Tuesday 26th September 2017

Resource Clips


Posts tagged ‘ontario’

Update: Pistol Bay Mining announces 43-101 resource, JV discussions and—again—newly staked land

September 20th, 2017

by Greg Klein | Updated September 20, 2017

Update: With staking announced on September 14 and 20, Pistol Bay Mining has added more than 5,860 hectares to its property package, bringing the total to about 17,000 hectares.

Results from Confederation Lake’s first regional state-of-the-art geophysics have prompted Pistol Bay Mining TSXV:PST to expand its presence in the VMS-rich northwestern Ontario greenstone belt. Two acquisition announcements came within eight days after the company reported initial findings from the 2,100-line-kilometre VTEM-Plus survey. Those results accompanied announcements of a new resource estimate for one of the portfolio’s projects as well as potential joint venture interest.

Pistol Bay Mining announces VTEM-inspired acquisition, resource update and JV discussions

“We are seeing lots of new anomalies in the survey data, not just conductors but the IP effect anomalies as well, and Pistol Bay is going to have a busy few years exploring them all,” said CEO Charles Desjardins.

The new claims cover multiple conductors and IP-effect anomalies, some of which have had previous drilling with results showing zinc or copper, the company stated. The new data also shows parallel conductors or extensions of known conductors.

New claims between Pistol Bay’s Fredart and Joy claim groups host four conductors of 400, 850, 900 and 950 metres that appear not to have undergone drilling. Fredart A holds an historic, non-43-101 copper estimate. Like the four newly found anomalies, the Joy North anomaly hasn’t been drilled.

The airborne survey confirmed conductivity at all of the portfolio’s historic showings, zones and mineralized drill intercepts, Pistol Bay added. While analysis continues, data so far shows conductivity extending beyond known zones, along strike and in new clusters apart from known mineralization.

Once we’ve got our targets finalized, we will be entertaining proposals for joint ventures to advance this highly prospective property.—Charles Desjardins,
CEO of Pistol Bay Mining

“Because of the large number of potential targets generated by the VTEM survey, we are considering inviting joint venture partners for all or parts of the Confederation Lake project,” Desjardins noted. “We have had early-stage discussions with potential joint venture partners. Once we’ve got our targets finalized, we will be entertaining proposals for joint ventures to advance this highly prospective property.”

Pistol Bay also filed a technical report for Garnet Lake, a Confederation Lake property that hosts the Fredart A zone. Updating an historic 2007 estimate for the Arrow zone, the 43-101 incorporates 20 additional holes. Using a base case 3% zinc-equivalent cutoff, an inferred category shows:

  • 2.1 million tonnes averaging 0.72% copper, 5.78% zinc, 19.5 g/t silver and 0.6 g/t gold, for a zinc-equivalent grade of 8.5%

Contained amounts come to:

  • 34.3 million pounds copper, 274 million pounds zinc, 1.33 million ounces silver and 41,000 ounces gold

Contingent on favourable geophysical and other data, the 43-101 recommends two 1,000-metre holes at Arrow to test for possible down-plunge extensions of the resource. The report also calls for another 3,000 metres on targets to be identified elsewhere on the Garnet property.

Last May the company signed an LOI to acquire the 496-hectare Copperlode property, about four kilometres along strike from Arrow.

Update: Pistol Bay Mining announces VTEM-inspired acquisition, new resource and JV discussions

September 14th, 2017

This story has been updated and moved here.

BonTerra Resources heralds new gold zone in Quebec’s Urban-Barry camp

September 14th, 2017

by Greg Klein | September 14, 2017

Exploration drilling southwest of the Gladiator deposit reveals a new gold zone, BonTerra Resources TSXV:BTR announced. Christened the Temica zone, it’s believed to be an extension of the deposit’s mineralized trend. Of three holes with one intercept each reported September 14, the standout was CL-17-14, four kilometres from the deposit. The result showed 4.7 g/t gold and 44.6 g/t silver over 2.7 metres, at 250 metres below surface.

BonTerra Resources heralds new gold zone in Quebec’s Urban-Barry camp

BonTerra’s field camp houses a team
busy with a 40,000-metre 2017 program.

Another kilometre southwest, CL-17-06 found 13 g/t gold over one metre at 200 metres below surface. CL-17-01 showed a near-surface 4.8 g/t gold over one metre in “close proximity to drill hole CL-17-14, but was located too close to the zone and resulted in a partial intersection,” BonTerra stated.

True widths were estimated between 60% and 80%.

