Tuesday 23rd January 2018

Resource Clips


Posts tagged ‘gold’

When the mighty fall

January 16th, 2018

The gold cartel’s a scandal in waiting, says GATA’s Bill Murphy

by Greg Klein

Don Quixote comes in two guises. Bill Murphy of the Gold Anti-Trust Action Committee associates his group with neither.

Cervantes wrote of a delusional character convinced he was protecting the local peasantry from horrific monsters as the wannabe knight charged on horseback at a windmill. The words “Quixotic” and “tilting at windmills,” however, later came to describe not delusions but the pursuit of a real and noble campaign that’s also a lost cause.

The gold cartel’s a scandal in waiting, says GATA’s Bill Murphy

Bill Murphy

Understandably, Murphy would reject any comparison with the original Quixote. He also rejects the second interpretation because, while firmly believing in GATA’s legitimacy, he sees it as anything but an exercise in futility. Especially now. That’s the message he’ll bring to the Vancouver Resource Investment Conference with his January 22 presentation, The Gold Cartel, Sex Scandals and GATA.

The recent wave of scandals has taken down some rich and previously powerful people, showing limitations to their supposed invincibility. But to Murphy, there’s an additional lesson to be learned. Disturbing conditions of injustice or corruption can fester for decades, known only to a few. They become scandals only with widespread public awareness—and the ensuing outrage.

Murphy’s concern with market machinations began as he worked for a brokerage in the 1980s. Recognizing the burgeoning Internet’s potential, he began LeMetropoleCafe.com to express his views and those of others. An epiphany of sorts came in 1998 with the collapse of Long Term Capital Management.

“I realized something was wrong when gold was capped at $300 an ounce. We knew that LTCM had to get out of all their positions and they were heavily short the gold market. They couldn’t let the price go up because it would affect the positions of the bullion banks. They got together and stopped it and I realized the price was being rigged.

“At the time I thought it was just the bullion banks. Then I realized it was much bigger and included the Fed, the Treasury, the Bank for International Settlements and other central banks. It was much bigger than we realized. I started GATA with my colleague Chris Powell, who was a daily newspaper editor. That was around the end of 1998 and the beginning of 1999, when we realized the market was rigged. We decided to expose it and try to do something about it.”

The gold cartel’s a scandal in waiting, says GATA’s Bill Murphy

Nearly 20 full years have seen lots of GATA writing and presentations, along with some GATA conferences. But no big breakthrough. Undeterred, Murphy sees a parallel in current high-profile scandals taking down the likes of CBS News host Charlie Rose, NBC News host Matt Lauer, U.S. senator Al Franken and Hollywood bigshot Harvey Weinstein.

When allegations first surfaced against Bernie Madoff, “the authorities did nothing,” Murphy points out. Enron’s accolades included America’s Most Innovative Company, bestowed by Fortune for six years straight. “The people who tried to expose the company were fired.” But eventually widespread public awareness brought widespread public outrage.

“When you take on the rich and powerful, it can go on for decades,” he says. “Then all of a sudden the dam breaks. We now have mega-scandals with a senator and major media people having to resign. It’s going to be a major financial scandal in the U.S. when gold and silver prices finally blow up.”

Newton’s law of equal and opposite reaction is going to take hold. As the cartel loses control, prices are going to explode.—Bill Murphy

The markets face other serious issues too, he acknowledges. “But in my opinion, number one is how artificially low these prices are because of what this gold cartel has done. Newton’s law of equal and opposite reaction is going to take hold. As the cartel loses control, prices are going to explode.

“It’s going to happen and it’ll probably happen when many of us least expect it. But it’s coming because they’ve gone through too much physical gold and silver at too-cheap prices over the years. Eventually, when the horde moves in to buy, they won’t be able to stop it. Gold and silver are so cheap they’re the most under-valued assets on the planet. And they’re going to explode.”

