Sunday 11th December 2016

Resource Clips


Posts tagged ‘gold’

BonTerra Resources hits 64.3 g/t gold over 2 metres, adds 500 metres to strike in Abitibi

December 9th, 2016

by Greg Klein | December 9, 2016

Two high-grade intercepts in separate holes merge two zones, taking BonTerra Resources’ (TSXV:BTR) Gladiator project to 1.2 kilometres in strike. Once considered a parallel body, the Rivage zone now forms a 500-metre addition to Gladiator, which has been outlined to a depth of 650 metres, the company reported December 8. A previously stated ambition to combine the zones was realized with the first two holes targeting the gap.

The two intercepts show:

Hole BA-16-40

  • 64.3 g/t gold over 2 metres, starting at 152 metres in downhole depth

BA-16-42

  • 8.7 g/t over 3 metres, starting at 507 metres
BonTerra Resources hits 64.3 g/t gold over 2 metres, adds 500 metres to strike in Abitibi

Two rigs will work through the winter
on BonTerra’s 25,000-metre campaign.

True widths weren’t provided.

These assays follow a high-grade batch released last month, featuring one intercept of 70 g/t gold over 5.5 metres. With two rigs now in action, drilling continues on a program of up to 25,000 metres that’s slated to continue through winter.

The 7,563-hectare property has a 2012 resource estimate using a 4 g/t cutoff to show:

  • inferred: 905,000 tonnes averaging 9.37 g/t for 273,000 ounces gold

BonTerra’s Larder Lake project in Ontario’s Cadillac-Larder Lake fault zone hosts two deposits with resources that the company considers historic, non-43-101:

Bear Lake

  • inferred: 3.75 million tonnes averaging 5.7 g/t for 683,000 ounces gold

Cheminis

  • indicated: 335,000 tonnes averaging 4.07 g/t for 43,800 ounces gold

  • inferred: 1.39 million tonnes averaging 5.2 g/t for 233,400 ounces

Another 59 holes totalling over 25,000 metres were drilled since the historic estimate, giving BonTerra data to evaluate for an updated resource.

Read more about BonTerra Resources.

Dunnedin Ventures doubles size of Nunavut diamond-gold project

December 7th, 2016

by Greg Klein | December 7, 2016

An additional 66,047 hectares brings Dunnedin Ventures’ (TSXV:DVI) Kahuna property to around 1,200 square kilometres, the company announced December 7. Acquired by staking, the ground now holds over 100 interpreted kimberlite targets, half of them already under scrutiny for diamond indicator minerals from till sampling. Drilling has confirmed 10 diamond-bearing dykes.

Dunnedin Ventures doubles size of Nunavut diamond-gold project

A macrodiamond from Kahuna’s PST kimberlite.

Till sampling has found anomalous gold in five metasedimentary belts, while drilling has found gold in an extension of the Aqpik and Aklak gold showings on Agnico Eagle Mines’ (TSX:AEM) adjacent, advanced-stage Meliadine project, Dunnedin stated. An all-season road links Meliadine with the Hudson Bay hamlet of Rankin Inlet.

Last month Dunnedin announced plans to spin out its non-diamond assets to a new company.

Kahuna has a 2015 inferred resource for near-surface deposits on the Notch and Kahuna dykes, 12 kilometres apart:

  • Kahuna (+0.85 mm cutoff): 3.06 million tonnes averaging 1.04 carats per tonne for 3.19 million carats
  • (+1.18 mm cutoff): 0.8 ct/t for 2.45 million carats

  • Notch (+0.85 mm cutoff): 921,000 tonnes averaging 0.9 ct/t for 829,000 carats
  • (+1.18 mm cutoff): 0.83 ct/t for 765,000 carats

  • Total (+0.85 mm cutoff): 3.99 million tonnes averaging 1.01 ct/t for 4.02 million carats
  • (+1.18 mm cutoff): 0.81 ct/t for 3.22 million carats

Both kimberlites remain open along strike and at depth.

Since then, an 820-kilogram sample from the property’s PST dyke revealed 526 diamonds. Ninety-six surpassed the commercial size of 0.85 millimetres, totalling 5.34 carats. A 2.32-tonne sample from Notch showed 85 commercial-sized stones totalling 1.95 carats.

