Monday 24th July 2017

Resource Clips


Posts tagged ‘gold’

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.

Aurvista Gold closes $10.1-million private placement for Abitibi drilling

July 14th, 2017

by Greg Klein | July 14, 2017

A financing that began with a $7-million offer raked in gross proceeds of $6 million in charity flow-through and another $4.1 million in hard dollars, Aurvista Gold TSXV:AVA announced July 14. Insiders participated for $261,250. The total surpasses the $7.5 million raised last year to advance the Douay gold project in Abitibi’s Casa Berardi deformation zone.

Aurvista Gold closes $10.1-million private placement for Abitibi drilling

Past drilling brought visible encouragement for Aurvista Gold.

The private placement supplies “the necessary funds to carry out significant exploration and drilling in the months ahead with the aim of making new gold discoveries, connecting existing zones of mineralization and increasing resources,” said president/CEO Matthew Hornor. “We will also continue to make corporate improvements by establishing an expert technical committee and enhanced board of directors this summer.”

Using a 0.5 g/t cutoff, a March resource update for seven zones brought an inferred total of 83.3 million tonnes averaging 1.05 g/t for 2.81 million gold ounces. The company last reported assays in May, when results had been received for 25 of 53 holes totalling 21,065 metres.

Out of Douay’s 30,500 hectares, Aurvista holds a 100% interest in approximately 29,300 hectares and a 75% interest in the 1,190-hectare North West zone, a joint venture with 25% partner SOQUEM, the mineral exploration branch of the provincial government’s Investissement Québec.

Read more about Aurvista Gold.

German cops nab suspect family but fail to find 100-kilo gold coin

July 12th, 2017

by Greg Klein | July 12, 2017

German cops nab suspect family, fail to find 100-kilo gold coin

Security footage shows camera-shy suspects
passing through a train station near the museum.

Hundreds of heavily armed police, some wearing masks, raided several buildings and arrested four suspects in the theft of a 100-kilogram Canadian Maple Leaf gold coin. Worth well over $4 million, the coin fell victim to a daring heist at Berlin’s Bode Museum last March.

“We assume that the coin was partially or completely sold,” Associated Press quoted Carsten Pfohl of the Berlin state criminal office. A museum employee likely tipped off the thieves, another source told AP.

The four suspects, aged between 18 and 20, were said to be members of “a large Arab family with alleged links to organized crime,” the BBC reported. Several others are being questioned.

The arrests follow last week’s release of CCTV footage showing hooded suspects averting their faces as they walked along an otherwise deserted train station platform.

The missing coin was one of five produced by the Royal Canadian Mint, which keeps one copy in its vaults. Another, property of Barrick Gold TSX:ABX, remains on display at Toronto’s Royal Ontario Museum, where it’s part of the Teck Suite of Galleries.

Related:

Update: Far Resources mobilizes for Manitoba lithium on finding more spodumene-bearing dykes

July 11th, 2017

(Update: On July 11 Far Resources announced a helicopter-supported field crew had mobilized to assess the newly found spodumene-bearing dykes, supplement historic data and build a 3D model prior to further drilling.)

by Greg Klein | July 4, 2017

Seeing further potential for its Zoro lithium project in Manitoba, Far Resources CSE:FAT reports additional spodumene-bearing dykes on the Snow Lake region property. A field program found the dykes in trenches, pits and outcrops between previously reported dykes 5 and 7, the company stated. “Accordingly, potential exists for new spodumene-bearing dykes adjacent to dykes 2, 3, 4 and 6 on the property and the area will become the focus of upcoming field work in 2017.”

Far Resources finds more spodumene-bearing dykes on its Manitoba lithium project

Chip sampling results released in May assayed from 1.46% to 6.35% Li2O for Dyke 5 and 1.35% to 2.91% for Dyke 7. Later that month results from a seven-hole, 1,088-metre stepout drill campaign on Dyke 1 showed intercepts up to 1.2% Li2O over 38.3 metres.

