Apella Resources (CVE:APA)(OTCQX:APAFF)
said Tuesday that its subsidiary Prestige Mining has approved the
commencement of a pre-drill field program on the 100% owned Lac Dore
Vanadium-Iron-Titanium Project.
The program will entail the
opening of winter roads to and on the site, establishment of the
historic McKenzie Bay grid, and the surveying of historic and newly
planned diamond drill locations.
This first phase of exploration
work on Lac Dore will re-establish and extend the previous grid,
establish a minimum of three permanent bench marks which will be used
for future infrastructure and mine construction; and survey the previous
drill holes, trenches and stripping utilized in the earlier, pre-NI
43-101, feasibility study in 2002-03.
Following this program,
the company is planning to carry out a magnetometer survey, a stripping
program and a diamond drilling campaign aimed at twinning a number of
the historic holes.
Apella's planned follow-up 2012 diamond drilling programs will be designed to address a number of desirable outcomes.
The
company wants to confirm the geological and mineralogical context as
well as the thickness and grade of the mineralization intersected
historically within the known deposit by twinning a number of the
historic drill holes.
This twinning would permit Prestige/Apella
to qualify the previous non-compliant NI 43-101 resources calculated by
Allard and Girard (in 1998) and SNC-Lavalin (in 2003) to Measured and Indicated Mineral Resources.
It
also wants to confirm the extension at depth of the known mineralized
zones and to fill some gaps in the historic drilling patterns.
Apella
also said that a number of drill holes are planned for sections of the
known horizon which have yet to have been drilled historically. The
holes will test the extension at depth of the apparent mineralized
layers.
In addition, the company may drill a number of
additional drill holes which would be targeted at a significant
geophysical target identified on the horizon that does appear to have
drill tested in the historic campaigns.
This would verify the NE
extension of the deposit, between the main previously drilled areas and
the eastern boundary of the property. These holes could add
substantial NI 43-101 compliant resources to the Lac Dore Project.
It
is anticipated that the first phase or two of diamond drilling, upon
completion, would bring the Lac Dore Project to pre-feasibility study
level. Additional drilling will be necessary to bring to project to the
feasibility study level, calculate and establish the Probable and Proven
Mineral Reserves and commence mine planning where feasible.
The
Lac Dore Project is comprised of 42 mineral claims, including the 18 key
claims previously owned by the Province of Quebec, encompasses 672
hectares. It is situated approximately 40 km south-east of the mining
centre of Chibougamau, Quebec.
It covers most of the well-known
historic Lac Dore Vanadium-Iron-Titanium deposit, which for more than 40
years was a crown asset of the Province of Quebec. The Lac Dore
deposit, in 2002-03, was the subject of a positive non-compliant NI
43-101 Feasibility Study by SNC-Lavalin, with regard to the production of vanadium.
Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London.
Tuesday, 6 March 2012
The Singing Machine makes appearance on ABC’s The View
The Singing Machine Co. (OTC:SMDM) appeared Friday on ABC’s daytime entertainment talk show The View, the company said Monday.
The Karaoke machine maker’s 4TV device was featured in a Dr. Gadget segment which highlighted five of the coolest new gadgets on the market.
Dr. Gadget, a radio and TV personality, showcased the product during a one minute clip and described it as the “new wave and new evolution of karaoke.”
The company officially introduced the Singing Machine 4TV – the industry's first home karaoke machine to support digital karaoke downloads in MP3+G format.
The 4TV product also offers a USB microphone and remote-control as well as interactive user interface to control users' karaoke experience.
The machine is also compatible with traditional CD+G discs, and enables users to download songs to a jump-drive, making for an easier user experience.
The Singing Machine's Marketing co-ordinator Kelli Bodinizzo said: "We were very excited to feature the new Singing Machine 4TV on The View as one of Dr. Gadget's coolest new gadgets on the market."
"When we were approached to be a part of the show, it was really a no-brainer. The View is a highly-respected, phenomenal program and Dr. Gadget is the best at what he does."
Each member of the 200 person audience got a Singing Machine 4TV to take home, as well as one lucky audience member watching at home.
The company, which emerged from bankruptcy in 1998 and underwent a restructuring in 2004, had launched its online karaoke music download business in 2009. Through its partnership with content provider Stingray Digital, The Singing Machine became the first to provide legal karaoke downloads.
The business is 51 percent owned by a large manufacturing company in China, named Starlight, who acquired the stake in 2007.
The company's products are now featured across 1,800 stores across the U.S., with plans to expand its presence abroad.
Sales on last year's Black Friday, known as the day after the Thanksgiving holiday in the U.S. and the start of the holiday shopping season, met internal expectations for the karaoke machine maker.
The Singing Machine participated in Black Friday promotions with various retailers like Toys ‘R’ Us, Target (NYSE:TGT) and Kohl’s (NYSE:KSS). It also saw record Black Friday sales from Wal-Mart.com (NYSE:WMT) and through online retailers like Amazon.com (NASDAQ:AMZN).
The company, whose karaoke machines, accessories, karaoke music downloads, and musical instruments are sold under the brands of Singing Machine and Sound X, said it made roughly $1.3 million in sales on Black Friday alone.
The Karaoke machine maker’s 4TV device was featured in a Dr. Gadget segment which highlighted five of the coolest new gadgets on the market.
Dr. Gadget, a radio and TV personality, showcased the product during a one minute clip and described it as the “new wave and new evolution of karaoke.”
The company officially introduced the Singing Machine 4TV – the industry's first home karaoke machine to support digital karaoke downloads in MP3+G format.
The 4TV product also offers a USB microphone and remote-control as well as interactive user interface to control users' karaoke experience.
The machine is also compatible with traditional CD+G discs, and enables users to download songs to a jump-drive, making for an easier user experience.
The Singing Machine's Marketing co-ordinator Kelli Bodinizzo said: "We were very excited to feature the new Singing Machine 4TV on The View as one of Dr. Gadget's coolest new gadgets on the market."
"When we were approached to be a part of the show, it was really a no-brainer. The View is a highly-respected, phenomenal program and Dr. Gadget is the best at what he does."
Each member of the 200 person audience got a Singing Machine 4TV to take home, as well as one lucky audience member watching at home.
The company, which emerged from bankruptcy in 1998 and underwent a restructuring in 2004, had launched its online karaoke music download business in 2009. Through its partnership with content provider Stingray Digital, The Singing Machine became the first to provide legal karaoke downloads.
The business is 51 percent owned by a large manufacturing company in China, named Starlight, who acquired the stake in 2007.
The company's products are now featured across 1,800 stores across the U.S., with plans to expand its presence abroad.
Sales on last year's Black Friday, known as the day after the Thanksgiving holiday in the U.S. and the start of the holiday shopping season, met internal expectations for the karaoke machine maker.
The Singing Machine participated in Black Friday promotions with various retailers like Toys ‘R’ Us, Target (NYSE:TGT) and Kohl’s (NYSE:KSS). It also saw record Black Friday sales from Wal-Mart.com (NYSE:WMT) and through online retailers like Amazon.com (NASDAQ:AMZN).
The company, whose karaoke machines, accessories, karaoke music downloads, and musical instruments are sold under the brands of Singing Machine and Sound X, said it made roughly $1.3 million in sales on Black Friday alone.
Latin American Minerals hits 4.09 g/t gold over 25.5 metres on New Trend at Paso Yobai
Latin American Minerals (CVE:LAT)(OTCQX:LATNF)
unveiled Tuesday results from the first five diamond drill holes on the
Tacurú target at the company's Paso Yobai project in Paraguay.
The Tacurú target is the first gold soil anomaly drilled on the 14.8 kilometre-long New Gold Trend at the company's 100 percent-owned exploration concession at Paso Yobai.
The target area is located 3.5 kilometres northeast of the company's newly inaugurated Mina Independencia gold pilot plant, where it is bulk sampling on the Discovery Trend.
Among the highlights, hole DDH-LAT-BT-02 intersected 25.50 metres of 4.09 grams per tonne (g/t) of gold, while DDH-LAT-BT-03 hit 5.95 metres of 1.01 g/t gold.
Other notable results included 17.1 metres of 3.20 g/t gold in hole DDH-LAT-BT-04 and 14.02 metres of 2.41 g/t gold in hole DDH-LAT-BT-05.
"These first results from Tacurú confirm that there is notable gold mineralization on the New Trend and this gold is found in sandstone host units, a new mineralization style for the project," said president and CEO, Miles Rideout.
"These are breakthrough results for the company and we will continue to aggressively drill further targets. Our goal for 2012 is to demonstrate the scope and dimensions of this major new discovery
The Tacurú Target was first detected in the reconnaissance sampling program that delineated the 14.8 kilometre long New Trend gold occurrences.
After claiming the mineral rights and contracting the surface rights with the local resident, the company developed information on the target through detailed soil sampling grids, auger-hole sampling, and trenching, it said.
In December, Latin American released the trench results at the target, which showed 3.8 g/t averaged over 30.55 metres.
The drill permit for the project was received late last year, with an initial program of six holes for 851 metres of diamond drilling completed in January.
Assay results for the first five holes were reported Tuesday, with results still pending for DDH-LAT-BT-06.
Separately, the company also said Tuesday that in January, processing operations began at the Mina Independencia Gold project, also located near the town of Paso Yobai.
These operations were halted, however, on January 31 by a demonstration lead by informal gold miners who were concerned about title security of their farms and homesteads under Paraguayan law. The company has since met with leaders of this informal mining movement, it said, where both parties agreed that a "mutually supportive alliance, overseen by Paraguay's Vice Ministry of Mines and Energy (VMME) is the most productive way forward for the Paso Yobai gold district".
Latin American added that these operations now continue without interruption.
The investment in the construction of the Mina Independencia mine and processing facility has allowed the company to complete the acquisition of 99% ownership of the permitted Minera Guairá mining concession though dilution of the partner's interest.
Latin American's partners at Minera Guairá retain a 1% net smelter royalty for this concession, in addition to proceeds from surface agreements.
Regarding these project advances, Rideout commented: "The pilot plant operation allows us to expose and bulk sample mineralized shoots on the Discovery Trend. This work will confirm the head grades for a subsequent mine expansion program."
"Our neighbours to the south have a strong production track record, with historic production likely exceeding 100,000 oz. of gold. We are pleased that these residents are willing to work with the Vice-Ministry to formalize and advance their work area."
The company is developing the Discovery Trend Pilot Plant operation on the Minera Guairá mining concession, part of its larger Paso Yobai gold project. The aim of the plant is to facilitate resource evaluation through bulk-sampling on the Discovery Trend, which is characterized by coarse gold mineralization extending from surface to greater than 100 metres depth.
The second New Trend at Paso Yobai is approximately 14.8 kilometres in length, located 3.5 kilometres northeast of the Discovery Trend. The company owns 100 percent of the prospecting concessions that contain this geologic feature.
Results from 2011 work to define drill targets suggest that bulk tonnage potential could exist at several target zones along this extensive structure, the company said.
In addition to the Paso Yobai project, the company's Itapoty diamond project and Chiriguelo rare earths-niobium property are also located in Paraguay.
The Tacurú target is the first gold soil anomaly drilled on the 14.8 kilometre-long New Gold Trend at the company's 100 percent-owned exploration concession at Paso Yobai.
The target area is located 3.5 kilometres northeast of the company's newly inaugurated Mina Independencia gold pilot plant, where it is bulk sampling on the Discovery Trend.
Among the highlights, hole DDH-LAT-BT-02 intersected 25.50 metres of 4.09 grams per tonne (g/t) of gold, while DDH-LAT-BT-03 hit 5.95 metres of 1.01 g/t gold.
Other notable results included 17.1 metres of 3.20 g/t gold in hole DDH-LAT-BT-04 and 14.02 metres of 2.41 g/t gold in hole DDH-LAT-BT-05.
"These first results from Tacurú confirm that there is notable gold mineralization on the New Trend and this gold is found in sandstone host units, a new mineralization style for the project," said president and CEO, Miles Rideout.
"These are breakthrough results for the company and we will continue to aggressively drill further targets. Our goal for 2012 is to demonstrate the scope and dimensions of this major new discovery
The Tacurú Target was first detected in the reconnaissance sampling program that delineated the 14.8 kilometre long New Trend gold occurrences.
After claiming the mineral rights and contracting the surface rights with the local resident, the company developed information on the target through detailed soil sampling grids, auger-hole sampling, and trenching, it said.
In December, Latin American released the trench results at the target, which showed 3.8 g/t averaged over 30.55 metres.
The drill permit for the project was received late last year, with an initial program of six holes for 851 metres of diamond drilling completed in January.
Assay results for the first five holes were reported Tuesday, with results still pending for DDH-LAT-BT-06.
Separately, the company also said Tuesday that in January, processing operations began at the Mina Independencia Gold project, also located near the town of Paso Yobai.
These operations were halted, however, on January 31 by a demonstration lead by informal gold miners who were concerned about title security of their farms and homesteads under Paraguayan law. The company has since met with leaders of this informal mining movement, it said, where both parties agreed that a "mutually supportive alliance, overseen by Paraguay's Vice Ministry of Mines and Energy (VMME) is the most productive way forward for the Paso Yobai gold district".
Latin American added that these operations now continue without interruption.
The investment in the construction of the Mina Independencia mine and processing facility has allowed the company to complete the acquisition of 99% ownership of the permitted Minera Guairá mining concession though dilution of the partner's interest.
Latin American's partners at Minera Guairá retain a 1% net smelter royalty for this concession, in addition to proceeds from surface agreements.
Regarding these project advances, Rideout commented: "The pilot plant operation allows us to expose and bulk sample mineralized shoots on the Discovery Trend. This work will confirm the head grades for a subsequent mine expansion program."
"Our neighbours to the south have a strong production track record, with historic production likely exceeding 100,000 oz. of gold. We are pleased that these residents are willing to work with the Vice-Ministry to formalize and advance their work area."
The company is developing the Discovery Trend Pilot Plant operation on the Minera Guairá mining concession, part of its larger Paso Yobai gold project. The aim of the plant is to facilitate resource evaluation through bulk-sampling on the Discovery Trend, which is characterized by coarse gold mineralization extending from surface to greater than 100 metres depth.
The second New Trend at Paso Yobai is approximately 14.8 kilometres in length, located 3.5 kilometres northeast of the Discovery Trend. The company owns 100 percent of the prospecting concessions that contain this geologic feature.
Results from 2011 work to define drill targets suggest that bulk tonnage potential could exist at several target zones along this extensive structure, the company said.
In addition to the Paso Yobai project, the company's Itapoty diamond project and Chiriguelo rare earths-niobium property are also located in Paraguay.
Digital Shelf Space closes over-subscribed $1.5 mln private placement financing
Content producer and distributor Digital Shelf Space (CVE:DSS)
(OTCQX:DTSRF) said Tuesday that it closed its over-subscribed $1.5
million brokered private placement financing through Fin-XO Securities.
The company had announced the $1.5 million financing in February 2012, and was over-subscribed for around $1.56 million in gross proceeds.
The company sold a series of units at a price of $0.15 each. Each unit consisted of one common share and one half common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of 25 cents each, within a year and half from closing.
Digital Shelf Space said that if its common shares trade above 35 cents for a period of 10 consecutive trading days, the warrants, if unexercised, will expire 30 days afterwards.
The new funds will be used toward marketing and advertising, content development, new projects, transaction and related expenses, as well as working capital and general corporate purposes, the company said.
In connection with the private placement, Digital Shelf Space paid a cash commission to Fin-XO that was equal to seven percent of the gross proceeds. The company also issued Fin-XO 708,085 broker warrants for the purchase of Digital Shelf Space common shares.
Digital Shelf Space is the company behind the GSP RUSHFIT DVD home workout series starring Mixed Martial Arts (MMA) welterweight world champion Georges St-Pierre.
The home workout DVD fitness series has exploded in popularity recently, with Digital Shelf Space announcing late last year that the product had become the number one selling fitness DVD series of all time by a professional athlete, with more than 250,000 DVDs sold in only the first year of distribution.
The GSP RUSHFIT workout series was designed to appeal to those with an interest in MMA and MMA training methods, for an efficient home fitness workout program, with minimal equipment. The product uses various MMA conditioning exercises, intense circuit style training and body weight training for fitness consumers to build muscle, cut weight and get in shape.
As of the end of the third quarter, the company's GSP RUSHFIT DVD workout series had been placed in over 4,000 stores across Canada, beating its own initial target of 3,000 stores, and capturing over 80 percent of the key Canadian retail distribution channels available.