While processing material from 1,100 till samples collected last summer, Dunnedin anticipates a 2017 program of drilling to test potential extensions of the resources, compile a 1,000-carat parcel for evaluation in Antwerp and try new targets identified by indicator minerals.

Read more about Dunnedin Ventures.

See Chris Berry’s report on long-term diamond demand.

Islamic law embraces gold, opens new investment opportunities

December 6th, 2016

by Greg Klein | December 6, 2016

Islamic law embraces gold, opens new investment opportunities

A year of consultation opens “a new investment asset class, enabling Islamic banks and other
financial institutions to grow their customer bases and facilitating the creation of a broader range
of saving, hedging and diversification products,” the WGC stated.

 

A new gold standard has been set as the yellow metal becomes Shari’ah-compliant. Replacing some complex and fragmented rules, the new regulations will aid the Moslem world in buying, selling and investing in gold as both a currency and commodity. Formally announced December 6, the development follows collaboration between the World Gold Council and the Accounting and Auditing Organisation for Islamic Financial Institutions. The latter group sets rulings on financial practices in accordance with Islamic law.

Gold has motivated civilizations through the centuries to aim higher and strive harder. Gold is more than just a financial asset—it is an integral component of human life.—Hamed Hassen Merah
AAOIFI secretary-general

“The addition of gold will provide Islamic investors with a vast, safe asset class that is highly accessible in times of need,” stated the WGC. “This will help to reduce systemic risk in Islamic finance, making the market safer and smoother for all investors.”

Speaking like a confirmed gold bug, AAOIFI secretary-general Hamed Hassen Merah said the metal “has motivated civilizations through the centuries to aim higher and strive harder. Gold is more than just a financial asset—it is an integral component of human life.”

The parties credit the metal with lower volatility than many major Islamic investment tools and an opportunity for risk management where Islamic law bars derivative-based instruments such as credit default swaps, futures and forwards.

The regulations follow a year of consultation with scholars from 15 countries and all major schools of Islamic law, along with representatives of central banks, Islamic financial institutions and the gold industry, according to the AAOIFI.

Opportunism knocks

December 5th, 2016

First Mining Finance found bad times beneficial for good deals

by Greg Klein

Struggling junior? Not this company. Since its trading debut in April 2015, First Mining Finance TSXV:FF has compiled 25 projects covering some 300,000 hectares, from early stage to a PEA with 4.4 million gold ounces indicated. Just as aggressively, the company boosted its treasury to a current $35 million. Now First Mining looks forward to a $21-million exploration and development program for 2017 that includes 47,000 metres of drilling.

“We were able to execute on the vision of the company, which last year was to take advantage of the bear market and acquire projects,” VP of investor relations Derek Iwanaka explains. “I don’t know of any other company that was able to acquire as many projects, or projects as good as we got, during that period.”

First Mining Finance found bad times beneficial for good deals

Located in northwestern Ontario’s Birch-Uchi greenstone belt,
First Mining’s 32,448-hectare Springpole flagship has an
updated PEA scheduled for next year.

Certainly there were deals to be had for canny acquisitors. But that was while many other companies faced financing difficulties. First Mining bucked the trend last August by closing a $27-million private placement. How did they pull that off?

“Quite easily,” responds Iwanaka. “We were literally turning down millions of dollars. We had over $70 million in orders but we didn’t want that kind of dilution. So we just took the $27 million. That should carry us for at least the next few years, including all the drilling and overhead.”

First Mining seems to have something that eludes others.

“First of all we have Keith Neumeyer at the helm, who runs a multi-billion-dollar company as it stands,” says Iwanaka. “Keith has been adept at starting companies during very bad times and manoeuvring them so when times are good we can reap the rewards for our shareholders.”

Among companies founded by the First Mining director were First Quantum Minerals TSX:FM and First Majestic Silver TSX:FR, where Neumeyer’s president/CEO. First Majestic acts as a sort of mentor to First Mining, placing some FR directors in FF’s management and board, helping to get the new company started, lending it about $1 million, vending three Mexican properties and even providing office space.

