Wednesday 7th December 2016

Resource Clips


Posts tagged ‘idaho’

Kyrgyzstan gains B.C. foothold as Centerra hedges jurisdictions

July 5th, 2016

by Greg Klein | July 5, 2016

A “balanced geopolitical risk profile” would counter Centerra Gold’s (TSX:CG) Kyrgyzstan woes with a solid foundation in more favourable countries. But with Kyrgyzstan currently holding nearly a third of Centerra shares, that country retains a sizeable piece of the action. Late July 5 Centerra announced a definitive agreement to pick up Thompson Creek Metals TSX:TCM and its Mount Milligan copper-gold mine in British Columbia. Also included are Thompson Creek’s Endako molybdenum mine in B.C. and its Thompson Creek moly mine in Idaho, both on care and maintenance, as well as two development projects in B.C.

Kyrgyzstan gains B.C. foothold as Centerra hedges jurisdictions

Gold miner Centerra takes on Thompson
Creek’s debt to move into a safer jurisdiction.

Subject to approvals, the share swap values Thompson Creek at C$0.79, a 33% premium to the company’s 20-day volume-weighted average to July 4. The deal would leave Thompson Creek shareholders with about 8% of Centerra. The company also pays off Thompson Creek’s outstanding notes. The companies value the transaction at approximately US$1.1 billion.

Royal Gold’s Mount Milligan gold stream would drop from 52.25% to 35% in exchange for an 18.75% copper stream.

The deal gives Centerra “an operating base in Canada—one of the lowest-risk mining jurisdictions in the world—which will complement our [50%-held] Canadian-based Greenstone project and provide for further flexibility to expand into the Americas,” commented CEO Scott Perry.

In addition to its flagship Kumtor gold mine in Kyrgyzstan, Centerra holds Mongolia’s Boroo gold mine, currently on care and maintenance, and two advanced-stage gold projects in Mongolia and Turkey.

At the company’s May AGM the CEO reportedly acknowledged that Kyrgyzstan is “not viewed as a top-tier jurisdiction”—a considerable understatement. Out of 109 countries ranked by the Fraser Institute’s annual mining survey, Kyrgyzstan ranks 19th from last on the Investment Attractiveness Index and eighth from last on the Policy Perception Index. B.C., although no paradise itself for miners, ranks 18th from top on the IAI and 41st on the PPI.

Centerra’s Kyrgyzstan adversities have included a police raid on the company’s office, a US$220-million pollution fine, a US$9-billion claim by the country’s Green Party, criminal investigations against the company’s executives, a ban on executives leaving the country, the arrest of a former CEO in Bulgaria reportedly at Kyrgyzstan’s behest, illegal roadblocks, violent mobs, and the arrest and deportation of a Centerra welder after he posted a Facebook remark comparing a local sausage to “horse penis.”

Centerra holds a 100% interest in Kumtor but Kyrgyzstan holds 32.7% of Centerra. In December the company offered to trade a 50% stake in the mine for the country’s shares. But now Kyrgyzstan faces dilution through the C$170-million bought deal Centerra also announced on July 5.

The company expects to close the offer around July 20 and the acquisition in autumn.

The world’s most popular mints: Key facts and comparisons

June 1st, 2016

Story by Jeff Desjardins, Visual Capitalist | Infographic by JM Bullion

In the precious metals industry, trust is paramount. That’s why if you own gold or silver bullion, there is a good chance it comes from one of the world’s few internationally recognized mints.

This infographic from JM Bullion highlights key facts and comparisons about some of the world’s most popular mints, including the United States Mint, the Royal Canadian Mint, the Perth Mint, PAMP Suisse and Sunshine Minting.

The world’s most popular mints: Key facts and comparisons

 

Some quick facts on each of the world’s most popular mints:

The United States Mint was founded in 1792 and now has minting operations in Philadelphia, Denver, West Point and San Francisco. The mint produced more than 17 billion coins for circulation in 2015, the fastest annual pace since 19.4 billion coins were struck in 2001. Legend holds that George Washington donated some of his personal silver to the mint for manufacturing early coinage.

