Sunday 28th May 2017

Resource Clips


Posts tagged ‘silver’

Rockcliff Copper readies for gold exploration on three of its northern Manitoba projects

May 25th, 2017

by Greg Klein | May 25, 2017

Now known chiefly for VMS deposits, Manitoba’s Snow Lake actually began as a gold mining camp. With active projects in both categories, Rockcliff Copper TSXV:RCU outlined near-term plans for three gold properties on May 25: Dickstone North (DSN), Laguna and Snow Lake Gold (SLG). The summer exploration will precede autumn drilling at Laguna.

Field work on Rockcliff’s 100%-held DSN will focus on a fault zone where historic, non-43-101 gold results included grab samples up to 34 g/t and channel samples up to 104.5 g/t over 0.25 metres. Work will also examine a 12-kilometre strike length that was overlooked by previous operators, Rockcliff stated.

Rockcliff Copper readies for gold exploration on three of its northern Manitoba projects

With a 100% option on the former Laguna gold mine, the company plans to resume this year’s surface and airborne geophysics following spring breakup. Intermittent mining on a single vein between 1916 and 1939 produced over 60,000 ounces from tonnage averaging 18.7 g/t. Rockcliff has previously announced surface grab samples ranging from trace to over 600 g/t. The geophysics will be followed by Laguna’s first drill program in over 70 years.

Another 100% option, SLG will undergo geological work on a major regional structural break with several areas of high-grade gold potential, the company added.

The three programs comprise just part of Rockcliff’s busy 2017 agenda for its approximately 45,000-hectare Snow Lake portfolio. The package also includes two copper-polymetallic deposits with resource estimates and four zinc deposits with historic, non-43-101 estimates, all within trucking distance of two Hudbay Minerals TSX:HBM plants.

“While we remain committed to advancing our core VMS properties we cannot underestimate the primary lode gold potential of our project which includes Manitoba’s first and highest-grade gold mine,” said Rockcliff president/CEO Ken Lapierre. Last month the company announced a new VMS zone on the 51%-optioned Talbot property, where Phase II drilling has been producing copper-gold-zinc-silver results.

In addition to Talbot and Laguna, the company has drilling planned this year for its Bur zinc property and Rail copper-gold-silver project.

Read more about Rockcliff Copper.

Far Resources hastens 100% acquisition of Manitoba lithium project

May 9th, 2017

by Greg Klein | May 9, 2017

Encouraged by exploration results and a substantial price reduction, Far Resources CSE:FAT will take a 100% interest in its Zoro hard rock lithium property earlier than planned. The company expects to close the deal on May 9.

Far Resources hastens 100% acquisition of Manitoba lithium project

An expedited acquisition gives Far Resources
a 100% stake in its northern Manitoba project.

An accelerated payment plan calls for six million shares at a deemed price of $0.10, as well as $100,000 payable within a year. That’s on top of a previous $50,000 and one million shares. The new deal cuts the price by $200,000, Far Resources stated.

Last week the company announced sample results of 1.35% and 2.91% Li2O that surpassed historic results of 0.46% and 0.5% from the same pegmatite dyke on the Snow Lake-region project. Zoro hosts seven known spodumene-bearing pegmatite dykes.

Meanwhile the company awaits drill results from a Phase II program that finished last month. Seven holes totalling 1,088 metres targeted Zoro’s Dyke #1, where one hole found spodumene-bearing pegmatite over 53.7 metres and another found coarse spodumene crystals over 12.2 metres. Last year’s Phase I program brought grades up to 1.13% Li2O over 12.1 metres and 1.1% over 23.4 metres.

In New Mexico, Far Resources has a purchase agreement for the Winston silver-gold project pending approvals and due diligence.

Pistol Bay signs LOI on Confederation Lake property, expands airborne geophysics

May 5th, 2017

by Greg Klein | May 5, 2017

Update: On May 8 Pistol Bay announced a further expansion of the airborne VTEM Plus survey, from 1,128 to 2,100 line-kilometres, covering a 40-kilometre length of the Confederation Lake greenstone belt.

An upcoming geophysical program has been extended to fly a potential land acquisition under consideration by Pistol Bay Mining TSXV:PST. The company announced a letter of intent on the 496-hectare Copperlode property, about four kilometres along strike from Pistol Bay’s Arrow zone in Ontario’s Confederation Lake greenstone belt. Having already assembled the area’s largest land package, the company plans region-wide, state-of-the-art exploration over neglected but VMS-rich ground.