The fitness series is now represented in more than 90 countries around the world, through Digital Shelf' Space’s global distribution agreement with Northern Response.
In Canada, it is already carried by major retailers including Sears Canada, Zellers, Wal-Mart, Future Shop, National Sports, Sports Experts, Sport Check, Best Buy, and Canadian Tire, and in the US by The Sports Authority and Academy Sports and Outdoors.
Plans for international expansion continue to move forward, with the company currently in negotiations. Last month, the company said its GSP RUSHFIT home workout DVD fitness began retailing in the Philippines.
In December, Digital Shelf Space announced a new long-term licence agreement with Georges St-Pierre (GSP), for potential future fitness products and services under the RUSHFIT moniker.
The new licence expands on the original 2010 agreement between Digital Shelf Space and GSP signed for exclusively the home workout GSP RUSHFIT DVD series. The new licence agreement provides the company a revenue share on all new business ventures using the RUSHFIT brand, whether such ventures are done by the company and GSP together, or if GSP uses the brand for any mutually approved products and services.
The GSP RUSHFIT DVD series was launched in December of 2010, and can be purchased directly through the GSP RUSHFIT website at www.gsprushfit.com.
Digital Shelf Space is an independent creator, producer and distributor of home entertainment content and online delivery technology provider to digital retailers, content owners and aggregators.
The company had announced the $1.5 million financing in February 2012, and was over-subscribed for around $1.56 million in gross proceeds.
The company sold a series of units at a price of $0.15 each. Each unit consisted of one common share and one half common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of 25 cents each, within a year and half from closing.
Digital Shelf Space said that if its common shares trade above 35 cents for a period of 10 consecutive trading days, the warrants, if unexercised, will expire 30 days afterwards.
The new funds will be used toward marketing and advertising, content development, new projects, transaction and related expenses, as well as working capital and general corporate purposes, the company said.
In connection with the private placement, Digital Shelf Space paid a cash commission to Fin-XO that was equal to seven percent of the gross proceeds. The company also issued Fin-XO 708,085 broker warrants for the purchase of Digital Shelf Space common shares.
Digital Shelf Space is the company behind the GSP RUSHFIT DVD home workout series starring Mixed Martial Arts (MMA) welterweight world champion Georges St-Pierre.
The home workout DVD fitness series has exploded in popularity recently, with Digital Shelf Space announcing late last year that the product had become the number one selling fitness DVD series of all time by a professional athlete, with more than 250,000 DVDs sold in only the first year of distribution.
The GSP RUSHFIT workout series was designed to appeal to those with an interest in MMA and MMA training methods, for an efficient home fitness workout program, with minimal equipment. The product uses various MMA conditioning exercises, intense circuit style training and body weight training for fitness consumers to build muscle, cut weight and get in shape.
As of the end of the third quarter, the company's GSP RUSHFIT DVD workout series had been placed in over 4,000 stores across Canada, beating its own initial target of 3,000 stores, and capturing over 80 percent of the key Canadian retail distribution channels available.
The fitness series is now represented in more than 90 countries around the world, through Digital Shelf' Space’s global distribution agreement with Northern Response.
In Canada, it is already carried by major retailers including Sears Canada, Zellers, Wal-Mart, Future Shop, National Sports, Sports Experts, Sport Check, Best Buy, and Canadian Tire, and in the US by The Sports Authority and Academy Sports and Outdoors.
Plans for international expansion continue to move forward, with the company currently in negotiations. Last month, the company said its GSP RUSHFIT home workout DVD fitness began retailing in the Philippines.
In December, Digital Shelf Space announced a new long-term licence agreement with Georges St-Pierre (GSP), for potential future fitness products and services under the RUSHFIT moniker.
The new licence expands on the original 2010 agreement between Digital Shelf Space and GSP signed for exclusively the home workout GSP RUSHFIT DVD series. The new licence agreement provides the company a revenue share on all new business ventures using the RUSHFIT brand, whether such ventures are done by the company and GSP together, or if GSP uses the brand for any mutually approved products and services.
The GSP RUSHFIT DVD series was launched in December of 2010, and can be purchased directly through the GSP RUSHFIT website at www.gsprushfit.com.
Digital Shelf Space is an independent creator, producer and distributor of home entertainment content and online delivery technology provider to digital retailers, content owners and aggregators.
International Tower Hill verifies 16.5 mln ounce gold resource at Livengood
International Tower Hill Mines
(ITH)(TSE:ITH)(AMEX:THM) said Tuesday new drill results from its
wholly-owned Livengood gold project have verified the 16.5 million ounce
gold resource there.
The Livengood gold project is located about 115 kilometres northwest of Fairbanks, Alaska, within the Tintina gold belt.
In August 2011, the company released an NI 43-101 compliant resource estimate for the project, which is located within the company's larger 145-square kilometre property holding.
At a 0.22 gram per tonne (g/t) cut off grade, ITH reported 933 million tonnes at 0.55 g/t gold, for 16.5 million ounces of gold in the measured and indicated category. Inferred resources totaled 257 million tonnes grading 0.5 g/t gold, for 4.1 million ounces of gold.
ITH president and CEO, James Komadina said: "Our 2011 close-spaced drill programs have firmly verified the data used to calculate our latest resource estimate and substantiated Livengood as one of the largest gold resources in North America.
"The significant size of the project now warrants a shift in the Company's focus from resource growth to development activities that will advance the Livengood project towards a production decision and potentially becoming a new, large-scale gold mine in North America."
Today's assay results, which confirmed the August 2011 resource estimate, are from the 73 in-fill drill holes that ITH completed at Livengood late last year.
Significant results from that program, which focused mainly on the Core zone, the Sunshine zone, and the Area 50 zone, include MK-RC-0558, drilled on the Core zone, which intersected 28.96 metres grading 3.66 g/t gold, including 7.62 metres at 4.22 g/t gold, and including 3.05 metres at 12.28 g/t gold.
Also on the Core zone, MK-11-177 hit 3.17 metres at 21.88 g/t gold, including 1.67 metres at 41.32 g/t gold, while MK-11-220 hit 1.67 g/t gold over 89.83 metres, including 6.92 metres at 8.88 g/t gold, and including 6.08 metres at 2.25 g/t gold.
On the Sunshine zone, MK-11-153 intersected 46.94 metres grading 0.86 g/t gold and 39.62 metres at 1.22 g/t gold, while MK-11-194 hit 4.67 metres at 1.21 g/t gold.
MK-RC-574 on the Area 50 zone intersected 67.05 metres grading 2.05 g/t gold, including 4.57 metres at 17.88 g/t gold. MK-11-213, meanwhile, intersected 10.0 metres at 2.55 g/t gold, while MK-11-224 hit 17.26 metres at 0.95 g/t gold.
ITH said it marks this resource verification as the conclusion of confirmation drilling at the deposit, as it shifts its focus to district-wide exploration within its land package, as well as on condemnation/geotechnical drilling in support of permitting activities in 2012.
It will also continue working on its prefeasibility study, which is slated for release this summer.
ITH controls a 100 percent interest in the Livengood project, accessible by paved highway 70 miles north of Fairbanks, Alaska.
In 2012, the company is focused on the rapid advancement of the project while it continues to expand its current resource and explore its 145 square kilometre district for new deposits.
In Toronto, ITH shares slipped 1.96 percent to $4.51, as of 10:22 am EDT.
The Livengood gold project is located about 115 kilometres northwest of Fairbanks, Alaska, within the Tintina gold belt.
In August 2011, the company released an NI 43-101 compliant resource estimate for the project, which is located within the company's larger 145-square kilometre property holding.
At a 0.22 gram per tonne (g/t) cut off grade, ITH reported 933 million tonnes at 0.55 g/t gold, for 16.5 million ounces of gold in the measured and indicated category. Inferred resources totaled 257 million tonnes grading 0.5 g/t gold, for 4.1 million ounces of gold.
ITH president and CEO, James Komadina said: "Our 2011 close-spaced drill programs have firmly verified the data used to calculate our latest resource estimate and substantiated Livengood as one of the largest gold resources in North America.
"The significant size of the project now warrants a shift in the Company's focus from resource growth to development activities that will advance the Livengood project towards a production decision and potentially becoming a new, large-scale gold mine in North America."
Today's assay results, which confirmed the August 2011 resource estimate, are from the 73 in-fill drill holes that ITH completed at Livengood late last year.
Significant results from that program, which focused mainly on the Core zone, the Sunshine zone, and the Area 50 zone, include MK-RC-0558, drilled on the Core zone, which intersected 28.96 metres grading 3.66 g/t gold, including 7.62 metres at 4.22 g/t gold, and including 3.05 metres at 12.28 g/t gold.
Also on the Core zone, MK-11-177 hit 3.17 metres at 21.88 g/t gold, including 1.67 metres at 41.32 g/t gold, while MK-11-220 hit 1.67 g/t gold over 89.83 metres, including 6.92 metres at 8.88 g/t gold, and including 6.08 metres at 2.25 g/t gold.
On the Sunshine zone, MK-11-153 intersected 46.94 metres grading 0.86 g/t gold and 39.62 metres at 1.22 g/t gold, while MK-11-194 hit 4.67 metres at 1.21 g/t gold.
MK-RC-574 on the Area 50 zone intersected 67.05 metres grading 2.05 g/t gold, including 4.57 metres at 17.88 g/t gold. MK-11-213, meanwhile, intersected 10.0 metres at 2.55 g/t gold, while MK-11-224 hit 17.26 metres at 0.95 g/t gold.
ITH said it marks this resource verification as the conclusion of confirmation drilling at the deposit, as it shifts its focus to district-wide exploration within its land package, as well as on condemnation/geotechnical drilling in support of permitting activities in 2012.
It will also continue working on its prefeasibility study, which is slated for release this summer.
ITH controls a 100 percent interest in the Livengood project, accessible by paved highway 70 miles north of Fairbanks, Alaska.
In 2012, the company is focused on the rapid advancement of the project while it continues to expand its current resource and explore its 145 square kilometre district for new deposits.
In Toronto, ITH shares slipped 1.96 percent to $4.51, as of 10:22 am EDT.
African Queen to raise $1.98 mln to fund drilling at Noyem gold project
Mineral explorer African Queen Mines (CVE:AQ)
said Tuesday it plans to raise $1.98 million through a non-brokered
private financing, as the company seeks to fund drilling at its Noyem
gold project, West Africa.
The Vancouver-based miner said it will offer nine million units priced at 22 cents a unit. The company also noted it may boost the offering by 20 percent to 10.8 million units.
Each unit consists of one common share and one-half of one purchase warrant of African Queen. Each whole warrant gives the holder a right to buy one extra share for 37 cents each for two years following the closing date.
A finder’s fee of seven percent of the offerings gross proceeds might be paid. The financing is slated to close in March and may include one or more tranches.
The securities issued have a four month hold period, while the private placement is subject to Toronto Stock Venture Exchange approval.
African Queen said it will use funds from the offering to finance a drill program at its Odundu property southwest in Kenya’s Rongo gold fields, property acquisitions and working capital.
The company, under a joint venture deal with Akan Exploration, can earn a 75 percent stake in the Noyem-Nyanfoman gold project by funding prescribed stages from exploration through feasibility. African Queen is the operator of the project.
Last September, the company arrived at a settlement for an additional 12 mining claims at its Noyem-Nyanfoman gold project in Ghana. The 12 claims cover about 300 acres on the Noyem A reef in Ghana's Ashanti Belt. This followed settlements in July 2011 for an additional seven of the 26 mining claims that conflicted with its prospecting license for the gold property.
The company’s share price traded at 21.5 cents apiece on Toronto’s junior stock exchange on Tuesday morning.
The Vancouver-based miner said it will offer nine million units priced at 22 cents a unit. The company also noted it may boost the offering by 20 percent to 10.8 million units.
Each unit consists of one common share and one-half of one purchase warrant of African Queen. Each whole warrant gives the holder a right to buy one extra share for 37 cents each for two years following the closing date.
A finder’s fee of seven percent of the offerings gross proceeds might be paid. The financing is slated to close in March and may include one or more tranches.
The securities issued have a four month hold period, while the private placement is subject to Toronto Stock Venture Exchange approval.
African Queen said it will use funds from the offering to finance a drill program at its Odundu property southwest in Kenya’s Rongo gold fields, property acquisitions and working capital.
The company, under a joint venture deal with Akan Exploration, can earn a 75 percent stake in the Noyem-Nyanfoman gold project by funding prescribed stages from exploration through feasibility. African Queen is the operator of the project.
Last September, the company arrived at a settlement for an additional 12 mining claims at its Noyem-Nyanfoman gold project in Ghana. The 12 claims cover about 300 acres on the Noyem A reef in Ghana's Ashanti Belt. This followed settlements in July 2011 for an additional seven of the 26 mining claims that conflicted with its prospecting license for the gold property.
The company’s share price traded at 21.5 cents apiece on Toronto’s junior stock exchange on Tuesday morning.
Implant joins defence and security consortium
Implant Sciences (OTC:IMSC) said Tuesday it is now a member of a defence and security industry consortium.
The high-tech supplier of systems and sensors for homeland security markets said it joined the System of Systems Security Consortium (SOSSEC).
Its impetus is to help members like Implant Sciences to meet the U.S. Army’s requirement to provide a decisive and effective support in response to natural or man-made threats.
SOSSEC has a special working pact with the U.S. Army’s Armament Research Development Engineering Centre, which sees the conglomerate as a provider of R&D for homeland defence programs for the next five years.
Implant Sciences, along with other group members, will receive the support of SOSSEC in business development, contracting, invoicing, product delivery, and interfacing with the U.S. Department of Defence.
The prime technology and deployment focus of SOSSEC is in force protection, and critical infrastructure protection, and homeland security solutions.
Implant Science’s chief executive, Glenn D. Bolduc said: "As a member of SOSSEC we will be working jointly with the companies, thought leaders, and technology developers who are shaping the future of security solutions for defence.
"This is an opportunity for us to work directly with the U.S. military to provide our explosives trace detection equipment, while continuing to develop next-generation technologies to meet our nation's defense needs."
Last month the security systems and sensors supplier sold seven Quantum Sniffer QS-H150 portable explosive trace detectors to a Chinese airport.
The company is continuing to penetrate the China security market, having sold several million dollars worth of its QS-H150 product there since 2008 to a large number of customers, including the Civil Aviation Administration of China.
The QS-H150 portable explosives trace detector, which uses ion mobility spectrometry to rapidly detect and identify trace amounts of a wide variety of military, commercial and homemade explosives.
The QS-H150 uses no radioactive materials and has a low-maintenance design.
Implant Sciences also makes the Quantum Sniffer QS-B220, which was introduced in May 2011, is a trace detector that uses ion mobility spectrometry to identify a number of military, commercial and homemade explosives and narcotic substances.
The benchtop explosives and narcotics detector is suited for a number of security settings, including high-traffic airports and borders.
The company’s share price went up 0.02 percent to 56 cents apiece on the OTC or over-the-counter market on Tuesday.
The high-tech supplier of systems and sensors for homeland security markets said it joined the System of Systems Security Consortium (SOSSEC).
Its impetus is to help members like Implant Sciences to meet the U.S. Army’s requirement to provide a decisive and effective support in response to natural or man-made threats.
SOSSEC has a special working pact with the U.S. Army’s Armament Research Development Engineering Centre, which sees the conglomerate as a provider of R&D for homeland defence programs for the next five years.
Implant Sciences, along with other group members, will receive the support of SOSSEC in business development, contracting, invoicing, product delivery, and interfacing with the U.S. Department of Defence.
The prime technology and deployment focus of SOSSEC is in force protection, and critical infrastructure protection, and homeland security solutions.
Implant Science’s chief executive, Glenn D. Bolduc said: "As a member of SOSSEC we will be working jointly with the companies, thought leaders, and technology developers who are shaping the future of security solutions for defence.
"This is an opportunity for us to work directly with the U.S. military to provide our explosives trace detection equipment, while continuing to develop next-generation technologies to meet our nation's defense needs."
Last month the security systems and sensors supplier sold seven Quantum Sniffer QS-H150 portable explosive trace detectors to a Chinese airport.
The company is continuing to penetrate the China security market, having sold several million dollars worth of its QS-H150 product there since 2008 to a large number of customers, including the Civil Aviation Administration of China.
The QS-H150 portable explosives trace detector, which uses ion mobility spectrometry to rapidly detect and identify trace amounts of a wide variety of military, commercial and homemade explosives.
