Friday 18th October 2019

Resource Clips

Posts tagged ‘quebec’

92 Resources expands potential lithium trend in Quebec, hits 4.72% Li2O with tantalum

September 24th, 2019

by Greg Klein | September 24, 2019

Update: Effective October 17, 2019, 92 Resources begins trading under its new name and stock symbol: Gaia Metals Corp TSXV:GMC.

New discoveries increase the lithium-tantalum potential of a copper-gold-silver project in the James Bay-region Corvette-FCI property. Following high-grade gold assays released last week and copper-gold-silver results the week before, 92 Resources TSXV:NTY announced lithium-tantalum samples on six newly found spodumene-bearing pegmatites from last summer’s field program. Grades reached as high as 4.72% Li2O, along with encouraging tantalum numbers.

92 Resources expands potential lithium trend in Quebec, hits 4.72% Li2O with tantalum

Large outcrops of spodumene-bearing pegmatite add
critical minerals potential to a base and precious metals project.
(Photo: 92 Resources)

The discoveries expand the prospective lithium trend to more than 25 kilometres. Among the results, eight samples from the CV5 and CV6 pegmatites averaged 3% Li2O and 154 ppm Ta2O5, peaking at 4.06% Li2O and 564 ppm Ta2O5.

CV7 featured an assay of 4.44% Li2O and 195 ppm Ta2O5.

CV8 showed another 4.44% Li2O, along with 205 ppm Ta2O5.

CV9 and CV10 produced multiple samples grading over 2% Li2O, reaching up to 4.72% Li2O.

CV11 hit a tantalum high point of 386 ppm Ta2O5, with 0.66% Li2O.

“This lithium exploration trend is interpreted to reside, with some overlap, between the northern gold exploration trend and the southern copper-gold-silver exploration trend (the Maven trend), potentially indicating a large zone of structural weakness within the greenstone belt which favours spodumene pegmatite emplacement,” the company stated.

The 23-day program also found mineralized boulders, some in a down-ice direction that could indicate a source in CV5 and CV6. But other boulders suggest a different origin and the possibility of more spodumene-bearing pegmatites to be discovered. One of the latter group of samples graded 2.72% Li2O.

“Although the focus of the program was base and precious metals, we would be remiss if we did not also evaluate the same areas of the property for other commodities that may be valuable and of interest, now or in the near-term,” commented 92 president/CEO Adrian Lamoureux. Both lithium and tantalum have been declared critical minerals by the U.S. as the country shows increasing concern about reliable sources.

The project consists of 92’s 100%-held Corvette claims and a 75% earn-in from Osisko Mining TSX:OSK on the FCI-East and FCI-West blocks.

Read more about 92 Resources here and here.

Osisko Gold Royalties continues expansion with Barkerville Gold Mines takeover

September 23rd, 2019

by Greg Klein | September 23, 2019

Already holding around 32.6% of the target company, Osisko Gold Royalties TSX:OR intends to grab the rest of Barkerville Gold Mines TSXV:BGM. The definitive agreement follows a PEA released last month for Barkerville’s Cariboo gold project. Osisko also announced creation of the North Spirit Discovery Group, described as a resource development and finance company that will work with JV partners and/or private equity firms.

Osisko Gold Royalties continues expansion with Barkerville Gold Mines takeover

The takeover offers new expertise and
financing to help revive an historic mining region.

Noting benefits to the takeover target, Osisko said it would provide technical expertise and greater access to financing to develop the central British Columbia project.

Pending approvals, the deal would exchange each Barkerville share for 0.0357 of an Osisko share, representing a 44% premium, the companies stated. The implied price comes to $338 million fully diluted, including the Barkerville shares already held by Osisko. The transaction would leave current Osisko and Barkerville shareholders with about 91% and 9% of Osisko shares respectively.

The companies anticipate closing in November.

Cariboo’s PEA forecast an after-tax IRR of 28% and NPV of $402 million for 11 years of underground mining producing an average 185,000 gold ounces a year. Initial capex would require $305.5 million. Processing would take place at Barkerville’s QR mill, about 140 kilometres by road.

The updated resource gives three main zones and a satellite zone a total of 2.27 million ounces indicated and 1.91 million ounces inferred. Two additional zones bring the totals to 2.44 million ounces measured and indicated, along with 1.92 million ounces inferred.

Drilling continues, with more funding to come through a $7-million bridge loan from Osisko.

Sean Roosen, CEO of Osisko and chairperson of both companies, said Osisko “expects to fund planned work through available liquidity, future revenue from royalties and streams, project debt, as well as outside private equity and joint venture capital through the creation of the North Spirit Discovery Group.”

