Tuesday 6th December 2016

Resource Clips


Posts tagged ‘Lake Shore Gold Corp (LSG)’

Undaunted by dogma

April 25th, 2014

Kapuskasing Gold wants to prove, once again, that Mike Tremblay’s right about Ontario’s newest gold district

by Greg Klein

Next Page 1 | 2

He might have spent over 20 years as a voice crying in the Kapuskasing wilderness, but prospector Mike Tremblay saw his theories validated by a 2010 discovery on property he staked. That was the Borden Lake project in what Probe Mines TSXV:PRB calls Ontario’s newest gold district, the Kapuskasing structural zone. Now as an adviser to Kapuskasing Gold TSXV:KAP, Tremblay wants to open up more of this almost unexplored region.

The Kapuskasing zone sits tantalizingly close to a number of gold camps. Yet it’s received surprisingly little attention. Having grown up in the nearby town of Chapleau, Tremblay says locals often asked, “Why do we have mines all around us but there’s no mines here?” His response: “It was because of this great big Kapuskasing structure that nobody was exploring in.”

Kapuskasing Gold wants to prove, once again, that Mike Tremblay’s right about Ontario’s newest gold district

Tremblay says he was “lucky enough to learn from really smart people, the kind of people who would take you under their wing and teach you.” But something about the region close to home intrigued him. “I always had that contrary, stubborn streak in me, so you couldn’t tell me that something wasn’t possible.”

While working with Noranda Mines he learned about a VMS target that the company walked away from. Tremblay staked it in 1987, lost it at one point, re-staked it and, along with partner Jack Robert, finally sold it to Probe.

That was in March 2010. By June of that year the company had flown a VTEM survey. That summer they hit, eventually announcing a 91-metre intercept averaging two grams per tonne gold from one of six near-surface mineralized holes over a potential 250-metre strike.

Vindicated, Tremblay and his collaborators sought new turf in the Kapuskasing. Meanwhile by January 2013 Probe revealed a global resource of 5.19 million ounces indicated and 1.18 million ounces inferred. In May of last year Agnico Eagle TSX:AEM took a 9.9% stake in Probe. Then in November Tremblay, Robert and Probe won the 2013 Ontario Prospectors Association Award. The OPA credited the “new and unique discovery” to the fact that Tremblay and the others showed themselves “undaunted by dogma.”

Early this year Tremblay and his staking team sold two more properties, “my dream concepts in the area,” to Olympic Resources. He also joined as an adviser, helping transform the company into Kapuskasing Gold.

The acquisitions are Borden North, two claim blocks totalling 6,800 hectares by the Kapuskasing zone’s eastern margin about 60 kilometres north of Probe’s resource, and Rollo, a 7,136-hectare property just east of the zone.

“On Borden North there’s a big S-fold up in the mafic volcanics, so if there was anything it would fatten out in the fold, it would be a structural trap,” Tremblay explains. “When KAP got involved, we staked ground around it to cover all the potential.”

“Rollo was another one that I generated,” he adds. “I once worked with a prospector in his 80s. He was 18 years old in 1933, when they made some big discoveries in the region. So he had intimate knowledge of the area and he told me about this gold showing on a portage on what is now the Rollo project. So when that ground came open, 20 years after he passed on, I remembered he talked about a porphyry on that portage where he panned gold. That was the enticement to get the other guys to put in money.”

Next Page 1 | 2

Lake Shore reports Ontario Gold Assays of 1.26 g/t over 324m

May 1st, 2012

Resource Clips - essential news on junior gold mining and junior silver miningLake Shore Gold Corp TSX:LSG announced results from its Fenn-Gibb Project in Ontario. Assays include

1.93 g/t gold over 241.2 metres
1.26 g/t over 324 metres
0.89 g/t over 260.5 metres
0.73 g/t over 284 metres
1.02 g/t over 190.5 metres
2.48 g/t over 50.1 metres
0.7 g/t over 183.5 metres (including 2.48 g/t over 50.1 metres)
0.68 g/t over 177.1 metres
1.01 g/t over 52.5 metres
1.66 g/t over 41 metres
0.87 g/t over 71.8 metres
0.73 g/t over 68.8 metres

President/CEO Tony Makuch said, “We are extremely pleased with the most recent drill results which, when factored into new pit-optimization studies, highlight the potential to substantially grow resources at the Fenn-Gib project. Based on the drilling we have completed since acquiring Fenn-Gib last August, we have now expanded the known mineralization by 200 metres to the north, to the east and to depth, with the deposit remaining open. We have also identified a number of new exploration targets, all within 1.5 kilometres of the current resource. Also encouraging are the opportunities that exist to establish a low-strip-ratio starter pit and to apply high silver values to the existing resource, both of which could significantly enhance the economics of the project. Based on what we have seen so far, we are delighted to have Fenn-Gib in our portfolio and believe that the project has excellent potential to become a successful open-pit mining operation in the same category as other projects currently being developed in northern Ontario and Quebec.”

