Dragon Mining (ASX: DRA) has delivered an increase in the JORC Resource for the Juomasuo gold deposit in Finland to 1,574,000 tonnes at 5.7 grams per tonne (g/t) gold for 285,800 ounces at a 2 g/t gold cut-off.
The updated resource, completed by independent consultants Runge Limited, indicates that closer spaced drilling has resulted in the number of ounces in the Indicated category rising to 82%, up from 46% of total ounces in the December 2010 resource estimate.
The upgrade is due to the inclusion of 35 drill holes completed since November 2010, which were directed at confirming the geological model and testing the immediate extensions of identified zones of gold mineralisation both along strike and with depth.
Importantly, programs of bulk density determination, re-logging of historic core, check assaying and data validation have significantly improved the quality of the resource model.
Juomasuo is the largest of the five gold deposits identified to date on the Kuusamo Gold Project and comprises a set of closely spaced sub-parallel lodes, which remain open along strike towards the north and south, as well as down plunge.
The Kuusamo Gold Project is central to Dragon Mining’s growth strategy and all deposits remain open along strike and with depth. The company plans to significantly increase production in coming years, and is seeking to capitalise on Kuusamo's potential.
Significantly, the robustness of the gold mineralisation near surface for each of the five deposits has provided confidence to lower the reporting cut-off grade from 2 g/t to 1 g/t gold for the Kuusamo Gold Project.
At the revised cut-off grade the Juomasuo Mineral Resource totals 1,955,000 tonnes at 4.9 g/t gold for 305,600 ounces. This lifts the total gold resource inventory of the Kuusamo Gold Project to 460,700 ounces at 4.2 g/t.
Several indications of gold mineralisation have also been identified within the surrounding areas and provide the company with a pipeline of prospects to deliver on the potential of the Kuusamo Gold Project.
Three diamond core drill rigs continue to progress programs at both Juomasuo and Hangaslampi at Kuusamo North, targeting depth and strike extensions.
Results for the 26 completed holes not included in the Juomasuo resource update and new drilling will be incorporated into the next resource update, which will be undertaken in early 2012.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21539/dragon-mining-lifts-jorc-resource-at-juomasuo-gold-deposit-to-285800ozs-21539.html
Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London.
Wednesday, 2 November 2011
Aviva Corporation on track for maiden gold resource at Kakamega in West Kenya in first half of 2012
Aviva Corporation (ASX: AVA) continues to return encouraging gold hits in West Kenya with follow up drilling on the Bushiangala and Kimingini Prospects returning highlights of 7 metres at 8.29 grams per tonne (g/t) of gold from 98 metres and 9 metres at 12.71g/t from 139 metres, respectively.
Other highlights from Bushiangala include 17 metres at 7.20g/t gold from 25 metres.
The results support and build on the previous positive gold strikes of 5.6 metres at 3.73g/t gold from 44.4 metres at the Bushiangala Prospect announced by Aviva in August.
These latest intercepts are particularly encouraging as they suggest at least a 350 metre strike length of high grade intercepts in a sub vertical north to north-west trending corridor. The system appears open along strike and at depth.
The company has also received promising initial reconnaissance drilling results from the Bukura and Shitole prospects in the Kakamega Gold Camp.
Significant intersections include 57 metres at 0.67g/t gold from 49 metres at Bukura and 7 metres at 2.23g/t from 53 metres at Shitole.
Results have now been received from 32 of the 37 reverse circulation holes and 22 of the 31 diamond holes drilled in Kakamega Camp.
A total of 4,400 metres has been drilled in the Kakamega area. Total metres drilled to date on the joint venture area as a whole stands at 10,799 metres.
Reverse circulation drilling proved technically challenging in the Kakamega area where variable, deep weathering and deeper than expected mine workings led to a number of holes being abandoned prior to reaching targeted depth.
While this is encouraging for the gold endowment at Kakamega the reverse circulation rig was moved to the Lake Zone and drilling continues at Kakamega with two diamond drill rigs.
The bulk of the reverse circulation drilling campaign in the Lake Zone has now been completed for the year and the final results of the drilling, auger surveys and ground geophysics will be compiled to target further work next year.
A small reverse circulation/diamond drilling program will test down dip, along strike extensions to the Masumbi prospect.
An initial resource from the Kakamega Camp remains on target for the first half of 2012.
West Kenya JV
In July 2010 Aviva and AfriOre International, a Lonmin (LSE: LMI) subsidiary, signed a joint venture agreement under which Aviva can earn up to 75% of the West Kenya project through expenditure and completion of a Prefeasibility Study on any project on the licences demonstrating a pre-tax net present value of A$50 million.
Late last month Aviva announced it had earned a 51% interest in the joint venture in just over a year by meeting its obligation to spend US$3 million over three years.
Chief executive Lindsay Reed said at the time, “To achieve the expenditure in a little over 12 months is indicative of the outstanding results achieved to date and the prospectivity of the licenses.”
Reed told Proactive Investors the earn-in was achieved quickly because there are so many prospects on the license area ready for drill testing.
The company continues to meet milestones at pace on the project. In early September, within just eight months of the commencement of drilling, Aviva announced an initial Inferred JORC Resource of 1.68 million tonnes at 4% copper equivalent at the Bumbo base metal deposit.
Results are coming through for the most recent drilling campaign at Bumbo and an update will be released next week.
Metallurgical test work on two diamond cores is underway and will form the basis of a high level Scoping Study.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21538/aviva-corporation-on-track-for-maiden-gold-resource-at-kakamega-in-west-kenya-in-first-half-of-2012--21538.html
Other highlights from Bushiangala include 17 metres at 7.20g/t gold from 25 metres.
The results support and build on the previous positive gold strikes of 5.6 metres at 3.73g/t gold from 44.4 metres at the Bushiangala Prospect announced by Aviva in August.
These latest intercepts are particularly encouraging as they suggest at least a 350 metre strike length of high grade intercepts in a sub vertical north to north-west trending corridor. The system appears open along strike and at depth.
The company has also received promising initial reconnaissance drilling results from the Bukura and Shitole prospects in the Kakamega Gold Camp.
Significant intersections include 57 metres at 0.67g/t gold from 49 metres at Bukura and 7 metres at 2.23g/t from 53 metres at Shitole.
Results have now been received from 32 of the 37 reverse circulation holes and 22 of the 31 diamond holes drilled in Kakamega Camp.
A total of 4,400 metres has been drilled in the Kakamega area. Total metres drilled to date on the joint venture area as a whole stands at 10,799 metres.
Reverse circulation drilling proved technically challenging in the Kakamega area where variable, deep weathering and deeper than expected mine workings led to a number of holes being abandoned prior to reaching targeted depth.
While this is encouraging for the gold endowment at Kakamega the reverse circulation rig was moved to the Lake Zone and drilling continues at Kakamega with two diamond drill rigs.
The bulk of the reverse circulation drilling campaign in the Lake Zone has now been completed for the year and the final results of the drilling, auger surveys and ground geophysics will be compiled to target further work next year.
A small reverse circulation/diamond drilling program will test down dip, along strike extensions to the Masumbi prospect.
An initial resource from the Kakamega Camp remains on target for the first half of 2012.
West Kenya JV
In July 2010 Aviva and AfriOre International, a Lonmin (LSE: LMI) subsidiary, signed a joint venture agreement under which Aviva can earn up to 75% of the West Kenya project through expenditure and completion of a Prefeasibility Study on any project on the licences demonstrating a pre-tax net present value of A$50 million.
Late last month Aviva announced it had earned a 51% interest in the joint venture in just over a year by meeting its obligation to spend US$3 million over three years.
Chief executive Lindsay Reed said at the time, “To achieve the expenditure in a little over 12 months is indicative of the outstanding results achieved to date and the prospectivity of the licenses.”
Reed told Proactive Investors the earn-in was achieved quickly because there are so many prospects on the license area ready for drill testing.
The company continues to meet milestones at pace on the project. In early September, within just eight months of the commencement of drilling, Aviva announced an initial Inferred JORC Resource of 1.68 million tonnes at 4% copper equivalent at the Bumbo base metal deposit.
Results are coming through for the most recent drilling campaign at Bumbo and an update will be released next week.
Metallurgical test work on two diamond cores is underway and will form the basis of a high level Scoping Study.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21538/aviva-corporation-on-track-for-maiden-gold-resource-at-kakamega-in-west-kenya-in-first-half-of-2012--21538.html
Red Sky Energy continues to move forward Clarence Moreton Basin gas discovery
Red Sky Energy (ASX: ROG) has updated the market on the progress which has been made at the Talma pilot well at the Kangaroo Creek Sandstone gas discovery, located is in the Clarence Moreton Basin of New South Wales.
Highlighting how quickly Red Sky is moving the shallow gas discovery (within PEL 457) forward, an application for regulatory approval of the pilot well has been submitted, which included extensive stakeholder consultation.
What this provides is the company is now forecasting an approval to drill the well within weeks.
The next step for Red Sky is the intention to drill the pilot within the discovery area, and drill a pilot production well at Talma to perform a long term production test to determine the magnitude of the resource.
Drill plans
Red Sky intends to drill out the existing cemented core hole and expose the Kangaroo Creek formation over a 90 metre interval from 480 metres to 570 metres depth.
Upon completion of drilling, a wellhead and flare will be installed and the well put on production. Site works are expected to take no more than 15 days.
Upon securing regulatory approval, the Red Sky will seek a suitable drilling rig to undertake the pilot.
Providing another boost the prospectivity of the project, a recent Resource Study concluded the Kangaroo Creek sandstone gas discovery to be a highly prospective lead.
Coal Seam Gas in Clarence Moreton Basin
Red Sky has a right to earn 100%, earned 30% so far. Reserves independently certified by MHA Petroleum Consultants (100% basis) are as follows:
- Probable Reserves 2P 17PJ
- Possible Reserves 3P 380PJ
- Contingent Resources 2C 629PJ
Red Sky's 30% interest in the permits PEL 479 and 457 are valued at around $57 million based on the Santos (ASX: STO) acquisition of Eastern Star Gas metric multiple. The total of 1 TCF of recoverable gas would have a revenue value of around $4 billion at today's gas prices.
The shallow gas discovery is a shallow non conventional gas play, hence a potentially low cost development for Red Sky.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21536/red-sky-energy-continues-to-move-forward-clarence-moreton-basin-gas-discovery-21536.html
Highlighting how quickly Red Sky is moving the shallow gas discovery (within PEL 457) forward, an application for regulatory approval of the pilot well has been submitted, which included extensive stakeholder consultation.
What this provides is the company is now forecasting an approval to drill the well within weeks.
The next step for Red Sky is the intention to drill the pilot within the discovery area, and drill a pilot production well at Talma to perform a long term production test to determine the magnitude of the resource.
Drill plans
Red Sky intends to drill out the existing cemented core hole and expose the Kangaroo Creek formation over a 90 metre interval from 480 metres to 570 metres depth.
Upon completion of drilling, a wellhead and flare will be installed and the well put on production. Site works are expected to take no more than 15 days.
Upon securing regulatory approval, the Red Sky will seek a suitable drilling rig to undertake the pilot.
Providing another boost the prospectivity of the project, a recent Resource Study concluded the Kangaroo Creek sandstone gas discovery to be a highly prospective lead.
Coal Seam Gas in Clarence Moreton Basin
Red Sky has a right to earn 100%, earned 30% so far. Reserves independently certified by MHA Petroleum Consultants (100% basis) are as follows:
- Probable Reserves 2P 17PJ
- Possible Reserves 3P 380PJ
- Contingent Resources 2C 629PJ
Red Sky's 30% interest in the permits PEL 479 and 457 are valued at around $57 million based on the Santos (ASX: STO) acquisition of Eastern Star Gas metric multiple. The total of 1 TCF of recoverable gas would have a revenue value of around $4 billion at today's gas prices.
The shallow gas discovery is a shallow non conventional gas play, hence a potentially low cost development for Red Sky.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21536/red-sky-energy-continues-to-move-forward-clarence-moreton-basin-gas-discovery-21536.html
Peak Resources returns further wide rare earth intersections from surface at Ngualla
Peak Resources' (ASX: PEK) latest assay results from the Ngualla Rare Earth Project in southern Tanzania include more wide intersections from surface from the Southern Rare Earth Zone and the first assays from the South West Alluvial Zone.
Peak is undergoing a maiden resource drilling program at the project where a highly anticipated JORC resource is expected to be completed by consultants Hellman and Schofield Ltd in the first quarter of 2012.
Highlights from eleven new holes within the Southern Rare Earth Zone include:
- 170 metres at 4.18% REO from surface;
- 24 metres at 4.48% REO from surface; and
- 129 metres at 3.19% REO from 24 metres.
Intersections from the first twelve holes received from the South West Alluvial Zone confirm REO mineralisation from surface in unconsolidated gravel and include:
- 24 metres at 3.27% REO from surface;
- 28 metres at 3.20% REO from surface; and
- 10 metres at 3.18% REO from surface.
In addition, niobium–tantalum and phosphate mineralisation is also wide spread in the same area and includes 24.5 metres at 0.68% Nb2O5 and 156ppm Ta2O5 from 24 metres and 18 metres at 15.9% phosphate from 30 metres.
The results underscore that Ngualla is one of the largest and better grade new rare earth discoveries of recent years. Ngualla is a virgin discovery, and with mineralisation from surface and extending over a large area, the project has vast potential.
Intriguingly, mineralisation at Ngualla in southern Tanzania is similar in style to Lynas Corporation's (ASX: LYC) Mt Weld in Western Australia
Peak is currently operator and manager, earning 80% equity in the Ngualla Project by carrying Joint Venture partner Zari Exploration Ltd through to completion of a Bankable Feasibility Study.