Bill Murphy speaks on The Gold Cartel, Sex Scandals and GATA at the Vancouver Resource Investment Conference 2018 on January 22 at 11 a.m. GATA’s Ed Steer gives a presentation called JPMorgan and Scotiabank: Still Rigging the Silver Price on January 21 at 1:40 p.m. Click here for more VRIC 2018 information and complimentary registration.

King’s Bay Resources reports initial drill results from Labrador nickel-cobalt project

January 16th, 2018

by Greg Klein | January 16, 2018

Although collared 150 metres apart, the first two holes on King’s Bay Resources’ (TSXV:KBG) Lynx Lake property both showed nickel-cobalt values above background levels over wide intervals.

King’s Bay Resources reports initial drill results from Labrador nickel-cobalt project

Lynx Lake has the Trans-Labrador Highway
bisecting the property, as well as adjacent power lines.

Hole LL-17-01 brought 0.058% nickel and 0.013% cobalt over 115.2 metres. LL-17-02 returned 0.057% nickel and 0.014% cobalt over 110.8 metres (not true widths). The thickness of the intervals and distance between the holes suggest “potential for a more localized zone of economic mineralization in the area,” the company stated. Assays for gold, platinum and palladium are expected later this month.

The initial drill campaign tested a small part of an approximately 24,200-hectare property. Under focus was the project’s West Pit, where airborne VTEM found a shallow anomaly of high resistivity measuring about 400 metres in diameter and 50 to 300 metres in depth. Historic, non-43-101 grab sample assays from the area graded up to 1.03% copper, 0.566% cobalt, 0.1% nickel, 5 g/t silver, 0.36% chromium, 0.39% molybdenum and 0.23% vanadium.

Other historic, non-43-101 grab samples from the property’s east side showed up to 1.39% copper, 0.94% cobalt, 0.21% nickel and 6.5 g/t silver.

King’s Bay now plans geostatistical and structural analysis to identify more drill targets. A field crew returns later this year.

Meanwhile a 6% copper grade highlighted last month’s results from the company’s Trump Island project in northern Newfoundland. Four of 15 outcrop samples surpassed 1% copper and also showed cobalt assays up to 0.12%.

In September King’s Bay offered a $250,000 private placement that followed financings totalling $402,000 that closed the previous month.

Golden Dawn Minerals sets B.C. gold-copper trial mining for Q2

January 15th, 2018

by Greg Klein | January 15, 2018

With dewatering now complete, Golden Dawn Minerals TSXV:GOM plans to re-start a southern British Columbia past-producer within months, moving to full production in the latter half of the year. The company pronounced the former Lexington mine’s underground workings, east portal and decline to be in excellent condition, where a previous operator extracted 5,486 ounces of gold, 3,247 ounces of silver and 860,259 pounds of copper between April and December 2008.

Golden Dawn Minerals sets B.C. gold-copper trial mining for Q2

With underground workings in “excellent condition,”
Golden Dawn prepares to restart the Lexington gold-copper mine.

Service buildings have been renovated. Still on the checklist is new timber for the mine’s west portal, a new ladderway for the fresh air raise and installation of compressed air and water, along with electrical and ventilation services.

Lexington’s rehab coincides with that of the Greenwood plant, about 17 kilometres away. A 212-tpd mill that’s expandable to 400-tpd, it’s central to Golden Dawn’s 15,400-hectare portfolio of 31 historic mines, three of which the company hopes to re-start without de-risking at the feasibility level. Lexington’s remaining start-up costs are pegged at about $2 million.

While consultants now have a mine plan in progress, underground mapping and sampling are planned for later this month. The former mine has a 2016 resource with a base case cutoff of 3.5 g/t gold-equivalent:

  • measured: 58,000 tonnes averaging 6.98 g/t gold and 1.1% copper (8.63 g/t gold-equivalent) for 16,100 gold-equivalent ounces

  • indicated: 314,000 tonnes averaging 6.38 g/t gold and 1.04% copper (7.94 g/t gold-equivalent) for 80,200 gold-equivalent ounces

  • inferred: 12,000 tonnes averaging 4.42 g/t gold and 1.03% copper (5.96 g/t gold-equivalent) for 2,300 gold-equivalent ounces