Among considerations behind an acquisition are “size and quality of the project,” Iwanaka points out. “We look at projects with good grade, scalability, exploration upside. The jurisdiction’s quite important to us. We’re basically looking at North America, but not the North. We will look at South America as well. Quebec, Ontario and Newfoundland are our favourite places although we could go to other provinces too. In the U.S. we see Nevada and Arizona as fairly mining-friendly states. We could probably look at New Mexico as well. We do have some early-stage properties in Mexico, where First Majestic has its base, but we certainly focus on Canada.”

As for commodities, “we particularly like gold but silver, platinum and palladium are also attractive, as well as base metals—anything that’s exchange-tradeable.”

Other factors include “the price of the projects, the holding cost, the infrastructure. In many cases the projects we take already have roads and power lines going to them.”

If gold’s the company’s focus, the Springpole flagship explains why. Described as one of Canada’s largest undeveloped gold projects, the northwestern Ontario potential open pit came with the past owner’s 2013 PEA. Using a 0.4 g/t gold cutoff, the 2012 resource showed:

  • indicated: 128.2 million tonnes averaging 1.07 g/t gold and 5.7 g/t silver for 4.41 million ounces gold and 23.8 million ounces silver

  • inferred: 25.7 million tonnes averaging 0.83 g/t gold and 3.2 g/t silver for 690,000 ounces gold and 2.7 million ounces silver

First Mining has work underway to bring the resource and PEA up to date. But looking back at 2013, the report calculated a post-tax NPV of US$388 million using a 5% discount, with a 13.8% post-tax IRR. Initial capex came to US$438 million with payback in 35 months of an 11-year mine life.

First Mining Finance found bad times beneficial for good deals

Visible gold was one attraction of the Goldlund project,
which has another 27,000 metres of drilling planned.

“We expect the updated PEA will be even more robust,” Iwanaka says. “The U.S. dollar has appreciated since 2013, when it was at par. We’re also looking at increasing the recovery and the pit shell. Those three things could substantially improve the economics and we hope to have the new PEA out probably by the first half of next year.”

With assays pending, a four-hole, 1,712-metre fall program provided metallurgical fodder. Next summer’s agenda calls for another 6,000 metres of infill to upgrade the resource. In the meantime, pre-permitting environmental and baseline work will soon begin.

A newer acquisition gets even more rig attention next year. Goldlund, about 60 kilometres north of Dryden and roughly 200 klicks south of Springpole, has 27,000 metres planned to upgrade the resource and work towards an eventual PEA. The former open pit and underground operation came with an estimate that First Mining considers an historic non-43-101. Using a 0.4 g/t gold cutoff, it showed:

  • measured and indicated: 19.1 million tonnes averaging 1.94 g/t for 1.19 million ounces gold

  • inferred: 25.8 million tonnes averaging 2.51 g/t for 2.08 million ounces

Cameron, maybe another 100 kilometres south of Goldlund, gets up to 9,000 metres of infill to pump up the measured and indicated prior to PEA. Using a 0.5 g/t cutoff, a 2015 resource from Chalice Gold Mines TSX:CXN showed:

  • measured: 3.72 million tonnes averaging 2.64 g/t for 316,000 ounces gold

  • indicated: 4.1 million tonnes averaging 1.92 g/t for 253,000 ounces

  • inferred: 14.5 million tonnes averaging 1.92 g/t for 894,000 ounces

Moving to southwestern Newfoundland, Hope Brook will see 5,000 metres of exploration and infill. A high 3 g/t gold cutoff gives the current resource:

  • indicated: 5.5 million tonnes averaging 4.77 g/t for 844,000 ounces gold

  • inferred: 836,000 tonnes averaging 4.11 g/t for 110,000 ounces

Again, a resource upgrade precedes a PEA, this one slated for late 2017.

Back in Ontario and roughly 110 kilometres northeast of the Springpole flagship, autumn drilling has wrapped up at Pickle Crow. Assays from the nine-hole, 1,319-metre campaign are expected in early 2017. The former mine came with a 2011 inferred resource that used a 2.25 g/t gold cutoff for an underground deposit and a 0.35 g/t cutoff for an open pit deposit:

Underground

  • 6.52 million tonnes averaging 5.4 g/t for 1.14 million ounces gold

Open pit

  • 3.63 million tonnes averaging 1.1 g/t for 126,000 ounces

Total

  • 10.15 million tonnes averaging 3.9 g/t for 1.26 million ounces

With assays to come, drilling to do and announcements for other North American projects anticipated, First Mining plans a steady news flow, says Iwanaka.

