Monday 21st August 2017

Resource Clips


Posts tagged ‘gold’

Aurvista Gold president/CEO Matthew Hornor comments on the company’s $10.1-million private placement

August 15th, 2017

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Infographic: The Yukon, where mineral potential is coming of age

August 8th, 2017

by Jeff Desjardins | posted with permission of Visual Capitalist | August 8, 2017

In a remote corner of Canada’s north lies the Yukon—a territory that is renowned for both its legendary mineral potential and its storied mining history.

But while the Yukon only produced 2.2% of Canada’s gold in 2016, the territory’s considerable potential may finally be getting realized in a big way. In the last few years globally significant discoveries have been made and now mining giants such as Barrick Gold TSX:ABX, Goldcorp TSX:G and Agnico Eagle TSX:AEM are making their moves into the Yukon to get in on the action.

A coming of age story

This infographic comes from Strikepoint Gold TSXV:SKP and it showcases some of the reasons why the most important chapter in the Yukon’s mining story may just be beginning.

The Yukon: Where mineral potential is coming of age

 

Although the Yukon has been known for a long time to possess incredible mineral potential, it is only in the last few years that signs have been pointing towards this being realized in the form of globally significant discoveries, investment from major players and mines being built.

A new era in the Yukon

For gold to be produced, it must first be discovered. The Yukon has been home to some of Canada’s most exciting discoveries in the last 10 years. The new project pipeline contains impressive deposits but, even more importantly, it contains some impressive names.

White Gold

Famously found by prospector Shawn Ryan and Underworld Resources in 2008, the White Gold discovery triggered much of the modern interest in the Yukon. Kinross Gold TSX:K purchased Underworld Resources for $139.2 million at the height of the gold market. More recently, major Agnico Eagle has bought into the district for $14.52 million.

Coffee project

Discovered in 2010, this project is just kilometres away from the White Gold project. It too is based on Shawn Ryan’s claims. Most recently, Goldcorp bought the project for $520 million through its acquisition of Kaminak Gold.

Casino project

Currently under environmental review, this massive porphyry deposit owned by Western Copper and Gold TSX:WRN could be the largest mine in Yukon history, if constructed. Right now the deposit has reserves of 4.5 billion pounds of copper and 8.9 million ounces of gold.

Rackla

The only Carlin-style district in Canada, this project is being advanced by ATAC Resources TSXV:ATC. Recently ATAC generated headlines with an investment from Barrick, which put in $8.3 million while also committing up to a further $55 million to earn 70% of the property’s Orion project.

Eagle Gold

Eagle Gold is on track to become the Yukon’s largest gold-only mine in history. Victoria Gold TSXV:VIT, the project’s owner, expects its first gold pour in 2019. Currently the property’s Eagle and Olive deposits have 2.66 million ounces of gold in reserves.

Major arrivals

In the last year or so some of the world’s most prolific gold miners such as Barrick, Goldcorp and Agnico Eagle have set up shop in the Yukon—and it could be a sign that the territory is close to reaching its ultimate potential as a top-tier mining destination.

Here are some of the other reasons that miners and investors are looking northwards:

1. Government support

The Yukon government is well known for supporting prospectors and miners developing projects. Current programs include the Yukon Mineral Exploration Program, which provides a portion of risk capital to help explorers locate and grow deposits, as well as the Fuel Tax Exemption, which makes miners and other off-road industries exempt from fuel taxes.

2. A rich mining history

From the placer mining of the famous Klondike gold rush to the mining today in the Yukon, the territory has always welcomed mining. In fact, mining is still the most important private industry today in the Yukon by GDP share (19%).

3. First Nations approach

First Nations and the Yukon government have recently championed a new “government-to-government” relationship to ensure that industry, the territorial government and First Nations are on the same page for mineral projects.

4. Momentum

From Shawn Ryan’s discoveries to the arrival of majors in the region, it has been an eventful decade for Yukon miners. Many expect the best is yet to come.

Posted with permission of Visual Capitalist.

Aurvista Gold names technical advisory committee for Abitibi advancement

July 27th, 2017

by Greg Klein | July 27, 2017

Flush with $10.1 million in recent financings and data from an extensive drill campaign, Aurvista Gold TSXV:AVA continues to beef up its personnel. Three days after announcing nominees for an expanded board of directors, the company named its appointees to a newly created technical advisory committee to help further the Douay gold project in Quebec’s Abitibi.