Earlier this month Osisko signed an LOI to take over Quebec’s Renard diamond mine. The deal would keep the mine operating as Stornoway Diamond TSX:SWY entered creditor protection.

Osisko’s participation also helped finance Victoria Gold’s (TSXV:VIT) Eagle mine into production, following an unexpectedly higher capex for the Yukon project.

Osisko holds over 135 royalties, streams and offtakes including a 5% NSR on the Agnico Eagle TSX:AEM/Yamana Gold TSX:YRI Canadian Malartic, Canada’s largest gold mine, 19.9% of Falco Resources TSXV:FPC and 16.4% of Osisko Mining TSX:OSK. Osisko Mining currently holds 16% of Barkerville.

Commerce Resources president Chris Grove comments on metallurgical advances for his company’s Quebec rare earths project

September 19th, 2019

…Read more

92 Resources samples additional high-grade gold in Quebec’s James Bay region

September 17th, 2019

by Greg Klein | September 17, 2019

Update: Effective October 17, 2019, 92 Resources begins trading under its new name and stock symbol: Gaia Metals Corp TSXV:GMC.

More assays from the Corvette-FCI project support historic findings and suggest new areas of mineralization, 92 Resources TSXV:NTY announced September 17. The news follows copper-gold-silver results released last week.

92 Resources samples additional high-grade gold in Quebec’s James Bay region

Outcrop and boulder field samples have 92 Resources
intrigued about the possible source of gold at Corvette-FCI.
(Photo: 92 Resources)

A boulder sample from the property’s Lac Bruno prospect hit 11.9 g/t gold, while an outcrop sample up-ice from the boulder field graded 1.4 g/t gold. Soil sample results further suggest the direction of a potential source, the company stated. Plans call for more surface work to track the source.

Other outcrop samples reaching as high as 1.87 g/t and 2.81 g/t gold suggest a possible western extension of the Golden Gap prospect, 92 added. The samples came from locations about 200 metres and 750 metres respectively west of Golden Gap’s westernmost drill hole.

Non-43-101 results for the hole showed 0.35 g/t gold extending over 13 metres, with a peak interval of 1.22 g/t over one metre, the company reported.

Other historic results for the area include grab samples ranging up to 108.9 g/t gold and a drill intercept of 10.48 g/t gold over seven metres. The team has identified several follow-up targets for Golden Gap.

Expected shortly are lithium-tantalum assays.

The property’s FCI-East and FCI-West blocks, operated under a 75% earn-in from Osisko Mining TSX:OSK, garnered about three-quarters of the program’s attention. The rest of the 23-day program focused on 92’s 100%-held Corvette claims. 

Read more about 92 Resources.

Saville Resources plans Phase II drilling on Quebec niobium-tantalum-phosphate project

September 16th, 2019

by Greg Klein | September 16, 2019

A detailed analysis of last spring’s drill program along with other data has Saville Resources TSXV:SRE looking forward to a Q1 return engagement. Activity on the Niobium Claim Group in Quebec’s Labrador Trough occurs as the U.S. takes steps to secure reliable supplies of critical minerals including niobium and tantalum. The country relies on imports for its entire supply of both metals.

Near-surface assays previously released for this year’s five-hole, 1,049-metre campaign reached as high as 0.79% Nb2O5, 163 ppm Ta2O5 and 8.1% P2O5 over 37 metres, as well as 0.8% Nb2O5, 81 ppm Ta2O5 and 9% P2O5 over 31.5 metres. The latter intercept, the final hole of the season, featured a sub-interval showing 1.36% Nb2O5, 70 ppm Ta2O5 and 12.3% P2O5 over 4.5 metres.

Saville Resources plans Phase II drilling on Quebec niobium-tantalum-phosphate project

Saville’s drilling targeted the project’s Mallard prospect, where three programs so far have totalled 14 holes and 3,537 metres. Each campaign excelled its predecessor for grades and widths, expanding three known zones of mineralization which remain open in all directions, the company reported.

Predominating the host material are pyrochlore-group minerals and/or ferrocolumbite, familiar to the industry as the world’s main source of niobium production, Saville added.

“We appear to have only scratched the surface at Mallard and have yet to drill-test our other high-priority targets including Spoke and Miranna,” said president Mike Hodge.

Although work will focus on building an initial Mallard resource, Spoke and Miranna might also get rig attention to determine their potential for connecting with Mallard.