Meanwhile the company awaits 14 holes of assays from the nearby Golden Crown drill program that wrapped up last month. That past-producer also hosts a 2016 resource with a 3.5 g/t gold-equivalent cutoff:

  • indicated: 163,000 tonnes averaging 11.09 g/t gold and 0.56% copper (11.93 g/t gold-equivalent) for 62,500 gold-equivalent ounces

  • inferred: 42,000 tonnes averaging 9.04 g/t gold and 0.43% copper (9.68 g/t gold-equivalent) for 13,100 gold-equivalent ounces

Further drilling is planned northwest, along a three-kilometre mineralized zone onto the JD property, from where the company reported high-grade gold samples last October.

The former May Mac silver-gold mine constitutes a third past-producing priority with another 2017 drill program.

Golden Dawn’s property package sits about 500 kilometres by highway east of Vancouver.

The company also reported a private placement that closed on $337,500 that came entirely from Quorum Capital Inc, wholly owned by Golden Dawn president Wolf Wiese.

Read more about Golden Dawn Minerals.

Kapuskasing drills near-surface Newfoundland copper in historic mining region

January 11th, 2018

by Greg Klein | January 11, 2018

The past-producing area’s first significant drill program since the 1960s supported historic reports of copper at northern Newfoundland’s Lady Pond property, Kapuskasing Gold TSXV:KAP reports. An initial eight holes totalling 780 metres focused on two parallel zones about a kilometre apart, the Twin Pond and Sterling prospects. Among the highlights were Sterling hole KSP17-03:

  • 1.54% copper over 3.56 metres, starting at 71 metres in downhole depth
  • (including 5.69% over 0.8 metres)
Kapuskasing drills near-surface Newfoundland copper in historic mining region

Also at Sterling, KSP17-04 showed:

  • 1.7% over 1.2 metres, starting at 26 metres
  • (including 12.9% over 0.13 metres)

Twin Pond’s KTP17-01 showed:

  • 0.31% over 9.04 metres, starting at 56.96 metres
  • (including 1.06% over 0.48 metres)

KTP17-02, again at Twin Pond, revealed:

  • 0.69% over 16.39 metres, starting at 35.61 metres
  • (including 1.06% over 1.33 metres)
  • (and including 0.98% over 8 metres)
  • (which included 1.48% over 3 metres)

  • 1.66% over 2 metres, starting at 63 metres
  • (including 2.28% over 1 metre)

True widths weren’t available.

The autumn campaign found significant mineralization despite inaccurate historic info. “It was not until hole KTP17-03 was collared that it became clear the historic holes were plotted approximately 50 metres away from their proper locations,” Kapuskasing noted. “Given this new information, the best grades noted historically were not duplicated during this drill program.”

Based on 1960s work, Sterling hosts an historic, non-43-101 estimate of about one million tonnes averaging 1% copper, reportedly open in all directions. Historic, non-43-101 drill results for Twin Pond have reached up to 4.2% copper over 3.35 metres, starting at 82.3 metres. Grab samples released last October graded up to 9.03% copper for Twin Pond, 7.19% copper for Sterling and 1.54% copper with cobalt and silver for the Lady Pond prospect.

Phase I left several priority targets untested on all three prospects. Now being planned is Phase II to attack the priorities and better identify the 2,450-hectare property’s high-grade zones at depth and along strike, the company added.

With logging road and ATV access, the project sits adjacent to the town of Springdale, near Newfoundland’s north coast. Rambler Mining and Metals TSXV:RAB holds a base metals mill 94 road kilometres away. Rambler also holds two historic, non-43-101 copper resources contiguously west of Lady Pond.

Two days earlier Kapuskasing announced its entry into the Gunners Cove area, where White Metal Resources TSXV:WHM and other companies are exploring a potentially unique gold-bearing geological environment. Kapuskasing’s newly staked ground lies roughly 200 kilometres southwest of the company’s Daniel’s Harbour zinc project.

In August the company closed private placements totalling $115,000, following a $201,200 placement that closed in June.