However, on 26 August 2011 Peak announced it had entered into a conditional agreement to take 100% ownership of the Ngualla Project through the acquisition of Zari.
Resource Drilling Program
Drilling operations are continuing on schedule with a total of 212 holes for 15,348 metres completed within the Southern Rare Earth and South West Alluvial Zones.
Diamond drilling for beneficiation and metallurgical test work and density measurements for the resource estimation has now been completed with 6 holes completed for 862 metres.
The diamond drill rig has been converted back to reverse circulation capability and will continue in the Southern Rare Earth Zone.
The second drill rig has commenced the exploration reverse circulation traverses in the Northern Niobium–Tantalum–Phosphate Zone as seasonal heavy rain is expected at the end of November.
Samples are currently in the laboratory and results will be released as they come to hand. Also, beneficiation and metallurgical test work on a series of rare earth mineralised bulk core samples from the Southern Rare Earth Zone is being undertaken.
In addition, Work will commence shortly on a bulk core sample of phosphate, niobium and tantalum mineralisation from the Northern Zone.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21534/peak-resources-returns-further-wide-rare-earth-intersections-from-surface-at-ngualla--21534.html
Peak is undergoing a maiden resource drilling program at the project where a highly anticipated JORC resource is expected to be completed by consultants Hellman and Schofield Ltd in the first quarter of 2012.
Highlights from eleven new holes within the Southern Rare Earth Zone include:
- 170 metres at 4.18% REO from surface;
- 24 metres at 4.48% REO from surface; and
- 129 metres at 3.19% REO from 24 metres.
Intersections from the first twelve holes received from the South West Alluvial Zone confirm REO mineralisation from surface in unconsolidated gravel and include:
- 24 metres at 3.27% REO from surface;
- 28 metres at 3.20% REO from surface; and
- 10 metres at 3.18% REO from surface.
In addition, niobium–tantalum and phosphate mineralisation is also wide spread in the same area and includes 24.5 metres at 0.68% Nb2O5 and 156ppm Ta2O5 from 24 metres and 18 metres at 15.9% phosphate from 30 metres.
The results underscore that Ngualla is one of the largest and better grade new rare earth discoveries of recent years. Ngualla is a virgin discovery, and with mineralisation from surface and extending over a large area, the project has vast potential.
Intriguingly, mineralisation at Ngualla in southern Tanzania is similar in style to Lynas Corporation's (ASX: LYC) Mt Weld in Western Australia
Peak is currently operator and manager, earning 80% equity in the Ngualla Project by carrying Joint Venture partner Zari Exploration Ltd through to completion of a Bankable Feasibility Study.
However, on 26 August 2011 Peak announced it had entered into a conditional agreement to take 100% ownership of the Ngualla Project through the acquisition of Zari.
Resource Drilling Program
Drilling operations are continuing on schedule with a total of 212 holes for 15,348 metres completed within the Southern Rare Earth and South West Alluvial Zones.
Diamond drilling for beneficiation and metallurgical test work and density measurements for the resource estimation has now been completed with 6 holes completed for 862 metres.
The diamond drill rig has been converted back to reverse circulation capability and will continue in the Southern Rare Earth Zone.
The second drill rig has commenced the exploration reverse circulation traverses in the Northern Niobium–Tantalum–Phosphate Zone as seasonal heavy rain is expected at the end of November.
Samples are currently in the laboratory and results will be released as they come to hand. Also, beneficiation and metallurgical test work on a series of rare earth mineralised bulk core samples from the Southern Rare Earth Zone is being undertaken.
In addition, Work will commence shortly on a bulk core sample of phosphate, niobium and tantalum mineralisation from the Northern Zone.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21534/peak-resources-returns-further-wide-rare-earth-intersections-from-surface-at-ngualla--21534.html
Padbury Mining: staff and rig in place to recommence drilling when weather settles
Padbury Mining (ASX: PDY) has temporarily suspended reverse circulation drilling at Telecom Hill due to severe weather, which is forecast to continue for the next few days.
Heavy rain and hail has been experienced over the past few days and flooding has cut access to the site and the nearest towns of Meekatharra and Newman.
Importantly, the drill rig remains secured on site and all the contractors required by the program have been retained, with a diamond rig also on site and ready to commence drilling as conditions improve.
DSO and resource upgrade targeted
Earlier in the month Padbury wrapped up a twelve hole drilling program at Telecom Hill, which is hosted within the Peak Hill Iron Project joint venture in the mid-west region of Western Australia.
The project has potential and includes an exploration target of 3.5 to 5 billion tonnes at 25% to 35% iron, and is prospective for magnetite and hematite iron ore.
Providing another boost is that Telecom Hill has a direct shipping ore exploration target of 10 to 55 million tonnes at 55% to 58% iron.
The current Inferred JORC Resource is 850 million tonnes at 27.3% iron, which was defined from less than a half of the 10 kilometre strike length - indicating a strong chance of a resource upgrade in the near future.
Padbury has a 70% stake in Peak Hill, with Aurium Resources (ASX: AGU) 30%.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21533/padbury-mining-staff-and-rig-in-place-to-recommence-drilling-when-weather-settles-21533.html
Heavy rain and hail has been experienced over the past few days and flooding has cut access to the site and the nearest towns of Meekatharra and Newman.
Importantly, the drill rig remains secured on site and all the contractors required by the program have been retained, with a diamond rig also on site and ready to commence drilling as conditions improve.
DSO and resource upgrade targeted
Earlier in the month Padbury wrapped up a twelve hole drilling program at Telecom Hill, which is hosted within the Peak Hill Iron Project joint venture in the mid-west region of Western Australia.
The project has potential and includes an exploration target of 3.5 to 5 billion tonnes at 25% to 35% iron, and is prospective for magnetite and hematite iron ore.
Providing another boost is that Telecom Hill has a direct shipping ore exploration target of 10 to 55 million tonnes at 55% to 58% iron.
The current Inferred JORC Resource is 850 million tonnes at 27.3% iron, which was defined from less than a half of the 10 kilometre strike length - indicating a strong chance of a resource upgrade in the near future.
Padbury has a 70% stake in Peak Hill, with Aurium Resources (ASX: AGU) 30%.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21533/padbury-mining-staff-and-rig-in-place-to-recommence-drilling-when-weather-settles-21533.html
IMX Resources appoints Neil Meadows as managing director
IMX Resources (ASX: IXR) has appointed Neil Meadows as the new managing director, and will commence in the position later in the month.
Meadows was the Australasian Institute of Mining and Metallurgy North Queensland Resources Industry Professional of the Year in 2009, and was the recipient in 2007 of the Mine Manager of the Year Award through the Sydney Mining Club.
Meadows can now provide leadership for the next stage of growth for IMX Resources, with the company recently reaching some major achievements including shipping the one millionth tonne of ore from Cairn Hill.
In a recent milestone, the company last month delivered a maiden Inferred JORC Resource of 109.8 million tonnes at 30.13% iron (27.5% iron cut-off grade) at Snaefell in South Australia.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21531/imx-resources-appoints-neil-meadows-as-managing-director-21531.html
Meadows was the Australasian Institute of Mining and Metallurgy North Queensland Resources Industry Professional of the Year in 2009, and was the recipient in 2007 of the Mine Manager of the Year Award through the Sydney Mining Club.
Meadows can now provide leadership for the next stage of growth for IMX Resources, with the company recently reaching some major achievements including shipping the one millionth tonne of ore from Cairn Hill.
In a recent milestone, the company last month delivered a maiden Inferred JORC Resource of 109.8 million tonnes at 30.13% iron (27.5% iron cut-off grade) at Snaefell in South Australia.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21531/imx-resources-appoints-neil-meadows-as-managing-director-21531.html
IBC ADVANCED ALLOYS SEES A VERY BRIGHT FUTURE IN BERYLLIUM
IBC Advanced Alloys (CVE:IB, OTCQX:IAALF) is a unique vertically integrated manufacturer and distributor of a range of advanced beryllium alloys and innovative beryllium aluminum castings that are in high demand across a spectrum of industries. The Company also owns a number of mineral properties, and is actively exploring their Juab County properties in Western Utah, adjacent to the world’s largest beryllium mine at Spor Mountain.
Beryllium has a number of qualities that include being very light, extremely stiff and stronger than steel, x-ray transparent, non-magnetic and non-sparking, and melts at 2,307°C, which is extremely high when compared with aluminum that melts at a much lower 660.32 °C. Pure beryllium plays a strategic role in the nuclear, aerospace and defense industries, and is widely utilized as an alloy in telecom, computing, electronics, medical, oil and gas, and automotive industries.
IBC has 80 employees at four production facilities located in Indiana, Massachusetts, Pennsylvania and Missouri and has its head office in Vancouver, Canada. Sales revenues for the 2011 fiscal year released October 31st , 2011 were $20.45 million, which is an increase of 37% over 2010.
The business is still evolving, and remains in a high growth mode that has been fueled by equity injections of $11.50 million in 2011, and $10.5 million in 2010.
The Company currently obtains its beryllium metal through an agreement with Ulba Metallurgical Plant, a subsidiary of Kazatomprom, the National Atomic Energy Company of Kazakhstan. Ulba is one of the largest beryllium processers in the world and IBC is one of their largest customers. IBC is also exploring and developing its properties in Utah, Colorado, and Brazil, for the production of beryllium ore and concentrates, which may one day ultimately be processed by Ulba.
The first property being developed is the Juab County fluorite and bertrandite project which is located in western Utah, and lies along strike from open pits at Spor Mountain, a location known for its world class beryllium resources. The Juab County project covers 7,630 acres, encompassing an ancient caldera that could potentially be a significant beryllium resource.
Fugro Airborne Surveys flew a detailed 7,495 line kilometre, low altitude airborne radiometric and magnetic survey, which identified several high interest target zones that occupy a very large area within the property.
The Company has configured targets across these high interest zones, and is now undertaking 5,250 metres of Reverse Circulation drilling in 35 holes that will test target zones below the volcanic tuff, and explore concentrations of fluorite, and bertrandite in the underlying Bell Hill Dolomite.
In June of 2011, IBC signed a strategic Memorandum of Understanding for the continued supply of beryllium metal and beryllium master alloys with Ulba, which is one of only three fully integrated beryllium producers in the world today. The IBC and Ulba partnership will also examine other technological and business development initiatives that include beryllium, other rare metals and their alloys as well as new opportunities in resource exploration, development, and production.
Management believes that this fragmented market produces $2 billion in annual sales worldwide for beryllium, beryllium alloys and non-ferrous alloys, and presents an excellent opportunity for IBC to continue to consolidate smaller businesses and generate ongoing growth.
This supply partnership with Ulba will benefit IBC’s Engineered Materials Division, which has positioned the Company as a global leader in the beryllium aluminum castings market, and together with the beryllium copper alloys business, has dramatically increased the product range and market depth.
In May of 2011, IBC opened a new state of the art 63,000 square foot manufacturing and advanced casting facility in Wilmington, Massachusetts. The plant is capable of producing advanced investment castings manufactured from the Company’s high performance, and lightweight Beralcast family of alloys.
The facility was established to satisfy a growing worldwide demand for castings, and has sufficient production capacity to hire an additional 40 high tech manufacturing, and engineering personnel over the next three years.
Recent contracts include a global leader in the design and manufacture of high technology assembly equipment that inked a contract for one to three years, for provision of advanced investment castings. This agreement is expected to generate a minimum of $4 million per year.
Another agreement was signed with the U.S. Military Army Research Laboratory, and Naval Air Systems Command to work together to develop, evaluate, and test the use of Beralcast beryllium and aluminum alloys for the United States Armed Forces Fire Scout program, and other unmanned aerial vehicles or UAV drone initiatives.
IBC has also retained Chris Huskamp who is an internationally recognized high performance auto-sports materials and metallurgical consultant to assist with development aimed at the auto-sports market, where IBC materials have great potential to penetrate the motorsports community and worldwide automotive markets.
The Company's range of alloys and composites has a consistently high stiffness to weight ratio, as well as other important materials characteristics, which will allow automotive engineers greater design flexibility and more options to achieve significant performance gains.
IBC is also mounting a very bold attempt to penetrate the nuclear fuel market, which is estimated to produce $35 billion in world-wide sales in 2020, with an innovative new fuel product that contains a blend of uranium and beryllium oxide.
It is hoped that this new fuel blend will be suitable for current and future nuclear reactors, providing an energy source that is more efficient and safer than existing nuclear fuels. The beryllium oxide enhanced nuclear fuel provides a significant reduction of fission gas release, which allows for a higher fuel burn up that contributes to the reduction of energy stored in the fuel pins. These factors become very relevant in a post Fukushima nuclear environment and have the potential to both improve the safety of the nuclear industry but also the economics.
The Company recently signed a Memorandum of Understanding with Ceramic Tubular Products to jointly advance, and develop fuel performance improvements, and operational safety benefits for nuclear light water reactor fuel systems.
IBC`s research and development of beryllium oxide enhanced nuclear fuel is complementary to CTP's cladding technology, which has already received acclaim from a variety of government and industry sources. Development and validation studies that combine the two technologies will be completed at Perdue, and Texas A&M universities.
A Memorandum of Understanding is also in place with Global Nuclear Fuels, which is a joint venture between General Electric (NYSE: GE), Hitachi (TYO: 6501, NYSE: HIT), and Toshiba (TYO: 6502, LSE: TOS) who are undertaking a study on the application of beryllium oxide technology to a boiling water reactor.
Jim Malone, who is IBC’s President of Nuclear Fuels, was appointed as Chairman of the World Nuclear Association's recently initiated Fuel Technology Working Group. The working group's objective is to explore evolutionary fuel technologies with a view to developing, supporting and commercializing alternative fuel-types for the nuclear industry. This appointment tends to validate the potential of IBC’s nuclear fuel technology with major players in the industry.
