Wednesday 22nd May 2019

Resource Clips


Posts tagged ‘Grizzly Discoveries Inc. (GZD)’

Ximen Mining expands its presence in British Columbia’s Greenwood camp

April 5th, 2019

by Greg Klein | April 5, 2019

A former mining region about 500 highway kilometres east of Vancouver continues to attract interest as another company picks up additional property. Through a combination of purchase and staking, Ximen Mining TSXV:XIM acquired over 12,900 hectares surrounding its Gold Drop project, now optioned to GGX Gold TSXV:GGX.

Last year’s drilling at Gold Drop returned near-surface, high-grade intervals of gold and silver along with tellurium, classified by the U.S. government as a critical mineral. Some highlight assays include:

Ximen Mining expands its presence in British Columbia’s Greenwood camp

A quartz sample from Ximen’s recent site
visit brought 2.87 g/t gold and 127 g/t silver.

Hole COD18-67

  • 129.1 g/t gold, 1,154.9 g/t silver and 823.4 g/t tellurium over 7.28 metres, starting at 23.19 metres in downhole depth

COD18-70

  • 107.5 g/t gold, 880 g/t silver and 640.5 g/t tellurium over 6.9 metres, starting at 22.57 metres

True widths were unavailable. The operator has spring drilling scheduled to begin this month.

Ximen’s new Providence claim also borders Grizzly Discoveries’ (TSXV:GZD) Greenwood project, where Kinross Gold TSX:K subsidiary KG Exploration works towards a 75% earn-in. Other companies active in the Greenwood area include Quebec niobium-tantalum explorer Saville Resources TSXV:SRE, which this week announced sampling found high-grade gold and copper along with silver on its Bud project. Last week Nevada lithium explorer Belmont Resources TSXV:BEA announced its acquisition of the Greenwood-area Pathfinder project. Golden Dawn Minerals TSXV:GOM has been working a number of properties in the area, home to numerous former mines.

Ximen Mining expands its presence in British Columbia’s Greenwood camp

An historic pit yielded this sample
of copper-rich massive sulphide.

Among those within or bordering Ximen’s acquisition is the Providence mine, which produced 10,426 tonnes containing 183 kilograms of gold, 42,552 kilograms of silver, 183 tonnes of lead and 118 tonnes of zinc during intermittent operation between 1893 and 1973, according to historic reports. The historic Combination deposit gave up 11 tonnes for 60,340 grams of silver and 653 grams of gold. Ximen’s new claims cover 11 known mineral occurrences, the company stated.

Recent sampling returned 2.87 g/t gold and 127 g/t silver from a mine dump northeast of the former Providence operation. Another sample showed 2,350 ppm copper from one of the property’s undocumented exploration pits that show exposed massive sulphides containing chalcopyrite, bornite and magnetite.

In southern B.C.’s Okanagan region, Ximen also holds the Brett gold project. In November the company announced that metallurgical tests on material stockpiled in the 1990s during early-stage mine development support an historic account of 4 g/t to 5 g/t gold.

About three and a half hours’ driving distance from Vancouver, Ximen has its Treasure Mountain property under option to New Destiny Mining TSXV:NED. Grab samples collected last year included 11.3 g/t and 8.81 g/t gold, as well as samples showing up to 1.45% zinc, 122 g/t silver, 0.87 g/t gold, 57 g/t tellurium and 12.3 g/t indium.

Ximen closed private placements of $540,000 in December and $250,000 in February. Last month the company arranged a private placement of $405,000 subject to TSXV approval.

Read more about Ximen Mining.

Saville Resources samples 4.57 g/t gold and 6.7% copper at southern B.C.’s Greenwood camp

April 3rd, 2019

by Greg Klein | April 3, 2019

High gold-copper grades from a 2018 field program indicate another encouraging project in the portfolio of a company now drilling for niobium-tantalum in Quebec. Saville Resources TSXV:SRE released 20 sample assays from its Bud property, located in an historic southern British Columbia mining camp that has attracted considerable exploration activity.

Six highlights show elevated gold grades coinciding with elevated copper:

Saville Resources samples 4.57 g/t gold and 6.7% copper at southern B.C.’s Greenwood camp

Mining at the Bud property’s Morrison showing from
the late 1890s to 1903 produced 2,918 tons containing
230 ounces of gold, 837 ounces of silver and 23,629 pounds
of copper, according to historic reports.