Read Isabel Belger’s interview with Kapuskasing Gold president/CEO Jon Armes.

Read Gianni Kovacevic’s comments on future copper demand.

Mountain Boy Minerals/Decade Resources cut 6.6 g/t gold over 11 metres, 7.05 g/t over 9 metres in NW B.C.

January 9th, 2018

by Greg Klein | January 9, 2018

It’s not just the lure of gold but the high-grade stuff that keeps Mountain Boy Minerals TSXV:MTB and its friends drilling the steep slopes of northwestern British Columbia’s Golden Triangle. A new year batch of assays from the Red Cliff project delivered just that, with several impressive intercepts from the property’s Montrose zone.

Mountain Boy has a 35% stake in the project, with joint venture partner Decade Resources TSXV:DEC holding the remainder. The companies share more complicated ownership of nearby acquisitions.

Mountain Boy Minerals/Decade Resources cut 6.6 g/t gold over 11 metres, 7.05 g/t over 9 metres in NW B.C.

Access roads wind their way to Red Cliff’s lofty heights.

Last year’s work traced a mineralized system over Red Cliff for two kilometres. These results constitute the final assays from Montrose, which underwent 35 holes in 2017. Five more were sunk on the Red Cliff zone and another 11 on Waterpump.

Early assays for Waterpump, where core has revealed visible gold, were released in October. They followed September results from the property’s Red Cliff and Montrose zones. Additional Waterpump assays are pending. Mountain Boy considers the three areas to constitute a single zone that was displaced by faulting.

Some highlights from the final Montrose batch show:

Hole DDH-MON-7

  • 10.2 g/t gold over 1.52 metres, starting at 237.5 metres in downhole depth

  • 5.88 g/t over 5.03 metres, starting at 251.83 metres

  • 10.4 g/t over 1.52 metres, starting at 264.39 metres

DDH-MON-8

  • 14.6 g/t over 2.2 metres, starting at 241.01 metres

DDH-MON-13

  • 5.28 g/t over 2.9 metres, starting at 45.27 metres

DDH-MON-29

  • 2.62 g/t over 8.08 metres, starting at 82.77 metres

  • 7.05 g/t over 9.15 metres, starting at 96.85 metres

  • 2.06 g/t over 9.15 metres, starting at 112.2 metres

DDH-MON-31

  • 5.75 g/t over 3.05 metres, starting at 352.44 metres

  • 6.6 g/t over 11.19 metres, starting at 374.79 metres
  • (which includes 13.9 g/t over 2.04 metres)
  • (and also includes 13.7 g/t over 3.05 metres)

True widths weren’t available.

Recent results will be incorporated with data from 2007 to 2012 to calculate Red Cliff’s maiden resource, expected this year.

In another high-grade Golden Triangle JV, Mountain Boy (20%) and Jayden Resources TSXV:JDN (80%) announced assays last November from a new gold zone northeast of their Silver Coin deposit, following last year’s 14-hole, 2,226-metre campaign.

Mountain Boy’s third 2017 drill program had 500 to 600 metres planned for the 100%-held Surprise Creek property. Forsaking gold this time, the target was barite, a mineral essential to oil and gas exploration. The company also holds the Manuel Creek zeolite project in south-central B.C.’s Okanagan region.

Among new faces joining the company last month, incoming president/CEO/director Mark Brown holds 25 years of financial and mining experience. A chartered accountant, he founded Rare Element Resources and built it into a $500-million company listing on the NYSE Amex exchange. New CFO/corporate secretary Winnie Wong is also a CA with extensive mining company experience.

Joining the BOD is well-known commentator and industry executive Lawrence Roulston. His nearly 40-year career includes executive positions with numerous B.C. exploration companies. He currently acts as managing director of WestBay Capital Advisors.

In October Mountain Boy offered a private placement of up to $300,000.

Read Isabel Belger’s interview with Mountain Boy Minerals chairperson René Bernard.

See an infographic about B.C.’s Golden Triangle.