Beryllium has a number of qualities that include being very light, extremely stiff and stronger than steel, x-ray transparent, non-magnetic and non-sparking, and melts at 2,307°C, which is extremely high when compared with aluminum that melts at a much lower 660.32 °C. Pure beryllium plays a strategic role in the nuclear, aerospace and defense industries, and is widely utilized as an alloy in telecom, computing, electronics, medical, oil and gas, and automotive industries.
IBC has 80 employees at four production facilities located in Indiana, Massachusetts, Pennsylvania and Missouri and has its head office in Vancouver, Canada. Sales revenues for the 2011 fiscal year released October 31st , 2011 were $20.45 million, which is an increase of 37% over 2010.
The business is still evolving, and remains in a high growth mode that has been fueled by equity injections of $11.50 million in 2011, and $10.5 million in 2010.
The Company currently obtains its beryllium metal through an agreement with Ulba Metallurgical Plant, a subsidiary of Kazatomprom, the National Atomic Energy Company of Kazakhstan. Ulba is one of the largest beryllium processers in the world and IBC is one of their largest customers. IBC is also exploring and developing its properties in Utah, Colorado, and Brazil, for the production of beryllium ore and concentrates, which may one day ultimately be processed by Ulba.
The first property being developed is the Juab County fluorite and bertrandite project which is located in western Utah, and lies along strike from open pits at Spor Mountain, a location known for its world class beryllium resources. The Juab County project covers 7,630 acres, encompassing an ancient caldera that could potentially be a significant beryllium resource.
Fugro Airborne Surveys flew a detailed 7,495 line kilometre, low altitude airborne radiometric and magnetic survey, which identified several high interest target zones that occupy a very large area within the property.
The Company has configured targets across these high interest zones, and is now undertaking 5,250 metres of Reverse Circulation drilling in 35 holes that will test target zones below the volcanic tuff, and explore concentrations of fluorite, and bertrandite in the underlying Bell Hill Dolomite.
In June of 2011, IBC signed a strategic Memorandum of Understanding for the continued supply of beryllium metal and beryllium master alloys with Ulba, which is one of only three fully integrated beryllium producers in the world today. The IBC and Ulba partnership will also examine other technological and business development initiatives that include beryllium, other rare metals and their alloys as well as new opportunities in resource exploration, development, and production.
Management believes that this fragmented market produces $2 billion in annual sales worldwide for beryllium, beryllium alloys and non-ferrous alloys, and presents an excellent opportunity for IBC to continue to consolidate smaller businesses and generate ongoing growth.
This supply partnership with Ulba will benefit IBC’s Engineered Materials Division, which has positioned the Company as a global leader in the beryllium aluminum castings market, and together with the beryllium copper alloys business, has dramatically increased the product range and market depth.
In May of 2011, IBC opened a new state of the art 63,000 square foot manufacturing and advanced casting facility in Wilmington, Massachusetts. The plant is capable of producing advanced investment castings manufactured from the Company’s high performance, and lightweight Beralcast family of alloys.
The facility was established to satisfy a growing worldwide demand for castings, and has sufficient production capacity to hire an additional 40 high tech manufacturing, and engineering personnel over the next three years.
Recent contracts include a global leader in the design and manufacture of high technology assembly equipment that inked a contract for one to three years, for provision of advanced investment castings. This agreement is expected to generate a minimum of $4 million per year.
Another agreement was signed with the U.S. Military Army Research Laboratory, and Naval Air Systems Command to work together to develop, evaluate, and test the use of Beralcast beryllium and aluminum alloys for the United States Armed Forces Fire Scout program, and other unmanned aerial vehicles or UAV drone initiatives.
IBC has also retained Chris Huskamp who is an internationally recognized high performance auto-sports materials and metallurgical consultant to assist with development aimed at the auto-sports market, where IBC materials have great potential to penetrate the motorsports community and worldwide automotive markets.
The Company's range of alloys and composites has a consistently high stiffness to weight ratio, as well as other important materials characteristics, which will allow automotive engineers greater design flexibility and more options to achieve significant performance gains.
IBC is also mounting a very bold attempt to penetrate the nuclear fuel market, which is estimated to produce $35 billion in world-wide sales in 2020, with an innovative new fuel product that contains a blend of uranium and beryllium oxide.
It is hoped that this new fuel blend will be suitable for current and future nuclear reactors, providing an energy source that is more efficient and safer than existing nuclear fuels. The beryllium oxide enhanced nuclear fuel provides a significant reduction of fission gas release, which allows for a higher fuel burn up that contributes to the reduction of energy stored in the fuel pins. These factors become very relevant in a post Fukushima nuclear environment and have the potential to both improve the safety of the nuclear industry but also the economics.
The Company recently signed a Memorandum of Understanding with Ceramic Tubular Products to jointly advance, and develop fuel performance improvements, and operational safety benefits for nuclear light water reactor fuel systems.
IBC`s research and development of beryllium oxide enhanced nuclear fuel is complementary to CTP's cladding technology, which has already received acclaim from a variety of government and industry sources. Development and validation studies that combine the two technologies will be completed at Perdue, and Texas A&M universities.
A Memorandum of Understanding is also in place with Global Nuclear Fuels, which is a joint venture between General Electric (NYSE: GE), Hitachi (TYO: 6501, NYSE: HIT), and Toshiba (TYO: 6502, LSE: TOS) who are undertaking a study on the application of beryllium oxide technology to a boiling water reactor.
Jim Malone, who is IBC’s President of Nuclear Fuels, was appointed as Chairman of the World Nuclear Association's recently initiated Fuel Technology Working Group. The working group's objective is to explore evolutionary fuel technologies with a view to developing, supporting and commercializing alternative fuel-types for the nuclear industry. This appointment tends to validate the potential of IBC’s nuclear fuel technology with major players in the industry.
Dreams grows e-commerce revenues by 32% in October
Licensed sports product retailer Dreams (AMEX:DRJ) said Wednesday that e-commerce revenues for the month of October rose 32 percent year-over-year to $9.1 million, driven by organic growth and an expanding portfolio of web syndication clients.
The company's e-commerce division, which includes its flagship FansEdge.com and other websites, has been an increasing focus for the firm. The division manages over 65 online fan shops, selling licensed sports merchandise from the NFL, NHL, NBA, MLB, and NCAA.
Dreams said that during the month of October, growth was attributable to its flagship site, FansEdge.com.
"We continue to see an increase in online purchases from fans who demand a greater range of sports merchandise," said president and CEO, Ross Tannenbaum.
In addition, the company is bolstering its list of ever-expanding web syndication platform, a market which it entered in late 2008 by rolling out "Dreams Retail Solution", a host of e-commerce support services including custom site design, inventory, management and marketing.
Clients of the platform currently include Walmart, JC Penney and Sears, as well as NBC Sports and AOL Sports.
Tannenbaum added: "We are very well positioned to take further market share with our fully-integrated e-commerce platform through the remainder of this year and beyond."
The Florida-based company’s e-commerce business accounts for a majority of total revenues.
The company's e-commerce division, which includes its flagship FansEdge.com and other websites, has been an increasing focus for the firm. The division manages over 65 online fan shops, selling licensed sports merchandise from the NFL, NHL, NBA, MLB, and NCAA.
Dreams said that during the month of October, growth was attributable to its flagship site, FansEdge.com.
"We continue to see an increase in online purchases from fans who demand a greater range of sports merchandise," said president and CEO, Ross Tannenbaum.
In addition, the company is bolstering its list of ever-expanding web syndication platform, a market which it entered in late 2008 by rolling out "Dreams Retail Solution", a host of e-commerce support services including custom site design, inventory, management and marketing.
Clients of the platform currently include Walmart, JC Penney and Sears, as well as NBC Sports and AOL Sports.
Tannenbaum added: "We are very well positioned to take further market share with our fully-integrated e-commerce platform through the remainder of this year and beyond."
The Florida-based company’s e-commerce business accounts for a majority of total revenues.
EurOmax hits 345 metres at 0.24% copper, 0.32 g/t gold at Ilovitza
EurOmax Resources (CVE:EOX) announced Wednesday additional results from its 2011 diamond drill program at its Ilovitza copper-gold porphyry project in Macedonia, showing good continuity of mineralization and consistent grades.
Results include 345 metres of 0.24% copper and 0.32 grams per tonne (g/t) of gold, including 153 metres of 0.3% copper and 0.45 g/t gold in hole EOIC-1126.
This hole, which was drilled vertically to a depth of 545 metres, closes a 200-metre wide gap with no drilling in the southwest quadrant of the porphyry, the company said.
Drill hole EOIC-1127, also vertical, was drilled near the southern margin of the deposit and encountered 413.6 metres of sulfide mineralization grading 0.19% copper and 0.20 g/t gold.
Meanwhile, results from hole EOIC-1128, a hole collared around 100 metres east of hole EOIC-1125 and drilled to a depth of 635 metres, are expected by the end of the year.
EurOmax exercised an option to acquire a 100 percent interest in the Ilovitza property from a major international mining company, subject to a back-in right that has to be exercised within 90 days of a 10,000 metre drilling commitment being met.
This company said this drilling commitment has now been realized, and the other party therefore has until January 23, 2012 to either relinquish all interests in the property or to acquire a 70 percent interest.
If the back-in right is exercised, EurOmax will receive a payment of two times the company's expenditures on the property, which have been approximately $3 million to date, it said. In addition, the major international mining company will carry EurOmax’s 30 percent interest through to completion of a final feasibility study.
Technical advisor to the company, Dr. Quinton Hennigh, said: "Not only are we pleased with continued good drill results from Ilovitza, we are looking forward to resolution on our ownership interest in this project."
EurOmax is a Canadian company with three core properties in Bulgaria, Serbia and Macedonia.
Results include 345 metres of 0.24% copper and 0.32 grams per tonne (g/t) of gold, including 153 metres of 0.3% copper and 0.45 g/t gold in hole EOIC-1126.
This hole, which was drilled vertically to a depth of 545 metres, closes a 200-metre wide gap with no drilling in the southwest quadrant of the porphyry, the company said.
Drill hole EOIC-1127, also vertical, was drilled near the southern margin of the deposit and encountered 413.6 metres of sulfide mineralization grading 0.19% copper and 0.20 g/t gold.
Meanwhile, results from hole EOIC-1128, a hole collared around 100 metres east of hole EOIC-1125 and drilled to a depth of 635 metres, are expected by the end of the year.
EurOmax exercised an option to acquire a 100 percent interest in the Ilovitza property from a major international mining company, subject to a back-in right that has to be exercised within 90 days of a 10,000 metre drilling commitment being met.
This company said this drilling commitment has now been realized, and the other party therefore has until January 23, 2012 to either relinquish all interests in the property or to acquire a 70 percent interest.
If the back-in right is exercised, EurOmax will receive a payment of two times the company's expenditures on the property, which have been approximately $3 million to date, it said. In addition, the major international mining company will carry EurOmax’s 30 percent interest through to completion of a final feasibility study.
Technical advisor to the company, Dr. Quinton Hennigh, said: "Not only are we pleased with continued good drill results from Ilovitza, we are looking forward to resolution on our ownership interest in this project."
EurOmax is a Canadian company with three core properties in Bulgaria, Serbia and Macedonia.
Goldrush Resources intersects 38 metres of 1.49 g/t gold at Ronguen
Goldrush Resources (CVE:GOD) reported Wednesday positive drill results from the initial 21 holes of a 94-hole reverse circulation infill drilling program on its Ronguen gold deposit in Burkina Faso, gearing up for an updated resource estimate next year.
Highlights of the results included 1.49 grams per tonne (g/t) of gold over 38 metres in hole KGRR11-171; 6.25 g/t gold over 6 metres in hole KGRR11-166; 3.24 g/t gold over 11 metres in hole KGRR11-158; and 1.66 g/t gold over 19 metres in hole KGRR11-175.
In addition, hole KGRR11-172 intercepted 1.86 g/t gold over 16 metres, while hole KGRR11-165 returned 1.09 g/t gold over 24 metres.
All of the above intersections were centered at vertical depths of less than 30 metres from surface and were located on the G1 grid, the easterly of the two overlapping grids at the Ronguen deposit, the company said.
The density of drill holes in this area is designed to upgrade the oxide portion of the gold mineralization at Ronguen to the indicated category, in preparation for an updated resource estimate expected late in the first quarter of 2012.
Goldrush said the results from the most western hole, KGRR11-158, and the most easterly hole KGRR11-175, confirm the presence of significant gold mineralization over an east-west span of 325 metres.
"In addition to the results of the drilling since the last resource estimate in 2008, these results reported from the first 20% of the RC drill program have been very positive and bode well for a significant upgrade in both the classification and size of the Ronguen resource," said president and CEO, Len Brownlie.
"With an expanded, high quality exploration team in place, and with core, RC and RAB drills under contract, Goldrush is working flat out to complete both RC and core drilling programs at Ronguen, core drilling at the Salbo permit, and up to 11,000 metres of RAB drilling on the recently acquired Pompoi and Rima permits by Christmas."
The Ronguen gold deposit is located within the northeastern part of the highly prospective Birimian age Boromo greenstone belt in Burkina Faso.
The company said it is awaiting reverse circulation drilling assay results from an additional 37 holes drilled on the Ronguen gold deposit, as part of the company’s ongoing 94 hole, 7,165 metre reverse circulation drilling program.
In addition to this drilling campaign, 2,200 metres of core drilling on both the Ronguen deposit and step-out targets on the Tikare permit were initiated yesterday.
Following the Tikare program, the core drill will be moved to the Salbo permit, located less than 40 kilometres south of Ronguen, to drill approximately 1,000 metres to follow up on promising results from earlier this year, where shallow drilling intersected 1.74 g/t gold over 8 metres.