  • 4.57 g/t gold, 27.7 g/t silver and 6.7% copper

  • 4.44 g/t gold, 17 g/t silver and 6.84% copper

  • 3.54 g/t gold, 76.4 g/t silver and 2.41% copper

  • 1.96 g/t gold, 12.3 g/t silver and 1.2% copper

  • 1.74 g/t gold, 19.3 g/t silver and 1.65% copper

  • 1.23 g/t gold, 66.3 g/t silver and 7.14% copper

The program shows renewed interest in the 381-hectare property following a hiatus. Excavator trenching in 2003 revealed 1.9 g/t gold, 19.5 g/t silver and 1.5% copper over 1.3 metres. One sample averaged 7.8 g/t gold, 9.3 g/t silver and 2,156 ppm copper, while another graded 51.6 g/t gold, 403 g/t silver and 4.16% copper.

A three-hole, 538-metre drill program in 2005 identified a large hydrothermal system with prospective structure and stratigraphy, the company stated. A few selected intervals showed:

  • 3.82 g/t gold, 5.5 g/t silver and 656 ppm copper over 1.15 metres
  • (including 14.3 g/t gold, 22.6 g/t silver and 2,653 ppm copper over 0.15 metres)

  • 3.97 g/t gold, 23.8 g/t silver and 2.03% copper over 0.5 metres

True widths weren’t provided.

The 380-hectare property sits about four kilometres northwest of the town of Greenwood, roughly 500 kilometres by highway east of Vancouver. The surrounding Boundary district includes the former camps of Republic, Belcher, Rossland and Greenwood, which historically produced over 7.5 million ounces of gold, Saville noted. A resurgence of activity has included the Gold Drop property two kilometres southwest of Bud, where last month Ximen Mining TSXV:XIM and GGX Gold TSXV:GGX reported near-surface intervals of tellurium in addition to gold and silver.

Other Greenwood-area explorers include Kinross Gold TSX:K subsidiary KG Exploration, working towards a 75% earn-in on Grizzly Discoveries’ (TSXV:GZD) Greenwood project, Golden Dawn Minerals TSXV:GOM, and Belmont Resources TSXV:BEA, which last week announced acquisition of the Pathfinder property.

In Quebec’s James Bay region, meanwhile, a crew prepares to drill Saville’s flagship Niobium Claim Group, where the agenda calls for at least four holes and 700 metres in an area with encouraging historic assays. More recent boulder samples on the property have provided niobium grades as high as 2.75%, 4.24%, 4.3% and an outstanding 5.93% Nb2O5.

Read more about Saville Resources.

Belmont Resources moves into B.C.’s historic Greenwood mining camp

March 28th, 2019

by Greg Klein | March 28, 2019, updated April 2

A company drilling for Nevada lithium has taken on new turf in a storied southern British Columbia gold-copper district. The acquisition brings Belmont Resources TSXV:BEA a 253-hectare property that formed part of the former Pathfinder project, about 18 kilometres north of Grand Forks and 500 klicks by highway east of Vancouver. The location sits on the northeastern edge of the Boundary mining camp, also known as the Republic-Greenwood gold district.

Belmont Resources moves into B.C.’s historic Greenwood mining camp

Greenwood-area mining dates back to the late 1880s. Approximately 26 former mines produced more than 1.2 million ounces of gold and over 270,000 tonnes of copper, as well as silver, lead and zinc, according to Geoscience BC. Among the past-producers are some workings on the former Pathfinder property. More recent prospecting, sampling, drilling and a magnetic survey on Pathfinder have provided historic data to help Belmont plan a 2019 exploration program.

Kinross Gold TSX:K subsidiary KG Exploration holds property bordering three sides of the Belmont acquisition. The Kinross subsidiary has so far spent $1.28 million towards a 75% earn-in on Grizzly Discoveries’ (TSXV:GZD) Greenwood project and plans further work this year. Ximen Mining TSXV:XIM and GGX Gold TSXV:GGX have recently reported near-surface gold, silver and tellurium assays from their Greenwood-area Gold Drop project. Other companies in the district include Golden Dawn Minerals TSXV:GOM and Quebec niobium-tantalum explorer Saville Resources TSXV:SRE.

