

In addition to last year’s IP survey, previous work has included over 1,400 rock samples as well as soil samples. A few highlights from Cathedral, an area covering about 1.5 by two kilometres, featured 3.29% copper and 20.1 g/t gold, 2.54% copper and 7.78 g/t gold, 13.9% copper and 6.85 g/t gold, as well as 11.1% copper and 2.77 g/t gold.

IMC released copper-gold-silver sample results from Thane’s Gail and Cirque areas in May and from the property’s CJL, Mat and Lake areas early last month. The Cathedral program forms part of a plan to explore the entire property, said CEO Brian Thurston. “This region is a very active gold and copper exploration area of British Columbia, similar to B.C.’s renowned Golden Triangle. The Quesnel Terrane along the northeast contact of the Hogem batholith is an alkalic suite of rocks hosting several porphyry copper-gold deposits.”

Best known are Centerra Gold’s (TSX:CG) Mount Milligan operation 155 kilometres southeast of Thane, and the former Kemess open pit and Centerra’s feasibility-stage Kemess underground project about 116 kilometres northwest.

Late last month IMC strengthened its BOD with the appointments of Andy Graetz and Samir Patel. Graetz, a mining engineer with over 35 years’ experience, has held senior roles in Canada, the U.S., the Philippines, Kazakhstan and South Africa. Patel is a securities lawyer who brings 11 years of experience in M&A, disclosure, corporate governance and equity financings. They join a team that includes chairperson Greg Hawkins and adviser Jeffrey Reeder, as well as Thurston.

Also in June IMC offered a private placement up to $1 million. In May the company closed the final tranche of a placement totalling $1.76 million. IMC negotiated a private equity draw-down of $8 million in April.

The company also holds the early-stage Bullard Pass gold property in Arizona.

Read more about IMC International Mining.

Taranis Resources gets B.C. Ombudsperson intervention in regulatory dispute; B.C. plans Mines Act revisions

July 2nd, 2020

by Greg Klein | July 2, 2020

In what might be a unique approach to regulatory uncertainty, a would-be British Columbia miner says it has “helped set the trend towards more transparent, accessible and fair proceedings for bulk-sampling projects.” Exasperated by its dealings with the provincial mines ministry, Taranis Resources TSXV:TRO went to the province’s Ombudsperson. As a result, the company and the ministry have agreed to procedures and a timeline for the company’s permitting application.

Taranis Resources gets B.C. Ombudsperson intervention in regulatory dispute; B.C. plans Mines Act revisions

Taranis has sunk about 250 holes at Thor
since acquiring the Kootenay property in 2006.
(Photo: Taranis Resources)

Taranis proposes to conduct a 10,000-tonne sample as part of the feasibility studies for the Thor project in southeastern B.C. The 3,172-hectare property hosts five historic mines and a potential silver-gold-lead-zinc-copper open pit.

Last March the company castigated B.C.’s Ministry of Energy, Mines and Petroleum Resources, charging that a supposedly 60-day review had dragged on since September 2019, involving 28 government reviewers, “multiple catastrophic deficiencies and concerns,” and “moving goalposts.”

But on July 2 CEO John Gardiner thanked the ministry and the Ombudsperson “for formulating a number of positive measures that pertain not only to Taranis, but to B.C.’s exploration and mining sector as a whole.”

The resolution calls for draft engineering drawings of a water management plan and tailings storage facility to be completed with ministry collaboration within three to four weeks before being sent to the province’s Mine Development Review Committee for comments.

“Taranis expects the permit recommendation to be sent from EMPR to the statutory decision maker this year,” the company stated. “EMPR will try to complete this work by August 31, 2020, in order to mitigate further delay.”

We wish to thank the Ombudsperson’s office and EMPR … for formulating a number of positive measures that pertain not only to Taranis, but to B.C.’s exploration and mining sector as a whole.—John Gardiner,
Taranis Resources CEO

Taranis also stated that the ministry committed to completing and posting online a draft policy and information bulletin entitled Permitting Custom and Pilot Mill Operations, and a fact sheet for bulk sampling.