At the Pompoi permit, located to the east of Roxgold’s Yaramoko permit, Goldrush has signed contracts for an 11,000 metre rotary air blast drill program to begin in mid-November.
Brownlie added: "This is an exciting time to be a Goldrush shareholder. Never before has the company been able to a provide such exceptional targets and the funding necessary to conduct advanced exploration on so many projects at once. We look forward to the steady flow of news from these drill programs in the next several months.”
Highlights of the results included 1.49 grams per tonne (g/t) of gold over 38 metres in hole KGRR11-171; 6.25 g/t gold over 6 metres in hole KGRR11-166; 3.24 g/t gold over 11 metres in hole KGRR11-158; and 1.66 g/t gold over 19 metres in hole KGRR11-175.
In addition, hole KGRR11-172 intercepted 1.86 g/t gold over 16 metres, while hole KGRR11-165 returned 1.09 g/t gold over 24 metres.
All of the above intersections were centered at vertical depths of less than 30 metres from surface and were located on the G1 grid, the easterly of the two overlapping grids at the Ronguen deposit, the company said.
The density of drill holes in this area is designed to upgrade the oxide portion of the gold mineralization at Ronguen to the indicated category, in preparation for an updated resource estimate expected late in the first quarter of 2012.
Goldrush said the results from the most western hole, KGRR11-158, and the most easterly hole KGRR11-175, confirm the presence of significant gold mineralization over an east-west span of 325 metres.
"In addition to the results of the drilling since the last resource estimate in 2008, these results reported from the first 20% of the RC drill program have been very positive and bode well for a significant upgrade in both the classification and size of the Ronguen resource," said president and CEO, Len Brownlie.
"With an expanded, high quality exploration team in place, and with core, RC and RAB drills under contract, Goldrush is working flat out to complete both RC and core drilling programs at Ronguen, core drilling at the Salbo permit, and up to 11,000 metres of RAB drilling on the recently acquired Pompoi and Rima permits by Christmas."
The Ronguen gold deposit is located within the northeastern part of the highly prospective Birimian age Boromo greenstone belt in Burkina Faso.
The company said it is awaiting reverse circulation drilling assay results from an additional 37 holes drilled on the Ronguen gold deposit, as part of the company’s ongoing 94 hole, 7,165 metre reverse circulation drilling program.
In addition to this drilling campaign, 2,200 metres of core drilling on both the Ronguen deposit and step-out targets on the Tikare permit were initiated yesterday.
Following the Tikare program, the core drill will be moved to the Salbo permit, located less than 40 kilometres south of Ronguen, to drill approximately 1,000 metres to follow up on promising results from earlier this year, where shallow drilling intersected 1.74 g/t gold over 8 metres.
At the Pompoi permit, located to the east of Roxgold’s Yaramoko permit, Goldrush has signed contracts for an 11,000 metre rotary air blast drill program to begin in mid-November.
Brownlie added: "This is an exciting time to be a Goldrush shareholder. Never before has the company been able to a provide such exceptional targets and the funding necessary to conduct advanced exploration on so many projects at once. We look forward to the steady flow of news from these drill programs in the next several months.”
Quantum Rare Earth options out 80% of Australian properties to Florella Holdings
Quantum Rare Earth Developments Corp. (CVE:QRE) (OTCQX:QREDF) said Wednesday that it has optioned out 80 percent of its Australian Jungle Well and Laverton properties, collectively known as the Australian properties, to Florella Holdings, in an effort to focus on its Elk Creek project in Nebraska.
The Jungle Well project is located about 40 kilometres west of the town of Leonora, in Western Australia, and is roughly 160 kilometres southwest of Lynas Corp's Mt. Weld rare earth element mine.
A recently completed exploration program at the property included the re-evaluation of an ultramafic dyke, Quantum said, to confirm historic rare earth oxide values for samples collected in 2007 and 2009. A total of nine grab samples were taken along the length of the dyke, and all showed highly elevated total rare earth oxides (TREO) values of 0.93 percent to 12.80 percent.
The company said samples showed variable rare earth distribution, with persistent enrichment in neodymium and the more valuable heavy rare earth oxides.
Under the terms of the deal, Florella will have the option to acquire up to an 80 percent interest in the Australian properties in exchange for cash payments of C$60,000 to Quantum on signing, a further cash payment of US$120,000 within 14 days of exercising the option, shares of newly-listed Florella totaling no less than A$750,000 once the company's initial public offering is completed, and an additional C$60,000 as reimbursement for costs incurred in preliminary exploration work by Quantum.
Quantum will retain the remaining 20 percent interest in the properties, and the parties will then form a joint venture, with Quantum's stake to be carried to commercial production, it said.
Lynas' Mt. Weld deposit, located nearby Quantum's Jungle Well property, contains a resource of 17.49 million tonnes at an average grade of 8.1% TREO, with a cut-off grade of 2.5% TREO.
"Given the high grades of the Jungle Well samples, in combination with large circular magnetic features on the property, Quantum’s management is encouraged with the recent results," the company said in a statement.
The mineralized dyke was traced for approximately 70 metres through a series of pits, trending northwest to southeast. A follow up exploration program is expected, which will include radiometric and magnetic airborne surveys, as well as additional sampling of the known ultramafic dyke, and other surrounding structures.
Quantum said the deal will benefit the company, as it will result in an accelerated work program at Jungle Well, while allowing the rare earth explorer to focus on the development of its Elk Creek project in southern Nebraska.
In late September, the company announced the results from the remaining two drill holes of its spring/summer exploration program at its Elk Creek project, with both holes hitting high grade mineralization east of the property's Niobium deposit.
Results were finalized for holes NEC11-004, located roughly 2.5 kilometres east of the Niobium deposit, and NEC11-005, located around one kilometre east-northeast of the deposit at the company's niobium-rare earth element project.
The in-fill and step-out drill campaign was designed to upgrade the resource estimate to the indicated category, to expand the known niobium resource, and to collect samples for development studies of niobium ore from the property.
Hole NEC11-004 intersected 236.19 metres of 2.10% total rare earth oxides (TREO), including 68.18 metres of 3.32% TREO, while hole NEC11-005 returned 433.97 metres of 0.92% TREO, including 164.85 metres of 1.21% TREO.
The Jungle Well project is located about 40 kilometres west of the town of Leonora, in Western Australia, and is roughly 160 kilometres southwest of Lynas Corp's Mt. Weld rare earth element mine.
A recently completed exploration program at the property included the re-evaluation of an ultramafic dyke, Quantum said, to confirm historic rare earth oxide values for samples collected in 2007 and 2009. A total of nine grab samples were taken along the length of the dyke, and all showed highly elevated total rare earth oxides (TREO) values of 0.93 percent to 12.80 percent.
The company said samples showed variable rare earth distribution, with persistent enrichment in neodymium and the more valuable heavy rare earth oxides.
Under the terms of the deal, Florella will have the option to acquire up to an 80 percent interest in the Australian properties in exchange for cash payments of C$60,000 to Quantum on signing, a further cash payment of US$120,000 within 14 days of exercising the option, shares of newly-listed Florella totaling no less than A$750,000 once the company's initial public offering is completed, and an additional C$60,000 as reimbursement for costs incurred in preliminary exploration work by Quantum.
Quantum will retain the remaining 20 percent interest in the properties, and the parties will then form a joint venture, with Quantum's stake to be carried to commercial production, it said.
Lynas' Mt. Weld deposit, located nearby Quantum's Jungle Well property, contains a resource of 17.49 million tonnes at an average grade of 8.1% TREO, with a cut-off grade of 2.5% TREO.
"Given the high grades of the Jungle Well samples, in combination with large circular magnetic features on the property, Quantum’s management is encouraged with the recent results," the company said in a statement.
The mineralized dyke was traced for approximately 70 metres through a series of pits, trending northwest to southeast. A follow up exploration program is expected, which will include radiometric and magnetic airborne surveys, as well as additional sampling of the known ultramafic dyke, and other surrounding structures.
Quantum said the deal will benefit the company, as it will result in an accelerated work program at Jungle Well, while allowing the rare earth explorer to focus on the development of its Elk Creek project in southern Nebraska.
In late September, the company announced the results from the remaining two drill holes of its spring/summer exploration program at its Elk Creek project, with both holes hitting high grade mineralization east of the property's Niobium deposit.
Results were finalized for holes NEC11-004, located roughly 2.5 kilometres east of the Niobium deposit, and NEC11-005, located around one kilometre east-northeast of the deposit at the company's niobium-rare earth element project.
The in-fill and step-out drill campaign was designed to upgrade the resource estimate to the indicated category, to expand the known niobium resource, and to collect samples for development studies of niobium ore from the property.
Hole NEC11-004 intersected 236.19 metres of 2.10% total rare earth oxides (TREO), including 68.18 metres of 3.32% TREO, while hole NEC11-005 returned 433.97 metres of 0.92% TREO, including 164.85 metres of 1.21% TREO.
Prophecy Platinum to raise $8.1 mln in private placement financing
Prophecy Platinum (CVE:NKL) (OTCQX:PNIKF) Tuesday arranged a non-brokered private placement of 3 million shares at a price of $2.70 per share to raise aggregate gross proceeds of $8.1 million.
The proceeds will be applied to the company's flagship Wellgreen platinum group metal (PGM), nickel and copper project in the Yukon, Canada, as well as to its other properties and for general working capital needs.
Company insider Sprott Asset Management, on behalf of various funds and managed accounts, has committed up to 25 percent of this financing, the company said. Additional insiders of the company are expected to subscribe at $2.72 per share.
The closing of the placement is anticipated to occur on or before November 11.
Prophecy Platinum is a Canada-based nickel, PGM exploration company with projects in Canada, Argentina and Uruguay.
The proceeds will be applied to the company's flagship Wellgreen platinum group metal (PGM), nickel and copper project in the Yukon, Canada, as well as to its other properties and for general working capital needs.
Company insider Sprott Asset Management, on behalf of various funds and managed accounts, has committed up to 25 percent of this financing, the company said. Additional insiders of the company are expected to subscribe at $2.72 per share.
The closing of the placement is anticipated to occur on or before November 11.
Prophecy Platinum is a Canada-based nickel, PGM exploration company with projects in Canada, Argentina and Uruguay.
Nextraction tests 177 boe per day in first horizontal well at Viking oil play, expands foothold
Nextraction Energy (CVE:NE) has made a heap of progress recently at its light oil Viking play in Alberta, and stands to benefit from recent development deals in the area.
Just earlier last month, the company tested 177 barrels of oil equivalent (boe) per day during the first five days of testing at its first horizontal oil well in the Viking oil play.
The well measures 1,200 metres deep and, after being fracture stimulated with 13 multi-stage fracs, flowed at about 177 boe per day. Flow rates were comprised of 109 barrels of oil, and 410 thousand cubic feet (mcf) of natural gas, with a 75 percent watercut.
Nextraction said it installed a down-hole pump in order to test if gas flow rates could be manipulated to allow for continued production while it constructs a natural gas pipeline. The results found that eight open fractured intervals flowed at an average rate of 73 boe per day, including 38 barrels of oil per day and 210 mcf of gas per day, with a 91 percent watercut.
Still, the company said that, according to regulations, it must construct a pipeline before it can produce natural gas at this flow rate.
The company said it is quickly increasing its developable reserves in the area - in the last six months alone, it has achieved production in the pool, completed its first horizontal well, and doubled its land ownership position to 2,000 acres.
It first acquired a 50 percent interest in 3.25 sections of the oil pool in eastern Alberta, including four wells that were producing about 30 barrels per day (bbls/d) of oil, for cumulative production of about 665,000 bbls of oil.
It recently invested an additional $1.1 million to acquire another two sections.
Following a fracture stimulation of one of the existing wells on the property, production increased ten-fold, to 29 bbls/d of oil, up from three bbls/d of oil. After three months of production, the well is still producing about 15 bbls/d of oil. Currently, the pool produces a total of about 40 bbls/d of oil.
Nextraction said it is realizing $57 per barrel in net backs from this existing production, including $89 per barrel in price, and $32 per barrel in costs, which include all production, operating, and royalty expenses.
Also on the Viking oil play, Westfire Energy (TSE:WFE) and Orion Oil and Gas (TSE:OIP) announced a merger, valued at $675 million. The combined assets of the two companies, which will be known as Westfire Energy, extend along the entire trend of the Viking oil play.
The Westfire properties are adjacent to Nextraction's leaseholds, and production of the assets are to be upgraded to 12,000 boe per day by the end of 2012, Nextraction said.
Westfire owns 13 undeveloped sections on the western portion of the Viking play, representing 80 percent, and has indicated the potential for between 78 to 103 well locations. Nextraction owns the remaining 20 percent of the region, and these potential well locations are situated alongside its own land holdings, it said.
"The fact that Westfire and Orion see great value in merging their substantial Viking trend oil interests certainly underpins the potential in the much smaller project that Nextraction is developing," the company said in a statement.
In fact, Westfire confirmed that the estimated ultimate recoverable oil from their share of the Viking oil pool will be 5 to 7 million barrels, and has potential to produce 5,100 to 6,700 boe per day when fully developed.
Nextraction said: "Running these conceptual estimates highlights the potential within the Viking Oil Pool, and also highlights a valuation gap for Nextraction, even if they do not reach the optimized development conditions that the Westfire calculations put forth."
Early technical studies completed by McDaniel Consultants have estimated that the entire Viking Oil Pool has over 80 million barrels of original oil in place, with historical production confirming the extraction of about three million barrels. Vertical wells there currently produce up to 300,000 barrels of oil each.