To close the acquisition Belmont pays each of two vendors 625,000 shares and 625,000 warrants on TSXV approval, along with another 125,000 shares and 125,000 warrants each within a year. Together, the vendors retain a 1.5% NSR, half of which Belmont may buy for $1 million.

Reporting from their Kibby Basin lithium project in Nevada last week, Belmont and MGX Minerals CSE:XMG announced a “milestone” permit to extract up to 943 million U.S. gallons of water annually for brine processing and potential production of lithium compounds. Assays are pending from last winter’s drilling, which tested a potential fault about 2,300 metres from a previous target that averaged 393 ppm lithium over 42.4 metres and 415 ppm over 30.5 metres.

Belmont’s portfolio also includes an interest in two northern Saskatchewan uranium properties held 50/50 with International Montoro Resources TSXV:IMT.

Subject to exchange approval, Belmont expects to close a private placement first tranche of $67,500. The company closed a private placement totalling $375,000 in July.

Geoscience BC maps Greenwood’s mineral potential

September 28th, 2018

by Greg Klein | September 28, 2018

An historic British Columbia mining camp comes under additional scrutiny with new research released September 28. Geoscience BC’s latest report and 1:50,000-scale map focus on the province’s south-central Greenwood district, about 500 kilometres east of Vancouver.

Mining on the 800-square-kilometre area dates back to the late 1880s. Some 26 past-producers have given up more than 1.2 million ounces of gold and over 270,000 tonnes of copper, along with silver, lead and zinc, according to the independent non-profit organization. With a number of juniors currently working to find more mineralization, this research “should bolster the recent revival of mineral exploration activity in the Greenwood area,” said Geoscience BC VP of minerals and mining Bruce Madu.

Geoscience BC maps Greenwood’s mineral potential

Mining may one day return to the once-busy Greenwood camp.
(Photo: Geoscience BC)

Among the active companies is Grizzly Discoveries TSXV:GZD, which holds about 72,840 hectares of Greenwood turf. Under a 75% earn-in, Kinross Gold TSX:K has been drilling for gold in the Midway area of Grizzly’s holdings. Grizzly has been conducting geophysics and surface exploration on its Robocop cobalt-copper-silver claims and plans drilling for three other Greenwood targets.

Just across the international border, Kinross operated the Kettle River-Buckhorn gold mine until last year, extracting 1.3 million ounces over nine years.

Another of Greenwood’s large landholders is Golden Dawn Minerals TSXV:GOM, which attributes 31 historic mines to its 15,400-hectare portfolio.

The Greenwood report might help illuminate other parts of B.C. as well. “This area could hold the key to a better understanding of mineral deposits that formed during key geological events that span almost 200 million years,” Madu added.

Working with First Nations, local communities, governments, academia and the resource sector, Geoscience BC opens its research to the public “with the aim of encouraging exploration, economic activity and informed land use decisions.” Most funding comes from the provincial government.

The organization’s other mapping projects in the area include:

See Geoscience BC’s Earth Science Viewer.

Grizzly President Brian Testo on BC gold assay of 0.43 g/t gold and 0.15% copper over 51m

November 28th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningGrizzly Discoveries Inc TSXV:GZD announced the discovery of the Dayton gold-copper zone, a bulk-tonnage style low-grade gold-copper zone, at its Greenwood gold project in BC. Results from the first hole of the 2011 drill program revealed 0.25 g/t gold and 0.07% copper over 117 metres (including 0.43 g/t gold and 0.15% copper over 51 metres).

President Brian ‘Griz’ Testo tells ResourceClips.com, “In the last 100 years there’s been about $4 to $5 billion worth of copper, gold and silver taken from the 90-mile area between the US and Canada where Greenwood is located. All the claims at Greenwood were fractured until about 2006. When gold was at $280 to $300 an ounce, some prospectors got this big package together that totalled 235,000 acres. We did a deal with them in 2007, and checked [the claims] out and they were real, so we did a bigger deal with them in 2008. We got all of the ground—all 235,000 contiguous acres—in one package.

“We flew an HLEM [horizontal loop electromagnetic survey] and ended up with 500 targets in 2008. So we drilled a few of them in 2009 and hit some [mineralization]—nothing screaming, but it showed there was gold in the area. We did another little program in 2010 and hit some more and better stuff.