The province has been blamed for “moving the goalposts” on another mining proposal, and in this case the criticism came from a Supreme Court judge. But although the court ordered the government in 2013 to reconsider Pacific Booker Minerals’ (TSXV:BKM) application to build the Morrison copper-gold-molybdenum mine, the company still faces regulatory uncertainty. Late last month independent MLA and former Green leader Andrew Weaver accused the government of imposing conditions too vague for compliance. “For Pacific Booker, this order has been tantamount to a rejection of its project without the ministry formally saying no,” he charged.

Also last month B.C.’s New Democrat government announced proposed updates to the province’s Mines Act. Among the changes would be the separation of health and safety enforcement from responsibility for permitting decisions.

A newly created chief auditor’s staff would inspect mines and issue orders to rectify dangers to people, property or the environment.

Mine inspectors would gain stronger powers to stop work until remedial environmental protection takes place, and broader authority to conduct inspections. Inspections could include “indigenous accompaniment.”

Belmont Resources to begin first systematic exploration of historic B.C. property

July 2nd, 2020

by Greg Klein | July 2, 2020

Following recently announced plans for its nearby Athelstan-Jackpot project in southern British Columbia’s Phoenix-Greenwood camp, Belmont Resources TSXV:BEA has now released a summer agenda for its Come By Chance claims.

Belmont Resources to begin first systematic exploration of historic B.C. property

Both hosting a powerline route, the two properties sit on either side of Highway #3, roughly 500 kilometres east of Vancouver, and on a mineralized trend from the former Phoenix mine three kilometres northwest. The trend also runs through the company’s Black Bear and Pride of the West properties.

This month the newly optioned 527-hectare Come By Chance project gets an airborne high-res imagery survey to map old shafts, mine dumps, showings and rock exposures. The resulting data will be overlaid onto a 3D Digital Terrane Model to help guide future exploration.

Plans also call for a deep-penetration induced polarization survey of the entire property to investigate a possible porphyry system. A sampling program will target the property’s numerous showings, pits and adits. Despite the location in a busy former mining camp, this will be CBC’s first systematic exploration campaign.

“Early indications are that the Come By Chance property provides a huge potential for a large mineralized porphyry system containing a broad spectrum of mineralization types including copper-silver-gold-bearing skarn zones, gold-bearing massive sulphide veins, and gold-bearing epithermal quartz veining,” said president/CEO George Sookochoff. “Our 2020 exploration program is designed to acquire further evidence to substantiate the presence of this system.”

Late last month the company announced Athelstan-Jackpot plans that also included IP and airborne imagery, as well as possible drilling.

Belmont’s regional portfolio includes the Pathfinder gold-polymetallic property and an LOI for the Lone Star property across the border in Washington state. The company also holds interests in the Crackingstone uranium property in northern Saskatchewan and the Kibby Basin lithium property in Nevada.

Last month Belmont offered a private placement up to $25,000. In May the company closed the final tranche of an over-subscribed placement totalling $199,665.

A critical first for the U.S.

June 26th, 2020

Ares Strategic Mining has near-term plans for the country’s only fluorspar operation

by Greg Klein | June 26, 2020

The way James Walker tells it, Utah’s Lost Sheep fluorspar mine was down to a part-time operation for just two men. Having seen better days between 1948 and 2007, operations dwindled to the point that “a couple of old guys were just driving a loader straight into the face of the fluorspar and putting that into bags. The grade was so rich that was all they had to do. So they just did that a couple of days a week and then they’d go off and fish most of the time.”

Ares Strategic Mining has near-term plans for the country’s only fluorspar operation

VP of exploration Raul Sanabria at
one of the project’s fluorspar showings.

Sounds idyllic, but the president/CEO of Ares Strategic Mining TSXV:ARS saw far greater potential. Walker was looking for a project “that was close to cash-flow and didn’t need a huge investment like $20 million to boost production,” he relates. “We looked over a couple of hundred projects and this one came up. It had been overlooked because the mineral itself wasn’t very well known. It was the only mine in all of America that was permitted and producing fluorspar.”

A year of effort consummated in February with Ares’ 100% acquisition which, along with additionally staked claims, delivered a 586-hectare potentially near-term producer that would comprise an American mining monopoly.

That’s based on a bold plan to move forward without the usual 43-101 de-risking stages. Walker attributes his confidence partly to the project and partly to the market.

As he said, fluorspar isn’t well known. But it’s highly coveted nonetheless. Also known as fluorite and more technically referred to as calcium fluoride (CaF2), it’s considered a critical mineral by the U.S. and EU.

