Canadian junior explorer Colt Resources (CVE:GTP) reported on Tuesday that all of its remaining outstanding warrants maturing in June have been exercised.
Colt officials said that the company is presently in the strongest financial position in its history, with about $17.5 million in cash and is debt free.
"We anticipate that these funds should be sufficient to advance both of our Montemor gold and Tabuaco tungsten advanced stage exploration projects through feasibility," said Colt Resources chief executive, Nikolas Perrault.
Looking ahead, the company said it will provide an operational update on all of its key projects in Portugal by next week.
Moreover, the company also announced on Tuesday that it has granted a sum of 450,000 incentive stock options to company consultants that have a term of five years, exercisable at 75 cents a share.
Colt Resources explores for gold and tungsten, and is the second largest lease holder of mineral concessions in Portugal.
Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London.
Showing posts with label Mining. Show all posts
Showing posts with label Mining. Show all posts
Wednesday, 6 July 2011
Globex Mining to sell Quebec gold property to Tres-Or Resources
Globex Mining Enterprises (TSE:GMX) announced Tuesday Tres-Or Resources (CVE:TRS) will purchase more than 20 claims that make up Globex's Fontana Gold property in Duverny Township, Quebec.
The deal, for which the total transaction price was undisclosed, will see Tres-Or acquire Globex's 75% interest in 16 claims and 100% interest in six claims throughout the property, which lies 16 kilometres northeast of Amos in Quebec, Canada.
The Fontana project is nearby Tres-Or's advanced Duvay Gold project and is contiguous with its East Mac property.
Tres-Or offered a non-refundable, $25,000 deposit to Globex to secure the property while a definitive agreement is being drawn up. The Vancouver, British Columbia-based company said it hopes to enter a formal agreement with Globex by September 15.
Gold mineralization was discovered on the Fontana property in the 1930s, with considerable drilling and testing being carried out through to the 1990s. Gold is often free gold and is erratic in distribution, the companies said.
Globex shares jumped 5.41% on the news to trade at $1.95 each on the Toronto Stock Exchange on Tuesday afternoon.
The deal, for which the total transaction price was undisclosed, will see Tres-Or acquire Globex's 75% interest in 16 claims and 100% interest in six claims throughout the property, which lies 16 kilometres northeast of Amos in Quebec, Canada.
The Fontana project is nearby Tres-Or's advanced Duvay Gold project and is contiguous with its East Mac property.
Tres-Or offered a non-refundable, $25,000 deposit to Globex to secure the property while a definitive agreement is being drawn up. The Vancouver, British Columbia-based company said it hopes to enter a formal agreement with Globex by September 15.
Gold mineralization was discovered on the Fontana property in the 1930s, with considerable drilling and testing being carried out through to the 1990s. Gold is often free gold and is erratic in distribution, the companies said.
Globex shares jumped 5.41% on the news to trade at $1.95 each on the Toronto Stock Exchange on Tuesday afternoon.
Majescor Resources boosts position in Haitian subsidiary
Majescor Resources (CVE:MJX) said Tuesday that it has increased its position in its Haitian subsidiary, which owns the gold and copper SOMINE property, located in the north-east mineral district of Haiti.
SIMACT Alliance Copper Gold, through its majority position in affiliate Haitian mining company SOMINE, or Societe Miniere du Nord-Est, controls the SOMINE copper-gold property in Haiti.
Currently, SIMACT holds 63.3% of the voting shares of SOMINE.
Today, Majescor has agreed to acquire from an individual investor 13,000 voting shares of SOMINE, in exchange for 275,000 common shares and a sum of $25,000.
With this deal, Majescor, through its subsidiary, will exercise control over 65.5% of SOMINE's voting shares.
Majescor is a junior explorer whose project portfolio also includes the Mistassini uranium exploration project in Quebec, under joint-venture with Strateco Resources, and the Besakoa gold and base metal property in Madagascar.
"As the SOMINE project is Majescor's major focus property, we are pleased to continue to invest in the advancement of the project," said president and CEO Dan Hachey.
"We are gratified with the efforts of SOMINE's management and look forward to the commencement of drilling under the supervision of the Buscore team."
The transaction remains subject to regulatory approval.
SIMACT Alliance Copper Gold, through its majority position in affiliate Haitian mining company SOMINE, or Societe Miniere du Nord-Est, controls the SOMINE copper-gold property in Haiti.
Currently, SIMACT holds 63.3% of the voting shares of SOMINE.
Today, Majescor has agreed to acquire from an individual investor 13,000 voting shares of SOMINE, in exchange for 275,000 common shares and a sum of $25,000.