We’re zeroing in on the big one—Brian ‘Griz’ Testo

“When I raised $7 million in April, I gave my geologist $1.2 million, and I said, ‘Get some good drill targets for us for October, when we start drilling.’ We’ve had up to 23 guys on the ground doing ground sampling, MAG, the works, and we came up with these targets. The first target we drilled, the one released on Wednesday, hit 0.43 g/t gold, and 0.15% copper—which aren’t screaming numbers, but it was over 51 metres. That rock is worth $60 a tonne. We stepped out 450 metres into Hole 2—the second hole we drilled—and the results will be coming out in the next week or two. If it continues or gets better, we’ll drill six holes in that area. Last week, we moved the drill 20 miles to the east—still on our property—and we’re drilling in the Motherlode targets right now. We’re going to drill six holes there, then we’re going to move it across the valley about 10 miles and do some holes at the Overlander target. If we have time before Christmas, we’ll do some on the Ket 28 target—west of us 40 miles. So good things are happening there.”

Asked what his overall assessment of the Greenwood project is, Testo replies, “Awesome! This isn’t the sort of project where you’re drilling a one-hole wonder. We’ve have the property for almost four years now. We’ve had geological programs on it; we’ve taken thousands of soil samples and ground samples. I’ve walked every inch of that property. We’re zeroing in on the big one. It’s elephant country where we are.”

View Company Profile

Read more about Grizzly Discoveries

Contact:
Brian Testo
President
780.693.2242

by Ted Niles

Grizzly reports BC Assay of 0.25 g/t Gold, 0.07% Copper over 117m

November 25th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningGrizzly Discoveries Inc TSXV:GZD announced the discovery of the Dayton gold-copper zone, a bulk-tonnage style low-grade gold-copper zone, at its Greenwood gold project in BC. Results from the first hole of the 2011 drill program revealed 0.25 g/t gold and 0.07% copper over 117 metres (including 0.43 g/t gold and 0.15% copper over 51 metres).

President Brian ‘Griz’ Testo tells ResourceClips.com, “In the last 100 years there’s been about $4 to $5 billion worth of copper, gold and silver taken from the 90-mile area between the US and Canada where Greenwood is located. All the claims at Greenwood were fractured until about 2006. When gold was at $280 to $300 an ounce, some prospectors got this big package together that totalled 235,000 acres. We did a deal with them in 2007, and checked [the claims] out and they were real, so we did a bigger deal with them in 2008. We got all of the ground—all 235,000 contiguous acres—in one package.

“We flew an HLEM [horizontal loop electromagnetic survey] and ended up with 500 targets in 2008. So we drilled a few of them in 2009 and hit some [mineralization]—nothing screaming, but it showed there was gold in the area. We did another little program in 2010 and hit some more and better stuff.

We’re zeroing in on the big one—Brian ‘Griz’ Testo

“When I raised $7 million in April, I gave my geologist $1.2 million, and I said, ‘Get some good drill targets for us for October, when we start drilling.’ We’ve had up to 23 guys on the ground doing ground sampling, MAG, the works, and we came up with these targets. The first target we drilled, the one released on Wednesday, hit 0.43 g/t gold, and 0.15% copper—which aren’t screaming numbers, but it was over 51 metres. That rock is worth $60 a tonne. We stepped out 450 metres into Hole 2—the second hole we drilled—and the results will be coming out in the next week or two. If it continues or gets better, we’ll drill six holes in that area. Last week, we moved the drill 20 miles to the east—still on our property—and we’re drilling in the Motherlode targets right now. We’re going to drill six holes there, then we’re going to move it across the valley about 10 miles and do some holes at the Overlander target. If we have time before Christmas, we’ll do some on the Ket 28 target—west of us 40 miles. So good things are happening there.”

Asked what his overall assessment of the Greenwood project is, Testo replies, “Awesome! This isn’t the sort of project where you’re drilling a one-hole wonder. We’ve have the property for almost four years now. We’ve had geological programs on it; we’ve taken thousands of soil samples and ground samples. I’ve walked every inch of that property. We’re zeroing in on the big one. It’s elephant country where we are.”

