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Resource Clips


Posts tagged ‘NioGold Mining Corporation (NOX)’

Aurizon, NioGold announce Resource Update for Marban Gold Deposit in Quebec

September 7th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningAurizon Mines Ltd TSX:ARZ and NioGold Mining Corp TSXV:NOX announced an updated resource estimate for the Marban Deposit in the Malartic Gold Camp of the Abitibi region in Quebec.

Using a cutoff of 0.35 grams per tonne, the in-pit resource shows a measured category with 8.65 million tonnes grading 1.72 g/t gold for 479,000 gold ounces, an indicated category with 12.05 million tonnes grading 1.48 g/t for 574,000 gold ounces, and an inferred category with 3.78 million tonnes grading 1.6 g/t for 194,000 gold ounces.

Using a cutoff of 2 g/t, the underground resource shows a measured category with 360,000 tonnes grading 3.03 g/t for 35,000 gold ounces, an indicated category with 620,000 tonnes grading 2.7 g/t for 53,000 gold ounces, and an inferred category with 800,000 tonnes grading 2.68 g/t for 69,000 gold ounces.

Using those cutoff grades, the combined in-pit and underground resource shows a measured and indicated total of 21.67 million tonnes grading 1.64 g/t for 1.14 million gold ounces, and an inferred total of 4.58 million tonnes grading 1.79 g/t for 263,000 gold ounces.

Aurizon President/CEO George Paspalas remarked, “This resource estimate primarily reflects Phase One drilling on the Marban Deposit and confirms Aurizon’s rationale of entering into the earn-in with Niogold on the Marban Property. The continuity of gold mineralization in the first 250 vertical metres has now been confirmed and the good metallurgy and moderate rock hardness positions the deposit well for potential development. Our next step will be to incorporate the Phase Two data into the resource model.”

Aurizon may earn up to a 65% interest in the Marban Block Property under its option and joint venture agreement with NioGold. Aurizon may earn the initial 50% by spending $20 million over three years, updating the resource estimate and paying for 50% of the total gold ounces defined by the resource estimate. NioGold acts as project operator during the initial earn-in period.

View Company Profile

Contact:
Aurizon Mines Ltd
George Paspalas
President/CEO
604.687.6600
or Martin Bergeron
VP of Operations
819.874.4511
or Jennifer North
IR Manager
604.687.6600
800.411.4653

NioGold Mining Corp
Michael A. Iverson
Chairman/CEO
604.856.9887
or Dale Paruk
Vice-President
604.662.4505
877.642.6200

Read an interview with Aurizon President/CEO George Paspalas.

Read a feature story about Aurizon Mines Ltd.

by Greg Klein

NioGold, Aurizon report Quebec Gold Assays including 196.5 g/t over 1.2m

April 26th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningNioGold Mining Corp TSXV:NOX in joint venture with Aurizon Mines Ltd TSX:ARZ announced results from the Marban Property in the Malartic Gold Camp, Quebec. Assays include

196.5 g/t gold over 1.2 metres
20.5 g/t over 2 metres
36.7 g/t over 1.1 metres
29.8 g/t over 1 metre
51.4 g/t over 1.1 metres

Aurizon can earn up to a 65% interest by spending C$20 million over three years, completing an updated resource estimate and making a resource payment for 50% of the total gold ounces defined by the resource estimate. NioGold acts as project operator during the initial earn-in period.

View Company Profile

Read March 15 interview with Aurizon CEO George Paspalas

Read more about Aurizon Mines

Contact:
NioGold Mining Corp
Michael A. Iverson
Chairman/CEO
604.856.9887

or Aurizon Mines Ltd
George Paspalas
President/CEO
604.687.6600

by Ted Niles

NioGold, Aurizon report Quebec Gold assays up to 6.4 g/t over 8.9m

March 1st, 2012

Resource Clips - essential news on junior gold mining and junior silver miningNioGold Mining Corp TSXV:NOX in joint venture with Aurizon Mines Ltd TSX:ARZ announced results from the Marban Block property in the Malartic gold camp of the Abitibi region, Quebec. Assays include

5.6 g/t gold over 7.2 metres
3 g/t over 14.4 metres
7.6 g/t over 5 metres
6.4 g/t over 8.9 metres
1.3 g/t over 26.2 metres
32.1 g/t over 1 metre
20.5 g/t over 1.1 metres

Aurizon can earn up to a 65% interest by spending C$20 million over three years, completing an updated resource estimate and making a resource payment for 50% of the total gold ounces defined by the resource estimate. NioGold acts as project operator during the initial earn-in period.