With this deal, Majescor, through its subsidiary, will exercise control over 65.5% of SOMINE's voting shares.
Majescor is a junior explorer whose project portfolio also includes the Mistassini uranium exploration project in Quebec, under joint-venture with Strateco Resources, and the Besakoa gold and base metal property in Madagascar.
"As the SOMINE project is Majescor's major focus property, we are pleased to continue to invest in the advancement of the project," said president and CEO Dan Hachey.
"We are gratified with the efforts of SOMINE's management and look forward to the commencement of drilling under the supervision of the Buscore team."
The transaction remains subject to regulatory approval.
Treasury Metals intersects 16.0 g/t gold from western target at Goliath
Treasury Metals (TSE:TML) announced Tuesday initial high grade drilling results from the western target at the Goliath gold project in northwestern Ontario.
The western prospect is located one kilometre along strike from the eastern high grade zone at the property.
The best result reported today is from hole TL11-173, which returned 3.4 metres at 16.0 grams per tonne (g/t) of gold.
"Initial results in the western target are highly encouraging and warrant additional drilling," said vice president of exploration, Andrew Cheatle.
"The western target has the potential to add additional ounces to the overall resource.
"We will continue to work in this area to define other high-grade shoots, which are accretive to the high-grade structures that are currently being defined in the eastern portion of the deposit."
Indeed, results have also been reported from the eastern zone today, which until recently, has been the primary focus of Treasury's 30,000 metre drill program.
Highlights from the eastern target include 4.0 metres at 18.9 g/t gold in hole TL11-164; and 2.4 metres of 13.2 g/t gold in hole TL11-169.
The company said these results are located near the eastern boundary of the resource. These drill holes, coupled with the results from previously announced drilling, are being used to define the extent of the high-grade gold zone at Goliath, which continues to be open at depth.
Two drill rigs are currently on site, with one rig remaining on the eastern target.
Last month, the company said that it received stellar gold recovery rates from its metallurgical test program on the project, of between 96% to 97%. The company now plans on expanding its metallurgical program to include purposed drilled holes in the eastern high grade zone.
The western prospect is located one kilometre along strike from the eastern high grade zone at the property.
The best result reported today is from hole TL11-173, which returned 3.4 metres at 16.0 grams per tonne (g/t) of gold.
"Initial results in the western target are highly encouraging and warrant additional drilling," said vice president of exploration, Andrew Cheatle.
"The western target has the potential to add additional ounces to the overall resource.
"We will continue to work in this area to define other high-grade shoots, which are accretive to the high-grade structures that are currently being defined in the eastern portion of the deposit."
Indeed, results have also been reported from the eastern zone today, which until recently, has been the primary focus of Treasury's 30,000 metre drill program.
Highlights from the eastern target include 4.0 metres at 18.9 g/t gold in hole TL11-164; and 2.4 metres of 13.2 g/t gold in hole TL11-169.
The company said these results are located near the eastern boundary of the resource. These drill holes, coupled with the results from previously announced drilling, are being used to define the extent of the high-grade gold zone at Goliath, which continues to be open at depth.
Two drill rigs are currently on site, with one rig remaining on the eastern target.
Last month, the company said that it received stellar gold recovery rates from its metallurgical test program on the project, of between 96% to 97%. The company now plans on expanding its metallurgical program to include purposed drilled holes in the eastern high grade zone.
Selwyn's drill results at Don confirm continuity at zinc-lead project in Yukon
Vancouver-based Selwyn Resources announced Tuesday additional drill results from the 61 lens of the Don deposit at its Selwyn zinc-lead project in the Yukon, which continue to confirm known resources.
The high-grade mineral resource for the Don deposit is composed of three lenses in the underground environment, each of which is structurally bounded by faults. The three main lenses are the 61-lens, 62-lens, and 63-lens.
Highlights of the results reported today from the 61 lens include 22.99 metres grading 8.56% zinc and 3.42% lead, including 5.63 metres of 24.17% zinc and 4.00% lead in hole DON-155; and 18.99 metres grading 9.13% zinc and 3.47% lead in DON-201, including 3.65 metres of 20.41% zinc and 8.35% lead.
The company said hole DON-155 intersected a thick section of high-grade mineralization hosted within a broad envelope of zinc-lead mineralization, while DON-201 is located near the base of the lens and shows strong correlation with the nearby previously reported high-grade intercepts in DON-195, DON-196, and DON-205.
"These results reinforce the confidence in the detailed 3D modeling of the 61-lens," Selwyn said in a statement.
