Saturday 23rd September 2017

Resource Clips


Posts tagged ‘gold’

Update: Pistol Bay Mining announces 43-101 resource, JV discussions and—again—newly staked land

September 20th, 2017

by Greg Klein | Updated September 20, 2017

Update: With staking announced on September 14 and 20, Pistol Bay Mining has added more than 5,860 hectares to its property package, bringing the total to about 17,000 hectares.

Results from Confederation Lake’s first regional state-of-the-art geophysics have prompted Pistol Bay Mining TSXV:PST to expand its presence in the VMS-rich northwestern Ontario greenstone belt. Two acquisition announcements came within eight days after the company reported initial findings from the 2,100-line-kilometre VTEM-Plus survey. Those results accompanied announcements of a new resource estimate for one of the portfolio’s projects as well as potential joint venture interest.

Pistol Bay Mining announces VTEM-inspired acquisition, resource update and JV discussions

“We are seeing lots of new anomalies in the survey data, not just conductors but the IP effect anomalies as well, and Pistol Bay is going to have a busy few years exploring them all,” said CEO Charles Desjardins.

The new claims cover multiple conductors and IP-effect anomalies, some of which have had previous drilling with results showing zinc or copper, the company stated. The new data also shows parallel conductors or extensions of known conductors.

New claims between Pistol Bay’s Fredart and Joy claim groups host four conductors of 400, 850, 900 and 950 metres that appear not to have undergone drilling. Fredart A holds an historic, non-43-101 copper estimate. Like the four newly found anomalies, the Joy North anomaly hasn’t been drilled.

The airborne survey confirmed conductivity at all of the portfolio’s historic showings, zones and mineralized drill intercepts, Pistol Bay added. While analysis continues, data so far shows conductivity extending beyond known zones, along strike and in new clusters apart from known mineralization.

Once we’ve got our targets finalized, we will be entertaining proposals for joint ventures to advance this highly prospective property.—Charles Desjardins,
CEO of Pistol Bay Mining

“Because of the large number of potential targets generated by the VTEM survey, we are considering inviting joint venture partners for all or parts of the Confederation Lake project,” Desjardins noted. “We have had early-stage discussions with potential joint venture partners. Once we’ve got our targets finalized, we will be entertaining proposals for joint ventures to advance this highly prospective property.”

Pistol Bay also filed a technical report for Garnet Lake, a Confederation Lake property that hosts the Fredart A zone. Updating an historic 2007 estimate for the Arrow zone, the 43-101 incorporates 20 additional holes. Using a base case 3% zinc-equivalent cutoff, an inferred category shows:

  • 2.1 million tonnes averaging 0.72% copper, 5.78% zinc, 19.5 g/t silver and 0.6 g/t gold, for a zinc-equivalent grade of 8.5%

Contained amounts come to:

  • 34.3 million pounds copper, 274 million pounds zinc, 1.33 million ounces silver and 41,000 ounces gold

Contingent on favourable geophysical and other data, the 43-101 recommends two 1,000-metre holes at Arrow to test for possible down-plunge extensions of the resource. The report also calls for another 3,000 metres on targets to be identified elsewhere on the Garnet property.

Last May the company signed an LOI to acquire the 496-hectare Copperlode property, about four kilometres along strike from Arrow.

Update: Pistol Bay Mining announces VTEM-inspired acquisition, new resource and JV discussions

September 14th, 2017

This story has been updated and moved here.

BonTerra Resources heralds new gold zone in Quebec’s Urban-Barry camp

September 14th, 2017

by Greg Klein | September 14, 2017

Exploration drilling southwest of the Gladiator deposit reveals a new gold zone, BonTerra Resources TSXV:BTR announced. Christened the Temica zone, it’s believed to be an extension of the deposit’s mineralized trend. Of three holes with one intercept each reported September 14, the standout was CL-17-14, four kilometres from the deposit. The result showed 4.7 g/t gold and 44.6 g/t silver over 2.7 metres, at 250 metres below surface.

BonTerra Resources heralds new gold zone in Quebec’s Urban-Barry camp

BonTerra’s field camp houses a team
busy with a 40,000-metre 2017 program.