Equitas Resources highlights third Brazilian project with 92.19 g/t gold over 2 metres

November 29th, 2016

by Greg Klein | November 29, 2016

Another high-grade assay brings another project to prominence among Equitas Resources’ (TSXV:EQT) 12-property Brazilian holdings. Announced November 29, a channel sample on the Nova Canaa property revealed 92.19 grams per tonne gold over two metres. The news comes two weeks after the company released grab samples as high as 1,022.98 g/t gold at the Crepori project.

Equitas Resources highlights third Brazilian project

Garimpeiro production at the 9,694-hectare Nova Canaa property in the Juruena gold belt extracted an estimated 225,000 ounces from 1975 to 1992. The channel sample comes from approximately 20 metres’ depth in an adit at the Galopeira zone, where the Bodao vein has so far been traced for about 200 metres, averaging one to two metres in width. Previous drilling at Galopeira sunk 18 holes for 2,993 metres, with three intervals showing gold results of 7.2 g/t over 2 metres, 14.2 g/t over 2.9 metres and 17.2 g/t over 1.5 metres.

At the property’s Medeiro zone, 20 out of 95 grab samples previously collected within a one-kilometre radius assayed between 1.38 g/t and 69.5 g/t gold.

Plans for Nova Canaa include mapping and sampling, induced polarization and magnetics prior to drilling.

The announcement brings to light a third priority in Equitas’ 202,000-hectare Brazilian portfolio. Along with Crepori, the company holds the Cajueiro project, where an April resource update recalculated 2013 data for four zones of sulphides and saprolite oxides. Using a 0.25 g/t cutoff, the project’s sulphides total:

  • indicated: 8.64 million tonnes averaging 0.771 g/t for 214,100 ounces gold

  • inferred: 9.53 million tonnes averaging 0.664 g/t for 203,500 ounces

Using the same cutoff, four zones of oxides come to:

  • inferred: 1.37 million tonnes averaging 1.775 g/t for 78,400 ounces

Equitas intends to return the 39,053-hectare Cajueiro flagship to production, beginning with a 600-tonne-per-day carbon-in-leach plant, then building the operation incrementally. A resource update and PEA are planned by mid-2017, following last summer’s 37-hole, 1,756-metre program at the project’s Baldo zone, which showed 33 near-surface mineralized intercepts. Additionally, two infill holes at the Crente zone brought near-surface gold results of 1.12 g/t over 31 metres and 1.03 g/t over 29 metres.

The company foresees a 12- to 24-month timeline to production. A trial mining licence has been granted, while environmental permits are pending.

Earlier this month Equitas offered a private placement of up to $500,000.

Peregrine Diamonds outlines Nunavut spending plans as Chidliak moves to pre-feas

November 25th, 2016

by Greg Klein | November 25, 2016

Having poured about $23 million into Nunavut so far, Peregrine Diamonds TSX:PGD plans to spend another $15.5 million to $17 million next year on its Chidliak project, the Nunatsiaq News reported November 25. Most of the $23 million went to Iqaluit, home to an estimated 7,590 people. “It will cost between $50 and $75 million to go from here to where we need to get to,” the journal quoted president/CEO Tom Peregoodoff.

Peregrine Diamonds outlines Nunavut spending plans as Chidliak moves to pre-feas

Chidliak would have a 10-year lifespan,
according to last summer’s PEA.

The Baffin Island project reached PEA in July, calling for a capex of $434.9 million, an amount relatively modest for an isolated operation but considerable for a territory of about 37,082 people. The company hopes to reach feasibility by H2 2019, complete permitting by the end of that year and begin construction in H2 2019. Should hopes, financing and feasibility fall into place, Peregrine might be digging diamonds by 2021.

Brothers Robert and Eric Friedland own about 25% and 21% of the company respectively.

New infrastructure would include an all-season road to Iqaluit, about 120 kilometres southwest. The government of Nunavut hopes to have an $85-million deep sea port built there by 2020.