The QS-H150 uses no radioactive materials and has a low-maintenance design.
Implant Sciences also makes the Quantum Sniffer QS-B220, which was introduced in May 2011, is a trace detector that uses ion mobility spectrometry to identify a number of military, commercial and homemade explosives and narcotic substances.
The benchtop explosives and narcotics detector is suited for a number of security settings, including high-traffic airports and borders.
The company’s share price went up 0.02 percent to 56 cents apiece on the OTC or over-the-counter market on Tuesday.
St. Elias Mines gets conditional TSX approval to spin-out Havilah Mines
St. Elias Mines (CVE:SLI)
said Tuesday that it has received conditional approval from the TSX
Venture Exchange to spin out its British Columbia assets into Havilah
Mines.
Havilah Mines will be separately listed while St. Elias will focus on its assets in Peru.
The proposed transaction was approved by shareholders and B.C. authorities in November.
The company said that in conjunction with its spin-out plan, Havilah has arranged a $600,000 private placement consisting of 1.5 million flow-through units at a price of $0.20 each and 3 million units at a price of $0.10 each.
Each flow-through unit will consist of one flow-through common share in Havilah and one warrant to acquire one common share in Havilah for a period of 24 months following the closing of the private placement at $0.30 per share during the first year and $0.45 per share during the second year.
Each unit consists of one common share in Havilah and one warrant to acquire one common share in Havilah for a period of 24 months following the closing of the private placement at a price of $0.30 per share during the first year and $0.45 per share during the second year.
Once the proposed spin-out is approved, St. Elias shareholders will receive one share of Havilah for every 20 St. Elias shares they own. There will be no change in shareholders' holdings in St. Elias as a result of the spin-out.
The spin-out is subject to the final approval from the TSX Exchange and the financing of Havilah and St. Elias will release further news of the effective date of the proposed transaction.
Havilah Mines will be separately listed while St. Elias will focus on its assets in Peru.
The proposed transaction was approved by shareholders and B.C. authorities in November.
The company said that in conjunction with its spin-out plan, Havilah has arranged a $600,000 private placement consisting of 1.5 million flow-through units at a price of $0.20 each and 3 million units at a price of $0.10 each.
Each flow-through unit will consist of one flow-through common share in Havilah and one warrant to acquire one common share in Havilah for a period of 24 months following the closing of the private placement at $0.30 per share during the first year and $0.45 per share during the second year.
Each unit consists of one common share in Havilah and one warrant to acquire one common share in Havilah for a period of 24 months following the closing of the private placement at a price of $0.30 per share during the first year and $0.45 per share during the second year.
Once the proposed spin-out is approved, St. Elias shareholders will receive one share of Havilah for every 20 St. Elias shares they own. There will be no change in shareholders' holdings in St. Elias as a result of the spin-out.
The spin-out is subject to the final approval from the TSX Exchange and the financing of Havilah and St. Elias will release further news of the effective date of the proposed transaction.
Apella Resources sells Iron-T project in Quebec to subsidiary
Apella Resources (CVE:APA)
said Friday it has sold its Iron-T vanadium-iron-titanium project,
located 10 kilometres southeast of Matagami, to its wholly-owned
subsidiary, Power Vanadium Corp.
Under the terms of the agreement, Apella will receive $1.5 million from Power Vanadium, by way of a secured promissory note, and 81.67 million non-restricted common shares of Power Vanadium.
The company will also receive 35 percent of all funds received as a result of the Province of Quebec mining/exploration incentive and tax refund programs, plus a three percent net smelter royalty (NSR).
Apella will act as operator of the Iron-T project, and will receive a management fee totaling 15 percent of Power Vanadium's total expenditures in each fiscal year. Additionally, Power Vanadium will deliver a bankable feasibility study for the project by the end of July 2014.
The latest resource estimate for the project, completed in May 2011, included results from the company's 2009-2010 exploration activities, and was based on 41 drill holes, including two revised historical drill holes, for a total length of 5,519 metres at Iron-T.
Using a minimum cut-off grade of 0.48 percent vanadium equivalent, inferred resources are now estimated at 14.38 million tonnes, at 0.42 percent vanadium equivalent.
The company said this represents a 24 percent increase from the classified inferred resource of 11.6 million tonnes in the previous report last August.
Monday's transaction is the second move within Apella's 2012 "go-forward plan" and the company expects to undertake similar agreements for its other vanadium-iron-titanium projects in the near-term.
Last month, Apella sold its Lac Dore vanadium-iron-titanium project to its 100 percent-owned Prestige Mining unit.
Under the terms of that sales agreement, Prestige Mining will pay Apella $1.5 million in a promissory note secured by 81.7 million non-restricted common shares in Prestige Mining.
Earlier this year, Apella decided on a strategy of placing three of its vanadium-iron-titanium assets - the Lac Dore/Lac Dore North project, the Iron-T project and the Game Changer project - into wholly-owned subsidiaries dedicated primarily to that particular asset.
As funds are raised to develop the projects, since they are held within subsidiaries, share dilution to the company as a whole is avoided.
The company believes that its current and future potential will be fully maximized from its initiatives targeted toward moving its extensive Canadian vanadium-iron-titanium projects into production.
Vanadium is an essential element in high-quality steel and also has applications in energy storage and green technology.
Vancouver-headquartered Apella Resources is focused on securing a stable Canadian supply of vanadium through its numerous exploration projects in the province of Quebec. The junior explorer also has gold and copper assets in its portfolio.
Under the terms of the agreement, Apella will receive $1.5 million from Power Vanadium, by way of a secured promissory note, and 81.67 million non-restricted common shares of Power Vanadium.
The company will also receive 35 percent of all funds received as a result of the Province of Quebec mining/exploration incentive and tax refund programs, plus a three percent net smelter royalty (NSR).
Apella will act as operator of the Iron-T project, and will receive a management fee totaling 15 percent of Power Vanadium's total expenditures in each fiscal year. Additionally, Power Vanadium will deliver a bankable feasibility study for the project by the end of July 2014.
The latest resource estimate for the project, completed in May 2011, included results from the company's 2009-2010 exploration activities, and was based on 41 drill holes, including two revised historical drill holes, for a total length of 5,519 metres at Iron-T.
Using a minimum cut-off grade of 0.48 percent vanadium equivalent, inferred resources are now estimated at 14.38 million tonnes, at 0.42 percent vanadium equivalent.
The company said this represents a 24 percent increase from the classified inferred resource of 11.6 million tonnes in the previous report last August.
Monday's transaction is the second move within Apella's 2012 "go-forward plan" and the company expects to undertake similar agreements for its other vanadium-iron-titanium projects in the near-term.
Last month, Apella sold its Lac Dore vanadium-iron-titanium project to its 100 percent-owned Prestige Mining unit.
Under the terms of that sales agreement, Prestige Mining will pay Apella $1.5 million in a promissory note secured by 81.7 million non-restricted common shares in Prestige Mining.
Earlier this year, Apella decided on a strategy of placing three of its vanadium-iron-titanium assets - the Lac Dore/Lac Dore North project, the Iron-T project and the Game Changer project - into wholly-owned subsidiaries dedicated primarily to that particular asset.
As funds are raised to develop the projects, since they are held within subsidiaries, share dilution to the company as a whole is avoided.
The company believes that its current and future potential will be fully maximized from its initiatives targeted toward moving its extensive Canadian vanadium-iron-titanium projects into production.
Vanadium is an essential element in high-quality steel and also has applications in energy storage and green technology.
Vancouver-headquartered Apella Resources is focused on securing a stable Canadian supply of vanadium through its numerous exploration projects in the province of Quebec. The junior explorer also has gold and copper assets in its portfolio.
Geomega Resources announces $5 mln private placement financing
Geomega Resources (CVE:GMA)
said Friday it has entered into a deal with Industrial Alliance
Securities for a brokered $5 million private placement financing.
The offering, which is on a best efforts basis, consists of 2.87 million units priced at 70 cents each, as well as three million flow-through shares at $1 each.
Each unit is made up of one common share and one-half of one common share purchase warrant, the company said.
Each warrant gives the holder the right to subscribe for an extra common share priced at $1.25 for a timeframe of 18 months, after the closing of the offering.
Upon the offering's closing, a cash commission equal to 6.5 percent of the gross proceeds raised will be paid.
Geomega said it will use the new funds to finance the development of Montviel through a preliminary economic assessment, as well as for exploration on its graphite properties.
The brokered placement is slated to close on March 23, subject to customary closing conditions and regulatory approvals.
In February, the rare earths miner unveiled phase two drilling results for its Montviel niobium project near Lebel-sur-Quévillon, Québec.
Highlights from the southwest portion of the Core Zone included 2.08 percent total rare earth oxides (TREO) and 0.22 percent niobium oxide (Nb2O5) over 245.9 metres from 52.6 metres in hole MVL-11-32D, including 3.28 percent TREO and 0.25 percent Nb2O5 over 31.5 metres from 174 metres and 2.59 percent TREO and 0.55 percent Nb2O5 over 19.5 metres from 219 metres.
Meanwhile, hole MVL-11-34 intersected 1.84 percent TREO and 0.30 percent Nb2O5 over 249.75 metres from 187.5 metres, including 2.25 percent TREO over 119.25 metres and 0.39 percent Nb2O5 from 318 metres, and 3.09 percent TREO over 46.5 metres and 0.60 percent Nb2O5 from 318 metres.
The company said it expects to finish phase two drilling, with another 6,300 metres over 13 new holes, by the end of March, with an NI 43-101 compliant Core Zone resource update by the end of the summer.
The offering, which is on a best efforts basis, consists of 2.87 million units priced at 70 cents each, as well as three million flow-through shares at $1 each.
Each unit is made up of one common share and one-half of one common share purchase warrant, the company said.
Each warrant gives the holder the right to subscribe for an extra common share priced at $1.25 for a timeframe of 18 months, after the closing of the offering.
Upon the offering's closing, a cash commission equal to 6.5 percent of the gross proceeds raised will be paid.
Geomega said it will use the new funds to finance the development of Montviel through a preliminary economic assessment, as well as for exploration on its graphite properties.
The brokered placement is slated to close on March 23, subject to customary closing conditions and regulatory approvals.
In February, the rare earths miner unveiled phase two drilling results for its Montviel niobium project near Lebel-sur-Quévillon, Québec.
Highlights from the southwest portion of the Core Zone included 2.08 percent total rare earth oxides (TREO) and 0.22 percent niobium oxide (Nb2O5) over 245.9 metres from 52.6 metres in hole MVL-11-32D, including 3.28 percent TREO and 0.25 percent Nb2O5 over 31.5 metres from 174 metres and 2.59 percent TREO and 0.55 percent Nb2O5 over 19.5 metres from 219 metres.
Meanwhile, hole MVL-11-34 intersected 1.84 percent TREO and 0.30 percent Nb2O5 over 249.75 metres from 187.5 metres, including 2.25 percent TREO over 119.25 metres and 0.39 percent Nb2O5 from 318 metres, and 3.09 percent TREO over 46.5 metres and 0.60 percent Nb2O5 from 318 metres.
The company said it expects to finish phase two drilling, with another 6,300 metres over 13 new holes, by the end of March, with an NI 43-101 compliant Core Zone resource update by the end of the summer.
Gold Resource Corp appoints new COO
Gold Resource Corp. (AMEX:GORO)
said Monday that it has hired mining engineer Rick Irvine as the
company’s new chief operating officer as it seeks to advance its Mexican
operations.
Under his new role, Irvine will help develop the company’s Mexican operations and as well as projects outside Mexico.
Once in Mexico, he will aid country manager Juan Manuel Flores to continue development of the company’s El Aguila project, and to advance the Oaxaca mining unit's additional properties.
With more than 22 years of industry experience, Irvine holds a bachelor of science in geology and a bachelor of science in mining engineering from the University of New Brunswick and from Queen’s University in Ontario, respectively.
He has also worked in countries like Canada, Mexico and Central and South America. In the past six years, Irvine has helped start-up three new mining operations in Bolivia, Argentina and Mexico.
“We are pleased to welcome Rick to the company,” Gold Resources president said in a statement Monday.
“Rick brings a wealth of experience uniquely matched to our goal to grow the company's current operations in Mexico and globally.”
Last week, Gold Resource reported record annual results, with 2011 marking its first full year of production from its El Aguila operations in Oaxaca, Mexico.
The gold company, which began commercial production from its El Aguila project in Oaxaca, Mexico in July 2010, posted net income of $58.37 million, or $1.10 per share in the year to December 31, 2011, versus a loss of $23.07 million, or 46 cents per share in 2010.
El Aguila is located 120 kilometres southeast of the state capital city of Oaxaca, Mexico and has yielded several strong metal samples, including 36.0 grams per tonne (g/t) gold, and 3,100 g/t silver.
Gold Resource Corp. is a low cost gold producer focused on pursuing development of gold and silver projects.
The company has a majority stake in six potential high-grade gold and silver properties in Mexico's southern state of Oaxaca.
Under his new role, Irvine will help develop the company’s Mexican operations and as well as projects outside Mexico.
Once in Mexico, he will aid country manager Juan Manuel Flores to continue development of the company’s El Aguila project, and to advance the Oaxaca mining unit's additional properties.
With more than 22 years of industry experience, Irvine holds a bachelor of science in geology and a bachelor of science in mining engineering from the University of New Brunswick and from Queen’s University in Ontario, respectively.
He has also worked in countries like Canada, Mexico and Central and South America. In the past six years, Irvine has helped start-up three new mining operations in Bolivia, Argentina and Mexico.
“We are pleased to welcome Rick to the company,” Gold Resources president said in a statement Monday.
“Rick brings a wealth of experience uniquely matched to our goal to grow the company's current operations in Mexico and globally.”
Last week, Gold Resource reported record annual results, with 2011 marking its first full year of production from its El Aguila operations in Oaxaca, Mexico.
The gold company, which began commercial production from its El Aguila project in Oaxaca, Mexico in July 2010, posted net income of $58.37 million, or $1.10 per share in the year to December 31, 2011, versus a loss of $23.07 million, or 46 cents per share in 2010.
El Aguila is located 120 kilometres southeast of the state capital city of Oaxaca, Mexico and has yielded several strong metal samples, including 36.0 grams per tonne (g/t) gold, and 3,100 g/t silver.
Gold Resource Corp. is a low cost gold producer focused on pursuing development of gold and silver projects.
The company has a majority stake in six potential high-grade gold and silver properties in Mexico's southern state of Oaxaca.
Xmet expedites option agreement with Globex for 100% of Duquesne-Ottoman
Xmet (CVE:XME)
said Monday it has moved to acquire the remaining 25 percent stake of
Duparquet Assets Ltd, under a new $9.0 million option agreement with Globex Mining Enterprises (TSE:GMX).
Duparquet Assets, a 50-50 joint venture (JV) between Globex and Geoconseils, owns the Duquesne West and Ottoman Fault properties in the Abitibi region of Quebec.
The original option agreement saw Xmet acquire just 75 percent of the assets. However, under the terms of the new option agreement, Xmet can acquire 100 percent of the Duparquet company, in exchange for one of two cash payment scenarios.
Xmet CEO, Alexander Stewart, said: "After nearly two years of efficient and successful Gold discovery on the Duquesne-Ottoman Project, management saw the need to accelerate our option payments and acquire the right to the final 25% interest in order to create a clear path to 100% ownership of Duquesne-Ottoman as soon as possible.
"Xmet's technical achievements on the Project have not translated into increased stock value. This New Option Agreement is designed to remedy this situation and align Xmet's valuation with our peer group who 'own' their gold.
"We are confident that this new option agreement will create an immediate path to ownership that should give us improved multiples on our per ounce resource that translates into increased shareholder value."
Xmet can pay either a single cash payment of $9.0 million within six months of signing the new agreement, subject to a sliding scale gross metal royalty (GMR) of up to three percent; or a single cash payment of $6.5 million within six months of signing the new agreement, plus one of four payment options.
Those options will see Xmet pay either $2.5 million in cash within one year of the agreement, $2.6 million in cash within two years of the agreement, $2.7 million in cash within three years of the agreement, or $2.8 million in cash within four years of the agreement.
Should Xmet choose not to make one of these four payment options, Globex and Geoconseils will retain a 25 percent carried interest in the company, plus the three percent GMR. If this option is carried out, Globex and Geoconseils will commence pro rata contributions toward production, following the delivery of a bankable feasibility study by Xmet.