Saville operates the project under a 75% earn-in from Commerce Resources TSXV:CCE. On another critical minerals project two kilometres away, Commerce advances its Ashram rare earths deposit towards pre-feasibility.

Saville’s portfolio also includes the Bud project in southern British Columbia’s busy Greenwood camp. Grab sample assays released last April showed grades up to 4.57 g/t gold, 27.7 g/t silver and 6.7% copper; as well as 4.44 g/t gold, 17 g/t silver and 6.84% copper.

Read more about Saville Resources.

International Montoro Resources employs high-tech analysis of Elliot Lake-region nickel-copper prospect

September 10th, 2019

by Greg Klein | September 10, 2019

A geophysical analysis on the property released last March found targets described as “good candidates for semi-massive nickel-copper mineralization.” Now International Montoro Resources TSXV:IMT has contracted Mira Geoscience to compile and analyze a much larger data set for the Pecors Lake project, part of the 1,840-hectare Serpent River property in Ontario’s Elliot Lake district.

International Montoro Resources employs high-tech analysis of Elliot Lake-region nickel-copper prospect

Nickel-copper potential brings new interest to
International Montoro Resources’ Serpent River property.

Historic drilling on Serpent’s southwestern area found uranium-rare earths mineralization. But extensive geophysical programs completed last year alerted Montoro to nickel-copper-PGE potential as well. A 3D model revealed that three assumed magnetic anomalies at Pecors actually comprise one contiguous anomaly estimated to be five kilometres long, two kilometres wide and two kilometres deep.

Considered pioneers of advanced geological and geophysical 3D and 4D modelling, Mira Geoscience will enter a library of data into its Geoscience Analyst 3D interactive platform. Included will be Ontario Geological Survey geochem and petrographic studies; OGSEarth data from drilling conducted by Teck Resources TSX:TECK.A/TSX:TECK.B, Rio Tinto NYSE:RIO, BHP Billiton NYSE:BHPand others on or near the property; federal government regional gravity and magnetic surveys; Montoro’s 22 drill holes; and downhole EM data for two holes reaching depths of one and 1.3 kilometres respectively.

In central British Columbia, Montoro had a 43-101 technical study completed in April for its recently acquired Wicheeda North property, adjacent to the Wicheeda rare earths deposit currently being drilled by Defense Metals TSXV:DEFN under option from Spectrum Mining. The report states that Wicheeda North “has the potential to host, and should continue to be explored for, rare earth element mineralization because it occurs within a favourable geological belt known to contain carbonatite-hosted REE mineralization.”

A 3D magnetic inversion was completed in June for the property, which Montoro has expanded to 2,138 hectares.

The company’s portfolio also includes the 2,300-hectare Duhamel property in central Quebec, considered prospective for nickel-copper-cobalt, as well as titanium-vanadium-chromium.

Along with Belmont Resources TSXV:BEA, Montoro shares 50/50 ownership of two uranium properties in northern Saskatchewan’s Uranium City area.

Last month Montoro closed a private placement first tranche of $47,500.

92 Resources hits high-grade copper-gold-silver with new Quebec discoveries

September 10th, 2019

by Greg Klein | September 10, 2019

Update: Effective October 17, 2019, 92 Resources begins trading under its new name and stock symbol: Gaia Metals Corp TSXV:GMC.

Sample assays from two new discoveries have this company “ecstatic” about its James Bay-region Corvette-FCI project. Coming at the end of last summer’s 23-day field program, the findings have 92 Resources TSXV:NTY obviously enthusiastic about the property’s New Lorraine and Elsass prospects.

92 Resources hits high-grade copper-gold-silver with new Quebec discoveries

The highlight of 92’s summer campaign, this New Lorraine
sample graded 8.15% copper, 1.33 g/t gold and 171 g/t silver.

Some highlights from a New Lorraine outcrop include:

  • 8.15% copper, 1.33 g/t gold and 171 g/t silver

  • 1.55% copper, 0.14 g/t gold and 20.9 g/t silver

  • 0.23% copper, 3.55 g/t gold and 37.7 g/t silver

Located about 2.3 kilometres east along trend, Elsass hosts three outcrops over an approximately 350-metre strike that’s about 60 metres wide. Some Elsass samples feature:

  • 3.63% copper, 0.64 g/t gold and 52.3 g/t silver

  • 2.68% copper, 0.2 g/t gold and 43.9 g/t silver

  • 1.86% copper, 1.12 g/t gold and 32.6 g/t silver

Both prospects form part of the larger Maven trend, formerly called the Southern trend, and sit on the property’s FCI West claim block. With similar rock types and mineralization, the company considers the area between the two prospects highly prospective.