The territory currently has two other mines in production, Agnico Eagle’s (TSX:AEM) Meadowbank gold mine about 300 kilometres west of Hudson Bay and Baffinland Iron Mines’ Mary River iron ore operation roughly 800 kilometres north of Chidliak. Baffinland trucks ore to its own port, 100 kilometres north of the mine.

Peregoodoff said the company has yet to negotiate an Inuit Impact and Benefits Agreement, but stated such a deal would probably resemble agreements signed with Northwest Territories diamond producers, the News added.

In October the paper reported Nunavut’s 14,000-member Qikiqtani Inuit Association received more than $24 million over two years from Mary River.

Should Peregrine meet its goal, Chidliak wouldn’t be Nunavut’s first diamond operation. Just across the border from the NWT’s Lac de Gras camp, Nunavut’s Jericho mine produced gems between 2006 and 2008. Shear Minerals gave up on its restart attempt in 2012, leaving taxpayers with a large part of an estimated $10.5-million clean-up bill.

Yet diamond mining transformed the NWT economy. According to figures supplied by the NWT and Nunavut Chamber of Mines, between 1996 and 2015 the industry provided over 50,000 person-years of employment, 49% northern and 24% aboriginal. By far the territory’s largest private sector industry, diamond mining created 29% of the NWT’s GDP in 2014. Direct and indirect benefits bring the number up to 40%, according to chamber data.

Read how diamond mining supports the NWT economy.

Peregrine Diamonds outlines Nunavut spending plans as Chidliak moves to pre-feas

NWT Premier Bob McLeod, far right, celebrates aboriginal governments’ contributions to diamond mining
on the industry’s 25th anniversary in the territory. From left are Stanley Anablak (Kitikmeot Inuit Association),
Darryl Bohnet (Northwest Territory Métis Nation), Don Balsillie (Deninu Kué First Nation), Felix Lockhart
(Lutsel K’e and Kache Dene First Nation), Bill Enge (North Slave Métis Alliance), Chief Ernest Betsina and
Chief Edward Sangris (Yellowknives Dene First Nation), Chief Alfonz Nitsiza and Chief Clifford Daniels
(Tłı ̨chǫ Government), and Premier McLeod. (Photo: NWT and Nunavut Chamber of Mines)

Diamond explorer Dunnedin Ventures to create gold-copper spinco

November 23rd, 2016

by Greg Klein | November 23, 2016

With a gold-copper asset in British Columbia and a diamond project with gold prospects in Nunavut, Dunnedin Ventures TSXV:DVI proposes to distribute its portfolio between two companies. On November 23 Dunnedin announced plans to spin out the non-diamond assets into a new listing.

Diamond explorer Dunnedin Ventures to create gold-copper spinco

The company currently holds the 60,000-hectare Kahuna diamond project in Nunavut, where an inferred resource for two kimberlites totals 4.02 million carats, using a +0.85 mm cutoff. Till samples collected last year also showed anomalous gold of 50 ppb or more in 84 of 129 samples.

Meanwhile previous drill results from Dunnedin’s 4,000-hectare Trapper porphyry project in northwestern B.C. showed strong gold intercepts, with silver, lead and zinc showings as well.

“We believe that separate corporate vehicles for diamond and metal assets will yield the best long-term value to shareholders,” said CEO Chris Taylor.

Subject to approvals, Trapper and rights to gold at Kahuna would go to a newly created subsidiary with working capital for exploration. The new company’s shares would be distributed to Dunnedin shareholders on a pro rata basis. The new company would apply for a TSXV listing.

Dunnedin shareholders will vote on the proposed spinout early next year.

Dunnedin also plans to accelerate expiration of over six million warrants to December 23. Should all warrants be exercised, proceeds would come to about $632,708.

Read more about Dunnedin Ventures.

See Chris Berry’s report on long-term diamond demand.

NRG Metals completes due diligence on Argentinian lithium properties

November 21st, 2016

by Greg Klein | November 21, 2016

Among the companies active in South America’s Lithium Triangle, NRG Metals TSXV:NGZ has finished due diligence on two properties that would comprise the Carachi Pampa project in northwestern Argentina. Totalling 6,387 hectares, the contiguous properties sit in an area hosting geological features common to other lithium-rich salars in the region, the company stated on November 18. “The lithium target is a paleo salar (basin) at depth that has the potential to host lithium-enriched brines.”