The Royal Canadian Mint was founded in 1908 in Ottawa. It produces over one billion coins per year, with the Silver Maple Leaf as its signature bullion offering. In 2007, the Royal Canadian Mint created the largest coin in the world—a 100-kilogram, 99.999% pure, $1-million gold bullion coin.

The Perth Mint was founded in 1899. It was originally built to refine metal from the gold rushes occurring in Western Australia, while also distributing sovereigns and half-sovereigns for the British Empire. In 1970, the mint’s jurisdiction was moved to the state government of Western Australia. The Australian Kookaburra (1990-), Koala (2007-) and Kangaroo (1990-1993, 2016-) are some of the mint’s most popular products among bullion buyers.

PAMP Suisse, a private mint, was founded in Switzerland in 1977. The mint refines an impressive 450 tonnes of gold annually, and much of the gold used for worldwide jewelry production comes from PAMP. The mint also produces the popular Fortuna bar, which is available in gold, silver and platinum, with sizes ranging from one gram to 100 ounces.

Sunshine Minting is another private mint. Founded in Idaho in 1979, Sunshine mints 70 million ounces of bullion each year, including its version of the popular Silver Buffalo Round. Sunshine Minting is also the primary supplier of one-ounce silver planchets (round metal disks, ready to be struck as coins) to the United States Mint.

Story by Jeff Desjardins, Visual Capitalist | Infographic by JM Bullion

Athabasca Basin and beyond

July 13th, 2013

Uranium news from Saskatchewan and elsewhere for July 6 to 12, 2013

by Greg Klein

Next Page 1 | 2

Four companies seal $6-million exploration plan for PLS-area’s largest package

With a formal agreement signed, an airborne survey about finished and a field crew on site, progress continues on the four-company Western Athabasca Syndicate Project, the Patterson Lake South-area’s largest land package. Skyharbour Resources TSXV:SYH, Athabasca Nuclear TSXV:ASC, Lucky Strike Resources TSXV:LKY and Noka Resources TSXV:NX announced the formal agreement July 10, saying the strategic alliance shares synergies while mitigating risk and dilution.

Uranium news from Saskatchewan and elsewhere

Four companies plan to spend $6 million over two years exploring the PLS-area’s largest package, the Western Athabasca Syndicate Project.

As previously reported in a memorandum of understanding, Skyharbour contributes seven Athabasca Basin properties to combine with Athabasca Nuclear’s 125,375-hectare Preston Lake, forming a 287,130-hectare package. Apart from the 11,769-hectare Wheeler project on the Basin’s east side, the properties are contiguous to the high-grade, near-surface uranium discovery of Fission Uranium TSXV:FCU and Alpha Minerals TSXV:AMW.

With 25% earn-ins for each company, the syndicate will jointly fund a $6-million program over two years. Noka and Lucky Strike will each put up $1 million a year while Skyharbour and Athabasca Nuclear will each spend $500,000. Cash and shares also change hands.

Data from the VTEM-plus time domain survey will be analysed for conductive trends like those hosting the PLS discovery. Under a joint program with two other companies, the survey also flew properties held by Forum Uranium TSXV:FDC and Aldrin Resource TSXV:ALN. So far the survey has found two parallel basement conductive trends on Aldrin’s Triple M property and a conductive trend extending from the PLS discovery into Forum’s Clearwater project.

Referring to activity surrounding the Alpha/Fission discovery, Dundee Capital Markets senior analyst David Talbot told ResourceClips.com, “This is an area play because these are area-type deposits. They tend to occur in clusters. The chances that Fission and Alpha are the only ones that have uranium on their property is probably relatively low.”

Following the VTEM, a radiometrics survey will search for boulder trains and in-situ radioactivity. Also on the syndicate’s agenda are radon surveys, geochemical sampling, prospecting and scintillometer surveying. Athabasca Nuclear acts as project operator, in consultation with the other three geological teams. The companies plan to follow Alpha’s 43-101 technical report, which details procedures leading to the PLS discovery.

Skyharbour president/CEO Jordan Trimble told ResourceClips.com, “I think it’s the lowest-risk way, on a per-company basis, to carry out this kind of large, aggressive exploration program.”

Read more about the Western Athabasca Syndicate Project.