Copperlode would bring Pistol Bay two more historic, non-43-101 estimates:

  • D zone: 32,600 tonnes averaging 7.58% zinc and 0.26% copper

  • E zone: 145,000 tonnes averaging 8.28% zinc, 1.02% copper and 24 g/t silver
Pistol Bay signs LOI on Confederation Lake property, expands airborne geophysics

Additionally, some historic, non-43-101 drill intercepts include:

  • B zone: 2.5% zinc and 1.68% copper over 6.3 metres

  • C zone: 0.21% zinc and 6.02% copper over 1.5 metres

  • Hornet zone: 7.56% zinc and 0.08% copper over 6.6 metres
  • 4.07% zinc and 1.13% copper over 5.03 metres

Hornet remains open at depth and along strike.

On finishing the region-wide airborne VTEM Plus campaign Pistol Bay may acquire an initial 65% option on Copperlode from Frontline Gold TSXV:FGC, which holds an option on the claims from another vendor. Pistol Bay would pay Frontline $26,000 and issue 450,000 shares over two years and spend $150,000 over three years. Another $50,000 and 300,000 shares would boost Pistol Bay’s stake to 80%.

Pistol Bay’s current Confederation Lake portfolio consists of 9,450 hectares with a number of historic estimates, including the 2007 Arrow resource on which the company began a 43-101 update last month.

Also last month, the company closed a $336,000 private placement that followed a $548,436 placement in March. April brought more money with $750,000 from a Rio Tinto NYSE:RIO subsidiary as part of its 100% option on Pistol Bay’s uranium properties in Saskatchewan’s Athabasca Basin.

Read more about Pistol Bay Mining.

Lithium samples surpass historic assays on Far Resources’ Zoro property in Manitoba

May 2nd, 2017

by Greg Klein | May 2, 2017

As the company awaits drill results, Far Resources CSE:FAT reported two new sample assays that improve on historic grades from the Zoro hard rock lithium project in Manitoba’s Snow Lake mining region. The samples came from Dyke #7, one of seven known spodumene-bearing pegmatite dykes on claims added to the property last summer.

Lithium samples surpass historic assays on Far Resources’ Zoro property in Manitoba

With a nearby lake providing water for drilling, Zoro can
be reached by highway and helicopter or boat and ATV.

The two composite rock chip samples that the company gathered from previously blasted trenches graded 1.35% and 2.91% Li2O. That compares with historic results using older analytical techniques for the same dyke showing 0.46% and 0.5% Li2O.

Last July Far Resources compared new samples with historic results from three other dykes on the new claims. The more recent assays for Dyke #2 showed 2.71% and 3.53% Li2O, compared with historic results of 1.66% and 1.69%.

An assay for Dyke #4 came to 2.41%, compared with an historic 1.12%.

Dyke #5 results ranged from 1.46% to 6.35%, compared with the historic range from 2.42% to 7.28%.

The company plans to compile the new results with a revised geologic database to plan a spring program of ground-based mapping and exploration. Findings will be integrated with LiDAR (Light Detection and Ranging) data that measures elevation.

Meanwhile assays are pending for the seven-hole, 1,088-metre Phase II drill program that wrapped up last month on Zoro’s Dyke #1. One hole revealed spodumene-bearing pegmatite over 53.7 metres, while another found coarse spodumene crystals over 12.2 metres.

Seven holes from last year’s Dyke #1 program also found lithium-bearing pegmatite, with intervals grading up to 1.13% Li2O over 12.1 metres and 1.1% over 23.4 metres.

In March the company announced a purchase agreement for the Winston silver-gold project in New Mexico, subject to approvals and due diligence.

Golden Dawn Minerals reports up to 246 g/t silver, 2.69 g/t gold over 3.71 metres at B.C.’s Greenwood camp

April 26th, 2017

by Greg Klein | April 26, 2017

Once again confirming mineralization beyond the former May Mac mine’s #7 level, Golden Dawn Minerals TSXV:GOM boasts silver and gold 70 metres northwest, 20 metres above and up to 120 metres below the adit. Assays released April 26 follow a batch released in early March, part of 31 underground holes totalling 3,834 metres sunk since late last year to test the Skomac and parallel veins.

Golden Dawn Minerals reports assays from B.C.’s Greenwood camp

Located 15 kilometres from May Mac, Golden Dawn’s Greenwood
gravity-flotation mill has a 200-tpd capacity expandable to 400 tpd.