Aurvista Gold names technical advisory committee for Abitibi advancement

“We are in a period of growth and transition and will continue putting the best people, processes and systems in place,” said president/CEO Matthew Hornor, himself a newcomer as of last May. “We are going to take a hard look at all of the project data and results to date and complete the necessary exploration and preparation work to ensure our technical decision-makers have the information and resources required to succeed.”

Just nominated to the board of directors, David Broughton and Maurice Tagami join the advisory committee as well.

Mining engineer R. Dennis Bergen’s 40-plus years of experience include managing the Golden Bear gold mine in northern British Columbia, the Cantung tungsten mine in the Northwest Territories and the Ketza River gold mine in the Yukon.

Electrical engineer John Casson specializes in infrastructure design, project evaluation and implementation analysis in world class mining and beneficiation projects. He has held senior positions on major projects including Voisey’s Bay, Mary River and the El Aouj iron ore project in Mauritania.

Previously Aurvista’s president/CEO, Jean Lafleur now moves from his current position as VP of exploration into the advisory committee. He was instrumental in discovering new reserves for McWatters Mining gold projects in the Val-d’Or and Malartic camps, as well as developing a bulk gold exploration program at the Canadian Malartic property.

Thanking Lafleur for his service, Hornor said, “He has done an admirable job leading exploration and will continue to be a key contributor as we shift to a committee approach to integrate some of the brightest minds in the industry into our exploration planning and strategy going forward.”

Aurvista’s 30,500-hectare Douay project has a highway and transmission lines crossing the property and benefits from the Abitibi region’s labour, supplies and services. A March resource update, using a 0.5 g/t cutoff, calculated an inferred category for seven zones totalling 83.3 million tonnes averaging 1.05 g/t for 2.81 million gold ounces.

The recently completed spring/summer drill program totalled 59 holes and 23,965 metres.

Far Resources’ Manitoba lithium project reveals additional spodumene-bearing pegmatite

July 27th, 2017

by Greg Klein | July 27, 2017

Far Resources CSE:FAT has identified spodumene-bearing pegmatite dykes at its Zoro project in Manitoba to a greater extent than previously understood, enhancing the property’s lithium potential. The company confirmed the presence of a dyke swarm following a field visit to the Snow Lake region property, which was originally known to host seven spodumene-bearing dykes. Far Resources announced the discovery of additional dykes earlier this month.

Far Resources’ Manitoba lithium project reveals additional spodumene-bearing pegmatite

A drill program would be necessary to determine their full dimensions, the company stated. Eighteen chip samples have been sent for assays.

Prospecting found dyke 7 exposed over 220 metres before it trends beneath a swamp. Dyke 7 has two smaller pegmatite dykes associated with it, both mineralized with spodumene and possible tantalite. One has a strike of about 80 metres and width up to 13 metres. The other shows about 75 metres in strike and two to three metres in width. Twenty-one pits and trenches have been documented from dyke 7, the company reported.

Dyke 6 outcrop was identified for about 100 metres in strike and widths of 0.5 to two metres. “It has not been exposed by trenches or pits and remains untested although spodumene is present in the dyke,” Far Resources added.

Dyke 5 extends for a 250-metre strike with widths from two to 12 metres at surface. Nineteen pits or trenches have revealed spodumene and possible tantalite.

“With the success of this field program we are looking forward to completing further work to assess dykes 2, 3 and 4 for additional mineralized pegmatites,” said president/CEO Keith Anderson. “This field work will lay the ground work for further drilling in the winter of 2017.”

In late June the company closed its acquisition of the Winston gold project in New Mexico. Last week Far Resources announced it would propose to shareholders that a new company be created to manage the project.

Aurvista Gold to expand BOD, add advisory committee to further Abitibi project

July 24th, 2017

by Greg Klein | July 24, 2017

Update: On July 27 Aurvista Gold announced its technical advisory committee members.

Following an extensive drill program and ahead of an August 15 AGM, Aurvista Gold TSXV:AVA presented a lineup of nominees for an expanded board of directors and announced a management appointment to help advance the Douay project in Quebec’s Abitibi. Still to be named are personnel for a newly created technical advisory committee.

Aurvista Gold to expand BOD, add advisory committee to further Abitibi project

Aurvista hopes Highway 109 leads
to the “next big Canadian gold story.”

