Monday 5th December 2016

Resource Clips


Posts tagged ‘CMC Metals Ltd (CMB)’

CMC Metals to offer $1-million private placement as it prepares to mill California gold

February 10th, 2016

by Greg Klein | February 10, 2016

A private placement of up to $1 million would help CMC Metals TSXV:CMB put a California mill back in operation to process stockpiled material. The offer will follow a 1:7 share rollback that received TSXV approval on February 10.

CMC Metals to offer $1-million private placement as it prepares to mill California gold

Pictured here under development, the lined tailings pond has been completed and CMC plans to have the mill operational within 90 days.

CMC holds a 50% stake in the Radcliff gold mine and 100% of the Bishop mill, both near the Nevada border in southeastern California. The company plans to make Bishop operational within 90 days and begin processing Radcliff material. Already complete at the mill is an upgrade to U.S. Mine Safety and Health Administration standards, as well as installation of an assay lab and a new lined tailings pond, CMC stated. Further work will include installing bird netting and drilling a vadose zone well to monitor for contaminants.

Part of the 670-hectare World Beater property, the fully permitted Radcliff has stockpiled material ready for processing. Last year project operator and 50% mine owner Pruett-Ballarat Inc reported it had connected an adit to a high-grade mineralized zone.

A 2012 resource estimate used a cutoff of 0.685 grams per short ton to show:

  • indicated: 2.13 million tons averaging 3.22 grams per ton for 200,900 ounces gold

  • inferred: 263,000 tons averaging 3.53 grams per ton for 27,100 ounces gold

A 5% NSR applies to the mine.

CMC’s private placement will consist of up to 10 units at $0.10, with each unit consisting of one share and one warrant. Two warrants will get one share at $0.12 for two years. Insiders will subscribe to over half the placement, the company added.

CMC also holds two silver properties in south-central Yukon, Silver Hart and Logjam.

MGX Minerals to acquire 100% of B.C. silica property and begin Phase I on California magnesium project

July 6th, 2015

by Greg Klein | July 6, 2015

Two July 6 announcements show MGX Minerals CSE:XMG advancing its industrial minerals portfolio. The company now plans to increase its stake to 100% of the Longworth silica property in British Columbia and begin exploration on its White Moon magnesium project in California.

MGX Minerals to acquire 100% of B.C. silica property and begin Phase I on California magnesium project

White Moon’s magnesite beds occur discontinuously
across approximately 800 metres in strike, MGX states.

MGX picked up White Moon, originally called Needles, just last month. Beginning July 13, MGX plans geochemical sampling of 40 historic trenches, mapping and outcrop sampling. Hoping to build and operate the United States’ only magnesium oxide wallboard production plant, the company plans a scoping study to assess infrastructure and potential plant locations.

MGX has engaged Jack Bal as a consultant to help advance its magnesium assets. Having raised over $50 million for junior resource companies, Bal was recently involved in mill permitting for CMC Metals’ (TSXV:CMB) Radcliffe gold project in California.

A purchase agreement with Zimtu Capital TSXV:ZC would increase MGX’s interest in the Longworth silica property to 100%. Replacing a 50% earn-in, the new deal would cost MGX 700,000 shares at a deemed price of $0.30. The road-accessible central B.C. property was considered one of the province’s top silica occurrences by the B.C. Geological Survey. MGX hopes to produce ferro-silicon, an essential alloy in iron and steel production.

The company also holds most of B.C.’s significant magnesite occurrences.

Late last month the company updated its Driftwood Creek magnesium project in southern B.C. and doubled a previous private placement offer up to two million shares at $0.30.

Read more about MGX Minerals.

Disclaimer: Zimtu Capital Corp is a client of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in Zimtu Capital.