The discovery follows till sampling and induced polarization surveys that identified additional targets for further drilling that’s planned for Temica and beyond.

BonTerra last released assays in July from a campaign largely focused on the gap between the 8,126-hectare Coliseum property’s Gladiator deposit and the Rivage zone, about 600 metres west.

With at least four rigs busy on a planned 40,000 metres, all that drilling can only stir anticipation of an update to Gladiator’s 2012 resource. Using a base case 4 g/t cutoff, it holds an inferred category of 905,000 tonnes averaging 9.37 g/t for 273,000 ounces gold. The deposit remains open in all directions.

The company raised $40 million this year, with participation from Eric Sprott and Kinross Gold TSX:K.

BonTerra also holds the Larder Lake project in Ontario’s Cadillac/Larder Lake break. The property’s Bear Lake deposit has an historic, non-43-101 inferred resource of 3.7 million tonnes averaging 5.7 g/t for 683,000 gold ounces. Another non-43-101 estimate for the Cheminis deposit has an indicated 335,000 tonnes averaging 4.1 g/t for 43,800 gold ounces and an inferred 1.39 million tonnes averaging 5.2 g/t for 233,400 ounces.

Read more about BonTerra Resources.

Pistol Bay Mining announces VTEM results, resource update, JV discussions

September 12th, 2017

This story has been updated and moved here.

Castle Silver Resources to study possible new plant and processing deal with Granada Gold Mine

September 11th, 2017

by Greg Klein | September 11, 2017

A gold milling arrangement now under consideration could offer synergies to two companies with overlapping management, directors and staff. Under an MOU signed by Castle Silver Resources TSXV:CSR and Granada Gold Mine TSXV:GGM, Castle Silver will study the potential installation of a 600-tpd gravity flotation plant at one of its northern Ontario properties. The facility would process feed from the proposed Granada gold mine across the Quebec border near Rouyn-Noranda. Castle Silver expects to complete the study in Q4.

Castle Silver Resources to study possible new plant and processing deal with Granada Gold Mine

Granada’s proposed mine reached pre-feas
in 2014 and a resource update in May.

A resource update released last May used a 0.39 g/t cutoff to show an in-pit measured and indicated total of 21.57 million tonnes averaging 1.16 g/t for 807,700 gold ounces. An underground inferred category for an area north of the potential open pit used a 1.5 g/t cutoff for 10.38 million tonnes averaging 4.56 g/t for 1.52 million ounces. Granada stated the new 43-101 supersedes the pre-feasibility report released in 2014.

The company describes its project as fully permitted, shovel-ready and one of the region’s largest undeveloped gold projects.

Meanwhile Castle Silver waits on assays for its namesake flagship, where summer drilling sunk 22 holes totalling 2,405 metres. Chip and bulk sampling results from the former underground silver mine have returned gold, cobalt and nickel grades in addition to silver. More bulk sampling is planned.

Castle Silver has raised $2.6 million since March.

Castle Silver Resources assays more gold from Ontario cobalt-polymetallic project

August 31st, 2017

by Greg Klein | August 31, 2017

Phase I surface drilling originally planned for 1,500 metres has wrapped up on 22 holes totalling 2,405 metres as Castle Silver Resources TSXV:CSR sees new polymetallic potential from a former mine near Ontario’s Cobalt camp. Drill core assays are pending but re-evaluation of five chip samples ranged from 0.72 grams per tonne to 7.03 g/t gold, averaging 3.7 g/t. The original assays for the same samples, reported last June, averaged 1.06% cobalt, 5.3% nickel and 17.5 g/t silver. The samples were selected from 200 kilograms taken just inside the adit.

Castle Silver Resources assays more gold at Ontario cobalt-polymetallic project

An expanded drill program has Castle Silver Resources
anticipating results for precious, base and energy metals.

Castle Silver had the samples evaluated for gold after an 82-kilogram bulk sample of vein material showed 5.7 g/t gold, as well as 46.3 g/t silver and 1.48% cobalt in results reported last month.

More bulk sampling will follow now that IOS Services Géoscientifiques has tested the property’s vein structures with Niton portable XRF technology. The results will help identify targets for bulk sampling and underground drilling after the former mine’s drift has been rehabilitated.

Using a 14.8% cobalt concentrate produced from recently sampled material, Castle Silver plans tests with its proprietary Re-2OX hydrometallurgical process to produce cobalt hydroxide samples. The company also intends to gauge Re-2OX’s potential to recover lithium and cobalt from Li-ion batteries.