A veteran of Ivanhoe Mines TSX:IVN and its predecessor Ivanplats, David Broughton shared PDAC’s Thayer Lindsley and the Association for Mineral Exploration’s Colin Spence awards for major discoveries of copper at Kamoa, Democratic Republic of Congo, and PGMs at Flatreef, South Africa. Closer to Douay, he’s worked on mining projects in the Casa Berardi, Joutel, Timmins and Kirkland Lake areas. After retiring from his full-time position with Ivanhoe, Broughton became the company’s senior adviser of exploration and geology. He also works as a consultant for other companies.

Jay Chmelauskas acts as a corporate development consultant for Lithium Americas TSX:LAC after serving a number of roles including technology development, permitting, engineering, financing, construction and commissioning with one of the company’s predecessors, Western Lithium USA. As president/CEO of Jinshan Gold Mines, he led the development of China’s largest gold-producing operation and led exploration efforts that have since brought about an additional gold mine in China.

Pierre Lebel serves as chairperson of Imperial Metals TSX:III and a director of West Kirkland Mining TSXV:WKM. Holding an MBA as well as a law degree, he was named the Mining Association of British Columbia’s 2012 Mining Person of the Year and received AME’s E.A. Scholz medal for outstanding contribution to mine development in B.C.

With over 20 years of mining finance experience, Akiko Levinson has led Irving Resources CSE:IRV and Gold Canyon Resources TSXV:GCU, as well as serving as a director of Novo Resources TSXV:NVO.

Janine North’s background includes managing logging and trucking companies, as well as Crown land tenures in B.C. A former AME director who recently retired as the CEO of the Northern Development Initiative Trust, she currently serves as a director of Conifex Timber TSX:CFF and BC Hydro.

We are focused on building the next big Canadian gold story. Establishing an independent and diverse board with experience discovering world class deposits and leading top tier companies puts Aurvista in the best possible position to achieve success.—Matthew Hornor,
Aurvista Gold president/CEO

A 35-year metallurgical engineer, Maurice Tagami acts as VP of mining operations for Wheaton Precious Metals TSX:WPM, where he’s responsible for maintaining partnerships with 21 mines and eight development projects. He also served as president/CEO of Asanko Gold TSX:AKG predecessor Keegan Resources up to July 2012.

Aurvista president/CEO Matthew Hornor will be the company’s sole management nominee for the board. Running for re-election will be chairperson Gerald McCarvill and directors Edmund King and Sean Charland.

Joining the company as VP of corporate development, Joness Lang’s most recent experience includes six years with prospect generator Riverside Resources TSXV:RRI, where he co-led equity financings, built joint ventures and strategic alliances, and negotiated numerous gold and silver acquisitions.

Aurvista plans to announce a newly created technical advisory committee made up of “personnel covering all of the key disciplines required to bring the Douay gold project to the next level,” Hornor stated.

“We are focused on building the next big Canadian gold story,” he added. “Establishing an independent and diverse board with experience discovering world class deposits and leading top tier companies puts Aurvista in the best possible position to achieve success.”

The news follows a backlog of assays released last week from a 59-hole, 23,965-metre campaign on the 30,500-hectare property and recent financings that closed on $10.1 million.

BonTerra Resources expands new gold zone at Gladiator as $40-million campaign continues

July 20th, 2017

by Greg Klein | July 20, 2017

BonTerra Resources expands new gold zone at Gladiator as $40-million campaign continues

A cross-section looking southwest shows expansion at depth.

 

A zone confirmed last month has been extended by more than 300 metres in depth as multiple rigs attack BonTerra Resources’ (TSXV:BTR) Gladiator project. Four holes released July 20 come from the Rivage Gap, a 600-metre area between the property’s Gladiator deposit and the Rivage zone to the west. The star intercept hit 21.5 g/t over 3 metres but BonTerra emphasized hole BA-17-22, which assayed 12 g/t over 3.8 metres at a depth nearly 350 metres below the zone’s last reported assay. Drilling also extended the Main and North zones at depth.

The July 20 results show:

Hole BA-17-15 (Main zone)

  • 9.1 g/t gold over 4 metres, starting at 920 metres in downhole depth
BonTerra Resources expands new gold zone at Gladiator as $40-million campaign continues

Multiple rigs ensure an abundance of core
at BonTerra Resources’ Gladiator project.