View Company Profile

Contact:
Tony Makuch
President/CEO
416.703.6298

or Mark Utting
VP Investor Relations
416.703.6298

by Ted Niles

Lake Shore updates Ontario Timmins West Gold-Silver Reserves

April 2nd, 2012

Resource Clips - essential news on junior gold mining and junior silver miningLake Shore Gold Corp TSX:LSG announced a new reserve estimate for its Timmins West Mine in Ontario. The mine now has probable reserves of 4.92 million tonnes grading 5.76 g/t for 823,848 ounces gold.

President/CEO Tony Makuch said, “For an underground mine early in its operating life, 3 to 5 years of reserves is a reasonable and appropriate level. We are very pleased that we have achieved the high end of that range with our new reserve at Timmins West Mine. Our intention is to complete the required drilling and other work to continue to build both our reserves and resources in order to maintain an ongoing 3- to 5-year reserve life. We are also pleased with the conversion rate of indicated resources into reserves and are encouraged that our average grade matches very closely to the grade used in our preliminary economic assessment.”

View Company Profile

Contact:
Tony Makuch
President/CEO
416.703.6298

or Mark Utting
VP Investor Relations
416.703.6298

by Ted Niles

Silver Underfoot

March 22nd, 2012

Vendome Sees a Potential Jackpot in Mexico

By Ted Niles

You don’t often hear the 2008 market crash described as a good thing, but to Franz Kozich-Koschitzky it was. Without that event, the President and CEO of Vendome Resources (TSXV:VDR) has no doubt that the company’s southwestern Mexico land package would have been scooped up by a larger company. “It was the luck of the financial crisis,” Koschitzky declares, “or we wouldn’t have it.”

The land package consists of three properties on the Sierra Madre Del Sur belt in Guerrero State: the 253-hectare San Javier property, the 14,722-hectare La Diana property and the 2,000-hectare San Miguel property. San Javier and La Diana were acquired by private resource company Camsim Minas SA in 2008, and between 2010 and 2011 Vendome entered into option agreements with Camsim to acquire a 50% interest in both. Vendome acquired a 100% interest in San Miguel—surrounded on all sides by La Diana—in August 2011.

Vendome Sees a Potential Jackpot in Mexico

What makes the properties unique, and underscores the importance of the timing of Vendome’s acquisition, is their location. Until recently, the infrastructural disadvantages of the area outweighed its long-recognized mineral potential. Over the last five years, however, the Municipality of Malinaltepec has seen a surge of development in the form of modern roads and power. As a consequence, this virgin territory—which Camsim President Derek Sutherland has described as “as though you’re walking into Mexico 400 years ago, when the Spaniards arrived”—is suddenly available to modern exploration.

Work to date has focused almost wholly on the San Javier property, and Koschitzky notes that “the very significant work there is beginning right now.” A geological team from ACA Howe will be flying to Mexico this weekend to undertake a four- to six-week initial exploration program to determine drill targets. The program will include establishing a control grid for magnetic surveys and soil sampling, induced polarization surveys on select areas, thorough sampling of vein systems and testing for lower-grade mineralization.

San Javier, which is surrounded on three sides by La Diana, is the logical starting place for an exploration program given the property’s history of artisanal mining and an abundance of silver mineralization visible at surface. During the 1970s and 1980s, small-scale mining at San Javier is reported to have produced ore averaging 1 kilogram silver per tonne. Koschitzky adds that even the tailings of the artisanal operation have yielded silver grades as high as two kilograms per tonne.