“We’re seeing the potential for a variety of mineralization types within the Castle mine, well beyond just the high-grade silver that was recovered intermittently during the 1900s,” said president/CEO Frank Basa. “CSR is well funded to carry out its plans for a strong operational finish to 2017.”

Last month the company closed a private placement of $897,500, bringing the total since March to nearly $2.6 million.

BonTerra Resources expands new gold zone at Gladiator as $40-million campaign continues

July 20th, 2017

by Greg Klein | July 20, 2017

BonTerra Resources expands new gold zone at Gladiator as $40-million campaign continues

A cross-section looking southwest shows expansion at depth.

 

A zone confirmed last month has been extended by more than 300 metres in depth as multiple rigs attack BonTerra Resources’ (TSXV:BTR) Gladiator project. Four holes released July 20 come from the Rivage Gap, a 600-metre area between the property’s Gladiator deposit and the Rivage zone to the west. The star intercept hit 21.5 g/t over 3 metres but BonTerra emphasized hole BA-17-22, which assayed 12 g/t over 3.8 metres at a depth nearly 350 metres below the zone’s last reported assay. Drilling also extended the Main and North zones at depth.

The July 20 results show:

Hole BA-17-15 (Main zone)

  • 9.1 g/t gold over 4 metres, starting at 920 metres in downhole depth
BonTerra Resources expands new gold zone at Gladiator as $40-million campaign continues

Multiple rigs ensure an abundance of core
at BonTerra Resources’ Gladiator project.

BA-17-16 (North zone)

  • 3.1 g/t over 2 metres, starting at 418 metres

BA-17-21

  • 21.5 g/t over 3 metres, starting at 572 metres (North zone)

  • 2.2 g/t over 3 metres, starting at 618 metres (Footwall zone)

BA-17-22 (South zone)

  • 12 g/t over 3.8 metres, starting at 712.2 metres

Estimated true widths average between 60% and 80%.

The South zone extension marks “the first result from our southern island location,” said VP of exploration Dale Ginn. “This location provides access to drill the Rivage Gap area to depth from the hanging wall side of the Gladiator deposit and enables us to extend the under-plunge areas of the other four zones as well.”

While Osisko Mining’s (TSX:OSK) Windfall project garners the most attention in Quebec’s Urban-Barry area play, BonTerra raised $40 million this year. The 8,126-hectare property’s campaign features at least four rigs sinking up to 40,000 metres. Crying out for a resource update is the Gladiator deposit, with an inferred 273,000 ounces gold and remaining open in all directions. Drilling focuses outside the resource area, now targeting the property’s Deep East zone, the Rivage Gap western side and Rivage Gap infill, as well as possible exploration on the contiguous Coliseum property.

BonTerra also plans to drill its Larder Lake project in Ontario’s Cadillac/Larder Lake break. An historic, non-43-101 estimate gives the property’s Bear Lake deposit an inferred 683,000 gold ounces, while the Cheminis deposit has a non-43-101 estimate of 43,800 gold ounces indicated and 233,400 ounces inferred.

Read more about BonTerra Resources.

Castle Silver Resources adds gold to cobalt-silver assays, expands drilling at Ontario past-producer

July 19th, 2017

by Greg Klein | July 19, 2017

As underground mini-bulk sampling brings high-grade results, Castle Silver Resources TSXV:CSR has increased its surface drill program at a former mine near Ontario’s Cobalt camp. An 82-kilogram sample of vein material taken near a first-level adit graded 1.48% cobalt, 5.7 g/t gold and 46.3 g/t silver. Nickel values are pending. Meanwhile the Phase I surface drill program that began earlier this month with a 1,500-metre goal has been increased to 2,000 metres in approximately 20 holes.

Castle Silver Resources adds gold to cobalt-silver assays, expands drilling at Ontario past-producer

Visible cobalt from a vein on Castle
Silver Resources Beaver project.

The gold grades have the company re-checking a previous batch of chip samples that weren’t assayed for the yellow metal. The company’s also extracting another sample from the same area to verify the results.

Castle Silver noted that the samples are “selective and should not be considered representative of mineralization underground or elsewhere on the property.”

Eighty kilometres southeast, Castle Silver has been collecting surface samples on its 100%-optioned Beaver project, another former silver mine with cobalt potential. Samples taken in 2013 from waste rock left by historic extraction graded 7.98% cobalt, 3.98% nickel and 1,246 g/t silver.

