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Posts tagged ‘Kapuskasing Gold Corp (KAP)’

Kapuskasing targets zinc past-producer to bolster Newfoundland presence

May 18th, 2017

by Greg Klein | May 18, 2017

A former zinc mine with potential for another discovery would expand Kapuskasing Gold’s (TSXV:KAP) portfolio of Newfoundland prospects for high-performing metals. Under a non-binding letter of intent announced May 18, the company would get the 1,050-hectare Daniel’s Harbour property on the Rock’s Great Northern Peninsula.

The announcement follows a recent acquisition of proximal claims by Altius Minerals TSX:ALS, but the former mine sits on property covered by the Kapuskasing deal.

Kapuskasing targets zinc past-producer to bolster Newfoundland presence

In operation from 1975 to 1990, Daniel’s Harbour produced around seven million tonnes averaging 7.8% zinc. A chief characteristic was the mine’s Mississippi Valley Type deposit, a kind that characteristically occurs in clusters or districts, Kapuskasing stated. “There remains potential in the area of the old mine workings of the historic ore bodies continuing at depth or along the favourable breccia horizon,” the company added.

Subject to due diligence and approvals, the 100% acquisition calls for $60,000, 1.75 million shares and $100,000 of spending within two years. A 3% NSR applies, two-thirds of which can be bought back for $2 million. Should Kapuskasing define a resource of five million tonnes at a grade to be determined, the vendor gets a $50,000 bonus.

The news comes amid a busy few months as Kapuskasing collects properties in Newfoundland and Labrador. The company began in March with the acquisition of eight properties offering potential for copper, cobalt or vanadium. Among the standouts is Lady Pond, which an LOI announced last week would expand to 1,625 hectares covering historic mine workings. Surface grab samples graded up to 3.3% copper, 0.12% cobalt and 813 ppb gold.

While previous operators focused on copper, Kapuskasing sees potential for other metals including cobalt. The company has drilling planned later this year.

Another recently expanded March acquisition is King’s Court, now 2,275 hectares covering at least 10 copper showings at surface. Historic channel samples included 14% copper over three metres, 9.3% over 10 metres, 19% over 2.13 metres and 15.87% over 2.59 metres, along with cobalt samples up to 0.24%. The company has sent a 4.79-metre section of drill core to be re-assayed for cobalt and other elements.

Additional acquisitions bring with them historic, non-43-101 results:

  • Alexis, with grab samples up to 0.422% nickel and 0.822% cobalt

  • Cape Charles, with grab samples up to 1.12% copper, 0.47% nickel and 0.526% cobalt

  • Hayes, with a reported 27,000 tonnes averaging 54% iron, 9% titanium and 0.2% vanadium

  • Indian Head, with two dormant mines and iron-titanium-vanadium mineralization

  • Iron Mountain, with grab samples up to 39.8% iron and 0.26% vanadium

  • Ross Lake, with drill intercepts of 21.49% titanium dioxide, 0.24% vanadium and 0.16% chromium oxide over 13 metres; as well as 15.9% titanium dioxide, 0.2% vanadium and 0.13% chromium oxide over 11 metres

Again, those are historic, non-43-101 results.

With Daniel’s Harbour and Lady Pond as dual flagships, Kapuskasing has a busy year planned. Last month the company offered private placements totalling up to $750,000, including up to $250,000 in flow-through.

Kapuskasing Gold drills near-surface 4.68 g/t over 1.6 metres in northern Ontario

September 27th, 2016

by Greg Klein | September 27, 2016

A brief drill program of three shallow holes confirmed significant gold mineralization on the Rollo project in northern Ontario, Kapuskasing Gold TSXV:KAP announced September 27. The 150-metre summer campaign tested continuity of the property’s Racicot gold showing. The previous summer’s channel sampling found results up to 8.82 g/t gold over 0.6 metres. Grab samples assayed 1 g/t, 1.89 g/t and 11.41 g/t gold.

Kapuskasing Gold drills 4.68 g/t over 1.6 metres in northern Ontario

Some highlights from the most recent program show:

Hole RO-16-01

  • 3.24 g/t gold over 0.7 metres, starting at 8.5 metres in downhole depth

  • 2.32 g/t over 0.5 metres, starting at 10.6 metres

Hole RO-16-02

  • 3.3 g/t over 0.9 metres, starting at 8.2 metres

Hole RO-16-03

  • 4.68 g/t over 1.6 metres, starting at 14 metres
  • (including 8.05 g/t over 0.8 metres)

True widths were unavailable.

Results support an interpretation that associates mineralization with a red syenite dyke that strikes approximately 100 degrees, the company stated

Located along a projected extension of the Destor-Porcupine fault zone, Rollo sits between IAMGOLD’s (TSX:IMG) Cote Lake gold deposit and Goldcorp’s (TSX:G) Borden gold project. Last week Richmond Minerals TSXV:RMD announced results from its Ridley Lake property about three kilometres southwest of Rollo, hitting up to 1.26 g/t gold over 33 metres, including 4.11 g/t over 7 metres.