Another kilometre southwest, CL-17-06 found 13 g/t gold over one metre at 200 metres below surface. CL-17-01 showed a near-surface 4.8 g/t gold over one metre in “close proximity to drill hole CL-17-14, but was located too close to the zone and resulted in a partial intersection,” BonTerra stated.

True widths were estimated between 60% and 80%.

The discovery follows till sampling and induced polarization surveys that identified additional targets for further drilling that’s planned for Temica and beyond.

BonTerra last released assays in July from a campaign largely focused on the gap between the 8,126-hectare Coliseum property’s Gladiator deposit and the Rivage zone, about 600 metres west.

With at least four rigs busy on a planned 40,000 metres, all that drilling can only stir anticipation of an update to Gladiator’s 2012 resource. Using a base case 4 g/t cutoff, it holds an inferred category of 905,000 tonnes averaging 9.37 g/t for 273,000 ounces gold. The deposit remains open in all directions.

The company raised $40 million this year, with participation from Eric Sprott and Kinross Gold TSX:K.

BonTerra also holds the Larder Lake project in Ontario’s Cadillac/Larder Lake break. The property’s Bear Lake deposit has an historic, non-43-101 inferred resource of 3.7 million tonnes averaging 5.7 g/t for 683,000 gold ounces. Another non-43-101 estimate for the Cheminis deposit has an indicated 335,000 tonnes averaging 4.1 g/t for 43,800 gold ounces and an inferred 1.39 million tonnes averaging 5.2 g/t for 233,400 ounces.

Read more about BonTerra Resources.

Drilling, sampling, optioning: Mountain Boy Minerals updates B.C. activities

September 13th, 2017

by Greg Klein | September 13, 2017

Demonstrating that a diverse portfolio doesn’t necessarily mean idle properties, Mountain Boy Minerals TSXV:MTB updated several projects in northwestern British Columbia’s Golden Triangle.

Drilling has just resumed at Silver Coin, held 20% by Mountain Boy and 80% by joint venture partner Jayden Resources TSXV:JDN. Acting as operator is Sprott Mining Inc on a campaign of about 6,000 metres mostly focusing on stepouts. The agenda also calls for regional exploration on the 1,470-hectare property.

Silver Coin hosts a 2013 43-101 resource that uses a 2 g/t gold cutoff to show a total for four zones:

  • indicated: 702,000 tonnes averaging 4.46 g/t gold, 17.89 g/t silver, 0.88% zinc, 0.33% lead and 0.07% copper

  • inferred: 967,000 tonnes averaging 4.39 g/t gold, 18.98 g/t silver, 0.64% zinc, 0.25% lead and 0.04% copper
Drilling, sampling, optioning: Mountain Boy Minerals updates B.C. activities

Mountain Boy awaits assays from Red Cliff,
where core from five holes has revealed visible gold.

Drilling continues at the Red Cliff property, where 25 holes have been completed so far with assays pending. In July Mountain Boy reported visible gold in the program’s first five holes. Red Cliff also has sampling underway at the Lower Montrose and Waterpump zones. The latter has drilling planned, once sampling assays arrive.

Mountain Boy has a 35% interest in Red Cliff, with JV partner Decade Resources TSXV:DEC holding the rest. The ownership gets more complicated, however, now that the two companies have teamed up on additional claims to the southeast. The acquisition gives the JV an earn-in total of up to 80% of the extension, with 28% to be held by Mountain Boy and 52% by Decade. The size of neither the original Red Cliff property nor the additional claims was reported. Mountain Boy and Decade share overlapping management and directors.

TSXV approval came through earlier this month for Mountain Boy’s 100% options on the Surprise Creek and BA properties, both formerly 50/50 JVs with Great Bear Resources TSXV:GBR. Over $12 million of exploration has gone into the nearby projects over the last 10 years, revealing zones of high-grade zinc, lead and silver, as well as zinc, copper and silver.

Prior to a drill program expected later this month, the 7,472-hectare Surprise Creek has sampling underway on a large barite zone and on areas of VMS mineralization revealed by historic sampling. In July the company announced successful production of a barite concentrate that surpassed American Petroleum Institute standards. The mineral is considered essential to oil and gas exploration.