View Company Profile

Read more about Aurizon Mines

Contact:
NioGold Mining Corp
Michael A. Iverson
Chairman/CEO
604.856.9887

or Aurizon Mines Ltd
George Paspalas
President/CEO
604.687.6600

by Ted Niles

Aurizon, NioGold report Quebec Gold Results including 9.8 g/t over 5.8m

November 16th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningAurizon Mines Ltd TSX:ARZ in joint venture with NioGold Mining Corp TSXV:NOX announced assays from their Marban Block Property in the Abitibi region of Quebec. Results include

9.8 g/t gold over 5.8 metres
8.3 g/t over 4.6 metres
(including 30.5 g/t over 1.1 metres)
1 g/t over 36 metres
(including 5 g/t over 2.1 metres)
1.5 g/t over 22 metres
(including 1.8 g/t over 12.1 metres)
1.8 g/t over 16.7 metres
(including 7.7 g/t over 2.4 metres)
1.8 g/t over 16.6 metres
(including 6.1 g/t over 3 metres)

Aurizon can earn up to a 65% interest by spending C$20 million over three years, completing an updated resource estimate and making a resource payment for 50% of the total gold ounces defined by the resource estimate. NioGold acts as project operator during the initial earn-in period.

View Company Profile

Contact:
Aurizon Mines Ltd
George Paspalas
President/CEO
604.687.6600
or Martin Bergeron
VP of Operations
819.874.4511
or Jennifer North
Investor Relations
604.687.6600
800.411.4653

NioGold Mining Corp
Michael A. Iverson
Chairman/CEO
604.856.9887
or Dale Paruk
Vice-President
604.662.4505
877.642.6200

Read feature story on Aurizon Mines Ltd.

by Greg Klein

La Belle Providence

November 16th, 2011

Aurizon Produces Low-Cost Quebec Gold

By Greg Klein

Ten projects notwithstanding, there’s no mistaking Aurizon Mines’ TSX:ARZ focus. They’re all funded by the flagship Casa Berardi Gold Mine, and they’re all in the same province. Speaking from his Vancouver HQ, the company’s Australian President/CEO talks about why he likes working in Quebec. Yes, it offers some of the world’s cheapest electricity, but George Paspalas gets to the heart of the matter, “People in Quebec generally understand how important mining is, and they embrace it.”

Paspalas adds, “The province has a very onerous regulatory process, but it’s a jurisdiction where, if you’ve done everything thoroughly, you get a permit. And then there’s the historic mining activity—which means there’s gold in the ground.”

Luna Gold Plans to Upsize Brazil Production

That’s especially true when you’re located in the bountiful Abitibi region, as are most Aurizon projects. Casa Berardi’s share of that gold in 2010 came to 141,116 ounces, an amount projected to hit 165,000 this year. The underground operation now produces the stuff at a cash cost of US$497 an ounce and, over the first nine months of 2011, created a cash flow of $72.3 million and net profit of $22.1 million, up 220% and 217% respectively over the same period in 2010. Up to 12 rigs are now expanding the underground resource as well as open-pit potential and have extended the mine life from 2016 to 2020. The next resource/reserve update is scheduled for 1Q 2012.

Aurizon’s hopes for its Joanna Project, however, have met with delay. Originally slated to begin producing an annual 100,000 gold ounces in 2013, Joanna’s feasibility study stalled last August due to higher-than-anticipated capital and operating costs. Nevertheless, the project’s Hosco Deposit boasts an in-pit resource estimated at 2.25 million ounces measured and indicated and 309,000 ounces inferred. Aurizon believes Hosco has underground potential, too. Three kilometres away, the Heva Deposit’s resource is estimated at 270,000 ounces indicated and 480,000 inferred. Drilling continues on both deposits, while Hosco’s feasibility is now scheduled for 2Q 2012 release.