May Mac comprises one of several southern British Columbia past-producers that Golden Dawn hopes to resurrect, all within range of the company’s Greenwood mill. Golden Dawn has a 43-101 technical report underway on the entire portfolio, including an updated PEA for its Lexington and Golden Crown projects.

Some standout assays from May Mac’s current crop include:

Hole MU 17-12

  • 335 g/t silver, 7.53 g/t gold, 0.2% lead and 0.5% zinc over 0.46 metres, starting at 30.93 metres

MU 17-14

  • 252.6 g/t silver, 0.93 g/t gold, 9.9% lead, 4.3% zinc and 0.1% copper over 2.57 metres, starting at 105.92 metres
  • (including 494.5 g/t silver, 1.21 g/t gold, 19.6% lead, 8% zinc and 0.1% copper over 1.29 metres)

  • 49.5 g/t silver, 12.55 g/t gold, 1.4% lead, 2% zinc and 0.1% copper over 0.56 metres, starting at 129 metres

MU 17-16

  • 246 g/t silver, 2.69 g/t gold, 1.3% lead, 0.9% zinc and 0.1% copper over 3.71 metres, starting at 70.76 metres
  • (including 472 g/t silver, 4.42 g/t gold, 11.3% lead, 4.7% zinc and 0.1% copper over 0.35 metres)
  • (and including 911 g/t silver, 9.53 g/t gold, 1.1% lead, 1% zinc and 0.2% copper over 0.55 metres)

MU 17-21

  • 58.8 g/t silver, 16.17 g/t gold, 2.3% lead, 3.3% zinc and 0.1% copper over 0.56 metres, starting at 15.84 metres
  • (including 90.5 g/t silver, 23.7 g/t gold, 3.7% lead, 5.5% zinc and 0.1% copper over 0.31 metres)

True widths weren’t available.

Having transferred the rig from underground drill station #3 to #2, work continues before moving to station #1. Subject of focus are the Skomac, Rose and West veins in a campaign expected to finish next month.

Other May Mac work awaits permit approvals. One application concerns additional surface drilling northwest along strike of the mine, where the company sees potential for mineralization up to another kilometre on the Skomac and parallel structures. The company also seeks approval to extend the #7 level northwest for additional drilling and a bulk sample of up to 10,000 tonnes.

Metallurgical tests have taken place on a May Mac composite core sample, with additional tests of tailings now underway to support processing at the mill, 15 kilometres from the mine.

Also proximal to the mill is Golden Dawn’s Golden Crown property, which has an application pending for surface drilling up to 10,000 metres. The company has preparations underway for field work at the recent Kettle River acquisition, which hosts 70 showings including 29 historic mines.

Golden Dawn also plans to begin dewatering its Lexington mine once spring weather allows.

Along with the mill, the former May Mac, Golden Crown and Lexington mines constitute the focal points of Golden Dawn’s Greenwood portfolio. Given the infrastructure in place, the company might decide to undertake trial mining and processing without the de-risking of a feasibility study.

In February Golden Dawn received a US$4-million advance on a gold purchase agreement.

Rockcliff Copper drills new VMS zone on its northern Manitoba Snow Lake portfolio

April 26th, 2017

by Greg Klein | April 26, 2017

Rockcliff Copper drills new VMS zone on its northern Manitoba Snow Lake portfolio

A third hole from this year’s Phase II campaign hit a new volcanogenic massive sulphide zone on the Talbot property, Rockcliff Copper TSXV:RCU announced April 26. The company holds a 51% option with Hudbay Minerals TSX:HBM on the property, part of Rockcliff’s Snow Lake project in northern Manitoba’s Flin Flon-Snow Lake camp.

Hole TB-020 follows two holes released earlier this month. TB-020 and TB-019 tested the approximately 400- by 1,000-metre North Lens deep conductive plate, finding VMS mineralization 250 metres apart. Conductivity increases for an additional 800 vertical metres below TB-020, while mineralization remains open in all directions, Rockcliff stated.