San Javier chip samples reported February 1 include

  • 1,277 grams per tonne silver, 2.39% lead and 2.51% zinc
  • 242 g/t silver, 1.77% lead and 0.15% zinc
  • 1,384 g/t silver, 0.46% lead and 0.01% zinc
  • 657 g/t silver, 7.32% lead and 4.18% zinc

Channel samples (collected by the previous optioner in December 2010) announced January 24 include

  • 8,060 g/t silver and 4.55% lead over 0.2 metres
  • 4,560 g/t silver and 5.13% lead over 0.4 metres
  • 4,920 g/t silver and 1.45% lead over 0.2 metres
  • 4,350 g/t silver and 1.03% lead over 0.1 metres
  • 4,260 g/t silver and 1.27% lead over 0.1 metres

Koschitzky comments, “You step out of the car and you see vein structure, vein structure, vein structure. It’s an absolute dream. I’ve seen so many properties in my life where you have some outcrops, and you take some samples. In this case, because you see the veins and because, to date, our extensive sampling suggests that the majority of the veins on the property host high-grade silver, tremendous potential for silver mineralization exists right at the surface.”

I’ve seen so many properties in my life where you have some outcrops, and you take some samples. In this case, tremendous potential for silver mineralization exists right at the surface —Franz Kozich-Koschitzky

Following ACA Howe’s work, Koschitzky expects to begin drilling three targets in May or June. The results of that drill program will determine how the company should proceed: continue to focus on San Javier or set its sights on La Diana, which shares very similar geology. “We don’t know what the average grade is,” Koschitzky explains. “We don’t know how deep it is. We’ve done channel samples over the whole hill and we’ve got high grade and low grade between them and on the other side. The chances are extremely good, but it’s only one hill and we have several. At La Diana you see the same structure, and it’s totally untouched. So we may have several deposits.”

The partnership with Camsim gives Vendome a notable advantage, Koschitzky argues. Because it is a Mexican company, Camsim has been able to establish good working relationships with state and local governments. He adds, “We are not seeking to be miners. What we’re trying to achieve is the discovery of a high-tonnage silver deposit.”

Koschitzky reports that the company is well funded for the short term with $600,000 cash on hand, in addition to shares earned from the September 2011 sale of its option in the Ontario Highway 101 property to Lake Shore Gold TSX:LSG. He concludes, “In my view, this is our jackpot.”

At press time, Vendome had 37.2 million shares trading at $0.255 for a market cap of $9.5 million.

Disclaimer: Vendome Resources Corp is a client of OnPage Media, and the principals of OnPage media may hold shares in Vendome.

Lake Shore reports Ontario Gold Assays including 1.31 g/t over 414m

October 31st, 2011

Resource Clips - essential news on junior gold mining and junior silver miningLake Shore Gold Corp TSX:LSG announced results from its Fenn-Gib project in Ontario. Assays include

1.31 g/t gold over 414 metres (including 1.54 g/t over 264 metres)
3.29 g/t over 29.3 metres
1.19 g/t over 265 metres
1.43 g/t over 166 metres

President/CEO Tony Makuch said, “We are very encouraged by the results being announced today as part of our confirmation and infill/expansion drill program at Fenn-Gib. The twin holes drilled and check sampling work completed clearly show that past results are holding up very well, with there being some upside potential. The results from Hole FG-11-04, drilled into an untested gap, were also very significant. This hole provided strong confirmation of the geologic model, demonstrated that mineralization extends from the syenite into the mafic volcanics and continues to depth uncovering a 200-metre expansion of shallow mineralization to the north of previous drill holes. Today’s results very much support our view that Fenn-Gib has the potential to host significant open-pit and underground resources and we are very much looking forward to announcing our initial resource for the project before the end of 2011.”

View Company Profile

Contact:
Tony Makuch
President/CEO
416.703.6298

or Mark Utting
VP Investor Relations
416.703.6298

by Ted Niles

Three Companies In One

September 27th, 2011

Probe Has Gold, Chromite and an AEM NSR

By Ted Niles

Between Probe Mines Limited’s TSXV:PRB Borden Lake gold project, its Black Creek chromite project, and a 5% Net Smelter Royalty on a portion of Agnico-Eagle Mines Ltd’s TSX:AEM Goldex Mine, David Palmer considers the company to be something of a steal at its current share price. “There’s probably a bit of a disconnect because we have disparate commodities. You never see chromite-gold companies,” Probe’s President and CEO says. “We’ve got these three very valuable assets, and I don’t know if the market values them all together. In terms of our market value now, it’s almost like you’re getting Borden Lake for free.”