BA-17-16 (North zone)

  • 3.1 g/t over 2 metres, starting at 418 metres

BA-17-21

  • 21.5 g/t over 3 metres, starting at 572 metres (North zone)

  • 2.2 g/t over 3 metres, starting at 618 metres (Footwall zone)

BA-17-22 (South zone)

  • 12 g/t over 3.8 metres, starting at 712.2 metres

Estimated true widths average between 60% and 80%.

The South zone extension marks “the first result from our southern island location,” said VP of exploration Dale Ginn. “This location provides access to drill the Rivage Gap area to depth from the hanging wall side of the Gladiator deposit and enables us to extend the under-plunge areas of the other four zones as well.”

While Osisko Mining’s (TSX:OSK) Windfall project garners the most attention in Quebec’s Urban-Barry area play, BonTerra raised $40 million this year. The 8,126-hectare property’s campaign features at least four rigs sinking up to 40,000 metres. Crying out for a resource update is the Gladiator deposit, with an inferred 273,000 ounces gold and remaining open in all directions. Drilling focuses outside the resource area, now targeting the property’s Deep East zone, the Rivage Gap western side and Rivage Gap infill, as well as possible exploration on the contiguous Coliseum property.

BonTerra also plans to drill its Larder Lake project in Ontario’s Cadillac/Larder Lake break. An historic, non-43-101 estimate gives the property’s Bear Lake deposit an inferred 683,000 gold ounces, while the Cheminis deposit has a non-43-101 estimate of 43,800 gold ounces indicated and 233,400 ounces inferred.

Read more about BonTerra Resources.

Castle Silver Resources adds gold to cobalt-silver assays, expands drilling at Ontario past-producer

July 19th, 2017

by Greg Klein | July 19, 2017

As underground mini-bulk sampling brings high-grade results, Castle Silver Resources TSXV:CSR has increased its surface drill program at a former mine near Ontario’s Cobalt camp. An 82-kilogram sample of vein material taken near a first-level adit graded 1.48% cobalt, 5.7 g/t gold and 46.3 g/t silver. Nickel values are pending. Meanwhile the Phase I surface drill program that began earlier this month with a 1,500-metre goal has been increased to 2,000 metres in approximately 20 holes.

Castle Silver Resources adds gold to cobalt-silver assays, expands drilling at Ontario past-producer

Visible cobalt from a vein on Castle
Silver Resources Beaver project.

The gold grades have the company re-checking a previous batch of chip samples that weren’t assayed for the yellow metal. The company’s also extracting another sample from the same area to verify the results.

Castle Silver noted that the samples are “selective and should not be considered representative of mineralization underground or elsewhere on the property.”

Eighty kilometres southeast, Castle Silver has been collecting surface samples on its 100%-optioned Beaver project, another former silver mine with cobalt potential. Samples taken in 2013 from waste rock left by historic extraction graded 7.98% cobalt, 3.98% nickel and 1,246 g/t silver.

On closing a $882,500 financing last week, the company’s private placement total has hit nearly $2.6 million since March.

Read more about Castle Silver Resources here and here.

Barite concentrate from Mountain Boy Minerals’ B.C. project surpasses industry standards

July 18th, 2017

by Greg Klein | July 18, 2017

It’s a commodity essential to oil and gas drilling and one that the North American industry relies mostly on imports. But Mountain Boy Minerals TSXV:MTB has found barite on its Surprise Creek property in northwestern British Columbia’s Golden Triangle. Now metallurgical tests have produced a concentrate that far exceeds standards of the American Petroleum Institute, the company announced July 18.

Barite concentrate from Mountain Boy Minerals’ B.C. project surpasses industry standards

Mountain Boy explores the Golden Triangle for base
and precious metals, as well as industrial minerals.

“We are talking about a mineral which, according to the 2016 USGS report on barite, sells for an average of $198 f.o.b. mill with industry relying on imports for 78% of its needs,” said chairperson René Bernard. “With this knowledge in hand we can now promote our location within short trucking distance to deep water port, infrastructure, metal credits and proximity to key markets to attract industry partnerships. Our goal is to have a 43-101 industrial mineral resource later this year after all drilling is completed.”

Flotation tests were applied to a VMS-mineralized intercept that assayed 0.12 g/t gold, 28 g/t silver, 1.21% zinc, 0.03% lead, 0.31% copper and 46.73% barite over 18.94 metres. The hole remained open as drilling was suspended due to bad weather.