Noka picks up two more properties

One day after sealing the syndicate deal, Noka announced two more Basin acquisitions. For the 151,170-hectare Clearwater project, the company issues two million shares and grants a 5% NSR. The transaction makes one of the vendors, Ryan Kalt, a company insider. For the 50,161-hectare Athabasca North, Noka issues 600,000 shares and grants a 2% NSR. TSXV approval has already come through. Noka also issued 130,000 shares and paid $14,000 as a finder’s fee.

Cameco, Mega mull Kintyre deal Down Under

About 1,250 kilometres north of Perth, at the western edge of Western Australia’s Great Sandy Desert, lies Cameco Corp’s TSX:CCO Oz flagship, the Kintyre deposit. Now the major is negotiating with a junior to co-operate on some additional claims adjacent to the project. Announced July 11 by Mega Uranium TSX:MGA, the two companies have signed a non-binding understanding that could give Cameco an initial 51% interest in the Kintyre Rocks project, held by Mega’s subsidiary Boxcut Mining. The talks imply Cameco’s continued interest in a project that had its feasibility study shelved last year.

Kintyre, held 70% by Cameco and 30% by Mitsubishi, has a 2011 resource showing:

  • an indicated category of 5.26 million tonnes averaging 0.49% for 56.4 million pounds uranium oxide (U3O8)
  • an inferred category of 505,000 tonnes averaging 0.47% for 5.3 million pounds.

The project reached pre-feasibility in 2012, detailing an open pit producing an average six million pounds a year for seven years. But economic survival called for $67-a-pound uranium, a price not seen after the March 2011 Fukushima accident. Full-feas was suspended and Cameco recorded a $168-million write-down. Work continued, however, on an engineering study and environmental permitting. The company also stated its interest in finding satellite deposits.

Next Page 1 | 2

They know the drill

February 19th, 2013

Premium Exploration and Amarillo Gold report assays from Idaho and Brazil

by Greg Klein

Next Page 1 | 2

Assays from a single infill hole continued Premium Exploration’s TSXV:PEM findings of long mineralized intervals at the Idaho gold project’s Friday zone. Results released February 19 show:

  • 0.57 grams per tonne gold over 304.8 metres
  • (including 1.11 g/t over 111.25 metres).

True width is estimated at 75%. No bottom cutoff or topcut were applied. The interval started at surface.

The assays “appear to be consistent with the resource and previously released core holes drilled in this area,” Premium stated. But this hole was drilled with a reverse circulation rig to determine whether lower-cost RC work could replace diamond drilling. Still pending is a QA/QC analysis to compare results with previous holes. Then the company will decide which equipment to use for the rest of the infill program.

Premium Exploration and Amarillo Gold report assays from Idaho and Brazil

Premium geologists log core from the Friday zone
of the company’s Idaho gold project.

The hole was drilled at a -60 degree dip from the same collar that was previously drilled in the same direction at -70, producing these results released in January 2010:

  • 0.8 g/t gold over 370.9 metres
  • (including 1.5 g/t over 134.3 metres)
  • (including 2.5 g/t over 47.3 metres).

The Friday-Petsite deposit has a May 2012 resource estimate using a 0.4 g/t cutoff to show:

  • an indicated category of 21.5 million tonnes averaging 0.91 g/t gold for 629,000 gold ounces
  • an inferred category of 5.9 million tonnes averaging 0.77 g/t for 146,000 ounces.

The near-surface resource could be amenable to open pit mining and features sulphide mineralization, Premium states. Last winter’s program drilled about 8,000 metres within the one-kilometre resource as well as along strike, with hopes of expanding the pit to 1.7 kilometres.

Two other zones on the 18,000-hectare project have non-compliant resources. Using a 0.4 g/t cutoff, the Buffalo Gulch deposit’s historic, non-43-101 resource shows:

  • an indicated category of 4.8 million tonnes averaging 0.8 g/t for 111,000 ounces.

Also using a 0.4 g/t cutoff, the Deadwood deposit’s historic, non-43-101 resource shows:

  • an indicated category of 1.6 million tonnes averaging 0.75 g/t for 39,000 ounces
  • an inferred category of 700,000 tonnes averaging 0.75 g/t for 18,000 ounces.