Nextraction has discovered the potential to drill up to 36 locations across its portion of the light oil Viking property - what it calls a low-risk oil play - and has identified locations for at least eight new wells with a full interest, and up to 28 new wells with a 50 percent interest.
Upon completion of its initial drilling program, the company said it will complete an NI 51-101 compliant estimate to evaluate the reserves added by the project. It also plans to drill a second horizontal well, and construct the necessary natural gas pipeline.
The Viking trend is known to extend over 650 miles from the Redwater oil field, which is located near Edmonton, Alberta, to the Plato, Lucky Hills and Dodsland oil fields in western Saskatchewan and has recently seen over 400 horizontal wells drilled in the formation.
Just earlier last month, the company tested 177 barrels of oil equivalent (boe) per day during the first five days of testing at its first horizontal oil well in the Viking oil play.
The well measures 1,200 metres deep and, after being fracture stimulated with 13 multi-stage fracs, flowed at about 177 boe per day. Flow rates were comprised of 109 barrels of oil, and 410 thousand cubic feet (mcf) of natural gas, with a 75 percent watercut.
Nextraction said it installed a down-hole pump in order to test if gas flow rates could be manipulated to allow for continued production while it constructs a natural gas pipeline. The results found that eight open fractured intervals flowed at an average rate of 73 boe per day, including 38 barrels of oil per day and 210 mcf of gas per day, with a 91 percent watercut.
Still, the company said that, according to regulations, it must construct a pipeline before it can produce natural gas at this flow rate.
The company said it is quickly increasing its developable reserves in the area - in the last six months alone, it has achieved production in the pool, completed its first horizontal well, and doubled its land ownership position to 2,000 acres.
It first acquired a 50 percent interest in 3.25 sections of the oil pool in eastern Alberta, including four wells that were producing about 30 barrels per day (bbls/d) of oil, for cumulative production of about 665,000 bbls of oil.
It recently invested an additional $1.1 million to acquire another two sections.
Following a fracture stimulation of one of the existing wells on the property, production increased ten-fold, to 29 bbls/d of oil, up from three bbls/d of oil. After three months of production, the well is still producing about 15 bbls/d of oil. Currently, the pool produces a total of about 40 bbls/d of oil.
Nextraction said it is realizing $57 per barrel in net backs from this existing production, including $89 per barrel in price, and $32 per barrel in costs, which include all production, operating, and royalty expenses.
Also on the Viking oil play, Westfire Energy (TSE:WFE) and Orion Oil and Gas (TSE:OIP) announced a merger, valued at $675 million. The combined assets of the two companies, which will be known as Westfire Energy, extend along the entire trend of the Viking oil play.
The Westfire properties are adjacent to Nextraction's leaseholds, and production of the assets are to be upgraded to 12,000 boe per day by the end of 2012, Nextraction said.
Westfire owns 13 undeveloped sections on the western portion of the Viking play, representing 80 percent, and has indicated the potential for between 78 to 103 well locations. Nextraction owns the remaining 20 percent of the region, and these potential well locations are situated alongside its own land holdings, it said.
"The fact that Westfire and Orion see great value in merging their substantial Viking trend oil interests certainly underpins the potential in the much smaller project that Nextraction is developing," the company said in a statement.
In fact, Westfire confirmed that the estimated ultimate recoverable oil from their share of the Viking oil pool will be 5 to 7 million barrels, and has potential to produce 5,100 to 6,700 boe per day when fully developed.
Nextraction said: "Running these conceptual estimates highlights the potential within the Viking Oil Pool, and also highlights a valuation gap for Nextraction, even if they do not reach the optimized development conditions that the Westfire calculations put forth."
Early technical studies completed by McDaniel Consultants have estimated that the entire Viking Oil Pool has over 80 million barrels of original oil in place, with historical production confirming the extraction of about three million barrels. Vertical wells there currently produce up to 300,000 barrels of oil each.
Nextraction has discovered the potential to drill up to 36 locations across its portion of the light oil Viking property - what it calls a low-risk oil play - and has identified locations for at least eight new wells with a full interest, and up to 28 new wells with a 50 percent interest.
Upon completion of its initial drilling program, the company said it will complete an NI 51-101 compliant estimate to evaluate the reserves added by the project. It also plans to drill a second horizontal well, and construct the necessary natural gas pipeline.
The Viking trend is known to extend over 650 miles from the Redwater oil field, which is located near Edmonton, Alberta, to the Plato, Lucky Hills and Dodsland oil fields in western Saskatchewan and has recently seen over 400 horizontal wells drilled in the formation.
Selwyn Resources completes exploration drilling for expansion of main pit at ScoZinc
Junior explorer Selwyn Resources (CVE:SWN) said Tuesday it has finished exploration drilling in the southwest at the proposed main pit expansion at its ScoZinc mine.
The ScoZinc Mine, a past producing zinc-lead mine in Nova Scotia, which the company recently acquired for $10 million, has roughly a measured and indicated resource of 2.8 million tonnes grading 4.2 percent zinc and 1.9 percent lead.
The company, which drilled 4,940 metres in 44 holes, said the impetus of the program was to better define the mineral resources in the area to upgrade the mineral resource estimate.
Expansion of the mineral resource model will allow for further optimization of the main pit and possible extension of the current proposed main pit mine plan, the company said in a statement.
With a crew of 25, refurbishment of the mill and surface facilities at the site continues. Selwyn said that its aim is to prepare the site to restart full scale mining at ScoZinc once financing is obtained. In the meantime, Selwyn said it will continue with the detailed project restart planning.
About $30 million of re-start capital is needed for the refurbishment and to resume mining and milling at the ScoZinc mine.
The company said an increase in zinc and lead metal prices from current metal prices will assist in the “timely” completion of the financing, for which it continues to explore and advance discussions on alternatives for the funds.
Last month, Selwyn said that First Securities was to initially act as the company’s agent in regards to a proposed $30 million offering of secure senior bonds, but this has since been terminated.
Selwyn’s primary focus remains the exploration and development of the properties that make up the Selwyn project in the Yukon, which is operated by the joint venture comprised of Selwyn and Chihong Canada Mining.
The ScoZinc Mine, a past producing zinc-lead mine in Nova Scotia, which the company recently acquired for $10 million, has roughly a measured and indicated resource of 2.8 million tonnes grading 4.2 percent zinc and 1.9 percent lead.
The company, which drilled 4,940 metres in 44 holes, said the impetus of the program was to better define the mineral resources in the area to upgrade the mineral resource estimate.
Expansion of the mineral resource model will allow for further optimization of the main pit and possible extension of the current proposed main pit mine plan, the company said in a statement.
With a crew of 25, refurbishment of the mill and surface facilities at the site continues. Selwyn said that its aim is to prepare the site to restart full scale mining at ScoZinc once financing is obtained. In the meantime, Selwyn said it will continue with the detailed project restart planning.
About $30 million of re-start capital is needed for the refurbishment and to resume mining and milling at the ScoZinc mine.
The company said an increase in zinc and lead metal prices from current metal prices will assist in the “timely” completion of the financing, for which it continues to explore and advance discussions on alternatives for the funds.
Last month, Selwyn said that First Securities was to initially act as the company’s agent in regards to a proposed $30 million offering of secure senior bonds, but this has since been terminated.
Selwyn’s primary focus remains the exploration and development of the properties that make up the Selwyn project in the Yukon, which is operated by the joint venture comprised of Selwyn and Chihong Canada Mining.
Century Iron and Wisco extend date of signing definitive agreements for Quebec properties
Century Iron Mines (TSE:FER) said Tuesday it has extended the date of signing definitive business venture agreements for the Duncan Lake, Sunny Lake and Attikamagen individual iron-ore projects, as under an initial joint venture deal laid out in August with China's Wuhan Iron and Steel (WISCO) International.
Century Iron and Wisco said they have worked diligently to complete the negotiation and settlement of documentation for the project agreements, but in view of the "scale and complexity" of the properties and the substantial investment that is to be made by Wisco, additional time is required to complete the final deals.
The parties have agreed to an extension of the signing dates for the project agreements until November 29, 2011.
President and CEO of Century Iron, Sandy Chim, said: We are very pleased with the spirit of partnership with WISCO Resources during the process of negotiation of the Project Agreements over the course of the last two months.
"WISCO Resources is one of the major subsidiaries of Wuhan Iron & Steel (Group) Corporation, a world class integrated iron and steel company, with excellent internal control procedures and processes governing important aspects of major project undertakings.
"WISCO Resources and Century Iron are confident that the foundation of a very strong strategic partnership is in place to advance the success of our Projects. The terms of the Project Agreements are very advanced and I look forward to the signing of these Agreements when the internal procedures are complete and to working together with WISCO Resources."
Century Iron said planning of the programs in respect of the projects is well underway.
Under the agreement announced in August, Century Iron Mines said China's Wisco would invest $120 million over two years in three joint ventures to explore and develop the company’s Duncan Lake, Attikamagen and Sunny Lake projects in Quebec.
As the initial terms were laid out in August, the joint venture agreement, which is still subject to Toronto Stock Exchange as well as Chinese regulatory approval, will see Century Iron keep a 60 percent stake in its Duncan Lake property, while Wisco Resources will spend $40 million for a 40 percent interest.
Century Iron would also retain a 60 percent stake in the Attikamagen and Sunny Lake projects, with Wisco spending $40 million into each project within a two year timeframe, in exchange for a 40 percent stake.
Century Iron is an emerging iron ore exploration and development company, with iron ore assets located in Northern Quebec and Labrador. The company has two key strategic partners in Wisco Resources and Minmetals Exploration & Development, both state-owned Chinese companies with financial and technical resources to assist the company with funding for the exploration and development of its iron ore projects.
The company has also signed a principal agreement with Altius Minerals Corporation covering four of Altius’ regional iron ore projects in the Labrador Trough in Newfoundland: Astray, Grenville, Menihek and Schefferville.
Century Iron and Wisco said they have worked diligently to complete the negotiation and settlement of documentation for the project agreements, but in view of the "scale and complexity" of the properties and the substantial investment that is to be made by Wisco, additional time is required to complete the final deals.
The parties have agreed to an extension of the signing dates for the project agreements until November 29, 2011.
President and CEO of Century Iron, Sandy Chim, said: We are very pleased with the spirit of partnership with WISCO Resources during the process of negotiation of the Project Agreements over the course of the last two months.
"WISCO Resources is one of the major subsidiaries of Wuhan Iron & Steel (Group) Corporation, a world class integrated iron and steel company, with excellent internal control procedures and processes governing important aspects of major project undertakings.
"WISCO Resources and Century Iron are confident that the foundation of a very strong strategic partnership is in place to advance the success of our Projects. The terms of the Project Agreements are very advanced and I look forward to the signing of these Agreements when the internal procedures are complete and to working together with WISCO Resources."
Century Iron said planning of the programs in respect of the projects is well underway.
Under the agreement announced in August, Century Iron Mines said China's Wisco would invest $120 million over two years in three joint ventures to explore and develop the company’s Duncan Lake, Attikamagen and Sunny Lake projects in Quebec.
As the initial terms were laid out in August, the joint venture agreement, which is still subject to Toronto Stock Exchange as well as Chinese regulatory approval, will see Century Iron keep a 60 percent stake in its Duncan Lake property, while Wisco Resources will spend $40 million for a 40 percent interest.
Century Iron would also retain a 60 percent stake in the Attikamagen and Sunny Lake projects, with Wisco spending $40 million into each project within a two year timeframe, in exchange for a 40 percent stake.
Century Iron is an emerging iron ore exploration and development company, with iron ore assets located in Northern Quebec and Labrador. The company has two key strategic partners in Wisco Resources and Minmetals Exploration & Development, both state-owned Chinese companies with financial and technical resources to assist the company with funding for the exploration and development of its iron ore projects.
The company has also signed a principal agreement with Altius Minerals Corporation covering four of Altius’ regional iron ore projects in the Labrador Trough in Newfoundland: Astray, Grenville, Menihek and Schefferville.
OncoSec’s unique story one to watch in the next year
San Diego-based OncoSec Medical Inc. (OTC:ONCS) began operations in March 2011 through a reverse merger with parent company Netventory Solutions, which had changed its focus from online inventory services to the biomedical industry. Technology acquired from Inovio Pharmaceuticals on March 14th formed the core of OncoSec’s new business.
The assets purchased from Inovio included non-DNA vaccine technology and intellectual property relating to electroporation technology to facilitate delivery of chemotherapy agents, or nucleic acids encoding cytokines for the treatment and diagnosis of tumors. In return, the company is obligated to pay Inovio $3,000,000 in scheduled payments over the period of two years from the closing date of the asset purchase and a royalty on commercial product sales related to the technology. The transaction closed on March 24, 2011. An upfront payment of $250,000 was made with four scheduled payments to follow- the final one on March 24, 2013.
The electroporation technology OncoSec acquired, called the OncoSec Medical System (OMS), is based on the same system Inovio is using for its DNA vaccine programs. It in essence, applies electrical pulses to cells, increasing the permeability of cell membranes, allowing greater uptake of injected therapies. OncoSec is applying the OMS technology to deliver either an approved chemotherapeutic agent or DNA plasmid encoding a cytokine. It calls the chemotherapy approach OMS ElectroChemotherapy and the cytokine treatment OMS ElectroImmunotherapy.
In May 2011, the company announced plans to initiate Phase II trials in metastatic melanoma, Merkel cell carcinoma, and cutaneous T-cell lymphoma (CTCL). All three trials will test treatments with IL-12 DNA plasmids administered by electroporation.
IL-12 has been used previously as an agent to stimulate the immune system, typically administered as a protein directly into tissue. This procedure has been shown to induce an innate immune response capable of destroying cancer cells. However, it suffers from toxicity issues due to the body’s rejection of the foreign IL-12 protein.