On closing a $882,500 financing last week, the company’s private placement total has hit nearly $2.6 million since March.

Read more about Castle Silver Resources here and here.

Castle Silver Resources begins surface drilling at Ontario cobalt project

July 11th, 2017

by Greg Klein | July 11, 2017

With cobalt prices soaring at record levels, Castle Silver Resources TSXV:CSR opens a new front in its quest for the coveted commodity. The company has begun an “aggressive” 1,500-metre program at the Castle past-producer, where cobalt potential was downplayed by previous silver mining operations. This campaign will be carried out from surface within 200 metres of the former mine’s portal, the company stated.

Castle Silver Resources begins surface drilling at Ontario cobalt project

Last month the company released assays from 200 kilograms of underground chip samples taken just inside the portal, with selected samples grading as high as 1.8% cobalt, 8.6% nickel and 25.2 g/t silver. Underground sampling was continuing, Castle Silver reported.

Some of the material will undergo tests with the company’s proprietary Re-2OX hydrometallurgical process to produce cobalt powder samples for end-user evaluation. The company also sees potential for Re-2OX to recover lithium and cobalt from Li-ion batteries.

To help guide the current drill program, Castle Silver gleaned 3D data from a cavity monitoring survey of the former mine’s first level, one of 11 levels in an operation that produced about 9.5 million ounces of silver and 299,847 pounds of cobalt during intermittent extraction between 1917 and 1988.

The 3,252-hectare property lies about 80 kilometres northwest of Ontario’s historic Cobalt camp. Within the camp itself, Castle Silver holds a 100% option on the Beaver and Violet cobalt-silver properties and their former mines.

On June 15 the company closed the final tranche of an over-subscribed private placement that totalled $1.2 million.

London Metal Exchange prices currently peg cobalt at $59,500 a tonne, up from $32,750 at the beginning of the year. In April Benchmark Mineral Intelligence analyst Caspar Rawles told a Vancouver audience that the Democratic Republic of Congo produces 64% of global cobalt mined supply while China produces 57% of refined supply.

Another $20 million boosts BonTerra Resources as multiple drills target Gladiator

June 30th, 2017

by Greg Klein | June 30, 2017

Obviously some people like what they see in BonTerra Resources’ (TSXV:BTR) Gladiator gold project in Quebec. Raising an amount just $120 shy of $20 million, the company announced the closing of its most recent private placement on June 30. This financing began with a $12.9-million bought deal earlier in the month. Eleven days later BonTerra increased the offer to $19,999,880.

Another $20 million boosts BonTerra Resources as multiple drills target Gladiator

Results from Gladiator’s aggressive drill campaign
brought BonTerra another large cash infusion.

With Sprott Capital Partners acting as lead underwriter, Eric Sprott came in for another $2.3 million, building his indirect ownership of BonTerra from 8.9% to approximately 10.04% of outstanding shares.

In a nearly $14-million placement that closed in early March, Sprott participated to the tune of $3.89 million. Later that month another private placement brought in $1.02 million. March didn’t end until the company attracted another $5.2 million in a strategic investment by Kinross Gold TSX:K.

The main attraction is BonTerra’s 8,126-hectare property in Quebec’s Urban-Barry camp, host to Osisko Mining’s (TSX:OSK) Windfall project and an area that Osisko believes has district potential. BonTerra has multiple rigs working on a 40,000-metre campaign, focusing on resource expansion and especially targeting a 600-metre gap separating the Gladiator deposit from the Rivage zone to the west.

Assays for three holes released in early June included one hole that confirmed the project’s new South zone, while other intercepts extended other zones west of the deposit. The project has been drilled to 850 metres in depth and 1.2 kilometres in strike, leaving it open in all directions.

The results build anticipation for an update to the 2012 resource which, using a 4 g/t cutoff, showed an inferred 905,000 tonnes averaging 9.37 g/t for 273,000 ounces gold.

In Ontario’s Cadillac/Larder Lake break, meanwhile, BonTerra intends to bring two historic estimates from 2011 up to 43-101 standards. The Larder Lake project’s Bear Lake deposit has a non-43-101 inferred resource of 3.7 million tonnes averaging 5.7 g/t for 683,000 gold ounces. The Cheminis deposit hosts a non-43-101 estimate with an indicated category of 335,000 tonnes averaging 4.1 g/t for 43,800 gold ounces and an inferred 1.39 million tonnes averaging 5.2 g/t for 233,400 ounces.

Read more about BonTerra Resources.