Results for the newly released hole show:

  • 0.81% copper, 0.67 g/t gold, 1.91% zinc and 17.03 g/t silver for 2.4% copper-equivalent over 6.65 metres, starting at 1,030.13 metres in downhole depth
  • (including 1.44% copper, 1.66 g/t gold, 5.16% zinc and 26.5 g/t silver for 5.38% copper-equivalent over 1.92 metres)

  • 0.57% copper, 0.07 g/t gold and 5.77 g/t silver for 0.64% copper-equivalent over 16.91 metres, starting at 1,120.26 metres

Most large VMS mines in the Flin Flon-Snow Lake mining camp are comprised of multiple stacked VMS-rich lenses that were identified initially as geophysical conductive plates and the Talbot property appears to have those same attributes.—Ken Lapierre,
president/CEO of Rockcliff Copper

True widths weren’t available.

“Most large VMS mines in the Flin Flon-Snow Lake mining camp are comprised of multiple stacked VMS-rich lenses that were identified initially as geophysical conductive plates and the Talbot property appears to have those same attributes,” said Rockcliff president/CEO Ken Lapierre. The company plans further drilling this year to test the plate’s potential.

A January 2016 resource gives the Talbot deposit an inferred total for three zones:

  • 2.17 million tonnes averaging 2.8% copper, 2.4 g/t gold, 2.2% zinc and 54.6 g/t silver for 133.6 million pounds copper, 165,400 ounces gold, 107.4 million pounds zinc and 3.81 million ounces silver

Rockcliff’s Snow Lake project consists of several properties, with drilling planned this year on the Bur zinc project, Rail copper-polymetallic deposit and Penex zinc property, as well as Talbot. Other recent company news includes the discovery of a large conductive plate below the down-dip continuation of the historic Pen zinc deposit that neighbours Penex, and last month’s start of airborne and ground geophysics on the Laguna gold property.

Read more about Rockcliff Copper.

Pistol Bay readies geophysics, resource update at Ontario’s Confederation Lake

April 12th, 2017

by Greg Klein | April 12, 2017

Taking to the skies to probe deeper underground, the first airborne survey in 20 years will bring state-of-the-art technology to Pistol Bay Mining’s (TSXV:PST) Confederation Lake greenstone belt land package. Geotech Ltd will carry out an initial 1,128-line-kilometre VTEM Plus campaign, the first phase of a belt-scale helicopter-borne program. That’s part of a multi-disciplinary approach planned over the next few years for Pistol Bay’s portfolio, at 9,450 hectares the largest holdings in Confederation Lake.

Pistol Bay readies geophysics, resource update at Ontario’s Confederation Lake

VTEM Plus penetrates deeper and offers better conductor resolution than previous VTEM systems, the company stated.

“We will essentially be exploring a new depth slice of this greenstone belt, with its numerous VMS deposits and occurrences, that has never been explored before,” said president Charles Desjardins. “This newer technology increases the chances of potentially finding a new zinc-copper-silver deposit like the Arrow zone or the former producing South Bay mine.”

Last week Pistol Bay announced an update had begun on Arrow’s 2007 resource, one of the portfolio’s historic estimates.

The company’s currently financed with a $548,436 private placement that closed last month and a recent payment of $750,000 from a Rio Tinto NYSE:RIO subsidiary as part of its 100% option on Pistol Bay’s uranium properties in Saskatchewan’s Athabasca Basin.

Read more about Pistol Bay Mining.

Visual Capitalist: The re-awakening of the Golden Triangle

April 6th, 2017

by Jeff Desjardins | posted with permission of Visual Capitalist | April 6, 2017

The re-awakening of the Golden Triangle

 

Many years ago, a remote and mountainous region in northwestern British Columbia gained considerable attention as an emerging mineral district. With a rich mining history, one of the world’s largest silver mines (Eskay Creek, discovered in 1988) and million-ounce gold deposits, this area of incredible wealth became known as the Golden Triangle.

However, despite its obvious potential, the vast majority of land in this highly prospective region has been left mostly untouched by humans. A combination of factors, including low gold prices and a lack of infrastructure, led to the area lying dormant for decades.

Today, things are changing dramatically. The Golden Triangle is a new hotbed for mineral discovery, where over 130 million ounces of gold, 800 million ounces of silver and 40 billion pounds of copper have been found. The amazing part is that this is only scratching the surface of the region’s ultimate potential.

Skeena Resources TSXV:SKE and IDM Mining TSXV:IDM have generously helped put together the story on the re-awakening of the famed Golden Triangle.