Acidspar, the higher-priced fluorspar grading over 97% CaF2, is used to create hydrofluoric acid for refrigerants, pharmaceuticals and electronics, among other applications, and is also used in lithium-ion batteries and aluminum production. Lower-priced metspar, grading under 97%, goes into steel and cement production.

China produced over 57% of world fluorspar supply last year, according to U.S. Geological Survey data, followed by Mexico at 17%. With no significant production of its own, the U.S. has been importing about 66% of supply from Mexico, 13% from Vietnam, 8% from South Africa and 6% from China. Several of the world’s mines have been operating at or near full capacity, the USGS added. Roskill considers China likely to become a net fluorspar importer.

Ares Strategic Mining has near-term plans for the country’s only fluorspar operation

Assays are pending from last spring’s
delineation and exploration drill campaigns.

Ares’ work so far has Walker enthusiastic.

Although assays are still to come, last spring the company sunk 12 holes totalling 900 metres to delineate the old guys’ target area. Another five-hole, 300-metre exploration program revealed visible fluorspar in three holes. Metallurgical tests, meanwhile, upgraded Lost Sheep material beyond 97% CaF2, into the higher-priced acidspar level. That highlights the potential for bulk mining instead of selective extraction, Walker says.

He foresees possible production by October or even September with an initial 15- to 20-person operation. The mine plan calls for an adit to intersect a fluorspar-bearing pipe which would be drilled and blasted from the bottom. An underground loader or conveyor belt would move material to a truck which would carry it to the company’s own crushing, grinding, flotation and bagging facility.

“We also have a stockpile of discarded low-grade just sitting there. The other guys couldn’t sell it, they didn’t have a refining process.”

An impressive vote of confidence quickly came from the Mujim Group, a multinational fluorspar mining and distribution company. Soon after Ares announced the Lost Sheep acquisition, Mujim engineers visited the property. A strategic partnership resulted, with the group buying a 9% stake in Ares. Mujim managing director Bob Li joined Ares’ board earlier this month, bringing with him experience running fluorspar mines in Thailand and Laos, along with fluorspar trading companies in India, China and the Emirates. He’ll advise Ares on topics ranging from equipment selection and mining methods to processing techniques.

Walker himself is an engineer, not a common background for a junior mining CEO but especially suitable for a near-term producer. He’s worked on design projects for nuclear reactors, submarines, chemical plants, factories, infrastructure and automotive machinery, as well as mine processing facilities.

In charge of the Lost Sheep mine plan is Keith Minty, a mining engineer with 26 years of project development and operation experience over three continents. “He’s helped put nine mines into production that are way bigger than ours,” enthuses Walker.

Ares Strategic Mining has near-term plans for the country’s only fluorspar operation

CEO James Walker foresees operations
by September or October.

VP of exploration Raul Sanabria’s 20-year background includes five years with the Minersa Group, an industrial minerals company that’s Europe’s largest fluorspar producer. Denise Nunes brings over 20 years of experience as a process engineer and metallurgist to manage Ares’ bench testing and design a processing facility.

“We’re quite well-connected in the mining world so we have access to the best personnel for this project,” Walker emphasizes.

He points to financial backing too. Sprott Capital Partners helped broker a private placement that closed on $1.97 million in February. Haywood Securities acted as financial adviser on an over-subscribed private placement that closed on $1.13 million earlier this month. Walker anticipates a debt financing with Sprott on completing the mine plan.

In northern British Columbia, meanwhile, the company acquired the Liard fluorspar project last April. The highway-accessible 476-hectare property comes with historic, non-43-101 resources for seven areas. A joint venture, possibly with Mujim, might be the vehicle to drive the project, Walker says.

Other acquisitions are possible too, especially in the U.S., he adds. Should all go to plan with Lost Sheep, Ares would hold an American mining monopoly on fluorspar. That’s a distinction Walker would like to maintain.

Watch a January interview with Roskill analyst Adam Coggins on fluorspar demand and prices.

Does B.C. use regulatory uncertainty as a political ploy? Former Green leader cites Pacific Booker

June 25th, 2020

by Greg Klein | June 25, 2020

Regulatory limbo might have been deliberately imposed on a British Columbia mining proponent for political reasons. That’s a concern raised by MLA Andrew Weaver as he once again questioned the provincial government’s handling of Pacific Booker Minerals’ (TSXV:BKM) proposed Morrison mine.