NRG Metals completes due diligence on Argentinian lithium properties

NRG sees potential for lithium-enriched brines
in the Lithium Triangle’s Carachi Pampa project.

Located 40 kilometres from the town of Antofagasta de la Sierra at about 3,000 metres in elevation, the properties have winter access, a paved road 10 kilometres away and nearby services.

NRG has retained experienced lithium explorers Rojas and Associates and Sergio Lopez and Associates to review the project, with Rojas to complete a 43-101 technical report.

The properties are subject to different four-year purchase agreements, according to an LOI announced September 21. With all dollar figures in U.S. currency, one property calls for $120,000 on signing a definitive agreement, $200,000 in each of three annual payments and $600,000 at the end of the fourth year. A 1% NSR applies, which NRG may buy back for $1 million.

The other project would cost $160,000 on signing, $100,000 in two annual payments, $250,000 in year three and $625,000 in year four. Again, the company may buy back the 1% NSR for $1 million.

NRG offered a private placement up to C$1 million. Additionally, the company has negotiations underway on other properties.

In October NRG announced a management team for its Argentinian subsidiary, NRG Metals Argentina S.A. Executive director James Duff has written several 43-101 reports for Argentinian projects and served as COO of McEwen Mining TSX:MUX acquisition Minera Andes and president of South American operations for Coeur Mining NYSE:CDE.

Non-executive director José Gustavo de Castro is a chemical engineer with extensive experience in the evaluation and development of Argentinian lithium projects including the continent’s largest lithium producer, FMC Corp’s Hombre Muerto operation.

Manager of business development and corporate relations José Luis Martin’s 35-year career includes senior positions with Galaxy Lithium S.A. and Rio Tinto’s (NYSE:RIO) Argentinian projects.

Director Jorge Vargas specializes in property, mining and business law in Argentina.

Also last month NRG announced plans to spin out other assets to concentrate on lithium. The portfolio currently includes the LAB graphite project in Quebec and the Groete gold-copper resource in Guyana.

Absolutely Abitibi

November 18th, 2016

BonTerra Resources gets aggressive in Quebec gold country

by Greg Klein

BonTerra Resources gets aggressive in Quebec’s gold country

A diagram shows how far the company has progressed
beyond the 2012 resource area, outlined in blue.

 

With a standout interval of 70 grams per tonne gold over 5.5 metres, BonTerra Resources’ (TSXV:BTR) November 16 batch of assays brought further evidence of a good Abitibi address. As president/CEO Nav Dhaliwal emphasizes, “This is all new drilling, well outside the resource area, and we’re going to continue expanding.” Primed with enthusiasm, financing and a better understanding of the geology, BonTerra now hopes to connect its Gladiator project’s zones across a potential strike length of 1,200 metres.

Some highlights from the most recent seven holes show:

Hole BA-16-26

  • 19.6 g/t gold over 1 metre, starting at 412 metres in downhole depth

BA-16-30

  • 4.7 g/t over 3 metres, starting at 370 metres

BA-16-38

  • 12.4 g/t over 4 metres, starting at 769 metres
  • (including 24.3 g/t over 2 metres)

BA-16-39

  • 1.5 g/t over 10 metres, starting at 723 metres

  • 70 g/t over 5.5 metres, starting at 813.5 metres
  • (including 191.4 g/t over 2 metres)

  • 3.1 g/t over 5 metres, starting at 846 metres

True widths weren’t available.

BonTerra Resources gets aggressive in Quebec’s gold country

A cold climate will complement Bonterra Resources’ drill campaign.

The drill season started on a 600-metre strike reached last May with an intercept of 137.4 g/t over 2.5 metres. This week BA-16-39 revealed its star interval at the eastern extent of the east-plunging structure, below 600 metres in vertical depth. BA-16-38 extended the zone another 50 metres deeper and 100 metres to the east. That outlines Gladiator’s zones to 650 metres in depth and 700 metres in strike. Meanwhile, assays are pending for other completed holes.

But as Dhaliwal says, “We’re not stopping there.” Now with a second rig at work, drilling will sink deeper, as well as farther east and west. Should the program succeed in connecting the eastern zones with the Rivage zone, currently over 300 metres away, the 7,563-hectare property would have the potential 1.2-kilometre strike.