The new gold rush

Why is the Golden Triangle at the centre of attention again? There are five main reasons:

1. New deposits found

The old adage is that the best place to find a new mine is near an existing one. Here are three major deposits in the Golden Triangle that have geologists and financiers buzzing:

KSM

Seabridge Gold’s (TSX:SEA) KSM project is the largest gold project in the world. In 2014 it received the green light from Canada’s federal government to go ahead. A porphyry-style deposit, it has reserves of 38.8 million ounces of gold, 10.2 billion pounds of copper and 183 million ounces of silver.

Red Chris

This $700-million copper and gold mine entered production in 2015. Owned by Imperial Metals TSX:III, it will be in production until 2043 based on current mine life estimates. In 2016 alone, it produced 83 million pounds of copper, 47,000 ounces of gold and 190,000 ounces of silver.

Valley of the Kings

The latest, and perhaps most interesting, discovery in the Golden Triangle is slotted to reach commercial production in 2017. The Valley of the Kings, unlike the above porphyry-style deposits, contains extremely high-grade gold. With 15.6 million tonnes grading 16.1 g/t gold, this deposit has some of the richest ore in the world.

2. New Infrastructure

In recent years, the Golden Triangle has received three massively important infrastructure upgrades:

  • Paving of the Stewart-Cassiar Highway (north from Smithers)

  • Opening of ocean port facilities for export of concentrate at Stewart

  • Completion of a $700-million high-voltage transmission line to bring power into the Golden Triangle

3. Declining snow cover

Glacial ice and snow have been retreating in many parts of the region, revealing rocks never seen before by human eyes. Especially in a mineral-rich region such as the Golden Triangle, this is a very exciting prospect for mineral geologists.

4. A new geological explanation

The Golden Triangle region has complex geology that had befuddled explorers for decades—but recent work has made the picture much clearer. Geologist Jeff Kyba has put forth the following theory: Geological contact between Triassic-age Stuhini rocks and Jurassic-age Hazelton rocks is the key marker for copper-gold mineralization.

Most of the Triangle’s copper-gold deposits, whether they are large-scale porphyry and intrusion-related, are found within two kilometres of this contact. It’s been named the Red Line, and this new interpretation of the region’s geology could contribute to B.C.’s next mega deposit.

5. Gold price recovery

Since the “sleepy” days of the Golden Triangle, gold prices have increased three times, even after adjusting for inflation. Combined with new infrastructure, exciting projects and world-class mineral potential, the Golden Triangle is awake again.

What’s happening today?

Today, the Golden Triangle is buzzing with activity.

  • The Red Chris mine is now in operation

  • Valley of the Kings is entering production in 2017

  • KSM, the world’s largest gold deposit, is nearing potential construction

  • Historic mines like the Snip Mine and Granduc are being explored using modern methods

  • New high-grade gold is being found. Red Mountain and the old Premier gold mine are the sites of some of these discoveries

  • Dozens of companies are on the ground performing all phases of exploration

Many types of mineral deposits are being tested for, including high-grade gold veins, large-scale porphyries and VMS (volcanogenic massive sulphide) deposits. The Golden Triangle is once again a centre of attention and it could be poised to become one of the world’s most prolific concentrations of mineral wealth.

Posted with permission of Visual Capitalist.

See an infographic about the Golden Triangle’s mining history.

Rockcliff Copper reports gold, polymetallic results from its Snow Lake camp

April 6th, 2017

by Greg Klein | April 6, 2017

As Phase II drilling continues, Rockcliff Copper TSXV:RCU released assays from two holes on the VMS-rich Talbot project, part of the company’s Flin Flon-Snow Lake portfolio in northern Manitoba. The company holds a 51% option on Talbot from Hudbay Minerals TSX:HBM. The standout assay drew 7.3 g/t gold and 7.49% copper-equivalent over 3.94 metres. That came from the first hole on the North Lens deep conductive plate, one of the property’s largest geophysical anomalies.

Along with assays for hole TB-015 on the North copper zone, the results show:

TB-015

  • 0.31% copper, 0.01 g/t gold, 0.02% zinc and 0.02 g/t silver for 0.33% copper-equivalent over 8.09 metres, starting at 463.82 metres in downhole depth
  • (including 1.15% copper, 0.01% zinc and 0.01 g/t silver for 1.16% copper-equivalent over 0.32 metres)

TB-019

  • 1.8% copper, 0.14 g/t gold and 20.9 g/t silver for 2.15% copper-equivalent over 0.41 metres, starting at 668.61 metres

  • 0.24% copper, 7.3 g/t gold, 0.88% zinc and 112.5 g/t silver for 7.49% copper-equivalent over 3.94 metres, starting at 772.45 metres
  • (including 0.16% copper, 10.35 g/t gold, 0.23% zinc and 156.02 g/t silver for 9.94% copper-equivalent over 2.54 metres)
  • (which includes 0.54% copper, 77.78 g/t gold, 0.01% zinc and 1,219.5 g/t silver for 73.76% copper-equivalent over 0.32 metres)
Rockcliff Copper reports gold, polymetallic results from its Snow Lake camp

While drilling continues at Talbot, Rockcliff plans to put
rigs to work on at least three other Snow Lake properties.