Flotation first separated copper and zinc, producing a concentrate of 26.2% copper at 70.5% recovery and 53.8% zinc at 89.1% recovery in an open cycle batch test. Higher recovery would be anticipated in a closed circuit test, the lab reported.

The tailings then underwent open circuit flotation, producing 91.6% BaSO4 at 83.2% recovery. The lab estimated that locked cycle tests could bring barite recovery closer to 90%.

The core comes from a drill hole on the Ataman zone, which extends over 1,200 metres of strike and comprises one of a number of the 100%-optioned property’s VMS zones. Last year’s surface work found a 25-metre-wide barite zone with significant base metals values 120 metres west of the hole, Mountain Boy stated. “Surface work also indicated barite zones extending to the mountaintop.”

This year’s Surprise Creek plans include further definition of sulphide/sulphide-barite zones and natural barite veins, along with additional metallurgical work on 2017 drill core, as well as the 43-101 resource.

Reporting on another northwestern B.C. project earlier this month, Mountain Boy announced the third hole in a row showing visible gold from its 35%-held Red Cliff property.

The company’s Golden Triangle portfolio also includes a 100% option on the BA project; a 20% stake in Silver Coin, a gold-silver-base metals project with a resource estimate; the MB property, with historic, non-43-101 polymetallic estimates; a 50% stake in the George property, with non-43-101 copper-silver-gold estimates; the American Creek and Bear Valley silver-base metals projects; as well as copper-gold claims. In southern B.C., Mountain Boy plans to begin PEA studies on its Manuel Creek zeolite project.

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

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

Ken Lapierre discusses Rockcliff Copper’s Flin Flon-Snow Lake portfolio of projects

July 17th, 2017

…Read more

Aurvista Gold unloads assays as drilling extends and expands Douay mineralization

July 17th, 2017

by Greg Klein | July 17, 2017

Aurvista Gold unloads assays as drilling extends and expands Douay mineralization

 

Following a $10.1-million private placement that closed the previous business day, Aurvista Gold TSXV:AVA greeted July 17 with a backlog of long-awaited assays from its Douay gold project in Quebec. The results wrap up a 59-hole, 23,965-metre campaign on Abitibi’s Casa Berardi deformation zone. Forty holes targeted the property’s four-kilometre-long porphyry trend, extension targets and mineralized zones parallel to the core porphyry system, the company reported.

Aurvista last released assays in early May.

Some high-grade highlights of the current batch came from the main porphyry zones, including the Porphyry, 20, 10, Central and new North zones:

Hole DO-17-197A

  • 0.51 g/t gold over 23.9 metres, starting at 80.4 metres in downhole depth

  • 13.35 g/t over 1.2 metres, starting at 130 metres
Aurvista Gold unloads assays as drilling extends and expands Douay mineralization

DO-17-200

  • 4.68 g/t over 4.5 metres, starting at 285 metres
  • (including 6.01 g/t over 1.5 metres)
  • (and including 7.16 g/t over 1.5 metres)

DO-17-202

  • 4.53 g/t over 9 metres, starting at 255 metres
  • (including 15.7 g/t over 1.5 metres)
  • (and including 6.86 g/t over 1.5 metres)

True widths were estimated at 90%.

DO-17-200 and 202 demonstrate additional potential along the North zone, while several strong intercepts from DO-17-187 expand known mineralization at the southern edge of the Porphyry zone, Aurvista stated.

Wide intervals were numerous too, with some standouts including 2.2 g/t gold over 23.1 metres, 2.11 g/t over 20.6 metres, 0.89 g/t over 36 metres and 0.79 g/t over 34.5 metres. The program also expanded known mineralization between the Porphyry and 20 zones, as well as one hole that extended mineralization past 600 metres in depth.

Looking at a final hole on Douay West, Aurvista sees potential to more than double the zone’s original footprint, making it a priority for further drilling. Twenty stepouts, meanwhile, confirmed the porphyry system extends northwest, the company added. Another 11 exploration holes tested VMS-style mineralization, finding results that included 1.81 g/t gold over 1.5 metres and 2.77% zinc over 6.4 metres.

The campaign naturally encourages speculation about the resource, last updated in March with a 0.5 g/t cutoff showing a total for seven zones:

  • inferred: 83.3 million tonnes averaging 1.05 g/t for 2.81 million gold ounces

Aurvista’s technical committee plans an early August site visit to help guide its next drill program, buoyed by $10.1 million in fresh financing.