The new agreement eliminates Xmet's obligation to carry out another $6 million in work obligations over the next four years, as well as its annual five percent of carrying costs.
In October 2011, Xmet reported an NI 43-101 compliant inferred resource of 4.17 million tonnes at an average grade of 5.2 g/t gold at the property, hosting 727,000 ounces of gold. The report was prepared by Watts, Griffis, McOuat Ltd.
Xmet said it has completed 9,000 metres of its fully funded 13,000-metre phase two diamond drilling program on Duquesne-Ottoman, which aims to expand the resource beyond the current compliant amount.
Duparquet Assets, a 50-50 joint venture (JV) between Globex and Geoconseils, owns the Duquesne West and Ottoman Fault properties in the Abitibi region of Quebec.
The original option agreement saw Xmet acquire just 75 percent of the assets. However, under the terms of the new option agreement, Xmet can acquire 100 percent of the Duparquet company, in exchange for one of two cash payment scenarios.
Xmet CEO, Alexander Stewart, said: "After nearly two years of efficient and successful Gold discovery on the Duquesne-Ottoman Project, management saw the need to accelerate our option payments and acquire the right to the final 25% interest in order to create a clear path to 100% ownership of Duquesne-Ottoman as soon as possible.
"Xmet's technical achievements on the Project have not translated into increased stock value. This New Option Agreement is designed to remedy this situation and align Xmet's valuation with our peer group who 'own' their gold.
"We are confident that this new option agreement will create an immediate path to ownership that should give us improved multiples on our per ounce resource that translates into increased shareholder value."
Xmet can pay either a single cash payment of $9.0 million within six months of signing the new agreement, subject to a sliding scale gross metal royalty (GMR) of up to three percent; or a single cash payment of $6.5 million within six months of signing the new agreement, plus one of four payment options.
Those options will see Xmet pay either $2.5 million in cash within one year of the agreement, $2.6 million in cash within two years of the agreement, $2.7 million in cash within three years of the agreement, or $2.8 million in cash within four years of the agreement.
Should Xmet choose not to make one of these four payment options, Globex and Geoconseils will retain a 25 percent carried interest in the company, plus the three percent GMR. If this option is carried out, Globex and Geoconseils will commence pro rata contributions toward production, following the delivery of a bankable feasibility study by Xmet.
The new agreement eliminates Xmet's obligation to carry out another $6 million in work obligations over the next four years, as well as its annual five percent of carrying costs.
In October 2011, Xmet reported an NI 43-101 compliant inferred resource of 4.17 million tonnes at an average grade of 5.2 g/t gold at the property, hosting 727,000 ounces of gold. The report was prepared by Watts, Griffis, McOuat Ltd.
Xmet said it has completed 9,000 metres of its fully funded 13,000-metre phase two diamond drilling program on Duquesne-Ottoman, which aims to expand the resource beyond the current compliant amount.
Globex Mining agrees to option 100% of Duparquet assets to Xmet
Globex Mining Enterprises (TSE:GMX)
said Monday that it, along with its joint venture partner, Geoconseils
Jack Stoch Ltée, have agreed to option their full interest in Duparquet
Assets to Xmet (CVE:CME), in a deal valued at about $9.0 million.
Duparquet Assets, a 50-50 joint venture (JV) between Globex and Geoconseils, owns the Duquesne West and Ottoman Fault properties in the Abitibi region of Quebec.
The original option agreement saw the JV relinquish just 75 percent of the assets. However, under the terms of the new option agreement, the companies will sell off 100 percent of Duparquet Assets in exchange for one of two cash payment scenarios.
Globex and Geoconseils will receive either a single cash payment of $9.0 million within six months of signing the new agreement, subject to a sliding scale gross metal royalty (GMR) of up to three percent; or a single cash payment of $6.5 million within six months of signing the new agreement, plus one of four payment options.
Those options will see the JV receive either $2.5 million in cash within one year of the agreement, $2.6 million in cash within two years of the agreement, $2.7 million in cash within three years of the agreement, or $2.8 million in cash within four years of the agreement.
Under the second payment scenario, should Xmet choose not to make one of the four cash payment options, Globex and Geoconseils will retain a 25 percent carried interest in the company, plus the three percent royalty. If the option is carried out, Globex and Geoconseils will commence pro rata contributions toward production, following the delivery of a bankable feasibility study by Xmet.
The new agreement eliminates Xmet's obligation to carry out another $6 million in work obligations over the next four years, as well as its annual five percent of carrying costs.
In October 2011, Xmet reported an NI 43-101 compliant inferred resource of 4.17 million tonnes at an average grade of 5.2 g/t gold at the property, hosting 727,000 ounces of gold. The report was prepared by Watts, Griffis, McOuat Ltd.
Xmet said it has completed 9,000 metres of its fully funded 13,000-metre phase two diamond drilling program on Duquesne-Ottoman, which aims to expand the resource beyond the current compliant amount.
Duparquet Assets, a 50-50 joint venture (JV) between Globex and Geoconseils, owns the Duquesne West and Ottoman Fault properties in the Abitibi region of Quebec.
The original option agreement saw the JV relinquish just 75 percent of the assets. However, under the terms of the new option agreement, the companies will sell off 100 percent of Duparquet Assets in exchange for one of two cash payment scenarios.
Globex and Geoconseils will receive either a single cash payment of $9.0 million within six months of signing the new agreement, subject to a sliding scale gross metal royalty (GMR) of up to three percent; or a single cash payment of $6.5 million within six months of signing the new agreement, plus one of four payment options.
Those options will see the JV receive either $2.5 million in cash within one year of the agreement, $2.6 million in cash within two years of the agreement, $2.7 million in cash within three years of the agreement, or $2.8 million in cash within four years of the agreement.
Under the second payment scenario, should Xmet choose not to make one of the four cash payment options, Globex and Geoconseils will retain a 25 percent carried interest in the company, plus the three percent royalty. If the option is carried out, Globex and Geoconseils will commence pro rata contributions toward production, following the delivery of a bankable feasibility study by Xmet.
The new agreement eliminates Xmet's obligation to carry out another $6 million in work obligations over the next four years, as well as its annual five percent of carrying costs.
In October 2011, Xmet reported an NI 43-101 compliant inferred resource of 4.17 million tonnes at an average grade of 5.2 g/t gold at the property, hosting 727,000 ounces of gold. The report was prepared by Watts, Griffis, McOuat Ltd.
Xmet said it has completed 9,000 metres of its fully funded 13,000-metre phase two diamond drilling program on Duquesne-Ottoman, which aims to expand the resource beyond the current compliant amount.
NanoViricides confirms pre-IND meeting date for FluCide with FDA
NanoViricides
(OTCBB:NNVC) said Monday that the US FDA has confirmed March 29 as the
date for the initial meeting with the company's scientists regarding the
clinical development of its FluCide program.
Investors cheered the news, with shares rising nearly 15 percent to 81 cents as of 3:01pm ET.
The pre-investigational new drug (IND) meeting will focus on FluCide, designated as NV-INF-1, NanoViricides anti-influenza drug.
Currently, NanoViricides has five drug development programs within its pipeline, including FluCide, a drug that works against all forms of influenza such as seasonal and epidemic flus.
FluCide, which has the most clinical data of all of the company's potential drugs and is therefore being advanced through the FDA process first, works on the same principles as the rest of NanoViricides' platform.
CEO Eugene Seymour said that FluCide will encounter the most scrutiny from the company's drug platform, as it represents a new class of drugs, and is "essentially the only real treatment for patients hospitalized for the flu including the immunocompromised like post-transplant and cancer patients".
Indeed, when elderly patients or immuno-suppressed people pick up the flu bug, they often become critically ill, leading to hospitalization in most cases, particularly if the virus is of a pandemic nature like the H1N1 swine flu, explained Seymour.
The drug candidate has been tested in animals against a number of different strains of influenza A, which comprises the majority of flu infections, as well as against H1N1 swine flu, H5N1 bird flu, and other strains.
The company said it continues to work with the Biologics Consulting Group, Inc., Alexandria, VA (BCG), to prepare for pre-IND meeting with the FDA.
To fight the flu, the company uses NanoViricides, an agent designed to fool a virus into attaching to this antiviral nanomachine, in the same way that the virus normally attaches to the receptor proteins on a cell surface. Once attached, the flexible nanoviricide wraps around the virus and entraps it, and in the process, the virus has its protective envelope breached. The virus is therefore neutralized and effectively destroyed.
Seymour explained that every virus needs a target cell to enter and replicate within the body, with the small attachment peptide on the surface of the virus attaching to the cell's receptor protein.
But the company creates a nanomicelle comprised of polymers used for many years in the body, and then a peptide, or a protein, is added that mimics what is expressed in the target cell - creating a nanoviricide. The body is flooded with many more of these nanoviricide cells than target virus cells, helping to trick the virus.
The company’s initial indications for the drug are anticipated to be a “piggy-back” solution for delivery through the customary IV infusion for hospitalized patients presenting with Influenza-Like-Illness (ILI), and out-patient influenza. The out-patient treatment is planned as a single injection that a medical office can easily administer when the patient goes for a clinical visit, with no expected follow-up treatment.
It has also planned a strategy for a future second generation oral anti-influenza drug for out-patient influenza cases, based on discussions with BCG, it said, but has not yet begun the necessary development work for this.
It therefore continues to work on development of its injectable drug against influenza towards US and International approvals.
In the USA alone, there are approximately 300,000 severe influenza cases that require hospitalization every year, with approximately 40,000 deaths.
According to NanoViricides, expert physician advice suggests that the dosage form for the drug should be a high strength solution suitable for “piggy-back” incorporation into the standard IV fluid supplement system that is typically used in hospitalized patients.
So far, FluCide has been tested in thousands of animals, without having a failure. Results have showed effectiveness in inhibiting the cycle of infection, and the spread of the virus, as well as long-lasting effects after drug use was stopped.
The clinical drug candidate is expected to be effective against a majority of strains and types of influenzas including swine flu, seasonal flu such as H1N1, H3N2, highly pathogenic types such as H7N and H9N, as well as the highly lethal bird flu, or H5N1.
All flu viruses use the same common receptor to bind to human cells, and the company said it therefore believes that its drug candidate should work against most of these viruses.
The market size for anti-influenza drugs is currently estimated to be approximately $4 to $7 billion worldwide.
Investors cheered the news, with shares rising nearly 15 percent to 81 cents as of 3:01pm ET.
The pre-investigational new drug (IND) meeting will focus on FluCide, designated as NV-INF-1, NanoViricides anti-influenza drug.
Currently, NanoViricides has five drug development programs within its pipeline, including FluCide, a drug that works against all forms of influenza such as seasonal and epidemic flus.
FluCide, which has the most clinical data of all of the company's potential drugs and is therefore being advanced through the FDA process first, works on the same principles as the rest of NanoViricides' platform.
CEO Eugene Seymour said that FluCide will encounter the most scrutiny from the company's drug platform, as it represents a new class of drugs, and is "essentially the only real treatment for patients hospitalized for the flu including the immunocompromised like post-transplant and cancer patients".
Indeed, when elderly patients or immuno-suppressed people pick up the flu bug, they often become critically ill, leading to hospitalization in most cases, particularly if the virus is of a pandemic nature like the H1N1 swine flu, explained Seymour.
The drug candidate has been tested in animals against a number of different strains of influenza A, which comprises the majority of flu infections, as well as against H1N1 swine flu, H5N1 bird flu, and other strains.
The company said it continues to work with the Biologics Consulting Group, Inc., Alexandria, VA (BCG), to prepare for pre-IND meeting with the FDA.
To fight the flu, the company uses NanoViricides, an agent designed to fool a virus into attaching to this antiviral nanomachine, in the same way that the virus normally attaches to the receptor proteins on a cell surface. Once attached, the flexible nanoviricide wraps around the virus and entraps it, and in the process, the virus has its protective envelope breached. The virus is therefore neutralized and effectively destroyed.
Seymour explained that every virus needs a target cell to enter and replicate within the body, with the small attachment peptide on the surface of the virus attaching to the cell's receptor protein.
But the company creates a nanomicelle comprised of polymers used for many years in the body, and then a peptide, or a protein, is added that mimics what is expressed in the target cell - creating a nanoviricide. The body is flooded with many more of these nanoviricide cells than target virus cells, helping to trick the virus.
The company’s initial indications for the drug are anticipated to be a “piggy-back” solution for delivery through the customary IV infusion for hospitalized patients presenting with Influenza-Like-Illness (ILI), and out-patient influenza. The out-patient treatment is planned as a single injection that a medical office can easily administer when the patient goes for a clinical visit, with no expected follow-up treatment.
It has also planned a strategy for a future second generation oral anti-influenza drug for out-patient influenza cases, based on discussions with BCG, it said, but has not yet begun the necessary development work for this.
It therefore continues to work on development of its injectable drug against influenza towards US and International approvals.
In the USA alone, there are approximately 300,000 severe influenza cases that require hospitalization every year, with approximately 40,000 deaths.
According to NanoViricides, expert physician advice suggests that the dosage form for the drug should be a high strength solution suitable for “piggy-back” incorporation into the standard IV fluid supplement system that is typically used in hospitalized patients.
So far, FluCide has been tested in thousands of animals, without having a failure. Results have showed effectiveness in inhibiting the cycle of infection, and the spread of the virus, as well as long-lasting effects after drug use was stopped.
The clinical drug candidate is expected to be effective against a majority of strains and types of influenzas including swine flu, seasonal flu such as H1N1, H3N2, highly pathogenic types such as H7N and H9N, as well as the highly lethal bird flu, or H5N1.
All flu viruses use the same common receptor to bind to human cells, and the company said it therefore believes that its drug candidate should work against most of these viruses.
The market size for anti-influenza drugs is currently estimated to be approximately $4 to $7 billion worldwide.
Cayden Resources hits 14.0 metres of 4.2 g/t gold at Morelos Sur
Cayden Resources (CVE:CYD)
unveiled Monday initial results from its drill program at the Las
Calles target and its trench program at the La Magnetita and La Joya
targets, each located on the Morelos Sur gold project, located in the
Nukay mining district of central Guerrero State in southern Mexico.
Significant results at the Las Calles target included LCDD0093, which intersected 14.0 metres grading 4.2 grams per tonne (g/t) gold, including 2.0 metres at 16.0 g/t gold. The hole also intersected 6.5 metres grading 0.62 g/t gold.
Other notable results included LCDD0091, which returned 6.0 metres grading 0.69 g/t gold, and 5.0 metres grading 0.828 g/t gold.
These initial results, said the company, indicate the potential for a deeper, lateral extension of the ore body that is currently being mined by Desarrollos Mineros San Luis (DMSL), a subsidiary of Goldcorp (TSE:G), at the Los Filos mine.
The Los Filos mine is a producing mine that is located within the boundaries of Cayden's Morelos Sur property. Los Filos is also the largest gold mine in Mexico and is forecast to produce 345,000 ounces of gold in 2012 at a low cost of under $500 an ounce, according to Goldcorp.
"We are very pleased with our progress at our Morelos Sur Project and the results we are seeing," said Cayden president and CEO, Ivan Bebek said.
"Las Calles is now progressing well after a very slow start due to some drilling challenges which have since been resolved. The initial results indicate the likely extension of the Los Filos mine into our ground and the potential connection of DMSL's pits through our Las Calles target.
"We look forward to more confirmatory results in the coming months."
Drilling is continuing at Las Calles with two rigs on the property.
The company will also add another core rig and a reverse circulation (RC) drill rig to perform some pre-collar drilling, Cayden said.
Meanwhile, Cayden also received the assay results from the first trench at its La Magnetita target, which encountered 51.0 metres of 0.68 g/t gold, including 10.0 metres of 2.1 g/t gold.
"Initial La Magnetita trenching is very encouraging as the gold is coinciding with both the magnetic and geochemistry anomalies," Bebek continued.
"We are looking forward to receiving and analyzing the numerous surface results pending from the La Magnetita area prior to drilling at the end of March."
On the La Joya target, additional trench results expanded the length of the mineralized trench to 216.0 metres at 0.66 g/t gold, from 134.0 metres at 0.72 g/t gold in November 2011.
The company will use the RC rig at Las Calles to drill a phase one reconnaissance drill fence over 6,000 metres at La Magnetita and at La Joya. Cayden said it expects to deliver the results of this program by the second quarter of 2012.
In other news, Cayden reported that DMSL has completed 34 of the agreed 50 holes from the condemnation program on Cayden's Morelos Sur property. Assay results for ten holes have been received to date, grading up to 0.11 g/t gold.