Kapuskasing goes after gold in Newfoundland’s Gunners Cove area

January 9th, 2018

by Greg Klein | January 9, 2018

A possibly unique discovery by another company has brought Kapuskasing Gold TSXV:KAP back to Newfoundland’s Great Northern Peninsula. The company staked three blocks totalling 1,625 hectares near the town of St. Anthony, proximal to White Metal Resources’ (TSXV:WHM) Gunners Cove project. Last November White Metal announced highly anomalous gold and other metal values in samples taken from black shale on a wide area of the property, which had previously seen very little exploration.

Kapuskasing goes after gold in Newfoundland’s Gunners Cove area

Kapuskasing’s new turf covers “the same favourable geology,” the company stated. “This could potentially be a very important new discovery in a unique geological environment similar to that of other large gold deposits hosted in black shale environments around the world.”

“It’s grassroots, but these early days are interesting,” Kapuskasing president/CEO Jon Armes tells ResourceClips.com. “We need a presence there because this looks like it could turn into a whole new camp, a whole new geological environment that’s underexplored. And the best way to position yourself is by staking claims, with the advantage of having 100% interest with no underlying royalties. I think we’ll get more insight after the snow’s gone, when people get their boots on the ground and take a closer look.”

Kapuskasing intends to compile an exploration program over the next few months.

The acquisition expands the company’s Great Northern presence. In September Kapuskasing finalized a 100% option agreement on Daniel’s Harbour, roughly 200 kilometres southwest. The former zinc mine produced around seven million tonnes averaging 7.8% zinc between 1975 and 1990 from a Mississippi Valley Type deposit.

Off the peninsula but close to Newfoundland’s northern coast, assays are expected soon from Kapuskasing’s flagship Lady Pond project, where drilling began in November. Recent grab samples and historic, non-43-101 drill results have returned high copper grades.

Read Isabel Belger’s interview with Kapuskasing Gold president/CEO Jon Armes.

Step-out drilling grows potential of Rockcliff Metals’ historic zinc deposit in Manitoba

December 20th, 2017

by Greg Klein | December 20, 2017

Step-out drilling grows potential of Rockcliff Metals’ historic zinc deposit in Manitoba

A late autumn drill campaign on one of the priority properties in Rockcliff Metals’ (TSXV:RCLF) extensive Snow Lake portfolio shows potential to expand the historic Bur zinc-polymetallic deposit. Assays from 10 step-out holes totalling 3,250 metres brought zinc grades up to 3.18%, with 7.2% zinc-equivalent, over 4.85 metres. Another star result showed 1.76% zinc, with 5.9% zinc-equivalent, over 6.91 metres.

Each hole intersected the Bur VMS horizon, a potentially 8,000-metre-long mineralized area hosting the historic deposit adjacent and to the northeast of the drill targets, stated president/CEO Ken Lapierre. “The potential to identify additional resources along this important horizon is considered excellent and will be the focus of upcoming drill programs.”

Some highlights from the most recent campaign show:

Hole RBU002

  • 1.76% zinc, 0.96% copper, 0.59% lead, 0.26 g/t gold and 32.76 g/t silver, for 5.9% zinc-equivalent over 6.91 metres, starting at 269.65 metres in downhole depth
  • (including 0.99% zinc, 2% copper, 0.86% lead, 0.57 g/t gold and 56.35 g/t silver, for 9.1% zinc-equivalent over 2.43 metres)

RBU005

  • 1.65% zinc, 1.84% copper, 0.15% lead, 0.05 g/t gold and 15.32 g/t silver, for 6.8% zinc-equivalent over 4.25 metres, starting at 302.82 metres
  • (including 0.5% zinc, 6.18% copper, 0.08% lead, 0.04 g/t gold and 31.31 g/t silver, for 16.9% zinc-equivalent over 0.96 metres)

RBU007

  • 3.18% zinc, 1.41% copper, 0.13% lead, 0.04 g/t gold and 13.25 g/t silver, for 7.2% zinc-equivalent over 4.85 metres, starting at 231.15 metres
  • (including 5.38% zinc, 1.95% copper, 0.2% lead, 0.05 g/t gold and 15.62 g/t silver, for 10.9% zinc-equivalent over 2.85 metres)

True widths weren’t available.