The results are part of a definition drill program being conducted by Selwyn Chihong Mining, the joint venture company equally owned by Selwyn and Chihong Mining Canada, a subsidiary of Yunnan Chihong Zinc and Germanium Co.
Once all results from the definition drill program have been received, the company will incorporate the new data into an updated mineral resource estimate for the bankable feasibility study now underway.
The mineral resource for Don was last estimated in January 2008 to include an indicated resource of 5.33 million tonnes grading 9.98% zinc and 3.86% lead, and inferred resource of 5.34 million tonnes grading 7.94% zinc and 2.95% lead.
Drilling continues to confirm known mineral resources with one drill at the Don deposit, and two drills at the XY West deposit.
The high-grade mineral resource for the Don deposit is composed of three lenses in the underground environment, each of which is structurally bounded by faults. The three main lenses are the 61-lens, 62-lens, and 63-lens.
Highlights of the results reported today from the 61 lens include 22.99 metres grading 8.56% zinc and 3.42% lead, including 5.63 metres of 24.17% zinc and 4.00% lead in hole DON-155; and 18.99 metres grading 9.13% zinc and 3.47% lead in DON-201, including 3.65 metres of 20.41% zinc and 8.35% lead.
The company said hole DON-155 intersected a thick section of high-grade mineralization hosted within a broad envelope of zinc-lead mineralization, while DON-201 is located near the base of the lens and shows strong correlation with the nearby previously reported high-grade intercepts in DON-195, DON-196, and DON-205.
"These results reinforce the confidence in the detailed 3D modeling of the 61-lens," Selwyn said in a statement.
The results are part of a definition drill program being conducted by Selwyn Chihong Mining, the joint venture company equally owned by Selwyn and Chihong Mining Canada, a subsidiary of Yunnan Chihong Zinc and Germanium Co.
Once all results from the definition drill program have been received, the company will incorporate the new data into an updated mineral resource estimate for the bankable feasibility study now underway.
The mineral resource for Don was last estimated in January 2008 to include an indicated resource of 5.33 million tonnes grading 9.98% zinc and 3.86% lead, and inferred resource of 5.34 million tonnes grading 7.94% zinc and 2.95% lead.
Drilling continues to confirm known mineral resources with one drill at the Don deposit, and two drills at the XY West deposit.
Thursday, 2 June 2011
Goldrush closes $3.4m private placement financing
Goldrush Resources (CVE:GOD), a junior mineral exploration company, on Wednesday said that it has closed the previously announced $3.4 million non-brokered private placement financing.
The company sold 21.2 million units at a purchase price of $0.16 per unit.
Each unit consists of one common share and half of one non-transferable share purchase warrant. Each full warrant gives the holder the right to purchase an additional common share at a price of $0.21 for the duration of 18 months from closing.
The private placement was fully subscribed, the company said.
Net proceeds will fund continued drilling and development at the company’s 249,000 ounce Ronguen gold deposit in Burkina Faso, West Africa, and go toward financing other high priority projects.
The profits will also be used to acquire more properties and for working capital purposes.
Finder’s fees and warrants have already been paid in connection with part of the financing.
Separately, the gold explorer also said that its 10,300 meter reverse circulation (RC) drill program in Burkina Faso was completed this month, and awaits results from 84 holes drilled on the Kongoussi, Tikare, Liki and the Nakiambouri and Gonaba Est permits.
As follow-up work, Goldrush has entered into contracts to drill a further 10,000 meters of RC drilling and 8,000 meters of core drilling during the third quarter.
The company sold 21.2 million units at a purchase price of $0.16 per unit.
Each unit consists of one common share and half of one non-transferable share purchase warrant. Each full warrant gives the holder the right to purchase an additional common share at a price of $0.21 for the duration of 18 months from closing.
The private placement was fully subscribed, the company said.
Net proceeds will fund continued drilling and development at the company’s 249,000 ounce Ronguen gold deposit in Burkina Faso, West Africa, and go toward financing other high priority projects.
The profits will also be used to acquire more properties and for working capital purposes.
Finder’s fees and warrants have already been paid in connection with part of the financing.
Separately, the gold explorer also said that its 10,300 meter reverse circulation (RC) drill program in Burkina Faso was completed this month, and awaits results from 84 holes drilled on the Kongoussi, Tikare, Liki and the Nakiambouri and Gonaba Est permits.
As follow-up work, Goldrush has entered into contracts to drill a further 10,000 meters of RC drilling and 8,000 meters of core drilling during the third quarter.