Both Buffalo Gulch and Deadwood have expansion potential along strike and at depth, according to Premium.

In December the company announced that a ground-based IP survey had identified a new target at the X zone with characteristics “similar to those associated with the three known deposits.” That marks the project’s 12th target, most of which have yet to be drilled.

Next Page 1 | 2

Marathon, New Jersey Mining report Idaho Gold Results up to 4.41 g/t over 20.6m

September 11th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningMarathon Gold Corp TSX:MOZ in joint venture with New Jersey Mining Corp announced assays from their Golden Chest Mine in the Coeur d’Alene Mining District of Idaho.

Infill highlights include
4.41 grams per tonne gold over 20.6 metres
(including 10.8 g/t over 7 metres)
9.65 g/t over 7.7 metres
(including 30.3 g/t over 2.4 metres)
1.53 g/t over 17 metres
(including 10.4 g/t over 1.5 metres)
Infill depths extend to 195 metres.

Step-out highlights include
2.04 g/t over 11.9 metres
(including 6.18 g/t over 3.5 metres)
1.56 g/t over 8.4 metres
2.44 g/t over 4.1 metres
(including 8.8 g/t over 1 metre)
Step-out depths extend to 205 metres.

The property is a 50/50 joint venture with New Jersey Mining acting as project operator. The mine has over 3,900 metres of underground workings and the permits necessary to drill and operate on the deposit. The property includes 24 patented mining claims and 70 unpatented mining claims covering 515 hectares. The patented claims that cover the mine workings have mineral and surface rights.

Marathon President/CEO Phillip Walford stated, “We had great success with this year’s drilling program at the Golden Chest Mine and we are pleased to be concluding this program on such a strong note. These final results reveal the presence of a new high-grade gold shoot and the extension of a longer interval that was discovered in May in the Katie and Dora area. Additionally, these concluding results demonstrate that there is the potential to increase the current open-pit resource. As the company’s focus is to generate value through resource expansion, the current resource estimate is being revised based on this year’s drilling results and is expected to be released in the fourth quarter of this year.”

View Company Profile

Contact:
Marathon Gold Corp
Jennie Guay
IR Manager
416.987.0714

Read an interview with Marathon President/CEO Phillip Walford.

Read a feature story about Marathon Gold Corp.

by Greg Klein

Terraco reports Idaho Gold Assays up to 1.11 g/t over 38.1m, 1.03 g/t over 39.6m

August 23rd, 2012

Resource Clips - essential news on junior gold mining and junior silver miningTerraco Gold Corp TSXV:TEN announced drill results from its Almaden project in Washington County, Idaho. Highlights include

0.608 grams per tonne gold over 12.2 metres
(including 1.3 g/t over 1.5 metres)
0.998 g/t over 38.7 metres
(including 2.123 g/t over 4.6 metres)
1.034 g/t over 39.6 metres
(including 1.942 g/t over 4.6 metres)
1.114 g/t over 38.1 metres
(including 2.454 g/t over 6.1 metres)
0.754 g/t over 81.4 metres
0.61 g/t over 15.2 metres
0.517 g/t over 15.2 metres

VP Exploration Charles Sulfrian commented, “Drill results continue to meet or exceed expectations at our Almaden (Nutmeg Mountain Gold) Project. Upon receipt of the last batch of assays (expected shortly) from the spring 2012 drill program, emphasis will be shifting to metallurgical testing and initial project economic review and evaluation.”

View Company Profile

Todd Hilditch
President/CEO
604.443.3831 or tollfree 1.877.792.6688 x 2

Read an interview with Terraco President/CEO Todd Hilditch

by Kevin Michael Grace

Marathon reports Idaho Gold Assays as high as 12.4 g/t over 5.2m

April 12th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningMarathon Gold Corporation TSX:MOZ in joint venture with New Jersey Mining Corporation announced results from the Golden Chest Mine in Murray, Idaho. Assays include