Dating to 2007, Bur’s historic, non-43-101 estimate used a zinc-equivalent cutoff of 5%:

  • indicated: 1.05 million tonnes averaging 8.6% zinc, 1.9% copper, 12.1 g/t silver and 0.05 g/t gold

  • inferred: 302,000 tonnes averaging 9% zinc, 1.4% copper, 9.6 g/t silver and 0.08 g/t gold

Rockcliff’s 100% earn-in from Hudbay Minerals TSX:HBM requires $3 million in spending over four years. Hudbay owns a copper-zinc concentrator about 22 kilometres by road from Bur.

Earlier this month Rockcliff released a resource update for its Talbot flagship, another VMS property in the company’s roughly 45,000-hectare central Manitoba Snow Lake portfolio. The package includes gold projects too. Last month the company reported 17 geophysical anomalies over the Laguna property, site of a former gold mine.

With three of the projects active, Rockcliff’s entire portfolio sits within trucking distance of two Hudbay processing facilities. Included are two copper-polymetallic deposits with resource estimates, three zinc deposits with historic, non-43-101 estimates, five gold projects and a non-core zinc project recently optioned to Nevada Zinc TSXV:NZN.

Rockcliff closed an oversubscribed private placement of $1.35 million in August.

Read more about Rockcliff Metals here and here.

Golden Dawn Minerals adds another gold-silver property to its portfolio of advanced B.C. assets

December 19th, 2017

by Greg Klein | December 19, 2017

Part of a strategy to gather advanced-stage to near-production properties, Golden Dawn Minerals TSXV:GOM has picked up another British Columbia project. Situated 35 kilometres north of Revelstoke and 600 kilometres east of Vancouver, the 3,052-hectare J&L gold-silver-base metals property will function separately from the company’s Greenwood mining camp revival in southern B.C.

Golden Dawn Minerals adds another gold-silver property to its portfolio of advanced B.C. assets

J&L’s infrastructure includes a 40-person camp.

J&L comes with historic resources for three zones, paved highway and forestry road access, a rail siding and loading facility in Revelstoke, a 40-person camp, maintenance buildings, workshops and a fleet of underground mining equipment.

As part of a 2012 preliminary economic assessment, Huakan International Mining compiled a resource that Golden Dawn considers historic and non-43-101:

Main zone

  • measured and indicated: 3.95 million tonnes averaging 5.68 g/t gold and 56.5 g/t silver for 722,000 ounces gold and 7.18 million ounces silver

  • inferred: 4.34 million tonnes averaging 4.16 g/t gold and 57.8 g/t silver for 580,200 ounces gold and 8.06 million ounces silver

The company also reported M&I grades of 1.94% lead and 3.56% zinc, for a gold-equivalent grade of 8.56 g/t. The inferred category shows 1.82% lead and 2.72% zinc, for 6.76 g/t gold-equivalent.

Footwall zone

  • inferred: 363,000 tonnes averaging 3.65 g/t gold and 25.4 g/t silver for 42,500 ounces gold and 296,000 ounces silver

With 0.55% lead and 0.51% zinc, the gold-equivalent grade comes to 4.49 g/t.

Yellowjacket zone

  • indicated: 1 million tonnes averaging 0.21 g/t gold and 64.1 g/t silver for 6,900 ounces gold and 2.07 million ounces silver

  • inferred: 35,000 tonnes averaging 0.35 g/t gold and 81.9 g/t silver for 400 ounces gold and 91,000 ounces silver

The indicated category also showed 2.77% lead and 9.08% zinc, while base metals inferred grades came to 3.18% lead and 6.26% zinc.

The mineralized zones have been drilled up to 1.5 kilometres along strike and as much as 850 metres down-dip, remaining open.

A three-option agreement outlines several steps of cash payments and share issues to the vendor, as well as spending and work requirements to earn an initial 51% interest and subsequently full ownership of the project.