Under the current cooperation agreement between DMSL and Cayden, DMSL agreed to drill an area marked out for the planned expansion of the current operating heap leach on the Morelos Sur property. DMSL is required to provide Cayden with a program update every 30 days. Cayden's mineral rights for the property are not affected by the agreement.
On the TSX-Venture Exchange, Cayden shares rose four percent to $2.60, as of 12:21 pm EDT.
Significant results at the Las Calles target included LCDD0093, which intersected 14.0 metres grading 4.2 grams per tonne (g/t) gold, including 2.0 metres at 16.0 g/t gold. The hole also intersected 6.5 metres grading 0.62 g/t gold.
Other notable results included LCDD0091, which returned 6.0 metres grading 0.69 g/t gold, and 5.0 metres grading 0.828 g/t gold.
These initial results, said the company, indicate the potential for a deeper, lateral extension of the ore body that is currently being mined by Desarrollos Mineros San Luis (DMSL), a subsidiary of Goldcorp (TSE:G), at the Los Filos mine.
The Los Filos mine is a producing mine that is located within the boundaries of Cayden's Morelos Sur property. Los Filos is also the largest gold mine in Mexico and is forecast to produce 345,000 ounces of gold in 2012 at a low cost of under $500 an ounce, according to Goldcorp.
"We are very pleased with our progress at our Morelos Sur Project and the results we are seeing," said Cayden president and CEO, Ivan Bebek said.
"Las Calles is now progressing well after a very slow start due to some drilling challenges which have since been resolved. The initial results indicate the likely extension of the Los Filos mine into our ground and the potential connection of DMSL's pits through our Las Calles target.
"We look forward to more confirmatory results in the coming months."
Drilling is continuing at Las Calles with two rigs on the property.
The company will also add another core rig and a reverse circulation (RC) drill rig to perform some pre-collar drilling, Cayden said.
Meanwhile, Cayden also received the assay results from the first trench at its La Magnetita target, which encountered 51.0 metres of 0.68 g/t gold, including 10.0 metres of 2.1 g/t gold.
"Initial La Magnetita trenching is very encouraging as the gold is coinciding with both the magnetic and geochemistry anomalies," Bebek continued.
"We are looking forward to receiving and analyzing the numerous surface results pending from the La Magnetita area prior to drilling at the end of March."
On the La Joya target, additional trench results expanded the length of the mineralized trench to 216.0 metres at 0.66 g/t gold, from 134.0 metres at 0.72 g/t gold in November 2011.
The company will use the RC rig at Las Calles to drill a phase one reconnaissance drill fence over 6,000 metres at La Magnetita and at La Joya. Cayden said it expects to deliver the results of this program by the second quarter of 2012.
In other news, Cayden reported that DMSL has completed 34 of the agreed 50 holes from the condemnation program on Cayden's Morelos Sur property. Assay results for ten holes have been received to date, grading up to 0.11 g/t gold.
Under the current cooperation agreement between DMSL and Cayden, DMSL agreed to drill an area marked out for the planned expansion of the current operating heap leach on the Morelos Sur property. DMSL is required to provide Cayden with a program update every 30 days. Cayden's mineral rights for the property are not affected by the agreement.
On the TSX-Venture Exchange, Cayden shares rose four percent to $2.60, as of 12:21 pm EDT.
Aguila American Gold reaches community agreement for Peru project
Aguila American Gold (CVE:AGL)
has reached a deal with the Peruvian community of Mollepina as it seeks
to advance its Angostura gold project, the company said Monday.
The acreage located in Southern Peru covers about 5,198 hectares and consists of nine exploration concessions and two claims which cover the main portion of the Angostura gold prospect.
The community agreement grants Aguila the right to conduct exploration activities like soil studies, diamond drilling and geophysics, as well as providing complete access to the land, utilizing specialized man portable equipment to reduce surface impact while permitting construction of basic infrastructure, camps and offices as required.
Aguila said the initial term for the agreement is two years, under which the company has agreed to maximize local employment and help to enhance the community’s basic infrastructure.
The deal represents the final requirements to submit Aguila's 8,255 metre drill plan, with the receipt of a drill permit expected in early May.
The drill plan is broken up into two planned phases. The first phase aims to drill 3,015 metres to delineate a near surface resource, while phase two aims to advance the potential resource down dip and along strike, Aguila said.
Meanwhile, the company also noted it has agreed to assist in the formalization process of Mollepina’s artisan miners located on the Delicia concession, where it has granted 10-hectares for their exclusive use and operations.
Indeed, Aguila will help artisan miners in all legal proceedings and proper training, but artisan miners will be responsible for the development of their assigned area. The company won’t be held liable, as a result, from artisan miners’ activities.
Aguila said that the artisan miner agreement grants it a one percent royalty of total sales and the right to purchase artisan miners’ production at market value.
The company, which is publically traded on Canada's junior stock exchange, explores and develops mineral properties mainly in Peru.
The acreage located in Southern Peru covers about 5,198 hectares and consists of nine exploration concessions and two claims which cover the main portion of the Angostura gold prospect.
The community agreement grants Aguila the right to conduct exploration activities like soil studies, diamond drilling and geophysics, as well as providing complete access to the land, utilizing specialized man portable equipment to reduce surface impact while permitting construction of basic infrastructure, camps and offices as required.
Aguila said the initial term for the agreement is two years, under which the company has agreed to maximize local employment and help to enhance the community’s basic infrastructure.
The deal represents the final requirements to submit Aguila's 8,255 metre drill plan, with the receipt of a drill permit expected in early May.
The drill plan is broken up into two planned phases. The first phase aims to drill 3,015 metres to delineate a near surface resource, while phase two aims to advance the potential resource down dip and along strike, Aguila said.
Meanwhile, the company also noted it has agreed to assist in the formalization process of Mollepina’s artisan miners located on the Delicia concession, where it has granted 10-hectares for their exclusive use and operations.
Indeed, Aguila will help artisan miners in all legal proceedings and proper training, but artisan miners will be responsible for the development of their assigned area. The company won’t be held liable, as a result, from artisan miners’ activities.
Aguila said that the artisan miner agreement grants it a one percent royalty of total sales and the right to purchase artisan miners’ production at market value.
The company, which is publically traded on Canada's junior stock exchange, explores and develops mineral properties mainly in Peru.
ImmunoCellular Therapeutics to present at Cowen and Company's health care conference
ImmunoCellular Therapeutics (OTC:IMUC) said Monday its chief executive Manish Singh will make a presentation at a health care conference today.
The company, which is headquartered in Los Angeles, is seeking to develop and commercialize new therapeutics to fight cancer using the immune system.
Singh will present at the Cowen and Company’s 32nd Annual Health Care symposium taking place in Boston, Massachusetts today at 2:10 p.m. The event will be on the fourth floor at the Salon C of the Marriot Hotel.
The presentation will be webcast here: http://wsw.com/webcast/cowen6/imuc/
ImmunoCellular’s lead product candidate ICT-107 is currently in a randomized phase II trial at multiple centres in the U.S. ICT-107 is a dendritic cell-based vaccine that works by activating a patient's immune system against specific tumour associated antigens for glioblastoma multiforme, an aggressive type of brain cancer.
This is done by removing dendritic cells from a patient, loading them with the tumour-related antigens, and re-injecting them back into the patient's body to trigger an immune response against cancer cells exhibiting these antigens.
Rather than simply targeting a single tumour-specific antigen, ImmunoCellular's vaccine pursues multiple different antigens found on cancer stem cells.
Cancer stem cells are thought to be the originators of common tumour cells, and lead to cancer’s re-growth after chemotherapy. It is believed that destroying the cancer stem cells will allow for longer survival, without relapse.
The company’s share price rose 3.27 percent to $2.84 on the OTC, or over-the-counter market Monday afternoon.
The company, which is headquartered in Los Angeles, is seeking to develop and commercialize new therapeutics to fight cancer using the immune system.
Singh will present at the Cowen and Company’s 32nd Annual Health Care symposium taking place in Boston, Massachusetts today at 2:10 p.m. The event will be on the fourth floor at the Salon C of the Marriot Hotel.
The presentation will be webcast here: http://wsw.com/webcast/cowen6/imuc/
ImmunoCellular’s lead product candidate ICT-107 is currently in a randomized phase II trial at multiple centres in the U.S. ICT-107 is a dendritic cell-based vaccine that works by activating a patient's immune system against specific tumour associated antigens for glioblastoma multiforme, an aggressive type of brain cancer.
This is done by removing dendritic cells from a patient, loading them with the tumour-related antigens, and re-injecting them back into the patient's body to trigger an immune response against cancer cells exhibiting these antigens.
Rather than simply targeting a single tumour-specific antigen, ImmunoCellular's vaccine pursues multiple different antigens found on cancer stem cells.
Cancer stem cells are thought to be the originators of common tumour cells, and lead to cancer’s re-growth after chemotherapy. It is believed that destroying the cancer stem cells will allow for longer survival, without relapse.
The company’s share price rose 3.27 percent to $2.84 on the OTC, or over-the-counter market Monday afternoon.
Great Western gets rare earth metal-making environmental permit for UK subsidiary
Great Western Minerals Group (CVE:GWG)
announced Monday that its alloys processing subsidiary Less Common
Metals (LCM) has received an environmental permit, allowing it to carry
out the electrolytic production of rare earth metals at its new Hooton Park location, in Birkenhead, U.K.
The permit, Great Western said, has been issued by the U.K. Environment Agency, and enables LCM to produce rare earth metals in accordance with the "highest of national environmental, health and safety standards".
Great Western president and CEO, Jim Engdahl, commented: "The process of fused salt electrolysis of rare earth oxides to metals increases the existing metal and alloy making capability at LCM into bulk production of metals, principally for the permanent magnet alloy business.
"This represents one more step toward Great Western being the most fully integrated rare earth company in the world.
That, in turn, translates into additional self-sufficiency for our production cycle and certainty of supply for Great Western's global customers."
Earlier this year, Great Western said it successfully carried out the first full-scale melt with LCM's newly acquired furnace at Hooton Park, part of the company's plan to significantly boost alloy production capacity at LCM.
The installation of the new furnace, which began in November 2011 and was completed by mid-January 2012, was undertaken by a team comprised of engineers from the furnace supplier, alongside LCM personnel, Great Western said.
After "extensive" testing of the power, water, vacuum and control systems, the furnace was approved to start melting trials of neodymium-iron-boron alloys for permanent magnet applications.
Subsequent trials, which continued into February, focused on the production of alloys that fully conform to detailed customer specifications.
Photos and a brief video of the first pour with LCM's new furnace can be seen on the Great Western's website at www.gwmg.ca/lcm-first-pour.
Managing director of LCM's metals and alloys, Ian Higgins, added: "The detailed design and production of the first two metal making cells, which have now been received by LCM, was carried out by a leading United Kingdom-based foundry technology company.
"The initial trials of the metal making system are scheduled to commence in May 2012.
"Our plan is to have six cells in full operation by the end of 2012 at a level of production that will fully supply the requirements for LCM's recently commissioned strip casting furnace."
The company's specialty alloys are used in the battery, magnet and aerospace industries.
Great Western is an integrated rare earths company, with its flagship Steenkampskraal mine in South Africa and exploration properties across North America.
Earlier this year, the company said it completed the first phase of its exploration program at the 474-hectare, former-producing Steenkampskraal rare earth property.
The drill program had two primary goals: to provide information in support of a fully compliant NI 43-101 resource estimate report for the area, and to collect a representative mini-bulk sample for metallurgical testing.
The program consisted of 39 diamond drill holes totaling 3,780 metres, including 17 holes for resource delineation, totaling 1,932 metres, and 22 holes dedicated to metallurgical sampling, 1,848 metres. Assay results are pending and will be reported as they are received from the laboratories, the company said.
The company also launched a 3,000-metre exploration program that will include on-strike and down-dip drill holes at the Steenkampskraal project, in order to test the extension of the mineralized vein system.
Great Western also announced that the first 125 metres of the decline at the Steenkampskraal mine has been refurbished, with 50 metres remaining to be completed.
The Steenkampskraal mine now contains a full complement of ancillary buildings, including management offices, change houses, laundry service, mine workshops, and storage facilities.
In addition to its Steenkampskraal rare earth property in South Africa, Great Western also owns four rare earth exploration projects throughout North America, and two rare earth processing plants through its subsidiaries Less Common Metals in Birkenhead, U.K., and Great Western Technologies in Troy, Michigan, where it makes rare earth element-based specialty alloys.
The permit, Great Western said, has been issued by the U.K. Environment Agency, and enables LCM to produce rare earth metals in accordance with the "highest of national environmental, health and safety standards".
Great Western president and CEO, Jim Engdahl, commented: "The process of fused salt electrolysis of rare earth oxides to metals increases the existing metal and alloy making capability at LCM into bulk production of metals, principally for the permanent magnet alloy business.
"This represents one more step toward Great Western being the most fully integrated rare earth company in the world.
That, in turn, translates into additional self-sufficiency for our production cycle and certainty of supply for Great Western's global customers."
Earlier this year, Great Western said it successfully carried out the first full-scale melt with LCM's newly acquired furnace at Hooton Park, part of the company's plan to significantly boost alloy production capacity at LCM.
The installation of the new furnace, which began in November 2011 and was completed by mid-January 2012, was undertaken by a team comprised of engineers from the furnace supplier, alongside LCM personnel, Great Western said.
After "extensive" testing of the power, water, vacuum and control systems, the furnace was approved to start melting trials of neodymium-iron-boron alloys for permanent magnet applications.
Subsequent trials, which continued into February, focused on the production of alloys that fully conform to detailed customer specifications.
Photos and a brief video of the first pour with LCM's new furnace can be seen on the Great Western's website at www.gwmg.ca/lcm-first-pour.
Managing director of LCM's metals and alloys, Ian Higgins, added: "The detailed design and production of the first two metal making cells, which have now been received by LCM, was carried out by a leading United Kingdom-based foundry technology company.
"The initial trials of the metal making system are scheduled to commence in May 2012.
"Our plan is to have six cells in full operation by the end of 2012 at a level of production that will fully supply the requirements for LCM's recently commissioned strip casting furnace."
The company's specialty alloys are used in the battery, magnet and aerospace industries.
Great Western is an integrated rare earths company, with its flagship Steenkampskraal mine in South Africa and exploration properties across North America.
Earlier this year, the company said it completed the first phase of its exploration program at the 474-hectare, former-producing Steenkampskraal rare earth property.
The drill program had two primary goals: to provide information in support of a fully compliant NI 43-101 resource estimate report for the area, and to collect a representative mini-bulk sample for metallurgical testing.
The program consisted of 39 diamond drill holes totaling 3,780 metres, including 17 holes for resource delineation, totaling 1,932 metres, and 22 holes dedicated to metallurgical sampling, 1,848 metres. Assay results are pending and will be reported as they are received from the laboratories, the company said.
The company also launched a 3,000-metre exploration program that will include on-strike and down-dip drill holes at the Steenkampskraal project, in order to test the extension of the mineralized vein system.
Great Western also announced that the first 125 metres of the decline at the Steenkampskraal mine has been refurbished, with 50 metres remaining to be completed.
The Steenkampskraal mine now contains a full complement of ancillary buildings, including management offices, change houses, laundry service, mine workshops, and storage facilities.
In addition to its Steenkampskraal rare earth property in South Africa, Great Western also owns four rare earth exploration projects throughout North America, and two rare earth processing plants through its subsidiaries Less Common Metals in Birkenhead, U.K., and Great Western Technologies in Troy, Michigan, where it makes rare earth element-based specialty alloys.
Allana Potash receives "significant" interest from potential lenders for Dallol project
Allana Potash Corp. (TSE:AAA)
said Monday that initial discussions with prospective lenders has been
"very positive", with the company receiving interest for more than $600
million to finance the construction of its Dallol potash project in
Ethiopia so far.
The $600 million exceeds the amount of debt financing Allan was initially contemplating as part of its overall project financing strategy, it added.
The company plans to continue working with its project financing advisor BNP Paribas, as well as technical consultant ERCOSPLAN and prospective lenders as the necessary elements of the project's construction and operations are refined in the ongoing feasibility study, ESIA and pre-production work through 2012.
Allana expects the technical and commercial commitments for the project to be completed by late 2012, it said, allowing for the closing of the project debt financing and start of construction in early 2013.
The news sent Allana’s share price up 4.29 percent to 73 cents on the Toronto Stock Exchange Monday afternoon.