BNN interview with James West praises AM Gold's prospects
Financial and mining expert James West cited AM Gold (CVE:AMG) as one of the best vehicles for investors seeking serious strong growth prospects in precious metals, during an interview on BNN, which can be viewed at http://miningmarketwatch.net/amg.htm.
West pointed to AM Gold's strong holdings in the Yukon Territories and in Peru, and to its currently low trading price - today, at $0.44 per share - calling the Vancouver, B.C.-based company's $30 million market cap disproportionate to the inherent value of its properties.
According to West, AM Gold was the first mining company to the Peru region in 2004, located about 775 kilometres southeast of Lima. Now, the company is surrounded by majors, West said.
The explorer's wholly-owned Pinaya property has resources amassing to 498,000 ounces of indicated gold, 168,000 ounces of inferred gold, as well as 269 million pounds of indicated copper and 115 million pounds of inferred copper.
West also indicated the benefits of AM Gold's near-term open pit mine potential at the Peru property to potential investors.
AM also owns the Red Mountain gold project within the Tintina Gold Belt in the Yukon, which has a 1.23 million ounce inferred gold estimate.
West says this appears to represent only the tip of the Red Mountain iceberg, as interpretation of the area's geophysics indicates that the target size is quite large and extends to depth.
Indeed, all 12 drill hole results from exploration conducted last summer revealed several encouraging intercepts extending the mineralization approximately 700 metres along strike.
With AM Gold's plans to add to the Red Mountain estimate via 6,000 metres of core drilling this year, West believes that the relatively new mining company has the potential to rival Kinross' Fort Knox giant, the area's key referencing point.
Drill rigs were winterized so that spring-summer exploration could get an early start - which it did in March of this year.
West pointed to AM Gold's strong holdings in the Yukon Territories and in Peru, and to its currently low trading price - today, at $0.44 per share - calling the Vancouver, B.C.-based company's $30 million market cap disproportionate to the inherent value of its properties.
According to West, AM Gold was the first mining company to the Peru region in 2004, located about 775 kilometres southeast of Lima. Now, the company is surrounded by majors, West said.
The explorer's wholly-owned Pinaya property has resources amassing to 498,000 ounces of indicated gold, 168,000 ounces of inferred gold, as well as 269 million pounds of indicated copper and 115 million pounds of inferred copper.
West also indicated the benefits of AM Gold's near-term open pit mine potential at the Peru property to potential investors.
AM also owns the Red Mountain gold project within the Tintina Gold Belt in the Yukon, which has a 1.23 million ounce inferred gold estimate.
West says this appears to represent only the tip of the Red Mountain iceberg, as interpretation of the area's geophysics indicates that the target size is quite large and extends to depth.
Indeed, all 12 drill hole results from exploration conducted last summer revealed several encouraging intercepts extending the mineralization approximately 700 metres along strike.
With AM Gold's plans to add to the Red Mountain estimate via 6,000 metres of core drilling this year, West believes that the relatively new mining company has the potential to rival Kinross' Fort Knox giant, the area's key referencing point.
Drill rigs were winterized so that spring-summer exploration could get an early start - which it did in March of this year.
Gowest Gold boosts resources at Frankfield East with further potential to increase
Canadian junior explorer Gowest Gold (CVE:GWA)(OTCBB:GWSAF) said Wednesday that it has significantly increased its resources at its Frankfield East gold deposit in Timmins, Ontario following hugely successful drilling campaigns in the last year.
The updated NI 43-101 compliant resource, completed by ACA Howe International, contains 348,000 ounces of gold in the indicated category, or 1.6 million tonnes at a grade of 6.68 g/t gold, and 838,900 ounces of gold in the inferred category, or 4.3 million tonnes at a grade of 6.01 g/t gold. The cut-off grade applied was 3.0 g/t gold.
This compares with an initial inferred resource of 2.4 million tonnes averaging 6.5 g/t gold, for 510,000 ounces.
"We are extremely pleased to quantify the substantial increases in the gold resource at the Frankfield East Deposit resulting from our 2010/11 drilling campaigns," said president and CEO Greg Romain.
The Toronto-based company said that as the deposit remains open and unexplored at depth, it is confident that the ongoing drilling program, through until 2012, will continue to find additional gold.
Indeed, this has worked quite well for the company so far. In its 2010-2011 drilling campaign, Gowest applied a two-pronged strategy to drilling at the site, including infill drilling within the previously defined resource area, and expanding mineralization outside of the resource area - which obviously proved quite successful.