After Joanna comes Marban. Located in Abitibi’s Malartic Mining Camp, it’s a joint venture with project operator NioGold Mining TSX:NOX. Aurizon is currently earning a 65% interest. Marban has a 2009 open-pit resource of 303,000 gold ounces indicated and 179,000 ounces inferred. Its underground resource comes to 296,000 ounces indicated and 182,000 inferred. An updated resource is expected by year’s end, while another 34,000-metre drill program begins this month.

Marban assays reported September 19 included one especially high result:

  • 906.23 grams per tonne gold over 2.9 metres
    (including 2,610 g/t over 1 metre)

Paspalas emphasizes that the uncapped grade has to be treated with caution. “Sometimes you hit a narrow vein or structure that’s carrying a whole bunch of gold like that, and you have to be very careful how you treat it,” he says. Even so, “Geologists just love this because it enables them to build up a structural model around how the fluids flowed and all that sort of stuff. They’re good numbers, but more importantly, structurally, it says there could be something there that fed this vein, that fed this structure. If you could find that, it would be rather exciting.”

If we want to build another mine, we’ve got the people. Casa Berardi was built on budget, on time, and the people who did that are still with the company —George Paspalas

Marban assays reported November 16 included:

  • 9.8 g/t gold over 5.8 metres
  • 8.3 g/t over 4.6 metres
    (including 30.5 g/t over 1.1 metres)
  • 1 g/t over 36 metres
    (including 5 g/t over 2.1 metres)
  • 1.5 g/t over 22 metres
    (including 1.8 g/t over 12.1 metres)

Just 10 kilometres north of Joanna, in the Destor-Porcupine Break, Aurizon is paying its way to another 65% interest. The project is the Fayolle Property, and the partner is Typhoon Exploration TSXV:TYP, which has two rigs drilling both infill and new targets to produce an initial resource estimate.

Aurizon has seven other Quebec projects, all nascent, either in the earn-in stage or subject to a letter of intent prior to earn-in. “These are very efficient, small exploration companies,” Paspalas says. “They’re very effective at good-value drilling. So we’ve been able to manage all these joint ventures without tying up our own resources.”

How does Aurizon choose its partners? “In a lot of cases they come to us,” he explains. “We’re known for being a pretty respectful partner, so we get a lot of people knocking on the door with opportunities.

“Our goal is to earn 65% by doing a feasibility study,” he adds. “Then, with a positive study, we decide where we want to go—do we go to 100%; do we want the partner to fund? In a lot of cases, these are small companies that would have trouble finding money to build a mine. We ask the partner, ‘Do you want to be part of this? Can you be part of this?’ And then we go from there.”

Paspalas joined the company last August, having served as COO for Silver Standard Resources TSX:SSO after holding senior positions with Placer Dome. “What attracted me to Aurizon is the potential for growth but also the people,” he declares. “They’ve got a lot of experience, and they’ve stayed with the company a long time. If we want to build another mine, we’ve got the people. Casa Berardi was built on budget, on time, and the people who did that are still with the company.”

This human resource, not to mention the mineralized resource and the mining-friendly jurisdiction, add up to some tangible figures. “We’ve got a very good asset with at least 10 more years of mine life. It’s making gold for sub-$500 an ounce, so it generates very good cash flow. We have a squeaky clean balance sheet, no debt, no hedging and $175 million in cash,” Paspalas concludes.

At press time, Aurizon had 163.02 million shares trading at $6.28 for a market cap of $1.02 billion.

Aurizon, NioGold report Quebec Gold Assays up to 906.23 g/t over 2.9m

September 19th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningAurizon Mines Ltd TSX:ARZ in joint venture with NioGold Mining Corp TSXV:NOX announced results from their Marban Block Property in the Malartic Gold Camp of Quebec. Highlights include
906.23 g/t gold over 2.9 metres (including 2,610 g/t over 1 metre)
179.5 g/t over 1.2 metres
5.85 g/t over 15.7 metres
6.06 g/t over 12.6 metres (including 11.2 g/t over 6 metres)
46.9 g/t over 1.4 metres
81.1 g/t over 0.8 metres.

Aurizon can earn up to a 65% interest in the property, acquiring the initial 50% by spending $20 million over three years, completing an updated resource estimate and paying for 50% of the total gold ounces estimated by the report. NioGold acts as project operator during the initial earn-in period.