"Allana is very encouraged by the formal expressions of interest from various propsective lenders consulted to date," chief executive Farhad Abasov said in a statement.
"We believe such indicative support underscores the technical merit of our project, their confidence in Ethiopia and the robust projected credit metrics of the project which can support our targeted amount of project debt financing thereby increasing the potential returns to Allana shareholders."
Last October, the company appointed international investment bank BNP Paribas as financial advisor to structure debt financing for its Ethiopian potash project.
BNP Paribas has offices in more than 50 countries, including 12 countries across Africa. The firm has a wide-ranging expertise in financing African mining projects with over 30 large scale transactions.
The company also announced in February the Republic of Djibtouti's government has started the pre-qualification process to select contractors for the construction of a new port at Tadjoura, Djibouti.
Allana said it will continue to work with the Djibouti authorities to integrate the required potash storage and handling facilities into the new port plans.
Last November, the company announced the results of the PEA for its Dallol potash project for production of one million tonnes, with the potential to expand output at the site to two million tonnes of muriate of potash (MOP) product per year at a later stage.
The economic study, conducted by Ercosplan and based on solution mining with a solar evaporation method, yielded, on an after-tax basis, an internal rate of return (IRR) of 36.8 percent and a net present value (NPV) of US$1.85 billion, based on a 12 percent discount rate.
The results exceeded management's expectations, said Abasov, with the project having "one of the lowest capex and opex in the world" in the potash industry, especially when compared to Saskatchewan players in Canada.
Solar evaporation of the saturated brine solution is possible at the Dallol project due to the year-round hot temperatures and very little rainfall, in contrast to Saskatchewan. Salts harvested from the ponds at Dallol will be processed by standard flotation to create an MOP product.
The Ethiopia project also hosts shallower deposits, which means the company is not required to drill that deep, allowing for cost savings, Abasov told Proactiveinvestors in December.
The ongoing feasibility study, which will consider additional MOP and sulphate of potash (SOP) output, is due out in the third quarter of 2012.
Meanwhile, pilot evaporation pond testwork, hydrogeological studies and solution mining testwork are underway as the company's feasibility study advances. Heavy machinery to construct the ponds is on site, and engineering work and earthworks are in progress, Allana added.
An update to the NI 43-101 compliant technical report is also expected by the end of the first quarter of 2012, with Abasov expecting substantial additions to resources on the eastern side, and an upgrade to the measured and indicated category on the western side.
Exploration drilling has now shifted to the far eastern part of the property as part of the program designed to add mineral resources.
Allana Potash already has financial support from two strategic investors, IFC, a member of the World Bank Group, and Liberty Metals and Mining, and recently announced the closing of a $20 million private placement financing.
Total measured and indicated resources now stand at 673 million tonnes, with an average grade of 18.65% KCI, with total inferred mineral resources of 596 million tonnes at a grade of 19.96% KCI.
The $600 million exceeds the amount of debt financing Allan was initially contemplating as part of its overall project financing strategy, it added.
The company plans to continue working with its project financing advisor BNP Paribas, as well as technical consultant ERCOSPLAN and prospective lenders as the necessary elements of the project's construction and operations are refined in the ongoing feasibility study, ESIA and pre-production work through 2012.
Allana expects the technical and commercial commitments for the project to be completed by late 2012, it said, allowing for the closing of the project debt financing and start of construction in early 2013.
The news sent Allana’s share price up 4.29 percent to 73 cents on the Toronto Stock Exchange Monday afternoon.
"Allana is very encouraged by the formal expressions of interest from various propsective lenders consulted to date," chief executive Farhad Abasov said in a statement.
"We believe such indicative support underscores the technical merit of our project, their confidence in Ethiopia and the robust projected credit metrics of the project which can support our targeted amount of project debt financing thereby increasing the potential returns to Allana shareholders."
Last October, the company appointed international investment bank BNP Paribas as financial advisor to structure debt financing for its Ethiopian potash project.
BNP Paribas has offices in more than 50 countries, including 12 countries across Africa. The firm has a wide-ranging expertise in financing African mining projects with over 30 large scale transactions.
The company also announced in February the Republic of Djibtouti's government has started the pre-qualification process to select contractors for the construction of a new port at Tadjoura, Djibouti.
Allana said it will continue to work with the Djibouti authorities to integrate the required potash storage and handling facilities into the new port plans.
Last November, the company announced the results of the PEA for its Dallol potash project for production of one million tonnes, with the potential to expand output at the site to two million tonnes of muriate of potash (MOP) product per year at a later stage.
The economic study, conducted by Ercosplan and based on solution mining with a solar evaporation method, yielded, on an after-tax basis, an internal rate of return (IRR) of 36.8 percent and a net present value (NPV) of US$1.85 billion, based on a 12 percent discount rate.
The results exceeded management's expectations, said Abasov, with the project having "one of the lowest capex and opex in the world" in the potash industry, especially when compared to Saskatchewan players in Canada.
Solar evaporation of the saturated brine solution is possible at the Dallol project due to the year-round hot temperatures and very little rainfall, in contrast to Saskatchewan. Salts harvested from the ponds at Dallol will be processed by standard flotation to create an MOP product.
The Ethiopia project also hosts shallower deposits, which means the company is not required to drill that deep, allowing for cost savings, Abasov told Proactiveinvestors in December.
The ongoing feasibility study, which will consider additional MOP and sulphate of potash (SOP) output, is due out in the third quarter of 2012.
Meanwhile, pilot evaporation pond testwork, hydrogeological studies and solution mining testwork are underway as the company's feasibility study advances. Heavy machinery to construct the ponds is on site, and engineering work and earthworks are in progress, Allana added.
An update to the NI 43-101 compliant technical report is also expected by the end of the first quarter of 2012, with Abasov expecting substantial additions to resources on the eastern side, and an upgrade to the measured and indicated category on the western side.
Exploration drilling has now shifted to the far eastern part of the property as part of the program designed to add mineral resources.
Allana Potash already has financial support from two strategic investors, IFC, a member of the World Bank Group, and Liberty Metals and Mining, and recently announced the closing of a $20 million private placement financing.
Total measured and indicated resources now stand at 673 million tonnes, with an average grade of 18.65% KCI, with total inferred mineral resources of 596 million tonnes at a grade of 19.96% KCI.
Montero produces samples of RE saleable products from Wigu Hill
Montero Mining and Exploration (CVE:MON)
said Monday it has produced the first samples of concentrated rare
earth chemical grade products from its Wigu Hill project in Tanzania.
The company said it believes it is one of the first companies to be able to produce samples of saleable rare earth products, which shows it is serious about securing an offtake agreement.
"The production of samples of Mixed Rare Earth and Cerium chemical products for marketing purposes is a major milestone as it will enable Montero to enter into advance discussions with off-take partners able to assist in the financing of mine and refinery operations," said president and CEO, Tony Harwood.
"Advancing the hydro-metallurgical flowsheet established by Montero and Mintek puts us on track to de-risk the project and is a significant milestone in achieving early production from the Wigu Hill Project.”
The products produced included a mixed rare earth carbonate, oxalate and hydroxide and importantly, an individual cerium hydroxide product. The products were generated from bastnaesite-rich carbonatite material at Wigu Hill.
The cerium hydroxide was produced using standard chemical separation processes and Montero said "it may be possible to further upgrade the product specification for additional sales value add".
The news today gives Montero a viable hydrometallurgical process route to produce "high value" rare earth chemical products for potential sale from Wigu Hill.
The “up-front” recovery of cerium from the leach plant solutions is expected to simplify the down-stream refining process and potentially reduce the refinery capital and operating costs, the company said. Further investigation with Mintek into the production of other value-added products is on-going, the company added, including the extraction of a potentially saleable strontium chemical product.
Strontium was determined as being of potential economic importance once it was found that the mineral could be leached into solution during acid leach testwork done by Mintek, South Africa's national mineral research organization and the company's research provider.
The samples of the saleable rare earths products were produced as Montero completed the third phase of hydro-metallurgical testwork by Mintek. The aim was to consider the design efficiencies of a multiple leach process and to produce a mixed rare earth product for assessment by potential off-take partners.
This process design has now been successfully tested on both a laboratory and bulk scale, Montero said.
The company also said it is undertaking discussions with interested off-take groups and customers in Asia, Europe, the Middle East, and the Americas.
The Wigu Hill property was first identified in the 1950s as a high grade deposit, with a large carbonatite complex measuring 6.4 by 3.2 kilometres. The asset has bastnaesite mineralization and is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project. The rare earth elements at the deposit are hosted in the mineral bastnaesite found in carbonatite dikes, making it similar to Molycorp's Mountain Pass deposit in the USA.
Rare earth elements, a group of 15 metals, are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI, X-ray machines, mobile devices and other computing equipment.
Montero is working to update the initial NI 43-101 compliant resource estimate for its Wigu Hill project this quarter, and is targeting cash flow from a small mining operation at the Twiga Zone.
Last September, the company released a 3.3 million tonne inferred resource on only a fraction of the Wigu Hill complex. Only the Tembo and Twiga deposits on the eastern side were estimated to contain an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5).
Montero is focused on upgrading the resource, and has hired Turgis Consulting to perform a scoping study on the property, due out in the first half of this year.
Last month, the company said that rare earth dike mineralization from its flagship property was proven to be amenable to upgrading by X-Ray sorting, with over 80 percent recovery.
Hydrometallurgical testwork also continues to advance with Mintek, including further optimization tests and development work to enhance the work to date and generate high purity rare earth products for sale.
A report on the results of the Stage 1 refinery Ttstwork, which includes results on leaching tests completed to date, is expected in the second quarter.
This report will provide sufficient data to form the design basis for a pre-feasibility study, Montero concluded.
The company said it believes it is one of the first companies to be able to produce samples of saleable rare earth products, which shows it is serious about securing an offtake agreement.
"The production of samples of Mixed Rare Earth and Cerium chemical products for marketing purposes is a major milestone as it will enable Montero to enter into advance discussions with off-take partners able to assist in the financing of mine and refinery operations," said president and CEO, Tony Harwood.
"Advancing the hydro-metallurgical flowsheet established by Montero and Mintek puts us on track to de-risk the project and is a significant milestone in achieving early production from the Wigu Hill Project.”
The products produced included a mixed rare earth carbonate, oxalate and hydroxide and importantly, an individual cerium hydroxide product. The products were generated from bastnaesite-rich carbonatite material at Wigu Hill.
The cerium hydroxide was produced using standard chemical separation processes and Montero said "it may be possible to further upgrade the product specification for additional sales value add".
The news today gives Montero a viable hydrometallurgical process route to produce "high value" rare earth chemical products for potential sale from Wigu Hill.
The “up-front” recovery of cerium from the leach plant solutions is expected to simplify the down-stream refining process and potentially reduce the refinery capital and operating costs, the company said. Further investigation with Mintek into the production of other value-added products is on-going, the company added, including the extraction of a potentially saleable strontium chemical product.
Strontium was determined as being of potential economic importance once it was found that the mineral could be leached into solution during acid leach testwork done by Mintek, South Africa's national mineral research organization and the company's research provider.
The samples of the saleable rare earths products were produced as Montero completed the third phase of hydro-metallurgical testwork by Mintek. The aim was to consider the design efficiencies of a multiple leach process and to produce a mixed rare earth product for assessment by potential off-take partners.
This process design has now been successfully tested on both a laboratory and bulk scale, Montero said.
The company also said it is undertaking discussions with interested off-take groups and customers in Asia, Europe, the Middle East, and the Americas.
The Wigu Hill property was first identified in the 1950s as a high grade deposit, with a large carbonatite complex measuring 6.4 by 3.2 kilometres. The asset has bastnaesite mineralization and is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project. The rare earth elements at the deposit are hosted in the mineral bastnaesite found in carbonatite dikes, making it similar to Molycorp's Mountain Pass deposit in the USA.
Rare earth elements, a group of 15 metals, are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI, X-ray machines, mobile devices and other computing equipment.
Montero is working to update the initial NI 43-101 compliant resource estimate for its Wigu Hill project this quarter, and is targeting cash flow from a small mining operation at the Twiga Zone.
Last September, the company released a 3.3 million tonne inferred resource on only a fraction of the Wigu Hill complex. Only the Tembo and Twiga deposits on the eastern side were estimated to contain an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5).
Montero is focused on upgrading the resource, and has hired Turgis Consulting to perform a scoping study on the property, due out in the first half of this year.
Last month, the company said that rare earth dike mineralization from its flagship property was proven to be amenable to upgrading by X-Ray sorting, with over 80 percent recovery.
Hydrometallurgical testwork also continues to advance with Mintek, including further optimization tests and development work to enhance the work to date and generate high purity rare earth products for sale.
A report on the results of the Stage 1 refinery Ttstwork, which includes results on leaching tests completed to date, is expected in the second quarter.
This report will provide sufficient data to form the design basis for a pre-feasibility study, Montero concluded.
Corvus Gold options West Pogo project to Alix Resources
Corvus Gold (TSE:KOR) said Monday it has optioned off its West Pogo project to Alix Resources Corp. (CVE:AIX).
The acreage consists of 96 Alaska State claims that cover 14 square kilometres just 50 km north of the Delta Junction. No mineral resources have been defined yet.
Alix can earn a 60 percent stake in the Alaskan project, if it spends $5 million in work expenditures, and pay $125,000 to Raven over five years.
Raven, Corvus Gold’s subsidiary, will keep a two to three percent net smelter return royalty on the project, with Alix able to buy one percent of the royalty for $1 million.
The junior miner Alix holds the adjoining ground to the north of West Pogo and said it intends to drill targets this year.
The target concept for the 2012 program is for low and high angle, high-grade gold vein systems akin to the West Pogo deposit five km east.
Prior work at West Pogo has found two one kilometre zones of gold mineralization which produced grab samples up to 118.5 grams per tonne.
Corvus Gold’s chief executive, Jeff Pontius, said: "The West Pogo option agreement with Alix follows the Corvus strategy of partner funded exploration in its non-core assets while retaining an attractive royalty position."
Last week, the gold producer disclosed results from a phase one resource expansion drill program at the North Bullfrog project near Beatty, Nevada.
Corvus said seven of the nine holes drilled to test the expansion potential of the defined Sierra Blanca and Jolly Jane deposits have returned "encouraging results."
In the Sierra Blanca area, hole NB-12-118 intercepted 46 metres of 0.56 grams per tonne (g/t) gold, 250 metres north with a similar intercept 400 metres north in hole NB-12-119.
These holes, together with hole NB-12-117, drilled 400 metres to the west of Sierra Blanca, suggest a major resource expansion potential exists to the north and west of the current Sierra Blanca deposit with "markedly higher grades," the company said.
Notable intercepts were also returned from holes NB-12-124 and 125, which targeted the north-eastern extension of mineralization toward the Jolly Jane deposit.
Hole NB-12-124 returned 39.6 metres of 0.24 g/t gold and 0.50 g/t silver, including 13.7 metres of 0.50 g/t gold and 0.60 g/t
silver, while hole NB-12-125 hit 54.9 metres of 0.21 g/t gold and 0.64 g/t silver, including 13.7 metres of 0.38 g/t gold and 1.10 g/t silver.
Corvus Gold is a mineral explorer focused in Alaska and Nevada, and controls a number of exploration projects from early-stage to advanced stage.
The acreage consists of 96 Alaska State claims that cover 14 square kilometres just 50 km north of the Delta Junction. No mineral resources have been defined yet.
Alix can earn a 60 percent stake in the Alaskan project, if it spends $5 million in work expenditures, and pay $125,000 to Raven over five years.
Raven, Corvus Gold’s subsidiary, will keep a two to three percent net smelter return royalty on the project, with Alix able to buy one percent of the royalty for $1 million.
The junior miner Alix holds the adjoining ground to the north of West Pogo and said it intends to drill targets this year.
The target concept for the 2012 program is for low and high angle, high-grade gold vein systems akin to the West Pogo deposit five km east.
Prior work at West Pogo has found two one kilometre zones of gold mineralization which produced grab samples up to 118.5 grams per tonne.
Corvus Gold’s chief executive, Jeff Pontius, said: "The West Pogo option agreement with Alix follows the Corvus strategy of partner funded exploration in its non-core assets while retaining an attractive royalty position."
Last week, the gold producer disclosed results from a phase one resource expansion drill program at the North Bullfrog project near Beatty, Nevada.
Corvus said seven of the nine holes drilled to test the expansion potential of the defined Sierra Blanca and Jolly Jane deposits have returned "encouraging results."