DNA IL-12 plasmids solves the toxicity issue by having the body’s own cells generate IL-12 protein. This self-generated IL-12 has the same ability to induce a tumor-killing immune response. With the addition of electroporation, plasmids are taken up by cells at a much higher rate, resulting in an increase in IL-12 gene expression of 1,000 fold and a 100 fold increase in immune response.
OncoSec, though newly formed, was able to jump straight into Phase II trials by referencing previously conducted Phase I data. They are also all physician-sponsored studies, allowing the company to save on the costs of clinical trials.
The metastatic melanoma trial will enroll about 25 patients with the primary endpoint of objective response at six months and secondary endpoints including duration of response and overall survival. Data presented at ASCO in June of the Phase I results showed the treatment to be safe and well tolerated with good signs of activity. Moreover, 53% (10 of 19) of patients saw at least a partial regression or stabilization of disease, with 15 % (3 of 19) demonstrating a complete response to the treatment suggesting the local treatment elicited a systemic immune response to metastatic tumors.
Additional work has led to the discovery of two possible biomarkers to determine subjects most likely to benefit from treatment with IL-12 DNA plasmid therapy. If confirmed, these biomarkers can aid in recruiting patients, improving the odds of a successful trial. In practice, they provide the means to produce companion diagnostic tests, allowing healthcare providers to screen for patients who will benefit from the treatment.
The other two indications being pursued are in very rare cancers. According to the company, Merkel cell carcinoma only afflicts 1,500 individuals each year while CTCL affects about 3,000 people. The Phase II Merkel cell carcinoma trial will enroll 15 patients; primary endpoint is IL-12 gene expression, secondary endpoints are objective response rates, time to progression, and overall survival.
The CTCL trial will be slightly larger with 27 patients and measure objective response as the primary endpoint followed by safety and progression-free survival as secondary endpoint measures.
OncoSec’s second treatment platform, called OMS ElectroChemotherapy, uses the OMS electroporation delivery technology to enhance the intracellular uptake of a commonly used chemotherapeutic agent, bleomycin. Through its asset acquisition, OncoSec has accumulated a significant database of clinical data in a variety of tumor types using the OMS ElectroChemotherapy therapeutic approach. To date, OMS ElectroChemotherapy has been tested in several clinical trials ranging from Phase I through Phase IV conducted in 13 countries across over 50 sites.
Human data has been collected in over 400 patients with cancers ranging from basal and squamous cell carcinomas, melanoma, adenocarcinoma, Kaposi’s sarcoma, pancreatic, hepatic, oral, and head and neck cancers. OncoSec has begun analysis of available data from the Phase III and IV, conducted in the United States and Europe, respectively, and recently announced preliminary results from the Phase IV European trials, indicating that treatment of recurrent head and neck cancer using OMS ElectroChemotherapy is comparable to definitive surgery, with an 86% survival rate two years following treatment. The focus now seems to be on DNA IL-12 plasmids, but on the basis of this data, OncoSec plans to identify and engage potential regional partners to develop and commercialize the chemotherapy treatment approach.
OncoSec raised $1,092,000 on March 18 through the private placement of 1,456,000 units priced at $0.75 each just as it became a public company. Each unit consisted of one share of common stock and a warrant to purchase another share at $1.00 by March 18, 2016. The company managed to raise an additional $3 million in June through a second stock and warrants sale; investors picked up 4,000,000 shares for $0.75 per share and received warrants to purchase an additional 4,000,000 shares at $1.20 within five years.
Fully diluted, OncoSec has a market cap of $32.5 million, relatively low for an oncology company at this stage of development. But OncoSec is a unique story and there is certainly a wariness toward reverse-mergers. Management appears to be moving things along quickly; this little company is worth keeping an eye on.
The assets purchased from Inovio included non-DNA vaccine technology and intellectual property relating to electroporation technology to facilitate delivery of chemotherapy agents, or nucleic acids encoding cytokines for the treatment and diagnosis of tumors. In return, the company is obligated to pay Inovio $3,000,000 in scheduled payments over the period of two years from the closing date of the asset purchase and a royalty on commercial product sales related to the technology. The transaction closed on March 24, 2011. An upfront payment of $250,000 was made with four scheduled payments to follow- the final one on March 24, 2013.
The electroporation technology OncoSec acquired, called the OncoSec Medical System (OMS), is based on the same system Inovio is using for its DNA vaccine programs. It in essence, applies electrical pulses to cells, increasing the permeability of cell membranes, allowing greater uptake of injected therapies. OncoSec is applying the OMS technology to deliver either an approved chemotherapeutic agent or DNA plasmid encoding a cytokine. It calls the chemotherapy approach OMS ElectroChemotherapy and the cytokine treatment OMS ElectroImmunotherapy.
In May 2011, the company announced plans to initiate Phase II trials in metastatic melanoma, Merkel cell carcinoma, and cutaneous T-cell lymphoma (CTCL). All three trials will test treatments with IL-12 DNA plasmids administered by electroporation.
IL-12 has been used previously as an agent to stimulate the immune system, typically administered as a protein directly into tissue. This procedure has been shown to induce an innate immune response capable of destroying cancer cells. However, it suffers from toxicity issues due to the body’s rejection of the foreign IL-12 protein.
DNA IL-12 plasmids solves the toxicity issue by having the body’s own cells generate IL-12 protein. This self-generated IL-12 has the same ability to induce a tumor-killing immune response. With the addition of electroporation, plasmids are taken up by cells at a much higher rate, resulting in an increase in IL-12 gene expression of 1,000 fold and a 100 fold increase in immune response.
OncoSec, though newly formed, was able to jump straight into Phase II trials by referencing previously conducted Phase I data. They are also all physician-sponsored studies, allowing the company to save on the costs of clinical trials.
The metastatic melanoma trial will enroll about 25 patients with the primary endpoint of objective response at six months and secondary endpoints including duration of response and overall survival. Data presented at ASCO in June of the Phase I results showed the treatment to be safe and well tolerated with good signs of activity. Moreover, 53% (10 of 19) of patients saw at least a partial regression or stabilization of disease, with 15 % (3 of 19) demonstrating a complete response to the treatment suggesting the local treatment elicited a systemic immune response to metastatic tumors.
Additional work has led to the discovery of two possible biomarkers to determine subjects most likely to benefit from treatment with IL-12 DNA plasmid therapy. If confirmed, these biomarkers can aid in recruiting patients, improving the odds of a successful trial. In practice, they provide the means to produce companion diagnostic tests, allowing healthcare providers to screen for patients who will benefit from the treatment.
The other two indications being pursued are in very rare cancers. According to the company, Merkel cell carcinoma only afflicts 1,500 individuals each year while CTCL affects about 3,000 people. The Phase II Merkel cell carcinoma trial will enroll 15 patients; primary endpoint is IL-12 gene expression, secondary endpoints are objective response rates, time to progression, and overall survival.
The CTCL trial will be slightly larger with 27 patients and measure objective response as the primary endpoint followed by safety and progression-free survival as secondary endpoint measures.
OncoSec’s second treatment platform, called OMS ElectroChemotherapy, uses the OMS electroporation delivery technology to enhance the intracellular uptake of a commonly used chemotherapeutic agent, bleomycin. Through its asset acquisition, OncoSec has accumulated a significant database of clinical data in a variety of tumor types using the OMS ElectroChemotherapy therapeutic approach. To date, OMS ElectroChemotherapy has been tested in several clinical trials ranging from Phase I through Phase IV conducted in 13 countries across over 50 sites.
Human data has been collected in over 400 patients with cancers ranging from basal and squamous cell carcinomas, melanoma, adenocarcinoma, Kaposi’s sarcoma, pancreatic, hepatic, oral, and head and neck cancers. OncoSec has begun analysis of available data from the Phase III and IV, conducted in the United States and Europe, respectively, and recently announced preliminary results from the Phase IV European trials, indicating that treatment of recurrent head and neck cancer using OMS ElectroChemotherapy is comparable to definitive surgery, with an 86% survival rate two years following treatment. The focus now seems to be on DNA IL-12 plasmids, but on the basis of this data, OncoSec plans to identify and engage potential regional partners to develop and commercialize the chemotherapy treatment approach.
OncoSec raised $1,092,000 on March 18 through the private placement of 1,456,000 units priced at $0.75 each just as it became a public company. Each unit consisted of one share of common stock and a warrant to purchase another share at $1.00 by March 18, 2016. The company managed to raise an additional $3 million in June through a second stock and warrants sale; investors picked up 4,000,000 shares for $0.75 per share and received warrants to purchase an additional 4,000,000 shares at $1.20 within five years.
Fully diluted, OncoSec has a market cap of $32.5 million, relatively low for an oncology company at this stage of development. But OncoSec is a unique story and there is certainly a wariness toward reverse-mergers. Management appears to be moving things along quickly; this little company is worth keeping an eye on.
Fission says trenching yields additional off scale uranium boulders at Patterson Lake South
Fission Energy Corp. (CVE:FIS)(OTCQX:FSSIF) and its 50/50 joint venture partner ESO Uranium Corp announced Tuesday that trenching at their Patterson Lake South (PLS) property in Saskatchewan has yielded an additional 49 radioactive boulders, with 19 of them producing "off-scale" radioactive readings.
The readings were measured by a hand-held Exploranium GR-110G total count gamma ray scintillometers. Off scale readings equate to greater than 9,999 counts per second (cps).
The successful completion of this trenching program represents a significant step towards locating the bedrock source of the large uranium boulder field discovered by the companies in June.
These latest radioactive boulders occur in the high grade boulder field that has been traced for a north-south length of approximately 5 kilometres by up to 0.9 kilometres wide.
The largest off scale boulder consisted of massive pitchblende with yellow secondary uranium minerals, the companies said, while three other radioactive boulders were too large to remove by hand.
Boulder samples have been submitted for analysis, with assays to be reported when available.
The size of the boulders increases from west to east, suggesting the source rocks to be the Archean Basement located to the northeast, and well within the claims held by the joint venture.
Of the eighteen trenches completed, eight exhibited significant radioactivity, Fission and ESO said. Line cutting is now underway in preparation for electromagnetic and induced polarization ground geophysical surveys.
The joint venture is planning a 10 hole, 1,000 metre drill program shortly after the surveys.
PLS is accessible by road, with primary access from all weather Highway 955, which runs north to the former Cluff Lake mine, where more than 60 million pounds of uranium oxide was produced, and passes through the nearby UEX-Areva Shea Creek discoveries located 50 kilometres to the north.
The readings were measured by a hand-held Exploranium GR-110G total count gamma ray scintillometers. Off scale readings equate to greater than 9,999 counts per second (cps).
The successful completion of this trenching program represents a significant step towards locating the bedrock source of the large uranium boulder field discovered by the companies in June.
These latest radioactive boulders occur in the high grade boulder field that has been traced for a north-south length of approximately 5 kilometres by up to 0.9 kilometres wide.
The largest off scale boulder consisted of massive pitchblende with yellow secondary uranium minerals, the companies said, while three other radioactive boulders were too large to remove by hand.
Boulder samples have been submitted for analysis, with assays to be reported when available.
The size of the boulders increases from west to east, suggesting the source rocks to be the Archean Basement located to the northeast, and well within the claims held by the joint venture.
Of the eighteen trenches completed, eight exhibited significant radioactivity, Fission and ESO said. Line cutting is now underway in preparation for electromagnetic and induced polarization ground geophysical surveys.
The joint venture is planning a 10 hole, 1,000 metre drill program shortly after the surveys.
PLS is accessible by road, with primary access from all weather Highway 955, which runs north to the former Cluff Lake mine, where more than 60 million pounds of uranium oxide was produced, and passes through the nearby UEX-Areva Shea Creek discoveries located 50 kilometres to the north.
Guerrero Exploration to buy 100% of Coatapec gold/silver property in Mexico
Guerrero Exploration (CVE:GEX) said Tuesday it will acquire a 100 percent interest in the Coatapec gold and silver property in Mexico.
The property consists of 81,400 contiguous hectares directly bordering the northern extent of Newstrike Capital's Ana Paula discovery, which in August, returned intercepts grading 7.51 grams per tonne of gold over 230.95 metres.
The company said the new property shows similar geologic trends as Ana Paula.
The Coatapec asset, to be held under Guerrero's subsidiary, also lies within 10 kilometres of Goldcorp's (TSE:G) Los Filos gold mine, currently the largest gold mine in Mexico that produced over 335,000 ouncse of gold in 2011. The mine also has over 5.47 million proven and probable ounces.
“We are excited to have secured such a dominant and strategic land package in close proximity to some of the largest gold discoveries in Mexico," said president and CEO, David Stadnyk.
"An extensive exploration work program will commence following the final receipt of permits for the Coatapec property, which is one of the largest land packages within the highly renowned Guerrero Gold Belt.
"Guerrero is actively exploring both its Chapalota and Cerro Azul gold/copper properties and we feel that Guerrero has a strong comparative advantage at this time, with a current market cap of $3 million and only 22,000,000 shares outstanding.”
The acquisition of the Coatapec property will bring the company’s total land position in the state of Guerrero to over 110,000 hectares of prospective properties. Coatapec is also located in close proximity to Cayden Resources' Morelos Sur gold project, Industrias Peñoles' Rey de Plata sulphide deposit, and Torrex Gold's Morelos project.
The Guerrero Gold Belt is located in the State of Guerrero, Mexico, north of Acapulco City, and the area is becoming one of the most prolific gold producing regions in the world, said the company. The belt, which has an inventory of over 15 million ounces of gold, extends for at least 55 kilometres from the southeast to the northwest and remains open to exploration in all directions.
Guerrero Exploration is a Canadian exploration mining company with a focus on Mexican copper, gold and silver mining properties.