Future plans for Kapuskasing include additional drilling and ground geophysics. The company intends to resume work this autumn.

A 10-hole, 1,000-metre program at Kapuskasing’s West Keefer property found no significant gold but did identify lithologies favourable for hosting mineralization, the company added.

Kapuskasing holds seven gold properties along extensions of the Destor-Porcupine structure or the Borden gold project. The company closed a $246,600 private placement in July.

Drilling begins on Kapuskasing Gold’s Rollo property in northern Ontario

July 25th, 2016

by Greg Klein | July 25, 2016

Following up on last year’s high-grade samples, Kapuskasing Gold TSXV:KAP now has a drill program underway at its Rollo project in northern Ontario. On July 25 the company announced that three or four holes, each about 50 metres’ depth, will test the property’s Racicot gold showing.

Drilling begins on Kapuskasing Gold’s Rollo property in northern Ontario

Channel sample results from the area in August 2015 included 8.82 grams per tonne gold over 0.6 metres. Grab samples assayed as high as 1, 1.89 and 11.41 g/t gold.

The Racicot showing appears to be associated with a north-bearing quartz, quartz carbonate vein system crosscutting east-west trending mafic metavolcanics and a syenite/porphyry dyke system that trends sub-parallel to the metavolcanics, the company stated. “The drill program is designed to get a better understanding of these geological relationships.”

Kapuskasing’s portfolio includes seven properties along extensions of the Destor-Porcupine structure or Goldcorp’s (TSX:G) Borden gold project. Earlier this month Kapuskasing closed a $246,600 private placement.

Kapuskasing Gold samples up to 11.41 g/t, plans northern Ontario drill program

August 6th, 2015

by Greg Klein | August 6, 2015

With sample assays in from its Rollo property in northern Ontario, Kapuskasing Gold TSXV:KAP announced “two different gold-bearing relationships” on August 6. The company described “a north-bearing quartz vein system sampled in three locations over 30 metres of strike” which returned up to 8.59 grams per tonne gold over 0.6 metres and “a syenite-porphyry dyke system crosscutting the quartz vein system which sampled up to 11.41 g/t along its contact with east-west trending mafic metavolcanics.”

Kapuskasing Gold samples up to 11.41 g/t, plans northern Ontario drill program

Sample results encouraged Kapuskasing Gold
to plan a Rollo drill program.

The results come from a program of prospecting, mapping, three grab samples and 12 channel samples on the property’s Racicot gold showing.

Grab samples returned 11.41 g/t, 1.88 g/t and 1.01 g/t. Highlights from the channel samples included 8.59 g/t over 0.6 metres, 6.75 g/t over 0.5 metres and 2.45 g/t over 0.5 metres.

Kapuskasing plans to test the two mineralized areas with a program of shallow drilling to about 50 metres in depth. The company anticipates signing exploration agreements with natives “in the very near term” and receiving drill permits by late August.

In June Kapuskasing reported grab samples as high as 8.75 and 11.5 g/t. These also came from Rollo’s Racicot showing, then known as the Hanson Lake showing. In addition the company found several anomalous samples up to 102 ppb gold at its nearby Borden North project.

Last month Kapuskasing offered a $500,000 private placement to fund further exploration.

The company’s portfolio comprises six properties west of Timmins along extensions or interpreted extensions of the Destor-Porcupine structure or Goldcorp’s (TSX:G) Borden gold project.

Kapuskasing grabs 11.5 g/t gold at northern Ontario Rollo project

June 12th, 2015

by Greg Klein | June 12, 2015

Grab samples from Kapuskasing Gold’s (TSXV:KAP) Rollo project in Ontario’s Destor-Porcupine fault zone assayed 8.75 and 11.5 grams per tonne gold, the company reported June 11. The results come from the property’s Hanson Lake showing, the first of three quartz feldspar porphyries identified late last year. Channel sampling will begin immediately with drilling to follow, the company stated.

Kapuskasing grabs 11.5 g/t gold at northern Ontario Rollo project

Kapuskasing’s portfolio totals six projects around Mike Tremblay’s
Borden Lake discovery, which Goldcorp took over from Probe Mines.

Spring field work also took place at nearby Borden North, finding several anomalous samples up to 102 ppb gold. The program traced the property’s interpreted S-fold over several kilometres, prompting the company to advance its planned airborne electromagnetics as soon as possible.

Exploration manager Garry Clark commented, “We are looking forward to following up right away on the sampling at Borden North having results that are similar to Mike Tremblay’s initial prospecting at Goldcorp’s [TSX:G] (previously Probe Mines) Borden Lake discovery…. We will be working on the other gold showings on Rollo and initiating work on several of our other properties in the area. We have lots of activity planned for the next several months and beyond.”

The company’s six properties sit along extensions of the Destor-Porcupine or Borden gold project west of Timmins.

September 23rd, 2014

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September 22nd, 2014

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September 19th, 2014

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September 18th, 2014

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Kapuskasing Gold adviser Mike Tremblay wants to continue his success in Ontario’s newest gold district

May 27th, 2014

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