As of March, the mineralized envelope of 750 metres along strike at surface by 920 metres at depth was two to three times the size of the initial mineralized zone, which contained inferred resources of 510,000 ounces.
Some highlights of the drilling included 5.1 metres of 4.1 g/t gold, including 2.4 metres of 7.1 g/t gold in hole GW10-96, drilled to a vertical depth of 920 metres.
In addition, in February, the company scored bonanza grade gold with drill hole GW10-106, which cut 4.7 metres averaging 13.4 g/t gold, including 1.5 metres of a whopping 37 g/t gold.
The updated resource was based on data from 201 diamond drill holes, Gowest said.
To demonstrate the potential of the Frankfield East deposit to withstand fluctuations in gold prices, the company conducted a sensitivity analysis, estimating a resource at different cut-off grades. At a cut-off grade of 1.5 g/t gold, indicated resources are estimated at 422,400 contained gold ounces, or 2.7 million tonnes at a grade of 4.91 g/t gold, while inferred resources total 999,000 ounces, or 6.9 million tonnes at a grade of 4.53 g/t gold.
The average gold grade of the deposit has been changed, but with relatively limited impact on the overall deposit resources.
"We are very encouraged by the sensitivity analysis completed which clearly demonstrates the robust nature of the deposit and the fact that the majority of the ounces are contained within high- grade structures, that minimize potential impacts from fluctuations in gold prices," addded Romain.
"It is becoming increasingly apparent that the Frankfield East deposit has the characteristics of a multi-million ounce gold deposit."
Engineering studies are continuing at the property, and the company expects that the strong economics of the project will further be demonstrated in a preliminary economic study - expected in the fall.
The company added in its statement that as part of its ongoing metallurgical test program at Frankfield East, it is looking into a potential ore sorting technique that would allow for gold to be mined using more cost-effective bulk mining methods, as low grade waste material would be rejected prior to further processing.
This method, Gowest said, would allow for the deposit to be mined at a lower cut-off grade, thereby boosting the size of the overall resources.
Gowest is also working on expanding its land package in the prolific Timmins mining camp, as it recently announced acquisitions of properties located adjacent to Frankfield East.
The updated NI 43-101 compliant resource, completed by ACA Howe International, contains 348,000 ounces of gold in the indicated category, or 1.6 million tonnes at a grade of 6.68 g/t gold, and 838,900 ounces of gold in the inferred category, or 4.3 million tonnes at a grade of 6.01 g/t gold. The cut-off grade applied was 3.0 g/t gold.
This compares with an initial inferred resource of 2.4 million tonnes averaging 6.5 g/t gold, for 510,000 ounces.
"We are extremely pleased to quantify the substantial increases in the gold resource at the Frankfield East Deposit resulting from our 2010/11 drilling campaigns," said president and CEO Greg Romain.
The Toronto-based company said that as the deposit remains open and unexplored at depth, it is confident that the ongoing drilling program, through until 2012, will continue to find additional gold.
Indeed, this has worked quite well for the company so far. In its 2010-2011 drilling campaign, Gowest applied a two-pronged strategy to drilling at the site, including infill drilling within the previously defined resource area, and expanding mineralization outside of the resource area - which obviously proved quite successful.
As of March, the mineralized envelope of 750 metres along strike at surface by 920 metres at depth was two to three times the size of the initial mineralized zone, which contained inferred resources of 510,000 ounces.
Some highlights of the drilling included 5.1 metres of 4.1 g/t gold, including 2.4 metres of 7.1 g/t gold in hole GW10-96, drilled to a vertical depth of 920 metres.
In addition, in February, the company scored bonanza grade gold with drill hole GW10-106, which cut 4.7 metres averaging 13.4 g/t gold, including 1.5 metres of a whopping 37 g/t gold.
The updated resource was based on data from 201 diamond drill holes, Gowest said.
To demonstrate the potential of the Frankfield East deposit to withstand fluctuations in gold prices, the company conducted a sensitivity analysis, estimating a resource at different cut-off grades. At a cut-off grade of 1.5 g/t gold, indicated resources are estimated at 422,400 contained gold ounces, or 2.7 million tonnes at a grade of 4.91 g/t gold, while inferred resources total 999,000 ounces, or 6.9 million tonnes at a grade of 4.53 g/t gold.
The average gold grade of the deposit has been changed, but with relatively limited impact on the overall deposit resources.
"We are very encouraged by the sensitivity analysis completed which clearly demonstrates the robust nature of the deposit and the fact that the majority of the ounces are contained within high- grade structures, that minimize potential impacts from fluctuations in gold prices," addded Romain.
