Friday 10th July 2020

Resource Clips


Posts tagged ‘gold’

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.

Emerita Resources wins mining rights to Paymogo VMS property in Spain

June 29th, 2020

by Greg Klein | June 29, 2020

Following the successful outcome of a lengthy legal contest and additional bidding process, rights to a disputed southern Spain polymetallic project have finally been resolved. The Andalusian regional government granted the claims to Emerita Resources TSXV:EMO, the company announced June 29.

Emerita Resources wins mining rights to Paymogo VMS property in Spain

Last November Emerita won a Supreme Court decision ordering the bidding process to re-open, following a dispute that began in 2014.

Company president Joaquin Merino said work will begin immediately on a technical program and permitting, with drilling to begin “as soon as practically possible. 

“The company will employ best practices with respect to protecting the health and safety of our employees and the communities in which we work, and is developing the necessary safety protocols to commence work in a safe manner.”

Early last month Spain began a series of measures to relax the COVID-19 lockdown imposed in mid-March.

An historic, non-43-101 estimate credits Paymogo’s Romanera deposit with 34 million tonnes averaging 0.42% copper, 2.2% lead, 2.3% zinc, 44.4 g/t silver and 0.8 g/t gold. A higher-grade zone within the deposit hosts an historic, non-43-101 estimate of 11.21 million tonnes averaging 0.4% copper, 2.47% lead, 5.5% zinc, 64 g/t silver and 1 g/t gold.

Beginning at surface, the deposit reaches 350 metres in depth and remains open down dip, according to historic reports.

The property also includes the Infanta area about eight kilometres from Romanera, with historic, non-43-101 assays showing high-grade copper-lead-zinc-silver intervals.

Located in the Iberian Pyrite Belt on the Portuguese border, Paymogo can be reached from southern Spain’s Atlantic port of Huelva, about 50 highway kilometres away.

The company awaits a court resolution of a tender dispute for the former Aznalcollar zinc-lead mine in southern Spain.

In May Emerita reported a binding letter agreement to earn a 55% interest in the Sierra Alta project from privately held Western Metallica. The deal would cost Emerita $50,000, 500,000 shares and $500,000 in two years of spending.

The company also holds a 50% interest in the Cantabrica do Zinco JV and its Plaza Norte project near Spain’s northern coast. Emerita has filed a technical report for renewal of claims with the regional ministry of mines. In August Emerita announced an intercept reaching 4.57% zinc over 9.5 metres from an area that has also undergone historic drilling.

Last month the company increased a private placement offer from $1 million to $1.35 million.

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.

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.

Belmont Resources adds gold-copper prospect to its Greenwood holdings

May 28th, 2020

by Greg Klein | May 28, 2020

Another property acquisition shows continued interest in this region dotted with former mines and early-stage projects. Expanding its presence in southern British Columbia’s Greenwood camp, Belmont Resources TSXV:BEA has optioned the Come By Chance claims, a 527-hectare block about eight kilometres from Grand Forks and 500 highway kilometres east of Vancouver.

Belmont Resources adds gold-copper prospect to its Greenwood holdings

Although unused pits and adits attest to previous activity, CBC has yet to be explored systematically, the company stated. So far work has largely focused on the property’s copper skarn-type mineralization that’s similar to the historic Phoenix deposit three kilometres northwest.

“Given the regional importance of epithermal gold mineralization and the favourable structural setting, a thorough exploration program to assess the property for this style of mineralization is planned,” Belmont added.

“The acquisition of the Come By Chance property is another exciting milestone for the company and further enhances Belmont’s strategy of consolidating properties with known historic gold-copper mines in the prolific Greenwood mining district,” commented George Sookochoff. The president/CEO comes from a Greenwood mining family.

Belmont’s 100% option calls for $7,500 on approval plus 500,000 shares issued over two years. The vendor retains a 1.5% NSR, two-thirds of which the company may buy for $1 million.

In anther Greenwood acquisition earlier this month, Belmont signed a definitive agreement to pick up the Athelstan-Jackpot claims, covering a site of historic gold-silver production. Looking just across the border, the company signed an LOI in February to acquire the Lone Star copper-gold past-producer in Washington state’s Republic area. Previous Greenwood acquisition announcements from Belmont concern the Glenora, Pride of the West and Great Bear claims.

Assays released in November from the company’s Greenwood-region Pathfinder project reached up to 4.999 ppm gold, 35.86 ppm silver, 20,700 ppm copper and 45.1 ppm cobalt.

Earlier this month Belmont closed the final tranche of an oversubscribed private placement totalling $199,665.

Read more about Belmont Resources.

IMC International Mining compiles B.C. copper-gold samples prior to summer field work

May 26th, 2020

by Greg Klein | May 26, 2020

A compilation of previous sampling programs emphasizes the under-explored prospects of a central British Columbia copper-gold project. That’s the verdict of IMC International Mining CSE:IMCX following a reappraisal of work by previous operators on its recently acquired Thane property.

The compilation takes place as the company prepares its own summer field program. Over 1,400 rock samples have been collected from Thane, which has also undergone soil sampling and an induced polarization survey. Last week the company announced results from Cathedral, one of six prospective areas on the 20,600-hectare property. On May 26 IMC released results from two other areas, Gail and Cirque.

Of 295 rock samples collected by a previous operator in 2012, 140 surpassed 0.1% copper, with 32 samples exceeding 1%, IMC reported. Some standouts from the 2012 Gail area program include:

IMC International Mining compiles B.C. copper-gold samples prior to summer field work

  • 4.78% copper, 2.01 g/t gold and 28 g/t silver (float sample)

  • 4.19% copper, 1.46 g/t gold and 13.3 g/t silver (outcrop sample)

  • 7.69% copper, 1.26 g/t gold and 65.2 g/t silver (sub-outcrop sample)

  • 4.05% copper, 0.09 g/t gold and 22.6 g/t silver (sub-outcrop)

  • 6.88% copper, 3.68 g/t gold and 27.9 g/t silver (outcrop)

  • 5.62% copper, 2.16 g/t gold and 40.3 g/t silver (float)

That program was limited to Gail’s central region. But in 2000 another company had found impressive grab samples in Gail’s western region, reaching up to 4.49% copper and 6.48 g/t gold.

IMC also released previous operators’ results from 2010 and 2012 sampling on the Cirque showing, 2.5 kilometres west of Gail. Some highlights include:

The focus for IMC this summer is the Cathedral area as we prepare for a drill program. However, the substantial copper and gold values observed within the Gail and Cirque areas call for additional exploration and only highlight the potential for discovery on our under-explored, 206-square-kilometre property.—Brian Thurston, president/CEO,
IMC International Mining

  • 2.85% copper, 0.27 g/t gold and 8.6 g/t silver (float)

  • 1.23% copper, 0.15 g/t gold and 5.5 g/t silver (outcrop)

So far the one-day 2012 visit constitutes the only follow-up to the 2010 historic copper sample that graded 2.85%.

Although Gail and Cirque have yet to undergo follow-up work, “the focus for IMC this summer is the Cathedral area as we prepare for a drill program,” said president/CEO Brian Thurston. “However, the substantial copper and gold values observed within the Gail and Cirque areas call for additional exploration and only highlight the potential for discovery on our under-explored, 206-square-kilometre property.”

Earlier this month the company closed private placements totalling $1.76 million. In April IMC arranged a private equity draw-down of $8 million.

Read more about IMC International Mining.