92 Resources hits high-grade copper-gold-silver with new Quebec discoveries

A sample of chalcopyrite mineralization
characterizing Elsass outcrops.

Proclaiming himself “ecstatic” with the results, president/CEO Adrian Lamoureux said, “With over eight kilometres of under-explored prospective trend and no drilling completed to date, we have literally only scratched the surface of this trend’s potential.”

The four-person crew from Dahrouge Geological Consulting collected 680 rock samples, as well as 211 soil samples up-ice from the Lac Bruno prospect. About three-quarters of the program explored the project’s FCI-East and FCI-West blocks, under a 75% option from Osisko Mining TSX:OSK. The remainder of the work targeted 92’s 100%-held Corvette claims. 

The project sits within the Lac Guyer Greenstone Belt, part of the La Grande Greenstone Belt, about six to 18 kilometres south of the Trans-Taiga Road and adjacent powerline.

The Maven trend hosting New Lorraine and Elsass also includes new discoveries at the Black Forrest and Hund showings. A Black Forrest sample graded 1.13% copper, 0.05 g/t gold and 19.5 g/t silver. Hund featured 3.28% copper, 0.78 g/t gold and 30.1 g/t silver.

Historic work on Maven’s Lac Smokycat-SO, Golden Gap and Tyrone T-9 showings have also brought high grades, although in non-43-101 reports. Together, the prospects suggest a potential copper-gold-silver trend stretching more than eight kilometres, 92 stated.

Still to come are regional assays, along with lithium-tantalum results. Channel samples released last year from Corvette’s CV1 pegmatite graded up to 2.28% Li2O and 471 ppm Ta2O5 over six metres.

Other 92 properties in Quebec include Eastman, Lac du Beryl and Pontax. Grab samples from Pontax featured up to 0.94% Li2O and 520 ppm Ta2O5.

In British Columbia 92 holds the Golden frac sand project adjacent to Northern Silica’s Moberly silica mine, as well as the Silver Sands vanadium prospect. In the Northwest Territories the company has a 40% stake in the Hidden Lake lithium project, where all 10 holes of last year’s 1,079-metre drill program hit grades above 1% Li2O.

Renard continues operations as Stornoway Diamond gets creditor protection

September 9th, 2019

by Greg Klein | September 9, 2019

After less than three years of operation, Quebec’s only diamond miner asked a court to ward off creditors while the company sorts out its finances. Although the Renard mine remains in operation, Stornoway Diamond TSX:SWY stopped trading pending a delisting. “There is and will be no recoverable or residual value in either Stornoway’s common shares or convertible debentures,” the company stated.

Renard continues operations as Stornoway Diamond gets creditor protection

Renard began operations as an open pit
in October 2016 but faced difficulties
during the transition to underground mining.

Stornoway warned of such an outcome in its Q2 report released last month.

Blaming disappointing prices and “a variety of other factors and circumstances,” the miner failed to provide working capital and meet debt payments during 2019. The disastrous year showed in the company’s stock, which closed September 6 on two cents, one-twentieth of its 52-week high a year ago.

But the price had been falling almost steadily after reaching an apex of $1.32 in October 2016, days after Renard’s grand opening celebration.

Under an LOI signed last weekend, creditors headed by Osisko Gold Royalties TSX:OR would take over assets of the company and its subsidiaries, as well as their debts and liabilities, according to terms announced in June and July. Creditors have agreed to provide an initial $20 million in working capital, with the possibility of more money to follow, allowing Renard to continue operating and demonstrating their “strong support” for the mine during the restructuring process, Stornoway added.

Osisko holds a 9.6% stream on Renard’s production.

Osisko’s more than 135 royalties, streams and offtakes include a 5% NSR on Canadian Malartic, the Agnico Eagle TSX:AEM and Yamana Gold TSX:YRI partnership on Canada’s largest gold mine. Other Osisko assets include a 32.6% stake in Barkerville Gold Mines TSXV:BGM, 16.4% of Osisko Mining TSX:OSK and 19.9% of Falco Resources TSXV:FPC.

92 Resources finds new potential for gold, copper, lithium in northern Quebec

August 8th, 2019

by Greg Klein | August 8, 2019

With the conclusion of a productive summer field program, additional areas of interest open up at the James Bay-region Corvette-FCI property. A four-person, 23-day campaign discovered a new copper prospect, further explored a gold prospect and found several spodumene-bearing pegmatites, among other showings. Encouraging visual evidence has 92 Resources TSXV:NTY looking forward to assays.