Does B.C. use regulatory uncertainty as a political ploy? Former Green leader cites Pacific Booker

Independent MLA Andrew Weaver

New environmental regulations introduced in 2018 don’t apply to the project, the New Democrat government states. But the former rules have been applied without clarity, Weaver argued. Addressing the legislature on June 24 the former Green leader, now an independent MLA, charged the government with stalling the project’s environmental assessment by confusing the process.

Acknowledging there’s “no smoking gun,” Weaver’s blog cited “suspicious circumstantial evidence” that the former BC Liberal government rejected the mine to gain native support for LNG projects. That government turned down the copper-gold-molybdenum proposal in 2012 although the province’s Environmental Assessment Office found that, with successful mitigation measures, the mine is “not likely to have significant adverse effects.”

Weaver’s post continued, “This is the same government that went to Ottawa in 2014 to lobby the federal government to approve [Taseko Mines’ (TSX:TKO) New Prosperity proposal], a project that had received two negative assessments by federal review panels.”

At the time mines minister Bill Bennett refused to explain the apparent contradiction.

Pacific Booker lawyered up in 2012, resulting in a 2013 B.C. Supreme Court decision ordering the province to reconsider Morrison. As Weaver noted, “Justice [Kenneth] Affleck would describe the environmental assessment process as a ‘sham’ and accuse the province of repeatedly ‘moving the goalposts’ during the assessment process.”

But in 2015 the Liberals ordered the project to undergo further assessment. Weaver’s blog pointed out the Lake Babine Nation’s uncertain support for LNG projects including the Prince Rupert Gas Transmission line. Referring to the pipeline in 2016, Weaver wrote, “Chief Wilf Adam was quoted in Business in Vancouver as saying: ‘If they overturn or change their decision in favour of PBM to start this mine, then all gloves are off—and any agreement we made with the province.”

For Pacific Booker, this order has been tantamount to a rejection of its project without the ministry formally saying no.—MLA Andrew Weaver

The NDP narrowly won the 2017 election, governing with the support of three Green MLAs. A new Environmental Assessment Act passed in 2018, but doesn’t apply to Morrison. The Liberal government’s section 17 order imposed in 2015 remains in force. But “Pacific Booker has been unable to clarify the precise nature of what is actually required in the section 17 order,” Weaver told the legislature. “For Pacific Booker, this order has been tantamount to a rejection of its project without the ministry formally saying no.”

Weaver asked environment minister George Heyman to amend and clarify the 2015 requirements. Weaver added that it’s impossible for the company to move through the regulatory process “when that process has not been defined.”

Heyman denied Weaver’s charges, saying the requirements have been specific and his staff “are working to help answer any questions that the proponent has with respect to the information required.”

Weaver quit the Greens in January after announcing his intention to leave politics for family reasons. A mathematician, climate scientist and University of Victoria professor who shared in a 2007 Nobel Prize, he accused his former party colleagues last month of preferring re-election to upholding Green principles.

Last March Taranis Resources TSXV:TRO lambasted B.C.’s current environmental review process, saying the Thor polymetallic project was stalled as the company dealt with “28 technical reviewers from four sectors” over a 17-month period.

Taranis directors argued that “it is easy to conclude that the current B.C. government is intent on eliminating the mining industry in the province by instituting a barrage of vague and ever-changing requirements for permitting and operation, with a complement of inexperienced and unqualified civil servants in positions of authority whose obvious intention is nothing less than making sure nothing gets done.”

July 2, 2020, update: Taranis Resources gets B.C. Ombudsperson intervention in regulatory dispute; B.C. plans Mines Act revisions.

Belmont Resources to begin summer program on historic southern B.C. gold property

June 23rd, 2020

by Greg Klein | June 23, 2020

Now that data on the new acquisition has been digitized and analyzed, this company’s ready to get boots on the ground, wings in the air and possibly drill bits turning. Since picking up the Athelstan-Jackpot property in southern British Columbia’s Phoenix-Greenwood camp earlier this year, Belmont Resources TSXV:BEA has been busy compiling a GIS database, a process that involved “geo-referencing, digitization and interpretation of various layers of geological data, in addition to a 3D modeling exercise aimed at generating drill targets at several mineralized zones.” As a result, this year’s agenda calls for induced polarization and airborne imagery surveys, with a hoped-for drill program before the season ends.