In the Sierra Blanca area, hole NB-12-118 intercepted 46 metres of 0.56 grams per tonne (g/t) gold, 250 metres north with a similar intercept 400 metres north in hole NB-12-119.
These holes, together with hole NB-12-117, drilled 400 metres to the west of Sierra Blanca, suggest a major resource expansion potential exists to the north and west of the current Sierra Blanca deposit with "markedly higher grades," the company said.
Notable intercepts were also returned from holes NB-12-124 and 125, which targeted the north-eastern extension of mineralization toward the Jolly Jane deposit.
Hole NB-12-124 returned 39.6 metres of 0.24 g/t gold and 0.50 g/t silver, including 13.7 metres of 0.50 g/t gold and 0.60 g/t
silver, while hole NB-12-125 hit 54.9 metres of 0.21 g/t gold and 0.64 g/t silver, including 13.7 metres of 0.38 g/t gold and 1.10 g/t silver.
Corvus Gold is a mineral explorer focused in Alaska and Nevada, and controls a number of exploration projects from early-stage to advanced stage.
Ubika Research starts Argex Mining at "undervalued" with $3.30 price target
Ubika Research has initiated coverage on Argex Mining (CVE:RGX) with an "undervalued" rating and $3.30 price target.
Monday morning, Argex shares were trading at $0.60.
Argex is a junior Canadian resource company that is developing the advanced stage La Blache titaniferous magnetite project, and also owns the Lac Brûlé high grade ilmenite and the Mouchalagane iron ore projects, which are all located on Quebec’s North Shore.
In a research note, Ubika managing director and lead analyst Vishy Karamadam said the stock had "compelling long-term investment potential."
Ubika's Karamadam said it believes the recent acquisition of Canada Titanium's (CTL) exclusive titanium dioxide extraction process "sets up Argex for a calculated take-off".
After acquiring a 50.1 percent interest in CTL in October 2011, Argex has transitioned to a near term producer of titanium dioxide.
Titanium dioxide is an inorganic substance characterized by brightness and very high refractive index, making it an ideal pigment in paints, plastics and paper.
Using CTL's proprietary closed-loop processing technology, Argex plans to advance rapidly towards production of high-purity titanium dioxide along with vanadium oxide and iron oxide as co-products.
The low upfront capital cost of around $100 million to become a producer suggests it is an achievable objective by the end of 2014, Ubika said in its note.
A favorable demand-supply scenario indicates that high-purity titanium dioxide prices could double to $6,000 per tonne by
2015 from the current $3,500 per tonne. This would immensely benefit producers and processors alike, the independent reserach firm said.
As demand is highly correlated to GDP growth, future growth of titanium dioxide would be primarily driven by emerging markets such as China and India.
Ubika Research said that as part of its strategy to focus on titanium dioxide, the company approved the sale of the Mouchalagane iron ore property to Impact Iron Mines, its wholly-owned subsidiary, in November 2011.
This would benefit the investors as Argex plans to declare share dividends from the sale proceeds, Ubika's Karamadam said.
Monday morning, Argex shares were trading at $0.60.
Argex is a junior Canadian resource company that is developing the advanced stage La Blache titaniferous magnetite project, and also owns the Lac Brûlé high grade ilmenite and the Mouchalagane iron ore projects, which are all located on Quebec’s North Shore.
In a research note, Ubika managing director and lead analyst Vishy Karamadam said the stock had "compelling long-term investment potential."
Ubika's Karamadam said it believes the recent acquisition of Canada Titanium's (CTL) exclusive titanium dioxide extraction process "sets up Argex for a calculated take-off".
After acquiring a 50.1 percent interest in CTL in October 2011, Argex has transitioned to a near term producer of titanium dioxide.
Titanium dioxide is an inorganic substance characterized by brightness and very high refractive index, making it an ideal pigment in paints, plastics and paper.
Using CTL's proprietary closed-loop processing technology, Argex plans to advance rapidly towards production of high-purity titanium dioxide along with vanadium oxide and iron oxide as co-products.
The low upfront capital cost of around $100 million to become a producer suggests it is an achievable objective by the end of 2014, Ubika said in its note.
A favorable demand-supply scenario indicates that high-purity titanium dioxide prices could double to $6,000 per tonne by
2015 from the current $3,500 per tonne. This would immensely benefit producers and processors alike, the independent reserach firm said.
As demand is highly correlated to GDP growth, future growth of titanium dioxide would be primarily driven by emerging markets such as China and India.
Ubika Research said that as part of its strategy to focus on titanium dioxide, the company approved the sale of the Mouchalagane iron ore property to Impact Iron Mines, its wholly-owned subsidiary, in November 2011.
This would benefit the investors as Argex plans to declare share dividends from the sale proceeds, Ubika's Karamadam said.
Channel Resources continues to define Mankarga 5 zone in Burkina Faso
Channel Resources (CVE:CHU)
said Monday it continues to define the Mankarga 5 zone on its Tanlouka
gold project, located in Burkina Faso, West Africa, with a 30-metre
intersection grading 1.28 grams per tonne (g/t) gold.
The company reported the assay results of another eight holes from its 15,000-metre core definition drill program at the deposit.
Significant results included Tan11-DD45, completed on Section 550 SW, which intersected 30 metres grading 1.28 g/t gold. On that same section, Tan11-DD52 returned 52.5 metres of 0.74 g/t gold, including 1.9 g/t gold over 10.5 metres.
To date, the results from the drilling program have delineated a mineralized zone measuring 2.35 kilometres in length, and up to 250 metres in width on the northeast-trending Mankarga 5 structure, which remains open along strike and to depth, the company said.
Other notable results included Tan11-DD57, drilled on Section 1400 SW, which intersected 12.0 metres grading 1.14 g/t gold, including 17.6 g/t gold over 0.4 metres; and Tan11-DD44, drilled on Section 950 NE, which returned 10.5 metres at 0.36 g/t gold, 21.0 metres grading 0.43 g/t gold, and 3.0 metres of 2.58 g/t gold.
Meanwhile, Tan11-DD37, drilled on Section 150 NE, intersected 60.0 metres grading 0.81 g/t gold, including 2.07 g/t gold over 6.0 metres.
Tan11-DD36, drilled on Section 100 NE, found 57.0 metres grading 0.61 g/t gold, including 1.3 g/t gold over 6.0 metres. This hole also intersected 3.0 metres at 2.46 g/t gold, and 9.0 metres at 0.37 g/t gold.
Channel is pursuing a maiden resource estimate for the Mankarga 5 structure, which it expects to complete in the spring of 2012.
The company also said it will soon start exploration activities on other targets within the Tanlouka permit area. Regional soil anomalies in the central and northern regions of the permit indicate obvious targets, Channel said. It also has a semi-detailed soil survey planned over several of these target areas, with the objective of generating drill targets for later this year.
Channel will also investigate the Mankarga 1 area, located just 600 metres west of the Mankarga 5 deposit, which previously encountered 38.0 metres of 3.09 g/t gold in Tan10-RC10, and 12.0 metres of 21.25 g/t gold in Tan10-RC12.
The company owns a 90 percent interest in the 79-square-kilometre Tanlouka project, which is located 85 kilometres east of the capital city of Ouagadougou.
The Tanlouka permit area straddles the Markoye Shear Zone, a crustal scale structure that extends from northern Ghana to northern Burkina Faso over a distance of 450 kilometres, and hosts major gold resources at Essakane, Bomboré, Taporko-Bouroum and Kiaka.
Tanlouka contains gold targets that are hosted in Birimian Greenstones that are prevalent throughout West Africa, and are well known as a repository for many world-class gold deposits, including the 40 million ounce Obuasi Gold deposit operated by Anglogold (NYSE:AU) in Ghana, and the 20 million ounce Ahafo Deposit operated by Newmont (NYSE:NEM), also in Ghana.
In recent years, Burkina Faso has seen significant investment from international exploration and mining companies. Several mines are now in production and the country currently ranks as Africa's fourth largest gold producer.
The company reported the assay results of another eight holes from its 15,000-metre core definition drill program at the deposit.
Significant results included Tan11-DD45, completed on Section 550 SW, which intersected 30 metres grading 1.28 g/t gold. On that same section, Tan11-DD52 returned 52.5 metres of 0.74 g/t gold, including 1.9 g/t gold over 10.5 metres.
To date, the results from the drilling program have delineated a mineralized zone measuring 2.35 kilometres in length, and up to 250 metres in width on the northeast-trending Mankarga 5 structure, which remains open along strike and to depth, the company said.
Other notable results included Tan11-DD57, drilled on Section 1400 SW, which intersected 12.0 metres grading 1.14 g/t gold, including 17.6 g/t gold over 0.4 metres; and Tan11-DD44, drilled on Section 950 NE, which returned 10.5 metres at 0.36 g/t gold, 21.0 metres grading 0.43 g/t gold, and 3.0 metres of 2.58 g/t gold.
Meanwhile, Tan11-DD37, drilled on Section 150 NE, intersected 60.0 metres grading 0.81 g/t gold, including 2.07 g/t gold over 6.0 metres.
Tan11-DD36, drilled on Section 100 NE, found 57.0 metres grading 0.61 g/t gold, including 1.3 g/t gold over 6.0 metres. This hole also intersected 3.0 metres at 2.46 g/t gold, and 9.0 metres at 0.37 g/t gold.
Channel is pursuing a maiden resource estimate for the Mankarga 5 structure, which it expects to complete in the spring of 2012.
The company also said it will soon start exploration activities on other targets within the Tanlouka permit area. Regional soil anomalies in the central and northern regions of the permit indicate obvious targets, Channel said. It also has a semi-detailed soil survey planned over several of these target areas, with the objective of generating drill targets for later this year.
Channel will also investigate the Mankarga 1 area, located just 600 metres west of the Mankarga 5 deposit, which previously encountered 38.0 metres of 3.09 g/t gold in Tan10-RC10, and 12.0 metres of 21.25 g/t gold in Tan10-RC12.
The company owns a 90 percent interest in the 79-square-kilometre Tanlouka project, which is located 85 kilometres east of the capital city of Ouagadougou.
The Tanlouka permit area straddles the Markoye Shear Zone, a crustal scale structure that extends from northern Ghana to northern Burkina Faso over a distance of 450 kilometres, and hosts major gold resources at Essakane, Bomboré, Taporko-Bouroum and Kiaka.
Tanlouka contains gold targets that are hosted in Birimian Greenstones that are prevalent throughout West Africa, and are well known as a repository for many world-class gold deposits, including the 40 million ounce Obuasi Gold deposit operated by Anglogold (NYSE:AU) in Ghana, and the 20 million ounce Ahafo Deposit operated by Newmont (NYSE:NEM), also in Ghana.
In recent years, Burkina Faso has seen significant investment from international exploration and mining companies. Several mines are now in production and the country currently ranks as Africa's fourth largest gold producer.
Guerrero applies for 86,205-hectare property in Mexico
Guerrero Exploration (CVE:GEX) has applied for the 86,205-hectare Olinala property centred on a volcanic belt, the company said Monday.
The property, which is located in Guerrero state, Mexico, lies to the south of Cerro Dolores, a poly-metallic project owned by Goldcorp (TSE:G).
Toronto-based Guerrero said the Olinala property overlaps two volcanic belts with the potential for volcanogenic massive sulphide deposits.
Guerrero’s chief executive, David Stadnyk, said: "We are pleased with the ongoing extensive efforts of management in staking large surface exploration rights."
"The company is committed to finding a resource base through an aggressive exploration drill program on the Cerro Azul property, and a regional first pass sampling exploration work program on the company's Coatapec, Cibola and Olinala properties in Guerrero state."
Olinala also overlaps the eastern part of the Mixteca Terrane in Guerrero State. The geological area hosts many recent gold and base metal discoveries, including Cayden Resources (CVE:CYD), Torex Gold Resources (CVE:TXG) and the Los Filos Bermejal open pit mine with 248.6 million tonnes of 5.1 grams per tonne gold (g/t) and 40.97 g/t of silver.
Guerrero, which has the smallest market cap among the neighbouring publically trading companies in the area, has one of the largest land ownerships in the state.
Guerrero Exploration is a Canadian-based mineral exploration company with a focus on Mexican gold, copper and silver mining areas known as the Guerrero Gold Belt, Southern Mexican Gold Belt and the Sierra Madre Occidental Belt.
The Guerrero gold belt is located in the state of Guerrero, Mexico and has produced over 15 million ounces of gold to date.
It extends for at least 55 kilometres from the southeast to the northwest and remains open to exploration in all directions.
The company is earning a 70 percent stake in the Chapalota gold project through a joint venture deal with Riverside Resources (CVE:RRI).
Guerrero’s share price rose eight percent to 13.5 cents apiece on Toronto’s junior venture exchange Monday.
The property, which is located in Guerrero state, Mexico, lies to the south of Cerro Dolores, a poly-metallic project owned by Goldcorp (TSE:G).
Toronto-based Guerrero said the Olinala property overlaps two volcanic belts with the potential for volcanogenic massive sulphide deposits.
Guerrero’s chief executive, David Stadnyk, said: "We are pleased with the ongoing extensive efforts of management in staking large surface exploration rights."
"The company is committed to finding a resource base through an aggressive exploration drill program on the Cerro Azul property, and a regional first pass sampling exploration work program on the company's Coatapec, Cibola and Olinala properties in Guerrero state."
Olinala also overlaps the eastern part of the Mixteca Terrane in Guerrero State. The geological area hosts many recent gold and base metal discoveries, including Cayden Resources (CVE:CYD), Torex Gold Resources (CVE:TXG) and the Los Filos Bermejal open pit mine with 248.6 million tonnes of 5.1 grams per tonne gold (g/t) and 40.97 g/t of silver.
Guerrero, which has the smallest market cap among the neighbouring publically trading companies in the area, has one of the largest land ownerships in the state.
Guerrero Exploration is a Canadian-based mineral exploration company with a focus on Mexican gold, copper and silver mining areas known as the Guerrero Gold Belt, Southern Mexican Gold Belt and the Sierra Madre Occidental Belt.
The Guerrero gold belt is located in the state of Guerrero, Mexico and has produced over 15 million ounces of gold to date.
It extends for at least 55 kilometres from the southeast to the northwest and remains open to exploration in all directions.
The company is earning a 70 percent stake in the Chapalota gold project through a joint venture deal with Riverside Resources (CVE:RRI).
Guerrero’s share price rose eight percent to 13.5 cents apiece on Toronto’s junior venture exchange Monday.
Extorre announces high-grade drill results at Cerro Moro
Extorre Gold Mines
(TSE:XG)(AMEX:XG) said Monday it intersected more high-grade drill
results at its Cerro Moro project in the Santa Cruz province of
Argentina, particularly on the Zoe target.
Significant results from the 36 in-fill and step-out drill holes that the company completed at Zoe include MD1434A, which
intersected 2.5 metres grading 41.4 grams per tonne (g/t) gold and 2,234 g/t silver, including 108.1g/t gold and 5,812 g/t silver over 0.35 metres.
MD1447 hit 52.8 g/t gold and 4,299 g/t silver over 3.72 metres, including 1.37 metres at 131.4 g/t gold and 9,521 g/t silver, while MD1498 intersected 1.8 metres grading 13.1 g/t gold and 1,111 g/t silver, including 0.5 metres grading 25.1 g/t gold and 1,641 g/t silver.
The assays are among the latest 83 received by the company from its drilling on Zoe and other veins at Cerro Moro. The Zoe vein drilling is part of a program designed to increase the density of drill holes within the known mineralized envelope.
MD1452, which intersected 4.52 metres at 8.2 g/t gold and 1,819 g/t silver, including 1.18 metres grading 27.9 g/t gold and 5,794 g/t silver, was collared just 60 metres vertically from surface, while MD1457, which intersected 1.5 metres grading 50.7 g/t gold and 6,426 g/t silver, including 137.0 g/t gold and 17,419 g/t silver over 0.54 metres, was collared only 40 metres vertically from surface.
Extorre also completed 47 drill holes throughout 19 prospects on the property. Ten of these prospects will require follow-up.
At the Mosquito prospect, which is located four kilometres north of the Escondida Far West area, MD1392 intersected 0.3 metres grading 8.0 g/t gold and 1,935 g/t silver, while MD1501 hit 1.7 metres at 0.7 g/t gold and 589 g/t silver, including 0.7 metres grading 1.33 g/t gold and 1,270 g/t silver.