View Company Profile

Contact:
Aurizon Mines Ltd
George Paspalas
President/CEO
604.687.6600
or Martin Bergeron
VP of Operations
819.874.4511
or Jennifer North
IR Manager
604.687.6600
800.411.4653

NioGold Mining Corp
Michael A. Iverson
Chairman/CEO
604.856.9887
or Dale Paruk
Vice-President
604.662.4505
877.642.6200

by Greg Klein

Aurizon, NioGold report Quebec Gold Assays up to 906.2 g/t over 2.9m

September 13th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningAurizon Mines Ltd TSX:ARZ in joint venture with NioGold Mining Corp TSXV:NOX announced assays from their Marban Block Property in the Malartic Gold Camp of Quebec. Results include 906.2 g/t gold over 2.9 metres, 5.9 g/t over 15.7 metres, 7 g/t over 10.9 metres (including 19.2 g/t over 2.9 metres), 19.8 g/t over 1.9 metres and 16.1 g/t over 1.2 metres.

Aurizon can earn up to a 65% interest in the property, acquiring the initial 50% by spending $20 million over three years, completing an updated resource estimate and paying for 50% of the total gold ounces estimated by the report.
NioGold acts as project operator during the initial earn-in period.

View Company Profile

Contact:
Aurizon Mines Ltd
George Paspalas
President/CEO
604.687.6600
or Martin Bergeron
VP of Operations
819.874.4511
or Jennifer North
IR Manager
604.687.6600
800.411.4653

NioGold Mining Corp
Michael A. Iverson
Chairman/CEO
604.856.9887
or Dale Paruk
Vice-President
604.662.4505
877.642.6200

by Greg Klein

NioGold, Aurizon reports Gold Assays as high as 1.91 g/t over 58.3m

April 15th, 2011

NioGold Mining Corporation NOX:CA in joint venture with Aurizon Mines Ltd ARZ:CA announced assay results from the Marban Block Property in the Malartic Gold Camp, Quebec. Results include 3.06 g/t gold over 10.7 metres, 6.75 g/t over 4.6 metres, 1.91 g/t over 58.3 metres, 14.02 g/t over 2.1 metres, 39.7 g/t over 1.1 metres and 5.8 g/t over 4.1 metres.

Aurizon can earn up to a 65% interest in the Marban Block Property, and NioGold is the project operator during the initial earn-in period. NioGold’s land holdings within the Abitibi encompass three former gold producers, the Norlartic, Kierens, and Marban mines that collectively produced 600,000 ounces of gold. NioGold has outlined indicated resources of 598,000 ounces gold, and inferred resources of 361,000 ounces gold in and around these deposits.

View Company Profile

Contact:
NioGold Mining Corporation
Michael A. Iverson
Chairman/CEO
604.856.9887

or Dale Paruk
Vice President
604.662.4505

by Ted Niles

NioGold, Aurizon report Quebec Gold Assays of 9.06 g/t over 7.3m

January 21st, 2011

NioGold Mining Corporation NOX:CA in joint venture with Aurizon Mines Ltd ARZ:CA announced assay results from the Marban Block Property in the Malartic Gold Camp, Quebec. Highlights include 20.9 g/t gold over 1.2 metres, 3.98 g/t over 7.5 metres, 9.06 g/t over 7.3 metres, 66 g/t over 1.2 metres, 0.87 g/t over 43.6 metres, 15.4 g/t over 1.2 metres, 35.2 g/t over 1.2 metres, 22.1 g/t over 1.1 metres and 4 g/t over 10.2 metres.

Aurizon can earn up to a 65% interest in the Marban Block Property, and NioGold is the project operator during the initial earn-in period. NioGold’s land holdings within the Abitibi encompass three former gold producers, the Norlartic, Kierens, and Marban mines that collectively produced 600,000 ounces of gold. NioGold has outlined indicated resources of 598,000 ounces gold and inferred resources of 361,000 ounces gold in and around these deposits.

View Company Profile

Contact:
NioGold Mining Corporation
Michael A. Iverson
Chairman/CEO
604.856.9887

or Dale Paruk
Vice President
604.662.4505

by Ted Niles