It might also be that the market hasn’t quite caught up with Probe’s progress at Borden Lake. The company acquired the project as recently as March 2010, but by August 2011 it already had an NI 43-101 resource estimate of 300,000 ounces gold and 320,000 ounces silver indicated, as well as inferred resources of 3.8 million ounces gold and 5 million ounces silver. Palmer declares, “The first results we got back were phenomenal. It was top to bottom gold in that first phase drilling. Within nine months of making that discovery we took it to a resource estimate of 4 million ounces.”

Probe Has Gold, Chromite and an AEM NSR

Borden Lake is located in an unexplored part of the Kapuskasing Structural Zone in northeast Ontario—12 kilometres by highway from the town of Chapleau. Palmer describes it as “the easiest project I’ve ever had in terms of access,” and notes that Chapleau is industrially equipped, providing infrastructure advantages that should boost project economics. Borden Lake’s geological setting consists of Timiskaming sediments associated with the Timmins, Kirkland Lake and Red Lake mining districts. Palmer remarks, “The beauty of Borden Lake is that nobody’s been there before. It’s a brand new gold discovery. It’s not part of the Abitibi. What we have is a kind of a blank canvas, so the upside potential is really good. We’ve got about 17 kilometres of the belt; the first exploration and discovery on it.”

Probe is currently in the midst of its Phase 2 drill program at Borden Lake. September 19 assays include

  • 2.3 grams per tonne gold over 17.7 metres (including 9.2 g/t over 3.7 metres)
  • 0.6 g/t over 100.5 metres (including 1.2 g/t over 17.5 metres)
  • 10.9 g/t over 6.6 metres (including 57 g/t over 1 metre)
  • 0.6 g/t over 93.9 metres
  • 0.8 g/t over 129.9 metres (including 1.8 g/t over 38.3 metres)
  • 0.6 g/t over 113 metres
  • 0.6 g/t over 130 metres

Palmer comments, “I think we’re up to Hole 115, and it’s still open in all directions. Because we are the first to be drilling here, we’re on a bit of a steep learning curve. So we don’t know what to expect. Borden Lake is in that low-grade bulk-tonnage model, so to be seeing some of these higher-grade zones is really nice. All we know right now is that it’s big and consistent. Getting these high-grade zones raises expectations, and hopefully we’ll get more.”

Less than a year after discovery to be at the stage where we have a 4-million-ounce gold resource, open in all directions, I think is really promising —David Palmer

The next steps will be to complete metallurgical testing and update the resource. While admitting that it is a best-case-scenario target, Palmer hopes to have a preliminary economic assessment completed as early as January 2012.

Probe is not yet earning from its 5% net-smelter royalty at the Goldex Mine in Quebec’s Abitibi region, but Agnico-Eagle’s 2011 exploration drilling at the mine has been focusing on a number of targets within the royalty boundary. Also, an independent valuation of the NSR is being undertaken.

Probe’s Black Creek chromite project is located in northern Ontario’s Ring of Fire and is one of four projects comprising the company’s McFauld’s Lake property, totalling 14,000 hectares. Situated between Cliffs Natural Resources’ Black Thor deposit—the largest chromite deposit in North America—and KWG Resources Inc’s TSXV:KWG Big Daddy property, Black Creek has measured and indicated resources of 8.65 million tonnes averaging 37.4% chromite and inferred resources of 1.6 million tonnes averaging 37.8%. “We could continue drilling it to depth,” Palmer relates, “but I think at this point we’re waiting to see what happens in terms of infrastructure. A major hurdle to the Ring of Fire is the lack of infrastructure. So what we’d like to do is see how the other companies are progressing up there.”

He concludes, “We’re a small company, so our resources are all focused on Borden Lake right now. Borden Lake has done phenomenally well. It’s still early stage and we’ve got a lot left to do on it, but less than a year after discovery to be at the stage where we have a 4-million-ounce resource, open in all directions, I think is really promising. We’ve probably only scratched the surface of the potential on Borden Lake.”

Probe Mines Limited TSXV:PRB has two other Ontario gold projects, Cree Lake and West Timmins—the latter a joint venture with Lake Shore Gold Corp TSX:LSG. At press time, Probe had 56.7 million shares trading at $1.62 for a market cap of $91.8 million.