Belmont Resources to begin summer program on historic southern B.C. gold property

IP would cover some or all of A-J’s nine mineralized zones with 100-metre linespacing reaching depths of about 300 metres to add detail to the 3D geophysical model. Planned for early July, an airborne low-level, high-resolution imagery survey would help locate and detail previous workings, showings and rock exposures over the entire property. Following that, first-pass drilling could test one or more targets.

Although “initially very excited” about the acquisition, president/CEO George Sookochoff said that having completed “the arduous task of digitizing, compiling and reviewing all the historic data, I am only now able to fully appreciate the tremendous potential the A-J property holds for the discovery and development of both near-surface and deeper gold deposits.”

Intermittent operation at the two mines between 1900 and 1940 produced about 6,979 ounces of gold and 8,234 ounces of silver from 38,665 tons of material, according to historic records. Historic, non-43-101 trench intervals from 2003 featured 6.6 g/t gold and 12 g/t silver over 3.7 metres. Other historic 2003 results graded up to 28.4 g/t gold and 166 g/t silver over 0.3 metres.

A-J forms part of the historic Phoenix-Greenwood camp roughly 500 highway kilometres east of Vancouver. Adjacently across the 49th parallel is Washington’s Republic mining district, where Belmont signed an LOI for the Lone Star property. Back on the B.C. side, the company optioned the Come By Chance claims last month, adding them to a regional portfolio that also includes the Glenora, Pride of the West and Great Bear claims, as well as the Pathfinder project.

Belmont also holds a stake in the Crackingstone uranium property in northern Saskatchewan and the Kibby Basin lithium property in Nevada.

Earlier this month the company offered a private placement up to $25,000. In May Belmont closed the final tranche of an over-subscribed placement that totalled $199,665.

Geoscience BC projects apply new technology, digital resources for public benefit

June 12th, 2020

by Greg Klein | June 12, 2020

Geoscience BC projects apply new technology, digital resources for public benefit

Ore cores from Kimberley B.C., one of the virtual exhibits
at Below BC’s digital museum. (Photo: Below BC)

 

The maps don’t exactly state “X marks the spot” and the museum doesn’t enforce social distancing. But these two new projects help expose British Columbia geology to explorers and the public alike. Announced June 11, Geoscience BC applied cutting edge technology to produce a series of maps suggesting the probability of undiscovered mineral deposits. The non-profit also helped expand the exhibits on display at B.C.’s virtual museum of rock, mineral and fossil samples.

The methodology described in the report and the resulting predictive maps demonstrate that the application of modern statistical methods combined with machine learning can predict various types of mineral resources based on regional geochemical survey data.—Eric Grunsky,
project lead

The maps result from machine learning and multivariate statistical methods that integrated stream sediment geochemical analyses with info from the BC MINFILE database. That archive keeps records of deposits, prospects, occurrences and anomalies throughout the province. The new maps cover parts of B.C.’s south-central region, pointing to areas of increased mineral potential and offering measures of probability.

Learn more about the study.

Additionally, two regional collecting programs provided new exhibits for the province’s digital museum of geological samples. One expedition headed north from Vancouver to Kamloops, then swung south through the Kootenays, while the other toured parts of the Cariboo and northwest.

The programs were conducted by Below BC and funded by Geoscience BC. Created last year to bring the topic to a wider audience, Below BC’s museum also addresses the social history of B.C. mining. Among the online features are 360-degree virtual field trips of key locations across the province.

“This project makes some amazing collections accessible to everyone,” noted Andy Randell of Below BC. “During the COVID-19 pandemic, we’re especially proud that people can see these collections online, whether it’s for education, research or general interest.”

Visit the Below BC virtual museum.

Among other Geoscience BC leading edge projects was a bio-geochemical study of treetop clippings released last April to help assess underlying mineralization.