True widths weren’t available.

With downhole and surface geophysics showing that conductivity strengthens below TB-019 intercepts, Rockcliff has another hole testing the plate 250 metres deeper, closer to the plate’s centre. The North copper zone also has additional drilling planned.

The news follows assays for TB-017, released in mid-February, which featured 3.48% copper-equivalent over 16.08 metres. Talbot hosts a January 2016 resource with an inferred total for three zones:

  • 2.17 million tonnes averaging 2.8% copper, 2.4 g/t gold, 2.2% zinc and 54.6 g/t silver for 133.6 million pounds copper, 165,400 ounces gold, 107.4 million pounds zinc and 3.81 million ounces silver

Reporting on another of its Snow Lake assets, last month Rockcliff announced that a surface EM survey on its recently staked Penex zinc property found a large conductive plate below the down-dip continuation of the neighbouring historic Pen zinc deposit. The company plans further exploration prior to drilling Penex this year.

Also last month, the company began airborne and ground geophysical surveys over the Laguna gold project, a former mine where 2016 grab samples graded as high as 25 g/t and 34.77 g/t gold.

With several properties comprising its Snow Lake portfolio, Rockcliff plans drilling this year on its Bur zinc project and Rail copper-polymetallic deposit, in addition to Talbot and Penex.

Read more about Rockcliff Copper.

Golden Dawn Minerals expands property, prepares for trial mining at B.C.’s Greenwood camp

April 5th, 2017

by Greg Klein | April 5, 2017

As the company anticipates near-term underground test mining at its nearby Lexington project, a new acquisition expands Golden Dawn Minerals’ (TSXV:GOM) Amigo property and complements the contiguous Boundary Falls turf. Boundary Falls hosts the past-producing May Mac mine—along with Lexington, Golden Crown and the Greenwood mill, one of the focal points of the company’s plan to revive the historic southern British Columbia camp. Subject to approvals, the 487-hectare addition brings Amigo to 656 hectares, costing Golden Dawn 100,000 shares.

May Mac reportedly produced 4,228 tonnes averaging 5.35 g/t gold and 227 g/t silver between 1903 and 1983. The mine also produced lead, zinc and copper.

Golden Dawn Minerals expands property, prepares for trial mining at B.C.’s Greenwood camp

A haul truck remains from the Greenwood
camp’s former mining and milling operations.

Since 2015 Golden Dawn has sunk 904 metres of surface drilling on Amigo, along with 6,155 metres of surface and underground work on May Mac’s Skomac vein system.

More assays are pending following a batch released early last month. Meanwhile the project undergoes permitting for surface drilling, underground drilling, drifting and bulk sampling. Should results for the three historic mines prove fortuitous, May Mac feed would complement that of the Lexington and Golden Crown past-producers. Processing would take place at Golden Dawn’s Greenwood mill, a 200-tpd facility expandable to 400-tpd located 15 kilometres east.

Last month the company released initial metallurgical test results for May Mac showing recoveries of 98% for gold and 97.7% for silver.

Last week Golden Dawn announced a “milestone” in receiving a dewatering permit for Lexington, which allows underground test mining to assess the project’s viability. Dewatering’s expected to begin in late April or early May.

The previous operator shut down Lexington and the Greenwood mill in December 2008 after eight months of operation, apparently because of the financial crisis, start-up problems and debt, Golden Dawn stated. Having bought the assets at a substantial discount, the company declares itself “optimistic that all or most of the start-up issues experienced by the former operator will be avoided.”

Golden Dawn doesn’t plan a feasibility study but has commissioned a technical report to consolidate four properties into one project. Over the last few months the company received US$4 million from RIVI Capital LLC as an advance payment for future gold production from Lexington and Golden Crown.

Proximal to Highway #3, the Greenwood portfolio sits about 500 kilometres east of Vancouver.