Additional sampling has taken place on the 9,489-hectare BA VMS project, just north of a 2016 channel sample result that returned 3.84% zinc, 1.25% lead and 108 g/t silver over 15 metres. That included a sub-interval of 5.31% zinc, 1.97% lead and 132 g/t silver over 7.5 metres.

Mountain Boy also optioned 60% of West George, a 288-hectare copper property adjacent to the company’s George copper project that the company now holds 100%. The original George has non-43-101 copper-silver-gold estimates. West George has sampling underway.

Meanwhile assays are pending for recent sampling from MB Silver, a project with historic, non-43-101 polymetallic estimates. In southern B.C., Mountain Boy plans to begin PEA studies on its 100%-held Manuel Creek zeolite project.

The company expects to soon close a private placement of up to $1 million.

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

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

Pistol Bay Mining announces VTEM results, resource update, JV discussions

September 12th, 2017

This story has been updated and moved here.

Aurvista Gold adds greenfields exploration to resource expansion at Abitibi project

September 12th, 2017

by Greg Klein | September 12, 2017

Successful financing doesn’t rule out cautious spending for Aurvista Gold TSXV:AVA. Having raised $10.1 million in July, the company spent the summer reconsidering the Douay project’s strategy. Working with Aurvista’s geological consultants, a newly appointed technical advisory committee developed an approach incorporating both brownfields and greenfields exploration for the recently expanded 33,170-hectare property on Abitibi’s Casa Berardi deformation zone. Work continues on sampling, re-logging previous core, and reviewing geological, geochemical and geophysical data.

Aurvista Gold adds greenfields exploration to resource expansion at Abitibi project

Aurvista has another winter drill
program slated for this year.

To cut helicopter-borne costs, diamond drilling has been deferred to winter. But the committee also recommended a property-scale reverse circulation program “or similar top-of-bedrock sampling program to provide critically important geochemical data,” Aurvista stated.

Douay’s brownfields area hosts two types of gold mineralization, the company added. Seven zones from both areas contributed to last April’s resource update with an inferred total of 83.33 million tonnes averaging 1.05 g/t for 2.81 million gold ounces at a 0.5 g/t cutoff.

Higher grades hosted in altered mafic volcanics can be found in the Douay West zone, with its inferred 4.47 million tonnes averaging 2.36 g/t. Altered porphyritic rocks offer lower grades, such as the Porphyry zone, with its inferred 72.16 million tonnes averaging 0.96 g/t.

The resource remains open along strike and plunge, providing excellent expansion potential, the company emphasized. But Aurvista also sees potential in Douay’s relatively unexplored area for VMS, mafic, porphyry and other styles of mineralization.

Indications of Douay’s future might come from the past as well. A huge relogging program has been underway to simplify the project’s geological model. Still to be completed are about 27,000 metres out of a 220,000-metre archive dating to 1976. Oddly enough, a lot of that core was never assayed for gold. The team intends to prepare about 18,000 samples for lab analysis.

Once targets have been refined, Aurvista plans to spend the bulk of its treasury on diamond drilling both greenfields and brownfields targets, with the rigs resuming their work this winter.

In July the company released final assays from Douay’s previous 59-hole, 23,965-metre program.

Castle Silver Resources to study possible new plant and processing deal with Granada Gold Mine

September 11th, 2017

by Greg Klein | September 11, 2017

A gold milling arrangement now under consideration could offer synergies to two companies with overlapping management, directors and staff. Under an MOU signed by Castle Silver Resources TSXV:CSR and Granada Gold Mine TSXV:GGM, Castle Silver will study the potential installation of a 600-tpd gravity flotation plant at one of its northern Ontario properties. The facility would process feed from the proposed Granada gold mine across the Quebec border near Rouyn-Noranda. Castle Silver expects to complete the study in Q4.

Castle Silver Resources to study possible new plant and processing deal with Granada Gold Mine

Granada’s proposed mine reached pre-feas
in 2014 and a resource update in May.

A resource update released last May used a 0.39 g/t cutoff to show an in-pit measured and indicated total of 21.57 million tonnes averaging 1.16 g/t for 807,700 gold ounces. An underground inferred category for an area north of the potential open pit used a 1.5 g/t cutoff for 10.38 million tonnes averaging 4.56 g/t for 1.52 million ounces. Granada stated the new 43-101 supersedes the pre-feasibility report released in 2014.