The property consists of 81,400 contiguous hectares directly bordering the northern extent of Newstrike Capital's Ana Paula discovery, which in August, returned intercepts grading 7.51 grams per tonne of gold over 230.95 metres.
The company said the new property shows similar geologic trends as Ana Paula.
The Coatapec asset, to be held under Guerrero's subsidiary, also lies within 10 kilometres of Goldcorp's (TSE:G) Los Filos gold mine, currently the largest gold mine in Mexico that produced over 335,000 ouncse of gold in 2011. The mine also has over 5.47 million proven and probable ounces.
“We are excited to have secured such a dominant and strategic land package in close proximity to some of the largest gold discoveries in Mexico," said president and CEO, David Stadnyk.
"An extensive exploration work program will commence following the final receipt of permits for the Coatapec property, which is one of the largest land packages within the highly renowned Guerrero Gold Belt.
"Guerrero is actively exploring both its Chapalota and Cerro Azul gold/copper properties and we feel that Guerrero has a strong comparative advantage at this time, with a current market cap of $3 million and only 22,000,000 shares outstanding.”
The acquisition of the Coatapec property will bring the company’s total land position in the state of Guerrero to over 110,000 hectares of prospective properties. Coatapec is also located in close proximity to Cayden Resources' Morelos Sur gold project, Industrias Peñoles' Rey de Plata sulphide deposit, and Torrex Gold's Morelos project.
The Guerrero Gold Belt is located in the State of Guerrero, Mexico, north of Acapulco City, and the area is becoming one of the most prolific gold producing regions in the world, said the company. The belt, which has an inventory of over 15 million ounces of gold, extends for at least 55 kilometres from the southeast to the northwest and remains open to exploration in all directions.
Guerrero Exploration is a Canadian exploration mining company with a focus on Mexican copper, gold and silver mining properties.
Tuesday, 1 November 2011
Empire Energy Group officially lists on OTC-QX in U.S.
Empire Energy Group (ASX: EEG) has now officially listed on the OTC-QX, the United States’ third most traded market after the NYSE and NASDAQ.
OTC-QX is one of three OTC Markets Group platforms which in total trade over 10,000 securities with an aggregate market capitalisation exceeding US$10 trillion.
It is the world's largest electronic marketplace for broker-dealers to trade over-the-counter stocks. More than US$144 billion in total volume of securities were traded on the OTC platform in 2010.
The OTC-QX platform provides Empire Energy convenient access to the U.S. market at a time when it is looking to expand its exploration and production operations.
Empire Energy is rapidly advancing its projects in the U.S. and continues to explore acquisition opportunities to book new proved, and proved and probable reserves in Kansas.
Across its portfolio of projects, Empire Energy operates around 2,000 wells and has proved, probable and possible reserves of 18.2 million barrels of oil.
Current production is about 1,520 barrels of oil per day and the company is targeting 2,500 barrels of oil per day in 2012.
Empire Energy is currently producing oil from the Central Kansas Uplift and gas from the Appalachia Basin.
Central Kansas Uplift properties have proved and probable reserves of 4.8 million barrels, while the Appalachia Basin has proved and probable reserves of 73.3 billion cubic feet.
RB Milestone Group, a New York-based equity research and market intelligence firm, sees Empire Energy as a low risk oil and gas company with strong upside potential based on positive opportunities in Appalachia and Australia, a strong track record in acquisitions and a robust oil and gas price outlook.
Empire Energy plans to boost production by 4,500 barrels of oil equivalent per day by 2015 through acquisitions.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21491/empire-energy-group-officially-lists-on-otc-qx-in-us-21491.html
OTC-QX is one of three OTC Markets Group platforms which in total trade over 10,000 securities with an aggregate market capitalisation exceeding US$10 trillion.
It is the world's largest electronic marketplace for broker-dealers to trade over-the-counter stocks. More than US$144 billion in total volume of securities were traded on the OTC platform in 2010.
The OTC-QX platform provides Empire Energy convenient access to the U.S. market at a time when it is looking to expand its exploration and production operations.
Empire Energy is rapidly advancing its projects in the U.S. and continues to explore acquisition opportunities to book new proved, and proved and probable reserves in Kansas.
Across its portfolio of projects, Empire Energy operates around 2,000 wells and has proved, probable and possible reserves of 18.2 million barrels of oil.
Current production is about 1,520 barrels of oil per day and the company is targeting 2,500 barrels of oil per day in 2012.
Empire Energy is currently producing oil from the Central Kansas Uplift and gas from the Appalachia Basin.
Central Kansas Uplift properties have proved and probable reserves of 4.8 million barrels, while the Appalachia Basin has proved and probable reserves of 73.3 billion cubic feet.
RB Milestone Group, a New York-based equity research and market intelligence firm, sees Empire Energy as a low risk oil and gas company with strong upside potential based on positive opportunities in Appalachia and Australia, a strong track record in acquisitions and a robust oil and gas price outlook.
Empire Energy plans to boost production by 4,500 barrels of oil equivalent per day by 2015 through acquisitions.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21491/empire-energy-group-officially-lists-on-otc-qx-in-us-21491.html
Kalgoorlie Mining Company granted trading halt pending capital raising
Kalgoorlie Mining Company (ASX: KMC) has been granted a trading halt by the ASX pending the release of details for a proposed capital raising, with the company's shares placed in pre-open.
Kalgoorlie Mining has not released any further details, but the company is currently in a very interesting position, and has turned the Bullant Gold mine into a cash flow generating operation within six months of ownership due to an ore agreement.
The halt will last until the earlier of the announcement being made to the market, or the open of trade on Friday 4 November.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21489/kalgoorlie-mining-company-granted-trading-halt-pending-capital-raising-21489.html
Kalgoorlie Mining has not released any further details, but the company is currently in a very interesting position, and has turned the Bullant Gold mine into a cash flow generating operation within six months of ownership due to an ore agreement.
The halt will last until the earlier of the announcement being made to the market, or the open of trade on Friday 4 November.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21489/kalgoorlie-mining-company-granted-trading-halt-pending-capital-raising-21489.html
Padbury Mining to provide iron ore samples to interested investors in China
Padbury Mining (ASX: PDY) is looking to unlock the potential of the Telecom Hill prospect by making the proactive step of dispatching a sample from the latest drilling program to interested investors in China.
A twelve hole drilling program has recently been wrapped up at Telecom Hill, which is hosted within the Peak Hill Iron Project joint venture in the mid-west region of Western Australia.
Adding some spice to the project, it has an exploration target of 3.5 to 5 billion tonnes at 25% to 35% iron covering an extensive 2500 square kilometres, and is prospective for magnetite and hematite iron ore.
Adding some more potential is that Telecom Hill has a DSO exploration target of 10 to 55 million tonnes at 55% to 58% iron.
The current Inferred JORC Resource is 850 million tonnes at 27.3% iron, which was defined from less than a half of the 10 kilometre strike length - indicating a strong chance of a resource upgrade in the near future.
The drilling program comprised holes to a depth ranging from 60 to 100 metres, with pre-collaring having commenced for diamond drilling, with the next step metallurgical testing to be undertaken on drill core.
Two initial holes targeting a magnetite Banded Iron Formation were drilled to about 300 metres.
The next phase of work starts this week at Telecom Hill West to pre-collar for diamond drilling, which maximises cost savings by using the diamond rig for depths where only magnetite is present.
Under this process, pre-collaring will vary from 50 to 100 metres, before the diamond drill is utilised.
Gary Stokes, managing director at Padbury, commented on the achievement.
“This program is the first significant step of a focused strategy to add to the Peak Hill Iron Project base by identifying a DSO source that could lead to early cashflow for the Peak Hill project.
“Another important aspect of this drill will be metallurgical testing of core samples from the magnetite Banded Iron Formation at Telecom Hill West."
The significance of this data is that it will provide details of the nature of the magnetite deposit, and represents another major milestone for the development of Peak Hill.
Padbury has a 70% stake in Peak Hill, with Aurium Resources (ASX: AGU) 30%.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21484/padbury-mining-to-provide-iron-ore-samples-to-interested-investors-in-china-21484.html
A twelve hole drilling program has recently been wrapped up at Telecom Hill, which is hosted within the Peak Hill Iron Project joint venture in the mid-west region of Western Australia.
Adding some spice to the project, it has an exploration target of 3.5 to 5 billion tonnes at 25% to 35% iron covering an extensive 2500 square kilometres, and is prospective for magnetite and hematite iron ore.
Adding some more potential is that Telecom Hill has a DSO exploration target of 10 to 55 million tonnes at 55% to 58% iron.
The current Inferred JORC Resource is 850 million tonnes at 27.3% iron, which was defined from less than a half of the 10 kilometre strike length - indicating a strong chance of a resource upgrade in the near future.
The drilling program comprised holes to a depth ranging from 60 to 100 metres, with pre-collaring having commenced for diamond drilling, with the next step metallurgical testing to be undertaken on drill core.
Two initial holes targeting a magnetite Banded Iron Formation were drilled to about 300 metres.
The next phase of work starts this week at Telecom Hill West to pre-collar for diamond drilling, which maximises cost savings by using the diamond rig for depths where only magnetite is present.
Under this process, pre-collaring will vary from 50 to 100 metres, before the diamond drill is utilised.
Gary Stokes, managing director at Padbury, commented on the achievement.
“This program is the first significant step of a focused strategy to add to the Peak Hill Iron Project base by identifying a DSO source that could lead to early cashflow for the Peak Hill project.
“Another important aspect of this drill will be metallurgical testing of core samples from the magnetite Banded Iron Formation at Telecom Hill West."
The significance of this data is that it will provide details of the nature of the magnetite deposit, and represents another major milestone for the development of Peak Hill.
Padbury has a 70% stake in Peak Hill, with Aurium Resources (ASX: AGU) 30%.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21484/padbury-mining-to-provide-iron-ore-samples-to-interested-investors-in-china-21484.html
Coppermoly raises A$523,000 to fund Esk Trough Farm-In expenditure
Coppermoly (ASX: COY) has raised A$523,000 through a private placement of 10.46 million shares at $0.05 per share to fund the minimum expenditure commitment for the Esk Trough Farm-In.
The company is no longer in a trading halt on the release of the capital raising announcement.
Last week Coppermoly announced it has signed an agreement with ActivEX (ASX: AIV) to farm-in to the Esk Trough Project in South East Queensland, gaining the right to earn a 51% interest with the option to advance its interest to 70%.
Coppermoly sees significant potential to quickly add-value at the Esk Trough Project as it has advanced exploration prospects which can be drill tested immediately. A targeted drilling program in scheduled in 2012.
The terms of the agreement provide for Coppermoly to farm-in to the joint venture area by electing to sole fund exploration spending of A$3 million over three years to earn a 51% interest.
The minimum expenditure commitment is A$0.5 million in the first year, which is included in the A$3 million should Coppermoly elect to proceed.
On completion of the first $3 million earn-in the company can elect to continue sole funding the exploration program by spending an additional $3 million to earn a cumulative 70% interest in the area.
If and when Coppermoly has earned 70%, ActivEX can elect to claw back a 10% interest (40%) by sole funding $6 million of exploration expenditure. The joint venturers will contribute on a pro-rata basis if either company discontinues sole funding.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21487/coppermoly-raises-a523000-to-fund-esk-trough-farm-in-expenditure-21487.html
The company is no longer in a trading halt on the release of the capital raising announcement.
Last week Coppermoly announced it has signed an agreement with ActivEX (ASX: AIV) to farm-in to the Esk Trough Project in South East Queensland, gaining the right to earn a 51% interest with the option to advance its interest to 70%.
Coppermoly sees significant potential to quickly add-value at the Esk Trough Project as it has advanced exploration prospects which can be drill tested immediately. A targeted drilling program in scheduled in 2012.
The terms of the agreement provide for Coppermoly to farm-in to the joint venture area by electing to sole fund exploration spending of A$3 million over three years to earn a 51% interest.
The minimum expenditure commitment is A$0.5 million in the first year, which is included in the A$3 million should Coppermoly elect to proceed.
On completion of the first $3 million earn-in the company can elect to continue sole funding the exploration program by spending an additional $3 million to earn a cumulative 70% interest in the area.
If and when Coppermoly has earned 70%, ActivEX can elect to claw back a 10% interest (40%) by sole funding $6 million of exploration expenditure. The joint venturers will contribute on a pro-rata basis if either company discontinues sole funding.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21487/coppermoly-raises-a523000-to-fund-esk-trough-farm-in-expenditure-21487.html
Stellar Resources adds to shareholder value, by moving to 100% of Heemskirk
Stellar Resources (ASX: SRZ) exited a trading halt this morning as it announced it has signed a sale and purchase agreement to acquire Gippsland’s (ASX: GIP) 40% interest held in the Heemskirk Tin Project in Tasmania in exchange for about 43.5 million Stellar shares and a royalty, giving it full control of the project.
Stellar will issue 43,528,743 new Stellar shares to Gippsland to settle the deal. Stellar shares were last trading at A$0.092, valuing the share issue at a little over $4 million.
Stellar chairman Phil Harman said, “This agreement is an exciting development for Stellar. It clearly stamps the future direction of the company as the explorer and developer of a world class tin resource.
“Given the positive outlook for the future of the global tin price, it places Stellar in a position to deliver great value to all of its shareholders.”
The Heemskirk Tin Project comprises the Queen Hill, Severn and Montana deposits which are located immediately north-west of Zeehan on the west coast of Tasmania.
The project is strategically located near necessary infrastructure such as rail and roads connecting to the Burnie Port, as well as having access to water and power.
Stellar has estimated that the three deposits comprise an Inferred Resource of 4.4 million tonnes at 1.1% tin making Heemskirk the highest grade undeveloped tin resource in Australia.