"It is becoming increasingly apparent that the Frankfield East deposit has the characteristics of a multi-million ounce gold deposit."
Engineering studies are continuing at the property, and the company expects that the strong economics of the project will further be demonstrated in a preliminary economic study - expected in the fall.
The company added in its statement that as part of its ongoing metallurgical test program at Frankfield East, it is looking into a potential ore sorting technique that would allow for gold to be mined using more cost-effective bulk mining methods, as low grade waste material would be rejected prior to further processing.
This method, Gowest said, would allow for the deposit to be mined at a lower cut-off grade, thereby boosting the size of the overall resources.
Gowest is also working on expanding its land package in the prolific Timmins mining camp, as it recently announced acquisitions of properties located adjacent to Frankfield East.
Wednesday, 1 June 2011
African Queen receives exploration license for Kenyan area
African Queen Mines (CVE:AQ) said Wednesday that it has received a special license from the Kenyan government, giving the company exclusive rights to prospect and explore for copper, gold and other minerals for a period of two years in an 850 square kilometre area.
The region is known as Karameri in the West Pokot District in Western Kenya, near the border with Uganda.
The license area is roughly 240 kilometres north of the city of Kisumu, where the company maintains its principal base of operations in the region and manages joint ventures for the Rongo and Ugunja projects.
Karameri is said to be prospective for copper, gold, iron ore and nickel, and remains largely underexplored, with the last comprehensive exploration work conducted during the 1930s.
The company's planned upcoming exploration program on the license area will include detailed mapping and dating of rock types, which are similar to the rocks observed at African Queen's King Solomon project in Mozambique, it said.
The phase one campaign is now being laid out, and will begin after the company receives all required environmental permits.
“We are very gratified to have been granted the Karameri License by the Commissioner," said CEO Irwin Olian.
"This allows us to expand our gold and metals exploration efforts in Western Kenya.
"We are now working on three properties in the region out of our Kisumu headquarters and are striving to create a success for all concerned through well-conceived and funded programs.”
African Queen explores for diamonds, gold and other metals through mineral properties in Southern and West Africa.
In Kenya, aside from the 850 square kilometre license, it has a further 737 sq. km. of gold and other minerals licenses.
Shares in the company rose more than 3% to $0.33 as of 12:37pm EST.
The region is known as Karameri in the West Pokot District in Western Kenya, near the border with Uganda.
The license area is roughly 240 kilometres north of the city of Kisumu, where the company maintains its principal base of operations in the region and manages joint ventures for the Rongo and Ugunja projects.
Karameri is said to be prospective for copper, gold, iron ore and nickel, and remains largely underexplored, with the last comprehensive exploration work conducted during the 1930s.
The company's planned upcoming exploration program on the license area will include detailed mapping and dating of rock types, which are similar to the rocks observed at African Queen's King Solomon project in Mozambique, it said.
The phase one campaign is now being laid out, and will begin after the company receives all required environmental permits.
“We are very gratified to have been granted the Karameri License by the Commissioner," said CEO Irwin Olian.
"This allows us to expand our gold and metals exploration efforts in Western Kenya.
"We are now working on three properties in the region out of our Kisumu headquarters and are striving to create a success for all concerned through well-conceived and funded programs.”
African Queen explores for diamonds, gold and other metals through mineral properties in Southern and West Africa.
In Kenya, aside from the 850 square kilometre license, it has a further 737 sq. km. of gold and other minerals licenses.
Shares in the company rose more than 3% to $0.33 as of 12:37pm EST.
Rubicon Minerals reports final results from delineation drill program at F2 Zone
Rubicon Minerals (TSE:RMX) (AMEX:RBY) reported Wednesday final high grade drill results from its 27,000 metre delineation program on the F2 Core Zone, part of the Phoenix gold project in the Red Lake district of Ontario.
The drill program was designed to infill an area 100 metres above and below the 305 metre level, over a strike length of 150 metres. 264 holes were drilled from three underground drill stations for a total of more than 35,000 metres.
"The delineation program has been very successful in confirming the continuity of the mineralization in this part of the F2 Gold system," said president and CEO David Adamson.
"We plan to apply this approach to other shallow parts of the F2 Gold System, most obviously above and below the current delineation area with the objective of upgrading our current inferred resources in these areas."
Highlights of the final holes included 36.4 g/t gold over 4.1 metres in hole D305-04-69; 148.1 g/t gold over 3.5 metres in hole D305-04-93; 22.5 g/t gold over 5.1 metres in hole D305-06-072; and 15.4 g/t gold over 6.1 metres in hole D305-05-88.