The company describes its project as fully permitted, shovel-ready and one of the region’s largest undeveloped gold projects.

Meanwhile Castle Silver waits on assays for its namesake flagship, where summer drilling sunk 22 holes totalling 2,405 metres. Chip and bulk sampling results from the former underground silver mine have returned gold, cobalt and nickel grades in addition to silver. More bulk sampling is planned.

Castle Silver has raised $2.6 million since March.

Far Resources samples more high-grade lithium, prepares to drill Manitoba project

September 8th, 2017

This story has been updated and moved here.

Airborne survey heightens interest in Rockcliff Copper’s former Manitoba gold mine

September 7th, 2017

by Greg Klein | September 7, 2017

Geophysics over the Laguna gold property in northern Manitoba’s Flin Flon-Snow Lake camp have found a structurally complex geological trend at least six kilometres long and 200 metres wide, Rockcliff Copper TSXV:RCU reports. Now the 3,501-hectare property’s exploration priority, the finding comes from an airborne drone magnetometer survey flying 1,120 kilometres of tight 25- to 50-metre spacing. The work was part of a program that includes very low frequency and induced polarization surveys still underway.

Airborne survey heightens interest in Rockcliff Copper’s former Manitoba gold mine

Besides Laguna, Rockcliff’s priorities for its Snow Lake package
include the Talbot copper property and the Bur zinc property.

Rockcliff holds a 100% option on Laguna, one of several properties in the company’s Snow Lake project. During intermittent operation between 1916 and 1939, Laguna produced over 60,000 ounces of gold averaging 18.7 g/t from a single vein. Surface grab samples previously announced by Rockcliff ranged from trace to over 600 g/t.

The newly identified trend “hosts multiple, surface-exposed, high-grade gold-bearing quartz vein stockwork systems which are associated with sub-parallel subsidiary fault splays east of a major regional NE-SW trending thrust fault known as the Crowduck Bay fault,” said president/CEO Ken Lapierre. The trend shows “excellent” potential for finding additional stockworks of a similar nature, he added.

Rockcliff’s Snow Lake project consists of both gold and VMS properties. The approximately 45,000-hectare package includes two gold properties besides Laguna, as well as two copper-polymetallic deposits with resource estimates and four zinc deposits with historic, non-43-101 estimates. The properties all sit within trucking distance of two processing facilities owned by Hudbay Minerals TSX:HBM.

Last week Rockcliff closed an oversubscribed private placement of $1.35 million.

Read more about Rockcliff Copper here and here.

Aurvista Gold expands its Abitibi presence, readies fall/winter drilling

September 5th, 2017

by Greg Klein | September 5, 2017

New expertise, new financings and now new turf have Aurvista Gold TSXV:AVA looking forward to another season of drilling on its Douay project in Quebec’s Abitibi region. With even more expansion planned, the company has extended the property by over 2,600 hectares, for a total of 33,170 hectares offering potential for “high-quality drill targets within and beyond the known resource areas.”

Additional claim applications would raise that to 34,500 hectares, covering a 50-kilometre segment of the Casa Berardi deformation zone.

Aurvista Gold expands its Abitibi presence, readies fall/winter drilling

The new land sits contiguously to ground staked last April and covers two of Casa Berardi’s three main faults. The project’s main mineralization is located “on a splay fault off the northern-most fault of the Casa Berardi break in an area of chaotic magnetic signatures due to the presence of intrusive porphyries, magnetic units and alteration,” Aurvista stated. “The recently staked claims cover another area of chaotic magnetic signatures 20 kilometres to the northwest.”

Other near-term announcements should include plans for fall/winter exploration and drilling currently under preparation by Aurvista’s geologists and newly appointed technical advisory committee. The new program would follow spring/summer drilling that totalled 59 holes for 23,965 metres.

A resource last updated in April showed an inferred category for seven zones totalling 83.3 million tonnes averaging 1.05 g/t for 2.81 million gold ounces at a 0.5 g/t cutoff.

After originally offering a private placement up to $7 million, Aurvista closed financings totalling $10.1 million in July.