About three-quarters of the program focused on the project’s FCI-East and FCI-West blocks, optioned under a 75% earn-in from Osisko Mining TSX:OSK. The rest targeted 92’s 100%-held Corvette claims. 

92 Resources finds new potential for gold, copper, lithium in northern Quebec

Chalcopyrite mineralization at the Elsass copper
prospect opens a new area of interest for 92 Resources.

Discovered late in the season, the Elsass copper prospect features chalcopyrite mineralization at surface over widths estimated from 40 to 60 metres along a strike of at least a kilometre. Pending lab results for surface samples, the crew could return this fall for further exploration.

The company also awaits assays from the property’s Lac Bruno gold prospect. Finding similar mineralogy up-ice from a boulder field where historic, non-43-101 samples graded between 1 g/t and 38 g/t gold, the crew collected soil samples on the 100%-held Corvette claims.

Apart from precious and base metals, Corvette-FCI shows potential for energy minerals. The summer program found the project’s largest known pegmatite so far. An outcrop about 220 metres long and 20 to 40 metres wide was located about a kilometre southwest along strike of the property’s CV1 and CV2 pegmatites. Lithium-tantalum channel samples released last year from CV1 reached up to 2.28% Li2O and 471 ppm Ta2O5 over six metres. Still to come are this summer’s assays.

The campaign also targeted the Golden Gap prospect at FCI West, where historic results include outcrop samples between 3.1 g/t and 108.9 g/t gold, a drill intercept of 10.5 g/t over seven metres, and a channel sample of 14.5 g/t over two metres.

The summer program also focused on the southern copper trend and other historic mineral showings, 92 reported.

Corvette-FCI sits within the Lac Guyer Greenstone Belt, part of the La Grande Greenstone Belt, about six to 18 kilometres south of the Trans-Taiga Road and powerline.

The company’s Quebec portfolio also includes the Eastman, Lac du Beryl and Pontax properties. Grab samples from the latter graded up to 0.94% Li2O and 520 ppm Ta2O5.

92’s diverse projects extend to British Columbia and the Northwest Territories. In B.C. the company holds the Silver Sands vanadium prospect and, adjacent to Northern Silica’s high-grade Moberly silica mine, the Golden frac sand project. 92 also has a 40% stake in the NWT’s Hidden Lake lithium project, where Far Resources CSE:FAT holds the remainder. All 10 holes of last year’s 1,079-metre drill campaign found grades above 1% Li2O, with one intercept showing 1.6% over 9.2 metres. A mini pilot plant produced 40 kilograms of concentrate grading 6.11% Li2O, with recovery surpassing 80%, from Hidden Lake material.

Commerce Resources’ rare earths metallurgy optimized by university lab

August 1st, 2019

by Greg Klein | August 1, 2019

Successful methods applied in separate laboratories further demonstrate the amenability of a Quebec rare earths deposit that’s progressing towards the pre-feasibility stage. Using material from Commerce Resources’ (TSXV:CCE) Ashram project in northern Quebec, l’Université Laval successfully used an alternative flowsheet approach to create a mixed REE concentrate. The tests add to the work of Hazen Research in Colorado and Merker Mineral Processing/UVR-FIA in Germany.

Commerce Resources’ rare earths metallurgy optimized by university lab

Commerce announced receipt of Laval’s final report on August 1. The university tested Ashram material on bench-scale levels of one kilogram and on larger batches of 10 to 30 kilograms. A total of about 1,500 kilograms went through Laval’s own flotation circuit and reagent scheme.

The large batches produced around 170 kilos of flotation concentrate grading 11.2% rare earth oxides, with a mass pull of 11.3% (percent of material reporting to concentrate), the company stated. Laval’s new reagent scheme offers Ashram potentially greater flotation performance, Commerce added.

“We are very happy with the results of our collaboration with Laval and look forward to continued work with local academic institutions to further develop REE expertise in the province of Quebec and, moreover, to move the Ashram deposit closer to production,” commented president Chris Grove.

The news comes amid heightened concern in the U.S. for critical minerals supply, especially rare earths.

Commerce holds interests in two other critical minerals projects. On the Niobium Claim Group, just a few kilometres from Ashram, Saville Resources TSXV:SRE drilled high-grade, near-surface niobium along with tantalum and phosphate last spring while working towards a 75% earn-in from Commerce. The latter company also holds the advanced-stage Blue River tantalum-niobium project in southern British Columbia.

Read more about Commerce Resources.