1.15 g/t gold over 16.5 metres
1.26 g/t over 12.4 metres
1.14 g/t over 20 metres
4.93 g/t over 1.6 metres
8.22 g/t over 3.9 metres
12.39 g/t over 5.2 metres
7.74 g/t over 2.5 metres
2.37 g/t over 5.6 metres
3.87 g/t over 2.2 metres
3.56 g/t over 5.1 metres

Marathon President Phillip Walford commented, “Drilling at the Golden Chest Mine continues to be successful in expanding the resource potential. The open pit holes are infill and in an area of inferred resource, and the underground targeted holes are expanding the strike length of the Idaho vein system in an area not previously drilled. These are very good results for the 2012 program and with extensive drilling to follow, we anticipate consistent encouraging results.” The Golden Chest Mine is owned 50% by New Jersey Mining Corporation and 50% by Marathon Gold Corporation. NJMC is the operator.

View Company Profile

Read more about Marathon Gold

Contact:
Marathon Gold Corporation
Jennie Guay
Investor Relations Manager
416.987.0714

by Ted Niles

Marathon, NJMC report Idaho Gold Assays up to 2.2 g/t over 35.8m

February 27th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningMarathon Gold Corporation TSX:MOZ in joint venture with New Jersey Mining Corporation announced assays from the Golden Chest Mine in Murray, Idaho. Results include

2.2 g/t gold over 35.8 metres (including 9.55 g/t over 6.1 metres)
1 g/t over 8.7 metres
2.27 g/t over 17.7 metres
1.69 g/t over 2.9 metres
0.61 g/t over 32.6 metres
1 g/t over 8.3 metres

Marathon President/CEO Phillip Walford said, “These drill holes are encouraging as they demonstrate that there is expanded open pit potential at the Golden Chest Mine. With two drills currently turning, we anticipate that this year’s 20,000-metre drill program will further define the full potential of the deposit.” The Golden Chest Mine is owned 50% by New Jersey Mining Corporation and 50% by Marathon Gold Corporation. NJMC is the operator.

View Company Profile

Contact:
Marathon Gold Corporation
Jennie Guay
Investor Relations Manager
416.987.0714

by Ted Niles

Atlanta reports Idaho Gold Assays up to 1.9 g/t over 45.7m

January 25th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningAtlanta Gold Inc TSXV:ATG announced drill results from the Atlanta Shear zone of its Atlanta gold property in Idaho. Highlights include

2.84 g/t gold over 17.3 metres
4.07 g/t over 5.2 metres
1.26 g/t over 5.1 metres
2.19 g/t over 3.7 metres
1.9 g/t over 26.2 metres
4.69 g/t over 8.6 metres
2.38 g/t over 5.4 metres
2.1 g/t over 15.1 metres
1.71 g/t over 8.8 metres
3.34 g/t over 14.7 metres
1.39 g/t over 17.6 metres

VP/COO Ernest Simmons commented, “We have now established continuity along the entire length of the 3,475-metre Atlanta Shear Zone, which we believe will be mineable as one continuous open pit. In addition, the deepest hole indicates that the Shear continues to be mineralized to depths of almost 900 metres, further opening up the potential for outlining bulk-mineable zones below the open-pit horizon.”

View Company Profile

Contact:
Bill Baird
VP and CFO
416.777.0013

by Ted Niles

Terraco reports Idaho Gold Assays up to 0.78 g/t over 54.9m

January 18th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningTerraco Gold Corp TSXV:TEN announced drill results from its Almaden project in Washington County, Idaho. Highlights include

0.78 g/t gold over 54.9 metres (including 1.07 g/t over 21.3 metres)
0.94 g/t over 22.9 metres (including 1.59 g/t over 7.6 metres)
0.79 g/t over 33.5 metres (including 1.16 g/t over 7.6 metres)
0.8 g/t over 35.1 metres (including 1.25 g/t over 1.5 metres)

President/CEO Todd Hilditch remarked, “These results and the previously announced results at Almaden are very encouraging. Terraco is on the right track in growing the gold resource and has shown in several holes an improvement in grade thickness of up to 28% compared to nearby historic drilling. Terraco is currently planning its 2012 exploration program and is excited to move the Almaden project forward.”

View Company Profile

Contact:
Todd Hilditch
President/CEO
604.443.3831

by Ted Niles