With a 4 g/t cutoff, Gladiator’s 2012 resource estimate shows:

  • inferred: 905,000 tonnes averaging 9.37 g/t for 273,000 ounces gold

A resource update might arrive in late spring or early summer, Dhaliwal says. Well into a 25,000-metre 2016 program, drilling will continue through the winter. “That’s the most efficient time to work,” he points out. “This property is covered in a foot to six feet of water. Right now we’re land-based, so we’re shooting down towards it. So winter gives us an advantage, we’ll be able to get right on top of the structure.”

Describing the crew as “lean and mean,” Dhaliwal adds, “I couldn’t be prouder of our geological team, headed by a very experienced individual, Dale Ginn.” The VP of exploration’s more than 30-year career includes service with Kerr Mines, SGX Resources, San Gold, Harmony Gold Canada, Hudson Bay Mining and Smelting, and Goldcorp TSX:G, among others.

Last winter’s relative warmth limited BonTerra to about 20 holes, but Dhaliwal’s hoping this year’s temperatures favour a more aggressive campaign.

Looking southwest from Gladiator’s position on the Casa Berardi fault zone to the Cadillac-Larder Lake fault zone just inside Ontario, BonTerra holds the 2,165-hectare Larder Lake project. The property came with estimates, which BonTerra treats as historic and non-43-101, for two deposits just over a kilometre apart. Using 2.5 g/t gold cutoffs, they show:

Bear Lake

  • inferred: 3.75 million tonnes averaging 5.7 g/t for 683,000 ounces gold

Cheminis

  • indicated: 335,000 tonnes averaging 4.07 g/t for 43,800 ounces gold

  • inferred: 1.39 million tonnes averaging 5.2 g/t for 233,400 ounces

As a past-producer, Cheminis reportedly turned out 7.6 million gold ounces at an average 3.7 g/t from depths to 315 metres.

The historic estimates predate some 59 holes totalling over 25,000 metres sunk by Gold Fields NYSE:ADR. Dhaliwal says the South African miner worked the property up to 2012, when the company slashed international exploration spending. “They left just under $6 million of work—of clean work, mind you. We’ve seen the logs and core. Dale’s hired a project manager for the Ontario side and we’ll get started on a 43-101.”

The property’s Fernland area adds a third mineralized body, with all three open at depth and within a 3.2-kilometre potential strike.

While talking about either property, Dhaliwal at times can barely contain his enthusiasm. Financing suggests he’s hardly alone in his confidence. Between December 2015 and last June, the company raised over $10.38 million. “We’re fully cashed up and we’re moving forward so stay tuned—we’re going to show you more.”

See an infographic about BonTerra Resources.

Abitibi drilling nears as Aurvista Gold closes $6-million private placement

November 18th, 2016

by Greg Klein | November 18, 2016

Bringing in Primary Capital, PowerOne Capital and their clients as shareholders, Aurvista Gold TSXV:AVA completed a financing of $5.99 million effective November 15.

Abitibi drilling nears as Aurvista Gold closes $6-million private placement

A 3,000-metre program this quarter will
precede another 20,000 metres in H1 2017.

“Their financing also marks a major milestone in our history,” said Aurvista president/CEO Jean Lafleur. “We can now start proving up the full bulk gold potential of Douay. Drilling is slated to begin later in the quarter on a series of priority targets which will be summarized shortly. The initial drilling campaign will total 3,000 metres to be completed before year-end. This will be followed in Q1 to Q2 of 2017 by an additional 20,000 metres of drilling.”

The company has been busy analyzing and relogging previous drill core in efforts to link gold zones to some of the nine shears on the company’s sole asset.

A 2012 resource estimate used a cutoff of 0.3 grams per tonne, with eight zones along a five-kilometre trend totalling:

  • indicated: 2.69 million tonnes averaging 2.76 g/t for 238,435 gold ounces

  • inferred: 114.65 million tonnes averaging 0.75 g/t for 2.75 million ounces

Aurvista holds a 100% interest in 13,310 hectares of the 14,520-hectare property, a 90% interest in 20 hectares and a 75% interest in 1,190 hectares.

Read more about Aurvista Gold.