Lake Shore reports Ontario Gold Assays as high as 75.14 g/t over 18.6m

March 4th, 2011

Lake Shore Gold Corp TSX:LSG announced drill results from the 730 Level of its Thunder Creek Project in Ontario. Assays include 3.11 g/t gold over 95.7 metres, 2.96 g/t over 113.5 metres, 4.69 g/t over 57 metres, 11.53 g/t over 147.3 metres (including 75.14 g/t over 18.6 metres and 284.19 g/t over 4.6 metres), 5.92 g/t over 9.9 metres and 4.67 g/t over 6.4 metres.

President/CEO Tony Makuch remarked, “Today’s results are very exciting as they provide confirmation that we are dealing with a very special gold deposit at Thunder Creek which is already meeting and exceeding our original expectations in terms of size and grades. With today’s drill holes we have now recorded very wide intersections with high-grade sections from multiple directions. Given the location of some of the intercepts they also demonstrate the potential to expand the zones, which supports our belief that what we may have is one very large mineralized system that runs along the Timmins Mine, Thunder Creek and 144 trend. We are continuing our aggressive drill program at Thunder Creek with five drills currently active in support of our efforts to establish an initial NI 43-101 resource later this year. In addition, we are also developing two hanging wall drifts and will use these drifts to drill for extensions between the 300 and 730 levels and to a depth of 1,500 metres. The potential to extend the mineralization to depth is excellent as both the Rusk and Porphyry zones remain open and the size of the porphyry stock increases the deeper it goes.”

View Company Profile

Contact:
Tony Makuch
President/CEO
416.703.6298

or Mark Utting
VP Investor Relations
416.703.6298

by Ted Niles

Lake Shore reports Ontario Gold Assays as high as 16.58 g/t over 19.1m

February 24th, 2011

Lake Shore Gold Corp TSX:LSG announced drill results from its Timmins Mine in Ontario. Assays include 16.58 g/t gold over 19.1 metres (including 51.25 g/t over 5.9 metre), 7.59 g/t over 9.3 metres, 3.88 g/t over 13.8 metres (including 9.99 g/t over 3.8 metres), 6.27 g/t over 30 metres (including 19.92 g/t over 4.3 metres), 5.18 g/t over 25.6 metres, 27.98 g/t over 6.7 metres (including 54.4 g/t over 3.3 metres), 16.58 g/t over 19.1 metres (including 51.25 g/t over 5.9 metres) and 19.78 g/t over 1.7 metres.

President/CEO Tony Makuch stated, “Today’s results are highly significant as they confirm that the wide, high-grade mineralization recently mined from the UM Zone between the 650 and 610 levels continues above the 610 Level into the next major area of the UM Zone we plan to mine. Stoping above the 610 Level is expected to commence around the end of the second quarter. In addition, today’s results also confirm the excellent potential for the Main Zone to host significant new resources and establish the zone as a priority target given the excellent grades and widths we have encountered and the location of the zone close to our existing mine workings.”

View Company Profile

Contact:
Tony Makuch
President/CEO
416.703.6298

or Mark Utting
VP Investor Relations
416.703.6298

by Ted Niles

Lake Shore reports Ontario Gold Assays up to 2.18 g/t over 45m

January 11th, 2011

Lake Shore Gold Corp LSG:CA announced drill results from its Thorne Property on the Gold River Trend in Ontario. Assays include 2.18 g/t gold over 45 metres (including 5.04 g/t over 16.6 metres), 11.78 g/t over 1.7 metres, 11.85 g/t over 2.5 metres, 21.8 g/t over 0.5 metres, 5.09 g/t over 10.2 metres (including 19.85 g/t over 0.4 metres), 8.92 g/t over 3.3 metres, 44.42 g/t over 1.7 metres and 20.73 g/t over 1.5 metres.

President/CEO Tony Makuch stated, “Today’s results strongly demonstrate the potential for the Gold River Trend to host substantial new resources in shallow underground and/or open-pit zones. The Gold River Trend property, when combined with our adjacent 144 property, covers an area totaling 49 square kilometres in close proximity to our Timmins Mine and Thunder Creek deposits. These two properties are highly prospective land positions with game-changing potential for our mining and development plans within the Timmins West Complex. We look forward to starting on the next phase of drilling at Gold River East in mid-January to evaluate additional extensions to the zones as well to start infill drilling of the mineralized envelope in preparation for an updated NI 43-101 resource over the next 12 months.”

View Company Profile

Contact:
Tony Makuch
President/CEO
416.703.6298

or Mark Utting
VP Investor Relations
416.703.6298

by Ted Niles