Site exploration and 3D modelling has been assisted by advice from Robert Linnen of the University of Western Ontario and Tania Martins of the Manitoba Geological Survey, two pegmatite scientists who accompanied the most recent field study.

In New Mexico, meanwhile, Far Resources last month closed its acquisition of the Winston gold project, where the company hopes to begin an initial program of six to eight holes to confirm historic results. “We have compiled two separate expert teams to advance these projects and, over the coming months, we will be making some strategic decisions on how best to advance both these projects to ensure each is managed to its best advantage,” said president/CEO Keith Anderson.

With Mali gold acquisition, Cardiff Energy to become Cheetah Canyon Resources

July 10th, 2017

by Greg Klein | July 10, 2017

Update: On July 19 Cardiff Energy began trading as Cheetah Canyon Resources TSXV:CHTA.

A gold country that hosts both major miners and extensive artisanal output, Mali has now attracted Cardiff Energy TSXV:CRS to a new project. The company announced a definitive agreement on July 10 to take on a 100% interest in a property that comes with an estimated $250,000 worth of mining equipment. Emphasizing the company’s new focus, Cardiff also plans to change its moniker to Cheetah Canyon Resources.

With Mali gold acquisition, Cardiff Energy to become Cheetah Canyon Resources

Recently in operation, the Mali gold property
comes with $250,000 worth of mining equipment.

Subject to approvals, the price tag comes to an already-paid $25,000 plus nine additional $25,000 payments every three months, for a total of $250,000. The vendor also gets 2.5 million shares at a deemed price of $0.10 each.

Discussing his move into Africa’s third-largest gold-producing country, Cardiff president/CEO Jack Bal said the property had been in operation recently but closed after the previous owner suffered an accident. “Our initial plans are to do a geological program and re-assay some previously mined material. We plan to do a 43-101 technical report.”

Additionally, the company announced a private placement of up to $500,000.

Visual Capitalist: How commodities performed in H1 and why they’re very cheap

July 5th, 2017

by Jeff Desjardins | posted with permission of Visual Capitalist | July 5, 2017

If you’re looking for action, the commodities sector has traditionally been a good place to find it.

With wild price swings, massive up-cycles, exciting resource discoveries and extreme weather events all playing into things, there’s rarely a dull day in the sector. That being said, it’s hard to remember a more lacklustre period for commodities than the last couple of years.

For commodity bulls, the good news is that the sector is no longer tanking. The bad news, however, is that all the recent action has been in relatively niche sectors, as metals like cobalt, zinc and lithium all have their day in the sun.

At the same time, the big commodities (gold, oil, copper) have all slid sideways, having yet to revisit their former periods of glory.

Commodity winners so far

Before we highlight why commodities could still be cheap, let’s look at recent performance to get some context. Here are the commodities that have positive returns in H1 2017 so far:

How commodities performed in H1 and why they’re very cheap

 

Palladium is the best performer in 2017 so far, and it has now almost passed platinum in price. That would be the first time since 2001 that this has happened, and for the stretch of 2007 to 2012 it was even true that palladium traded at a $1,000 deficit to platinum.

Agricultural goods like rough rice, lean hogs, oats and wheat have also gotten more expensive so far this year. Meanwhile, metals like gold, copper and silver have seen modest gains—but only after dismal performances in the last part of 2016.

The losers so far

Here is the scoreboard for the commodities in negative territory, with the most noticeable losses in sugar and energy.

How commodities performed in H1 and why they’re very cheap

 

Are commodities cheap?

From the post-crisis bottom in 2009 until today, the S&P 500 is up a staggering 215.4%.

During that same timeframe, most major commodities crashed and then went sideways. The Goldman Sachs Commodity Index (GSCI) is down roughly 31.2%, which is a strong juxtaposition to how equities have done.

This extreme divergence can be best seen in this long-term chart, which compares the two indices since 1971.

How commodities performed in H1 and why they’re very cheap

 

In other words: Despite the lack of action in commodities that we noted earlier, the sector has never been cheaper relative to equities, even going back 45 years.

That means that there could be some much-needed action soon.

Posted with permission of Visual Capitalist.