Concurrently, the company is also operating a 9X exploration drilling program, which is continuing to expand and infill the F2 gold system.
Rubicon controls over 100 square miles of exploration ground in the prolific Red Lake gold district of Ontario, which hosts Goldcorp's high-grade Red Lake Mine.
The drill program was designed to infill an area 100 metres above and below the 305 metre level, over a strike length of 150 metres. 264 holes were drilled from three underground drill stations for a total of more than 35,000 metres.
"The delineation program has been very successful in confirming the continuity of the mineralization in this part of the F2 Gold system," said president and CEO David Adamson.
"We plan to apply this approach to other shallow parts of the F2 Gold System, most obviously above and below the current delineation area with the objective of upgrading our current inferred resources in these areas."
Highlights of the final holes included 36.4 g/t gold over 4.1 metres in hole D305-04-69; 148.1 g/t gold over 3.5 metres in hole D305-04-93; 22.5 g/t gold over 5.1 metres in hole D305-06-072; and 15.4 g/t gold over 6.1 metres in hole D305-05-88.
Concurrently, the company is also operating a 9X exploration drilling program, which is continuing to expand and infill the F2 gold system.
Rubicon controls over 100 square miles of exploration ground in the prolific Red Lake gold district of Ontario, which hosts Goldcorp's high-grade Red Lake Mine.
Monday, 30 May 2011
Great Western Minerals to acquire 100% of Rare Earth Extraction Co
Rare earths processor Great Western Minerals (CVE:GWG) said Monday that it has initiated the process to acquire the remaining shares not already held by the company in Rare Earth Extraction Co. (Rareco), resulting in a 100% stake.
To date, Great Western holds 93.1% of Rareco, having progressively increased its holding in the company, which owns the Steenkampskraal rare earth mine in South Africa, since last year.
In late November, Great Western, which at the time held nearly 21% of Rareco, announced that it intended to make an all-cash offer to purchase all of the shares it did not already hold at a price of 3 South African Rand per share, or US$0.43.
"Moving to acquire 100% of Rareco furthers our company's ability to execute its fast track schedule for the Steenkampskraal property," said president and CEO Jim Engdahl.
"In conjunction with the recent approval from the National Nuclear Regulator of South Africa for Great Western's work program at Steenkampskraal, our company is in a very strong position to continue its rapid advancement, having executed the steps to acquire Rareco, right on schedule," he added.
In April, Great Western announced that it has fast-tracked its development plans for Steenkampskraal, now targeting the start of underground mining operations in the first quarter of 2012.
The company has also nearly doubled the planned level of production at the site to approximately 5,000 tonnes of rare earth oxides (REO) per year, up from the 2,700 tonnes originally anticipated.
Great Western intends to immediately begin the refurbishment of the previously-producing mine shaft at the Steenkampskraal site.
The company's specialty rare earth alloys are used in the battery, magnet and aerospace industries. The company also holds interests in seven rare earth exploration and development properties in North America.
To date, Great Western holds 93.1% of Rareco, having progressively increased its holding in the company, which owns the Steenkampskraal rare earth mine in South Africa, since last year.
In late November, Great Western, which at the time held nearly 21% of Rareco, announced that it intended to make an all-cash offer to purchase all of the shares it did not already hold at a price of 3 South African Rand per share, or US$0.43.
"Moving to acquire 100% of Rareco furthers our company's ability to execute its fast track schedule for the Steenkampskraal property," said president and CEO Jim Engdahl.
"In conjunction with the recent approval from the National Nuclear Regulator of South Africa for Great Western's work program at Steenkampskraal, our company is in a very strong position to continue its rapid advancement, having executed the steps to acquire Rareco, right on schedule," he added.
In April, Great Western announced that it has fast-tracked its development plans for Steenkampskraal, now targeting the start of underground mining operations in the first quarter of 2012.
The company has also nearly doubled the planned level of production at the site to approximately 5,000 tonnes of rare earth oxides (REO) per year, up from the 2,700 tonnes originally anticipated.
Great Western intends to immediately begin the refurbishment of the previously-producing mine shaft at the Steenkampskraal site.
The company's specialty rare earth alloys are used in the battery, magnet and aerospace industries. The company also holds interests in seven rare earth exploration and development properties in North America.
Capstone adds 219 million pounds of copper to Minto Mine's measured and indicated resource
Capstone Mining (TSE:CS) announced Monday that the addition of the Wildfire/Copper Keel area to a previous resource model has increased the measured and indicated resource base by 219 million pounds of copper at its Minto Mine.