Follow-up drilling has started at this prospect, with MD1542 intersecting visual silver and base metal mineralization, though
Extorre still awaits assays. Overall, the Mosquito vein structure is confirmed for over 600 metres in length, and remains open to the southeast.
Meanwhile, on the Carlita vein, MD1404A intersected 3.38 metres at 4.3 g/t gold and 46 g/t silver, while MD1490 on the Belen vein hit 1.3 g/t gold and 84 g/t silver over 4.0 metres.
On the Tres Lomas NW veins, MD1449 intersected 1.0 metre grading 19.4 g/t gold and 7.0 g/t silver, and on the Gabriela SE vein, MD1436 hit 1.75 metres at 14.0 g/t gold and 1,959 g/t silver, including 0.73 metres at 32.6 g/t gold and 4,556 g/t silver.
Extorre has scheduled the release of its preliminary economic assessment (PEA) for March 31. The PEA will include mineral resource estimates for the Escondida-Zoe, Loma Escondida, Gabriela, Nini-Esperanza, Carla and Deborah mineralized zones.
The latest PEA from August, which was based on a resource estimate from April that did not include results from the Zoe discovery, indicated a proposed mine production plan of 1,000 tonnes per day for a total of 206,300 ounces of gold equivalent per year for the first three years of an 8.25 year life, at a cash cost of US$236 per ounce of gold equivalent.
Four rigs remain active at Cerro Moro, devoted to both new resource and mine development-related drilling at the property. At Zoe, infill drilling is continuing to convert the inferred resources to the indicated category. Meanwhile, discovery-stage drilling at the Zoe East, Tres Lomas, Mosquito, Alejandra, and Carlita targets is progressing.
Significant results from the 36 in-fill and step-out drill holes that the company completed at Zoe include MD1434A, which
intersected 2.5 metres grading 41.4 grams per tonne (g/t) gold and 2,234 g/t silver, including 108.1g/t gold and 5,812 g/t silver over 0.35 metres.
MD1447 hit 52.8 g/t gold and 4,299 g/t silver over 3.72 metres, including 1.37 metres at 131.4 g/t gold and 9,521 g/t silver, while MD1498 intersected 1.8 metres grading 13.1 g/t gold and 1,111 g/t silver, including 0.5 metres grading 25.1 g/t gold and 1,641 g/t silver.
The assays are among the latest 83 received by the company from its drilling on Zoe and other veins at Cerro Moro. The Zoe vein drilling is part of a program designed to increase the density of drill holes within the known mineralized envelope.
MD1452, which intersected 4.52 metres at 8.2 g/t gold and 1,819 g/t silver, including 1.18 metres grading 27.9 g/t gold and 5,794 g/t silver, was collared just 60 metres vertically from surface, while MD1457, which intersected 1.5 metres grading 50.7 g/t gold and 6,426 g/t silver, including 137.0 g/t gold and 17,419 g/t silver over 0.54 metres, was collared only 40 metres vertically from surface.
Extorre also completed 47 drill holes throughout 19 prospects on the property. Ten of these prospects will require follow-up.
At the Mosquito prospect, which is located four kilometres north of the Escondida Far West area, MD1392 intersected 0.3 metres grading 8.0 g/t gold and 1,935 g/t silver, while MD1501 hit 1.7 metres at 0.7 g/t gold and 589 g/t silver, including 0.7 metres grading 1.33 g/t gold and 1,270 g/t silver.
Follow-up drilling has started at this prospect, with MD1542 intersecting visual silver and base metal mineralization, though
Extorre still awaits assays. Overall, the Mosquito vein structure is confirmed for over 600 metres in length, and remains open to the southeast.
Meanwhile, on the Carlita vein, MD1404A intersected 3.38 metres at 4.3 g/t gold and 46 g/t silver, while MD1490 on the Belen vein hit 1.3 g/t gold and 84 g/t silver over 4.0 metres.
On the Tres Lomas NW veins, MD1449 intersected 1.0 metre grading 19.4 g/t gold and 7.0 g/t silver, and on the Gabriela SE vein, MD1436 hit 1.75 metres at 14.0 g/t gold and 1,959 g/t silver, including 0.73 metres at 32.6 g/t gold and 4,556 g/t silver.
Extorre has scheduled the release of its preliminary economic assessment (PEA) for March 31. The PEA will include mineral resource estimates for the Escondida-Zoe, Loma Escondida, Gabriela, Nini-Esperanza, Carla and Deborah mineralized zones.
The latest PEA from August, which was based on a resource estimate from April that did not include results from the Zoe discovery, indicated a proposed mine production plan of 1,000 tonnes per day for a total of 206,300 ounces of gold equivalent per year for the first three years of an 8.25 year life, at a cash cost of US$236 per ounce of gold equivalent.
Four rigs remain active at Cerro Moro, devoted to both new resource and mine development-related drilling at the property. At Zoe, infill drilling is continuing to convert the inferred resources to the indicated category. Meanwhile, discovery-stage drilling at the Zoe East, Tres Lomas, Mosquito, Alejandra, and Carlita targets is progressing.
Kincora Copper to spend $5.2 mln for 2012 exploration program
Kincora Copper (CVE:KCC)
Monday announced updated exploration results for last year's
exploration and details of its 2012 drilling campaign for the Bronze Fox
project in Mongolia.
The flagship Bronze Fox project occupies 223 square km of land 140 km northeast of the massive Oyu Tolgoi project, on the same copper belt.
It is divided into five areas of specific interest: West Kasulu, Dunlop Fox, Buchanan Heights, Sophie North, and Leca Pass.
In 2011, Kincora completed a total of 12,435 metres of diamond core drilling. Of the 23 holes drilled, 22 holes hit copper-gold or gold mineralization.
This year's exploration strategy is expected to cost $5.2 million, Kincora Copper said.
The company said that results from its 2011 exploration campaign continued to demonstrate the significant potential of the Bronze Fox project. Encouraged by the extent of mineralization within the license area, the 2012 exploration campaign will continue to define the resource potential, Kincora said.
Kincora Copper's president and CEO Igor Kovarsky said: "These are the final results from the 2011 exploration campaign which continue to demonstrate that Bronze Fox (Buyant License) hosts a large area of copper and gold mineralization, open at depth and in every direction with high grade intersections.
"These results combined with those announced on 20 February are a great development for the project. We are also pleased to announce
our 2012 strategy which aims to define a maiden resource."
Amongst the highlghts, in West Kasulu, hole F27 intersected some small intervals of over 1 gram per tonne (g/t) of gold (up to 2.48 g/t gold) and also 30-40 metres of copper mineralization including 37 metres from 139 metres at an average 0.4% copper equivalent, with up to 3.03% copper and 1.66 g/t gold.
Hole F28 had over 750 metres of consistent copper mineralization, with molybdenum mineralization zones up to 0.9% molybdenum, and ending in a mineralization zone.
Kincora said that six holes were drilled in the Buchanan Heights and Sophie North target areas for initial scout drill testing of a potential gold target zone. Four holes intersected hydrothermal related pyrite and arsenopyrite veins.
Assay results showed 1 g/t to 4.2 g/t gold with associated copper of 1.88%. Those holes include: F32, F33, F34 and F36.
At drill hole F47 in Dunlop Fox, assay results show there is associated copper mineralization, in particular: 18 metres from 29 metres at 0.6% copper equivalent, including 1 metre at 2.07 g/t gold and 1.86% copper and 15 metres from 84 metres at 0.8% copper equivalent, including 1 metre at 8.39 g/t gold.
The key objectives for its 2012 drilling campaign are to define a shallow open pit copper resource potential; continue to search for high grade copper resource potential at depth; define gold targets and resource potential and continue with its bolt-on acquisition strategy.
Kincora's 2012 diamond drilling campaign will begin in March with a total of 16,000 metres planned.
At West Kasulu, the focus will be to drill 10 holes with a total length of 4,000 metres to define open pit potential and target new gold and copper areas identified by soil geochemistry and IP anomalies. At Leca Pass, Kincora plans to drill 5 holes with a total length of 3,000 metres to define the main mineralization zone.
The company said that at Dunlop Fox it plans to drill 6 holes with a total length of 3,000 metres to define the known extension of the mineralization zones and test the new gold soil and IP anomaly area to define new gold targets. At Buchanan Heights, the company plans to drill 5 holes with a total length of 3,000 metres to test new targets and also to define the extension of known mineralization zones.
In terms of new target areas, the company plans to drill outside of the current work concentration zone with 3,000 metres in total length. The work will concentrate in the southern high gold anomaly and chargeability areas.
Kincora also said it plans further geological surveys and an infill soil geochemistry study.
The flagship Bronze Fox project occupies 223 square km of land 140 km northeast of the massive Oyu Tolgoi project, on the same copper belt.
It is divided into five areas of specific interest: West Kasulu, Dunlop Fox, Buchanan Heights, Sophie North, and Leca Pass.
In 2011, Kincora completed a total of 12,435 metres of diamond core drilling. Of the 23 holes drilled, 22 holes hit copper-gold or gold mineralization.
This year's exploration strategy is expected to cost $5.2 million, Kincora Copper said.
The company said that results from its 2011 exploration campaign continued to demonstrate the significant potential of the Bronze Fox project. Encouraged by the extent of mineralization within the license area, the 2012 exploration campaign will continue to define the resource potential, Kincora said.
Kincora Copper's president and CEO Igor Kovarsky said: "These are the final results from the 2011 exploration campaign which continue to demonstrate that Bronze Fox (Buyant License) hosts a large area of copper and gold mineralization, open at depth and in every direction with high grade intersections.
"These results combined with those announced on 20 February are a great development for the project. We are also pleased to announce
our 2012 strategy which aims to define a maiden resource."
Amongst the highlghts, in West Kasulu, hole F27 intersected some small intervals of over 1 gram per tonne (g/t) of gold (up to 2.48 g/t gold) and also 30-40 metres of copper mineralization including 37 metres from 139 metres at an average 0.4% copper equivalent, with up to 3.03% copper and 1.66 g/t gold.
Hole F28 had over 750 metres of consistent copper mineralization, with molybdenum mineralization zones up to 0.9% molybdenum, and ending in a mineralization zone.
Kincora said that six holes were drilled in the Buchanan Heights and Sophie North target areas for initial scout drill testing of a potential gold target zone. Four holes intersected hydrothermal related pyrite and arsenopyrite veins.
Assay results showed 1 g/t to 4.2 g/t gold with associated copper of 1.88%. Those holes include: F32, F33, F34 and F36.
At drill hole F47 in Dunlop Fox, assay results show there is associated copper mineralization, in particular: 18 metres from 29 metres at 0.6% copper equivalent, including 1 metre at 2.07 g/t gold and 1.86% copper and 15 metres from 84 metres at 0.8% copper equivalent, including 1 metre at 8.39 g/t gold.
The key objectives for its 2012 drilling campaign are to define a shallow open pit copper resource potential; continue to search for high grade copper resource potential at depth; define gold targets and resource potential and continue with its bolt-on acquisition strategy.
Kincora's 2012 diamond drilling campaign will begin in March with a total of 16,000 metres planned.
At West Kasulu, the focus will be to drill 10 holes with a total length of 4,000 metres to define open pit potential and target new gold and copper areas identified by soil geochemistry and IP anomalies. At Leca Pass, Kincora plans to drill 5 holes with a total length of 3,000 metres to define the main mineralization zone.
The company said that at Dunlop Fox it plans to drill 6 holes with a total length of 3,000 metres to define the known extension of the mineralization zones and test the new gold soil and IP anomaly area to define new gold targets. At Buchanan Heights, the company plans to drill 5 holes with a total length of 3,000 metres to test new targets and also to define the extension of known mineralization zones.
In terms of new target areas, the company plans to drill outside of the current work concentration zone with 3,000 metres in total length. The work will concentrate in the southern high gold anomaly and chargeability areas.
Kincora also said it plans further geological surveys and an infill soil geochemistry study.
Inovio announces positive animal response in SynCon anti-HPV study
Inovio Pharmaceuticals (AMEX:INO)
said Monday its SynCon vaccine induced a positive T-Cell immune
response in mice with diseases caused by the human papillomavirus (HPV)
types 6 and 11, broadening the company's reach with the synthetic
vaccine.
Inovio's SynCon technology allows it to design synthetic vaccines with the potential to protect against unmatched sub-types and strains of pathogens, including newly emergent, unknown strains of a virus that will periodically emerge through mutation, as in the case of the HPV virus.
The vaccine for these two types joins the company's existing vaccines for types 16 and 18, which is currently in a phase two clinical study.
The results were published in Human Vaccines & Immunotherapeutic, a peer-reviewed paper, titled "Induction of robust cellular immunity against HPV6 and HPV11 in mice by DNA vaccine encoding for E6/E7 antigen".
Inovio president and CEO, Dr. J. Joseph Kim said: "Over a dozen HPV types are recognized as causing cancers and other diseases, with a significant health need and business opportunity for therapeutic vaccines to address these conditions.
"With the best-in-class T-cell responses generated by VGX-3100 in early human studies, our goal is to create a family of therapeutic vaccines targeting most significant diseases caused by HPV infection, including cervical cancer and dysplasia, vulvar dysplasia, head and neck cancer, and other cancers.
"This study demonstrates our ability to readily extend our therapeutic solutions to diseases caused by different HPV types.
"Importantly, our clinical experience with VGX-3100 may also help streamline the regulatory path for these related vaccines."
The new SynCon vaccines were developed to target antigens E6 and E7 of HPV 6 and HPV 11. The vaccines were then modified to increase gene expression and production of the antigenic protein.
The product was administered using the company's proprietary electroporation delivery system, which has proven to boost immune responses by up to 100-fold.
The HPV virus is the potentially deadly virus behind such diseases as head and neck cancers, and genital warts, among others.
Types 6 and 11 in particular are the major cause of recurrent respiratory papillomatosis, which is commonly manifested in warts in the airway, as well as genital warts. The strains are also associated with ear, nose and throat malignancies, carcinoma of the lung, tonsil and larynx, and low-grade cervical lesions.
In addition to the treatment of HPV, Inovio's SynCon vaccines are also undergoing clinical evaluations to treat the influenza virus, cervical dysplasia, leukemia, the hepatitis C virus, and HIV.
On the AMEX, Inovio shares spiked 8.28 percent in premarket trading, to $0.667 per share as of 8:12 am EDT.
Inovio's SynCon technology allows it to design synthetic vaccines with the potential to protect against unmatched sub-types and strains of pathogens, including newly emergent, unknown strains of a virus that will periodically emerge through mutation, as in the case of the HPV virus.
The vaccine for these two types joins the company's existing vaccines for types 16 and 18, which is currently in a phase two clinical study.
The results were published in Human Vaccines & Immunotherapeutic, a peer-reviewed paper, titled "Induction of robust cellular immunity against HPV6 and HPV11 in mice by DNA vaccine encoding for E6/E7 antigen".
Inovio president and CEO, Dr. J. Joseph Kim said: "Over a dozen HPV types are recognized as causing cancers and other diseases, with a significant health need and business opportunity for therapeutic vaccines to address these conditions.
"With the best-in-class T-cell responses generated by VGX-3100 in early human studies, our goal is to create a family of therapeutic vaccines targeting most significant diseases caused by HPV infection, including cervical cancer and dysplasia, vulvar dysplasia, head and neck cancer, and other cancers.
"This study demonstrates our ability to readily extend our therapeutic solutions to diseases caused by different HPV types.
"Importantly, our clinical experience with VGX-3100 may also help streamline the regulatory path for these related vaccines."
The new SynCon vaccines were developed to target antigens E6 and E7 of HPV 6 and HPV 11. The vaccines were then modified to increase gene expression and production of the antigenic protein.
The product was administered using the company's proprietary electroporation delivery system, which has proven to boost immune responses by up to 100-fold.
The HPV virus is the potentially deadly virus behind such diseases as head and neck cancers, and genital warts, among others.
Types 6 and 11 in particular are the major cause of recurrent respiratory papillomatosis, which is commonly manifested in warts in the airway, as well as genital warts. The strains are also associated with ear, nose and throat malignancies, carcinoma of the lung, tonsil and larynx, and low-grade cervical lesions.
In addition to the treatment of HPV, Inovio's SynCon vaccines are also undergoing clinical evaluations to treat the influenza virus, cervical dysplasia, leukemia, the hepatitis C virus, and HIV.
On the AMEX, Inovio shares spiked 8.28 percent in premarket trading, to $0.667 per share as of 8:12 am EDT.
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