Tuesday 22nd September 2020

Resource Clips

Posts tagged ‘Vantex Resources Ltd (VAX)’

Beyond Monster Lake

April 25th, 2013

Can TomaGold repeat its success without Quinto Real?

by Greg Klein

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Will fortune treat this company so favourably a second time? David Grondin thinks it might. As president/CEO of TomaGold Corp TSXV:LOT, he’s already seen spectacular success at Quebec’s Monster Lake, a repetitive source of high-grade gold assays bankrolled by joint venture partner Quinto Real Capital TSXV:QIT. Now he’s planning a simultaneous drill campaign on TomaGold’s adjacent, 100%-held Winchester property.

A mining and exploration retrospect

Lying on the same trend, the two properties have similarities, Grondin says. Like the 3,336-hectare Monster, the 1,070-hectare Winchester had originally been drilled at shallow depths. It wasn’t until Monster was drilled deeper that the big discovery was found. But Winchester’s mineralized corridor, “instead of being five to 15 metres wide like Monster, is 60 to 100 metres wide.” Historic results show base metals potential too, he points out. “So we think Winchester can be a big driver for the company too. We’ll start drilling the same time as Monster, so it’ll be highly cost-effective. It should create a lot of new interest in the company, so we’re excited about that.”

As if TomaGold really needs new interest. Monster Lake first grabbed the market’s attention back in April 2012, with an assay of 237.6 grams per tonne gold over 5.7 metres. But relative calm set in while the company tested other targets at shallow depths. Then, in November, TomaGold met Quinto, a well-heeled company looking for a qualifying transaction. The two companies consummated their JV with a winter campaign focusing on the 325 zone, site of the April 2012 discovery, and going beyond 125 metres’ depth for the first time in Monster Lake’s drilling history. Another outburst of market enthusiasm greeted assays from three holes announced on February 20:

  • 33.6 g/t gold over 5.85 metres, at a vertical depth of 217 metres
  • 11.5 g/t over 5.3 metres, at a depth of 187 metres
  • 42 g/t over 7.2 metres, at a depth of 278 metres.

Highlights from three more holes released March 8 showed:

  • 42 g/t gold over 7.2 metres, at a vertical depth of 278 metres
  • 33.6 g/t over 5.85 metres, at a depth of 217 metres
  • 32.6 g/t over 6 metres, at a depth of 170 metres.

An April 22 batch included:

  • 37.1 g/t gold over 4.8 metres, at a vertical depth of 235 metres
  • 8.65 g/t over 11.3 metres, at a depth of 325 metres
  • 7.3 g/t over 2.55 metres, at a depth of 330 metres.

True widths were estimated at 70% to 85%. Topcuts weren’t applied.

The February 20 assays shot TomaGold from $0.115 to $0.205. By March 8 the stock hit $0.41. Even more dramatic was Quinto. Previously flat at $0.04, its shares soared to $0.25 on February 20 and, on February 28, $0.98.

Grondin now plans another 4,000 metres beginning mid-May. But despite a short pause, the company’s capable of year-round drilling thanks to a “really brilliant” crew, he says. He also plans a surface bulk sample, pending permitting. As the maiden resource approaches Grondin expects to calculate a topcut to compensate for the high-grade nugget effect.

Meanwhile the next 4,000 metres will target the zone at depth and its extensions along strike, he says. “Then we’ll probably do some infill to classify some of the resource as indicated. If it’s still open at depth, we might then do another 2,000 or 3,000 metres. One way or another, the resource is going to be done by year-end.”

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In Both Camps

May 8th, 2012

Amseco pursues Gold and Graphite in Quebec and Ontario

By Greg Klein

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Ask Jean Desmarais to name Amseco Exploration’s TSXV:AEL flagship and the President/CEO replies, “Man, that’s a good question. That’s a very good question. I would say that I have a few of them.” His answer reflects not a lack of focus but rather an abundance of gold and graphite properties in Quebec and Ontario.

Just last month, the company announced a 1,500-metre drill campaign on its Cookie Monster Gold Project, a 50/50 JV with Vantex Resources TSXV:VAX. Located in the prolific Fancamp deformation corridor of north Quebec’s Chapais-Chibougameau region, the 1,445-hectare property’s neighbours include the Monster Lake Project. Last August, while undergoing drilling by Stellar Pacific TSXV:SPX, the property showed results up to 76.53 grams per tonne gold over 2 metres. Then, on April 11, Monster Lake’s current owner, TomaGold TSXV:LOT, hit an intersection of 237.6 g/t gold over 5.7 metres. “Unfreaking believable,” exclaims Desmarais. “The whole region should boom, and I have a property right there.”

Amseco pursues Gold and Graphite in Quebec and Ontario

Quartz veining: At Cookie Monster Gold Project, Amseco's JV with Vantex.

Clearly, Amseco will not abandon gold for graphite, even though the company recently picked up its second set of graphite acquisitions. In March, the company got a 100% interest in the 469-claim, 25,362-hectare Tetepisca properties. The carbon-rich region is accessible by Highway 389 and logging roads, about 25 kilometres from north Quebec’s Manic-Cinq hydroelectric dam and 215 kilometres from the deep-sea port of Baie-Comeau. Other companies in the region include Cliffs Natural Resources CLF, Focus Metals TSXV:FMS and St-Georges Platinum CNX:SX.

“It happens to be a region I know quite well because the First Nations are great friends of mine,” Desmarais explains. “As their mining expert, I represent them in their conflict with the government.”

Amseco had teamed up with St-Georges only two weeks earlier for a 50/50 JV on two packages containing 10,110 hectares of graphite prospects. The Tetepisca West, Canadian Goose and Wooden Lake properties lie in the same region as Tetepisca proper. The Southern Properties consist of the Pike River, Lake 222 and the Polynesian Lake graphite properties, about 120 kilometres from Baie-Comeau. The properties were acquired by staking government lands, thereby avoiding dilution to existing shareholders.

Although graphite stock prices have pulled back since their April highs, Desmarais remains confident about the long-term potential. “I think the next decade will belong to graphite,” he says. “I don’t think it’s just a uranium or lithium play; I think it’s a long-term investment.” The carbon allotrope is currently used primarily in the steelmaking industry but future projections tie it to increasing demand in such energy technologies as fuel cells, solar panels, pebble-bed nuclear reactors, vanadium-redox batteries and lithium-ion batteries. Even discounting next-generation projections, cutbacks in exports from China—which produces about 80% of world supply—will require new mines to open elsewhere.

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