The company said that at a 0.5% copper cut-off grade, the total mineral resource estimate for the whole Minto Mine, which is located in the Yukon Territories, now exceeds 1 billion pounds of copper.
New drill holes from this year and last in the Wildfire/Copper Keel area indicated that both these regions were a southeast extension of the previous resource model for the Area 2/118 deposit, and not separate deposits as originally thought.
As a result, roughly 134 new drill holes were added to the existing database of 235 holes for Area 2/118, and were combined into one deposit, known as Minto South.
"The exploration success at Minto continues to be translated into mineral resource additions that support the near term growth strategy at our mining operations," said vice president of exploration, Brad Mercer.
"Since 2006, the Minto Mine has realized steady expansion through a program of discovery and feasibility in a series of phases that have increased mine life and throughput."
Indeed, additional mineral resources from the Wildfire and Copper Keel areas boosted total measured and indicated resources for Minto South to 36.4 million tonnes at 1.03% copper, 0.35 g/t gold and 3.5 g/t silver, for 827.2 million pounds of contained copper, 413,000 ounces of gold and 4.1 million ounces of silver.
The Vancouver, B.C.-based company said it plans to begin a new pre-feasibility study in the third quarter. Capstone's shares were last trading at $3.48 each on Friday.
The company said that at a 0.5% copper cut-off grade, the total mineral resource estimate for the whole Minto Mine, which is located in the Yukon Territories, now exceeds 1 billion pounds of copper.
New drill holes from this year and last in the Wildfire/Copper Keel area indicated that both these regions were a southeast extension of the previous resource model for the Area 2/118 deposit, and not separate deposits as originally thought.
As a result, roughly 134 new drill holes were added to the existing database of 235 holes for Area 2/118, and were combined into one deposit, known as Minto South.
"The exploration success at Minto continues to be translated into mineral resource additions that support the near term growth strategy at our mining operations," said vice president of exploration, Brad Mercer.
"Since 2006, the Minto Mine has realized steady expansion through a program of discovery and feasibility in a series of phases that have increased mine life and throughput."
Indeed, additional mineral resources from the Wildfire and Copper Keel areas boosted total measured and indicated resources for Minto South to 36.4 million tonnes at 1.03% copper, 0.35 g/t gold and 3.5 g/t silver, for 827.2 million pounds of contained copper, 413,000 ounces of gold and 4.1 million ounces of silver.
The Vancouver, B.C.-based company said it plans to begin a new pre-feasibility study in the third quarter. Capstone's shares were last trading at $3.48 each on Friday.
Creso Exploration reports surface sampling results at Downey, returns 266 g/t gold
Canadian junior Creso Exploration (CVE:CXT) (OTCQX:CRXEF) has announced the results of 30 rock chip samples taken from its Downey property in northeast Ontario, averaging 12.01 grams per tonne of gold on an uncut basis.
The property, which is part of the Shining Tree project in Asquith Township, returned a single sample of 266.0 g/t goldbn as the highest, with the second highest sample running 73.6 g/t gold.
The company said that fifteen, or half, of the samples taken have assays higher than 0.10 g/t gold, and occur throughout an area of 60 metres by 120 metres. The area is within a broader zone of mineralization, which has a strike extent of more than 500 metres and width of roughly 100 metres.
A total of 30 samples of quartz veins and host rock were randomly collected at the prospect, of which 23 were taken on the main showing, and averaged 15.65 g/t gold, or 6.01 g/t gold when samples were cut to 60 g/t gold.
The company said the surface sampling will be followed up with a drill and rock-saw channel sampling program, which is also planned for the Moore-MacDonald, Buckingham, and Bennett properties, all in the western half of the Shining Tree District.
The property, which is part of the Shining Tree project in Asquith Township, returned a single sample of 266.0 g/t goldbn as the highest, with the second highest sample running 73.6 g/t gold.
The company said that fifteen, or half, of the samples taken have assays higher than 0.10 g/t gold, and occur throughout an area of 60 metres by 120 metres. The area is within a broader zone of mineralization, which has a strike extent of more than 500 metres and width of roughly 100 metres.
A total of 30 samples of quartz veins and host rock were randomly collected at the prospect, of which 23 were taken on the main showing, and averaged 15.65 g/t gold, or 6.01 g/t gold when samples were cut to 60 g/t gold.
The company said the surface sampling will be followed up with a drill and rock-saw channel sampling program, which is also planned for the Moore-MacDonald, Buckingham, and Bennett properties, all in the western half of the Shining Tree District.
Subscribe to:
Posts (Atom)