View Company Profile

Read more about Grizzly Discoveries

Contact:
Brian Testo
President
780.693.2242

by Ted Niles

One Hole Away

February 25th, 2011

The Promise of Grizzly’s Greenwood Gold Project Excites Investors

By Ted Niles

It’s not often that you can say of a man that he knew his future before he knew his name. Brian Testo, President and CEO of Grizzly Discoveries Inc, earned the moniker “Griz” at 14 for his tenacity, but it was at the age of nine that he saw his future in mining. “I was in Grade 4,” Testo relates, “and we were talking about the economies of different countries, and our teacher said something about diamonds in South Africa. There were coal mines throughout Hinton, Alberta, where I grew up, so I asked him if there was any chance of diamonds in Alberta. He said no, no chance; they’re only in South Africa. But I didn’t believe him. So I pursued that.”

Indeed he did. In 2005 Grizzly Diamonds—as the company was then known—acquired three diamond properties in Alberta’s Buffalo Head Hills, approximately 1.6 million hectares. The company also had four BC precious-metals properties—Peak, French, Goat Mine and Silver Bear—over 9,300 hectares.

The Promise of Grizzly's Greenwood Gold Project Excites Investors

One could say that such an intense interest in gemstones might not have been the best course given what was looming on the horizon. “It got to the point where in 2008, when the little meltdown came, nobody wanted to talk about diamonds,” Testo reports. He adds, “But that year we got Greenwood, our flagship gold property.”

Greenwood now totals 88,140 hectares. Situated between Grand Forks and Midway, it is easily accessible by road. Around 1900, the area was the largest gold producer in the country, and the Greenwood property is near notable producers—particularly the Motherlode mines that yielded 178,000 ounces gold, 723,000 ounces silver and 80 million pounds copper. And Greenwood is seven kilometres northwest of Kinross Gold’s Buckhorn Mountain Gold Mine in Washington State.

Testo says of the property, “We took an old gold camp which was very underexplored, and we flew some new mags on it about a year and a half ago. When we got the data back, there were 500 conductors. So we’ve been drilling some of those, as well as some old drill targets. So far, we still have 400 conductors we haven’t chased down. There are six distinct areas in Greenwood, and we have shown in the first three that there’s a huge low-grade system there.”

Grizzly has completed three drill campaigns at Greenwood, and it does not yet have an NI 43-101 resource estimate. Assays of September 13, 2010, included 0.75 grams per tonne gold over 42 metres (including 1 g/t over 30 metres). The most recent assays, released February 7, include 0.21 g/t gold over 111.5 metres (including 1.19 g/t over 10.4 metres). Testo comments, “We’ve got this huge intersection, and we’ll hit high grade between that. We’ve just got to find the high grade. I tell people that we’re one hole away from a major discovery. On our next drill hole we could hit the heart of the system, or it might take 10 or 20. We’ve got enough smoke there to know there’s a fire.”

We’ve got enough smoke there to know there’s a fire — Brian “Griz” Testo

The market has of late shared Testo’s confidence. Following its February 7 press release, Grizzly’s share price shot up from $0.30 to, at press time, $0.52. The company has $1.2 million on hand, enough “to do a small program in May or June,” but he hopes to raise an additional $3 million to $5 million this spring for “a proper two-year drilling program. That’s my goal for Greenwood, and I think we can attain that.” Towards that end Testo reports that Grizzly Discoveries has applied for a listing on the OTCQX.

Of Grizzly’s other precious metals properties in BC, the Peak Property is the most promising, hosting rock that is stratigraphically similar to Barrick Gold’s Eskay Creek Mine. Testo remarks, “If I could raise more money, I’d work on it. But it’s a higher risk property than Greenwood.” The company has also taken a considerable interest in Alberta potash. Anyone familiar with the names of BHP Billiton and Potash Corp knows this is an increasingly profitable commodity. Grizzly has staked roughly 950,000 hectares near Lloydminster and Medicine Hat on the border and hopes to bring some of Saskatchewan’s potash success to Alberta.

“Griz” has not forsaken his diamonds, but Greenwood remains his priority. He concludes, “I’ve never had a brokered placement. I’ve always done friends and family. We have a huge vested interest in making this thing work. And we only have 34 million shares. Fully diluted, we’d be at about 38 million to 40 million and have another $3 million to $4 million in the bank. I’d raised most of the money before the crash north of a dollar. I’ve done a couple of small placements since then to keep rocking and rolling, but I’m going to do a bigger placement at a higher price, and things are going to happen.”