CSA issues report card on resource estimate disclosure

June 5th, 2020

by Greg Klein | June 5, 2020

CSA issues report card on resource estimate methodology

Projects involving precious metals and B.C.-headquartered
companies predominated among the 86 deposits under scrutiny.
(Chart: Canadian Securities Administrators)

 

How well do early-stage explorers reveal the technical data and economic assumptions behind their 43-101 resource estimates? A review by the Canadian Securities Administrators found their technical reports generally satisfactory, although often lacking in data verification as well as discussions of economic prospects and cutoff grades.

Completed in late 2018 but not reported until June 4, the study examined 86 technical reports. As a result, 10 were sent back to the issuers to be amended and re-filed. Six of those were cited for inadequate disclosure and the other four required revisions to their resource estimates. Conducting the study were seven staffers from securities commissions in British Columbia, Ontario and Quebec.

CSA issues report card on resource estimate methodology

The review looked at 33 aspects of seven broad issues of disclosure: the QP’s experience; data verification; mineralogical controls and geological model; data analysis; resource estimation and classification; reasonable economic prospect of eventual mining; and reporting sensitivities, risks and uncertainties.

Among problematic areas was data verification, a vital issue concerning results from previous operators. The study found the process inadequate for recent data in over 20% of reports, and over 30% for historic data.

In several cases economic prospects were stymied by insufficient info regarding metallurgy, costs, prices and restraints. Reporting of overall sensitivity and risks was another issue of concern, especially where companies used boilerplate language instead of discussing risks specific to their projects.

Cutoff grades didn’t always have the base case emphasized, the study found, and not all cutoff grades came with a necessary discussion of reasonable economic prospects.

But the study found good work too. “Despite some deficiencies, many technical reports provided detailed and useful information on geological constraints applied to the estimate, and on statistical treatment of the data.”

“Robust technical reports are essential to disclosure at key project development stages,” noted Louis Morisset, CSA chairperson and president/CEO of l’Autorité des marchés financiers. “Our intention for publishing this guidance in the current environment is to support mining issuers in preparing their resource estimates, and to reinforce the importance of technical reports that are transparent and comply with disclosure requirements and industry best practices.”

As part of their ongoing disclosure review, securities commissions staff “will pay special attention to [mineral resource estimates] and the areas of inadequate disclosure identified,” the report added.

Download the CSA Review of Mineral Resource Estimates in Technical Reports.

IMC International Mining releases historic B.C. copper-gold-silver results, prepares summer campaign

June 4th, 2020

by Greg Klein | June 4, 2020

A compilation of previously collected high-grade assays from three more areas completes a review of this newly acquired central British Columbia project. On June 4 IMC International Mining CSE:IMCX released copper-gold-silver results from the CJL, Mat and Lake areas of its Thane property, following similar reviews announced last month for the Cathedral, Gail and Cirque areas.

The property’s six areas came under scrutiny to re-assess over 1,400 rock samples, along with soil samples and a 2019 induced polarization survey undertaken by previous operators, as well as regional airborne magnetics conducted by Geoscience BC.

The review “demonstrates the presence of significant copper-gold mineralization throughout the 206-square-kilometre Thane property,” commented IMC president/CEO Brian Thurston. “With the Cathedral area modelled as an alkalic porphyry, and such systems usually occurring in clusters, the copper and gold values detected on the property to date highlight the potential for other significant discoveries.”

IMC International Mining releases historic B.C. copper-gold-silver results, prepares summer campaign

Of 56 rock samples collected at CJL in 2016, 31 surpassed 0.1% copper and 10 exceeded 1% copper. Some highlights include:

  • 9.51% copper and 16.7 g/t silver

  • 8.82% copper and 16.6 g/t silver

  • 5.18% copper and 9.4 g/t silver

  • 3.1% copper and 28.9 g/t silver

  • 2.25% copper and 3.3 g/t silver

Among results suggesting yellow metal potential, one sample assayed 0.632 g/t gold, as well as 1.06% copper and 2.74 g/t silver.

At Thane’s Mat area, historic, non-43-101 assays include 41 chip samples dating to 1983 that averaged 746 g/t silver. That vein also yielded a 2015 grab sample with a non-43-101 grade of 4,950 g/t silver, 1.5% copper, 3.3% lead and 1.2% zinc.

A 2012 discovery, the Lake area also underwent extensive sampling. Historic, non-43-101 results from 141 rock samples showed 77 samples above 0.1% copper, with 15 samples surpassing 1%. As for gold, 39 samples exceeded 0.1 g/t. Eight of them reached beyond 1 g/t gold.