Golden Dawn Minerals adds another gold-silver property to its portfolio of advanced B.C. assets

Underground rehab readies the
Lexington past-producer for trial mining.

Golden Dawn plans to update the 2012 PEA and, given positive results, conduct further work including underground drilling, decline and drift development and metallurgical tests to move towards pre-feasibility.

Meanwhile work continues at the Greenwood camp 500 kilometres east of Vancouver, where Golden Dawn hopes to re-start a number of former mines within 15 to 20 kilometres’ radius of the company’s 212-tpd mill. Earlier this month Golden Dawn released another batch of gold-copper assays from the Golden Crown past-producer. The nearby Lexington gold-copper past-producer has dewatering and underground rehab underway, part of a plan to begin trial mining. Given the infrastructure in place, Golden Dawn proposes to re-start the former mines without de-risking at the feasibility level.

The company also announced three personnel additions this month. Geological consultant Peter Cooper’s 41-year career includes work as chief geologist and operations manager for Kinross Gold’s (TSX:K) Kettle River operations, about 40 kilometres south of the Greenwood camp. He’s helped put three gold mines into operation, including Kinross’ Buckhorn mine, 20 kilometres from Lexington.

Another consulting geologist, Serguei Soloviev has worked on a number of B.C. and Yukon gold and copper projects as well as serving as Rio Tinto Exploration’s chief geologist for Russian operations from 2010 to 2016. Soloviev has written over 50 technical papers for peer-reviewed journals.

Diana Mark joins the team as VP of corporate affairs. With over 25 years’ experience in corporate and regulatory compliance, she’s been providing consulting services to the company since January.

In September Golden Dawn closed private placements totalling $2.3 million, followed by another $2.36 million last month.

Read more about Golden Dawn Minerals.

King’s Bay Resources samples 6% copper in Newfoundland, awaits Labrador cobalt assays

December 15th, 2017

by Greg Klein | December 15, 2017

A three-day Phase I field program in northern Newfoundland brought encouraging copper grades for King’s Bay Resources’ (TSXV:KBG) Trump Island project. Out of 15 samples taken from outcrop, four surpassed an upper detection limit of 1% copper, with results showing:

King’s Bay Resources samples 6% copper in Newfoundland, awaits Labrador cobalt assays

  • >10,000 ppm copper, 303 ppm cobalt and >6 ppm silver

  • >10,000 ppm copper, 1,213.6 ppm cobalt and 21.1 ppm silver

  • >10,000 ppm copper, 634.5 ppm cobalt and 27.4 ppm silver

  • >10,000 ppm copper, 272.3 ppm cobalt and 28.7 ppm silver

With those numbers from aqua regia digestion Ultratrace ICP-MS analysis, King’s Bay sent the first sample to a second lab for additional tests using ICP and ore grade analysis, with the following result:

  • 6.07% copper, 0.03% cobalt and 14.4 ppm silver

Grab samples don’t represent the entire property, King’s Bay cautioned. But the company sees further exploration warranted for next spring. The boat-accessible property’s historic work dates to historic times, when in 1863 a miner from Cornwall reportedly extracted a supply of copper and cobalt for shipment to Wales. Non-43-101 results from 1999 grab sampling near the Cousin Jack’s mineshaft showed 3.8% copper, 0.3% cobalt, 2.9 g/t gold and 10.9 g/t silver. The 200-hectare property has yet to be drilled.

Last month King’s Bay wrapped up an initial two-hole, 502-metre program at its Lynx Lake cobalt project in Labrador. Assays are expected in early January but the company reported intervals of net textured gabbro totalling 164.3 metres, along with a 14.9-metre intercept of mineralized biotite gabbro. The holes targeted the West Pit area, where the company anticipates a VTEM anomaly to range from 50 to 300 metres’ depth and about 400 metres in diameter. A highway and powerlines run through the 24,000-hectare property.

King’s Bay offered a $250,000 private placement in September.

Castle Silver Resources’ Frank Basa sees cobalt exploration bringing new interest to a former silver mine

December 12th, 2017

…Read more