Some non-43-101 Lake highlights include:

  • 4.56% copper and 3.81 g/t gold

  • 3.37% copper and 1.39 g/t gold

  • 3.08% copper and 1.34 g/t gold

  • 2.55% copper and 3.07 g/t gold

  • 1.85% copper and 1.2 g/t gold

  • 1.01% copper and 1.33 g/t gold

  • 0.77% copper and 1.2 g/t gold

  • 0.73% copper and 1.28 g/t gold

The company’s summer agenda calls for mapping, geochemical sampling and an IP survey, possibly leading to a fall drill campaign. “Although the focus for IMC this summer will be at the Cathedral area, IMC has plans to revisit all of these other areas, advancing them through exploration and evaluating their potential,” said Thurston.

The company also holds the early-stage Bullard Pass gold property in Arizona. Last month IMC closed private placements totalling $1.76 million. In April the company negotiated a private equity draw-down of $8 million.

Read more about IMC International Mining.

Gaia Metals signs LOI for Idaho gold-silver project with historic high grades

June 4th, 2020

by Greg Klein | June 4, 2020

Impressive earlier work in one of the world’s top-ranked mining jurisdictions has brought new attention to a neglected property. Under terms of a non-binding letter of intent Gaia Metals TSXV:GMC would pick up Freeman Creek, a 599-hectare site of previous trenching, drilling and mining. Two targets about three kilometres apart have the company especially encouraged.

Gaia Metals signs LOI for Idaho gold-silver project with historic high grades

Mineralization at the Gold Dyke prospect has been traced for 457 metres along strike and 183 metres at depth. Trench samples as far back as 1910 brought obviously non-43-101 results as high as:

  • 6.86 g/t gold and 199 g/t silver over 7 metres

  • 5.49 g/t gold and 130 g/t silver over 5.8 metres

  • 19.9 g/t gold, 65 g/t silver and 1.05% copper over 3.7 metres

One grab sample reached 60 g/t gold and 1,440 g/t silver.

An historic 1970s-era drill intercept brought:

  • 0.46 g/t gold, 7.1 g/t silver and 0.1% copper over 13.7 metres

More non-43-101 assays, from two 1980s holes, showed:

  • 1.5 g/t gold and 12.1 g/t silver over 44.2 metres

  • 1.7 g/t gold and 17.1 g/t silver over 21.3 metres

Although records haven’t been found, Cominco and BHP explored Gold Dyke for large-scale copper potential during the 1990s.

The historic Carmen Creek mine prospect has delivered samples from outcrop and former workings with these non-43-101 results:

  • 14.15 g/t gold, 63 g/t silver and 1.2% copper

  • 1.8 g/t gold, 43 g/t silver and 1% copper

Should all fall into place, Gaia plans ground mapping and soil sampling, along with potential ground geophysics and summer drilling.

“The historic work at Freeman Creek appears to have only scratched the surface of this project’s potential,” said company president/CEO Adrian Lamoureux. “Coupled with a relatively simple and straightforward permitting process, we are excited to aggressively pursue this opportunity.”

Located about 15 kilometres from the town of Salmon, Freeman Creek can be reached by highway, gravel roads and trails. Last year Idaho ranked #8, up from 16th the previous year, on the most important index of the Fraser Institute Survey of Mining Companies.

A 100% interest would cost Gaia a total of $90,000, four million shares and two million warrants within a year of TSXV approval. The company would pay an additional $1 million in cash or shares on defining a gold-equivalent resource exceeding a million ounces. The vendor would retain a 2.5% NSR, half of which Gaia could buy for $1.5 million.

In Quebec’s James Bay region, Gaia’s Corvette-FCI property has yielded high-grade gold, copper-gold-silver and lithium-tantalum grades. Announced last April, a new interpretation of geophysical data found additional drilling potential. Gaia holds 100% of the project’s Corvette claims and a 75% earn-in from Osisko Mining TSX:OSK spinout O3 Mining TSXV:OIII on the FCI-East and FCI-West blocks.

Among other assets, Gaia’s portfolio includes the Pontax lithium-gold property in Quebec, the Golden silica property in British Columbia and a 40% stake in the Northwest Territories’ Hidden Lake lithium property.

Read more about Gaia Metals.