A Scoping Study showed potential for economic development with a 3.5 year payback on $108 million pre-production capital and a competitive cash operating cost of US$12,780 per tonne of tin.
Importantly, from recent drilling around the known deposits and comparison with similar deposits elsewhere in the world, Stellar believes there is considerable potential to add to the overall resource with further comprehensive exploration.
Sale Agreement
Gippsland will sell its 40% free-carried interest in the Heemskirk Tin joint venture to Stellar’s wholly owned subsidiary Columbus Metals.
This interest was to reduce to 30% upon completion of a Bankable Feasibility Study and decision to mine by Stellar, and reimbursement by Gippsland to Stellar of Gippsland’s proportion of expenditure dating back to the 1970s.
In addition to being issued the Stellar shares, Gippsland will retain a net smelter return royalty over any future tin production from the Heemskirk project.
The royalty will be triggered when the tin price is $25,000, at a rate of 1%. The royalty will then rise linearly to a maximum rate of 2% at a tin price of $30,000 and above.
Stellar acquired an interest, originally owned by Aberfoyle, in the Heemskirk Project from Western Metals in early 2008.
The joint venture agreement between Stellar and Gippsland dates back to the 1970s when Aberfoyle was the managing partner.
Both Gippsland and Stellar believe this new agreement paves the way for Stellar to complete the exploration work required to further the project.
For Stellar, the agreement clearly stakes the company as the explorer and developer of the Heemskirk tin project and a potential future tin producer and will make it easier for Stellar to attract the capital necessary to develop the project.
Gippsland chairman Ian Gandel said the Heemskirk Tin Project has been disadvantaged for too long by the joint venture agreement signed in 1972.
“By committing to this deal, the parties will ensure that the project is given the best possible chance of becoming a mine and this can only benefit shareholders of both companies,” he said.
“Gippsland shareholders will benefit not only from their continued exposure to the Heemskirk asset and a royalty from that project, but also from exposure to Stellar’s other exploration projects.”
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21483/stellar-resources-adds-to-shareholder-value-by-moving-to-100-of-heemskirk-21483.html
Stellar will issue 43,528,743 new Stellar shares to Gippsland to settle the deal. Stellar shares were last trading at A$0.092, valuing the share issue at a little over $4 million.
Stellar chairman Phil Harman said, “This agreement is an exciting development for Stellar. It clearly stamps the future direction of the company as the explorer and developer of a world class tin resource.
“Given the positive outlook for the future of the global tin price, it places Stellar in a position to deliver great value to all of its shareholders.”
The Heemskirk Tin Project comprises the Queen Hill, Severn and Montana deposits which are located immediately north-west of Zeehan on the west coast of Tasmania.
The project is strategically located near necessary infrastructure such as rail and roads connecting to the Burnie Port, as well as having access to water and power.
Stellar has estimated that the three deposits comprise an Inferred Resource of 4.4 million tonnes at 1.1% tin making Heemskirk the highest grade undeveloped tin resource in Australia.
A Scoping Study showed potential for economic development with a 3.5 year payback on $108 million pre-production capital and a competitive cash operating cost of US$12,780 per tonne of tin.
Importantly, from recent drilling around the known deposits and comparison with similar deposits elsewhere in the world, Stellar believes there is considerable potential to add to the overall resource with further comprehensive exploration.
Sale Agreement
Gippsland will sell its 40% free-carried interest in the Heemskirk Tin joint venture to Stellar’s wholly owned subsidiary Columbus Metals.
This interest was to reduce to 30% upon completion of a Bankable Feasibility Study and decision to mine by Stellar, and reimbursement by Gippsland to Stellar of Gippsland’s proportion of expenditure dating back to the 1970s.
In addition to being issued the Stellar shares, Gippsland will retain a net smelter return royalty over any future tin production from the Heemskirk project.
The royalty will be triggered when the tin price is $25,000, at a rate of 1%. The royalty will then rise linearly to a maximum rate of 2% at a tin price of $30,000 and above.
Stellar acquired an interest, originally owned by Aberfoyle, in the Heemskirk Project from Western Metals in early 2008.
The joint venture agreement between Stellar and Gippsland dates back to the 1970s when Aberfoyle was the managing partner.
Both Gippsland and Stellar believe this new agreement paves the way for Stellar to complete the exploration work required to further the project.
For Stellar, the agreement clearly stakes the company as the explorer and developer of the Heemskirk tin project and a potential future tin producer and will make it easier for Stellar to attract the capital necessary to develop the project.
Gippsland chairman Ian Gandel said the Heemskirk Tin Project has been disadvantaged for too long by the joint venture agreement signed in 1972.
“By committing to this deal, the parties will ensure that the project is given the best possible chance of becoming a mine and this can only benefit shareholders of both companies,” he said.
“Gippsland shareholders will benefit not only from their continued exposure to the Heemskirk asset and a royalty from that project, but also from exposure to Stellar’s other exploration projects.”
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21483/stellar-resources-adds-to-shareholder-value-by-moving-to-100-of-heemskirk-21483.html
Azure Minerals managing director tops up shareholding
Azure Minerals (ASX: AZS) executive chairman and managing director Anthony Rovira acquired 100,000 shares at $0.03 per share on October 27 in an on market purchase.
The purchase was made for a consideration of $3,570 and Rovira now holds a direct interest of 1.42 million shares.
Recent drilling results from Azure's Promontorio project in Mexico give the company confidence that the size of the resource can be increased by up to 50%. At nearby Cascada, an Exploration Target is on the cards.
At Promontorio the current Indicated and Inferred JORC Resource is; 502,000 tonnes at 4.7% copper, 2.1g/t gold and 99g/t silver.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21486/azure-minerals-managing-director-tops-up-shareholding-21486.html
The purchase was made for a consideration of $3,570 and Rovira now holds a direct interest of 1.42 million shares.
Recent drilling results from Azure's Promontorio project in Mexico give the company confidence that the size of the resource can be increased by up to 50%. At nearby Cascada, an Exploration Target is on the cards.
At Promontorio the current Indicated and Inferred JORC Resource is; 502,000 tonnes at 4.7% copper, 2.1g/t gold and 99g/t silver.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21486/azure-minerals-managing-director-tops-up-shareholding-21486.html
Auzex Resources A$4.6m rights issue to be underwritten by BBY Limited
Auzex Resources (ASX: AZX) has entered an underwriting agreement with independent financial services group BBY Limited for the full amount of the rights issue announced on October 17.
Auzex will raise up to about A$4.6 million via a one for five renounceable rights issue. Pursuant to the rights issue the company will issue up to about 19 million shares at $0.24. The closing date for the offer is November 16.
Funds will be used to fund Auzex's share of expenditure on the Bullabulling Gold Project joint venture, transactions costs of the merger with GGG Resources (ASX: GGB; AIM: GGG) and general working capital.
Preparations for the merger with GGG are progressing well and the company expects the transaction to create Bullabulling Gold Limited to be completed in early 2012.
On October7 Auzex raised $A3.4 million through the placement of about 14.3 million shares at A$0.24 in the first part of the A$8 million capital raising.
Auzex is currently on track to complete phase two infill drilling at the Bullabulling Gold Project by December. The company expects results to add further to the JORC Resource of 2.6 million gold ounces.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21478/auzex-resources-a46m-rights-issue-to-be-underwritten-by-bby-limited-21478.html
Auzex will raise up to about A$4.6 million via a one for five renounceable rights issue. Pursuant to the rights issue the company will issue up to about 19 million shares at $0.24. The closing date for the offer is November 16.
Funds will be used to fund Auzex's share of expenditure on the Bullabulling Gold Project joint venture, transactions costs of the merger with GGG Resources (ASX: GGB; AIM: GGG) and general working capital.
Preparations for the merger with GGG are progressing well and the company expects the transaction to create Bullabulling Gold Limited to be completed in early 2012.
On October7 Auzex raised $A3.4 million through the placement of about 14.3 million shares at A$0.24 in the first part of the A$8 million capital raising.
Auzex is currently on track to complete phase two infill drilling at the Bullabulling Gold Project by December. The company expects results to add further to the JORC Resource of 2.6 million gold ounces.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21478/auzex-resources-a46m-rights-issue-to-be-underwritten-by-bby-limited-21478.html
Aurium Resources targets iron direct shipping ore potential at Peak Hill
Aurium Resources (ASX: AGU) continues to move the Peak Hill Iron Project joint venture in the mid-west region of Western Australia forward quickly, and has just finished a dozen hole program at the Telecom Hill prospect.
Where the story gets very interesting for Aurium is that Telecom Hill has a DSO exploration target of 10 to 55 million tonnes at 55% to 58% iron.
Another plus at the project is that the potential for a resource upgrade remains very high, considering that the 850 million tonnes at 27.3% iron Inferred JORC Resource is defined from just 4 kilometres of a 10 kilometre strike length.
Terry Quinn, managing director at Aurium, commented on the achievement.
“This program is the first significant step of a focused strategy to add to the Peak Hill Iron Project base by identifying a DSO source that could lead to early cashflow for the Peak Hill project.
“Another important aspect of this drill will be metallurgical testing of core samples from the magnetite Banded Iron Formation at Telecom Hill West."
The significance of this data is that it will provide details of the nature of the magnetite deposit, and represents another major milestone for the development of Peak Hill.
Peak Hill has an exploration target of 3.5 to 5 billion tonnes at 25% to 35% iron covering an extensive 2500 square kilometres, and is prospective for magnetite and hematite iron ore - located about 450 kilometres north east of Geraldton.
Aurium has a 30% stake, with Padbury Mining (ASX: PDY) a 70% stake.
The drilling program
The drilling has been conducted to a depth ranging from 60 to 100 metres, with pre-collaring having commenced for diamond drilling, with the next step metallurgical testing to be undertaken on drill core.
Two initial holes targeting a magnetite Banded Iron Formation, were drilled to about 300 metres.
The next phase of work starts this week at Telecom Hill West to pre-collar for diamond drilling, which maximises cost savings by using the diamond rig for depths where only magnetite is present. Under this process, pre-collaring will vary from 50 to 100 metres, before the diamond drill is utilised.
A sample will be collected and dispatched to China for further testing by interested investors.
Mt Padbury DSO drilling
Additional DSO drilling will commence at the company’s Mt Padbury tenement once its Program of Work approval is received from the Department of Mines and Petroleum.
The recently completed baseline flora and fauna survey undertaken as part of this approval process has been submitted to the Departments of the Environment and Conservation and Mines and Petroleum.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21477/aurium-resources-targets-iron-direct-shipping-ore-potential-at-peak-hill-21477.html
Where the story gets very interesting for Aurium is that Telecom Hill has a DSO exploration target of 10 to 55 million tonnes at 55% to 58% iron.
Another plus at the project is that the potential for a resource upgrade remains very high, considering that the 850 million tonnes at 27.3% iron Inferred JORC Resource is defined from just 4 kilometres of a 10 kilometre strike length.
Terry Quinn, managing director at Aurium, commented on the achievement.
“This program is the first significant step of a focused strategy to add to the Peak Hill Iron Project base by identifying a DSO source that could lead to early cashflow for the Peak Hill project.
“Another important aspect of this drill will be metallurgical testing of core samples from the magnetite Banded Iron Formation at Telecom Hill West."
The significance of this data is that it will provide details of the nature of the magnetite deposit, and represents another major milestone for the development of Peak Hill.
Peak Hill has an exploration target of 3.5 to 5 billion tonnes at 25% to 35% iron covering an extensive 2500 square kilometres, and is prospective for magnetite and hematite iron ore - located about 450 kilometres north east of Geraldton.
Aurium has a 30% stake, with Padbury Mining (ASX: PDY) a 70% stake.
The drilling program
The drilling has been conducted to a depth ranging from 60 to 100 metres, with pre-collaring having commenced for diamond drilling, with the next step metallurgical testing to be undertaken on drill core.
Two initial holes targeting a magnetite Banded Iron Formation, were drilled to about 300 metres.
The next phase of work starts this week at Telecom Hill West to pre-collar for diamond drilling, which maximises cost savings by using the diamond rig for depths where only magnetite is present. Under this process, pre-collaring will vary from 50 to 100 metres, before the diamond drill is utilised.
A sample will be collected and dispatched to China for further testing by interested investors.
Mt Padbury DSO drilling
Additional DSO drilling will commence at the company’s Mt Padbury tenement once its Program of Work approval is received from the Department of Mines and Petroleum.
The recently completed baseline flora and fauna survey undertaken as part of this approval process has been submitted to the Departments of the Environment and Conservation and Mines and Petroleum.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21477/aurium-resources-targets-iron-direct-shipping-ore-potential-at-peak-hill-21477.html
Globe Metals & Mining kicks off rare earth oxide exploration program in Malawi
Globe Metals & Mining (ASX: GBE) has commenced an exploration program to target and extend rare early element and niobium mineralisation at the Salambidwe Rare Earth Elements Project in southern Malawi.
The Salambidwe Project is a virgin rare earth prospect representing a low cost, high upside potential exploration.
Rock chip samples taken in 2010 returned results including one sample of 2.05% total rare earth oxides and 214 parts per million dysprosium oxide.
In the 2011 exploration program, Globe will carry out further rock chip samples along with ground radiometrics to identify areas with potential for rare earth elements mineralisation.
The company will also undertake a broad 100 metre by 100 metre soil pit and auger program across the entire crater to ensure a sufficient density of sampling to determine mineralised potential and geological control.
Globe expects the 2011 exploration program to be completed by late November, with analytical results in early 2012.
Depending on the results from this exploration program, Globe will deploy its existing teams in Malawi to start drilling the project in mid-2012.
About Salambidwe
The Salambidwe ring complex is located in southern Malawi, straddling the border of Mozambique. Some 85% of the ring complex exists within Globe’s exploration licence.
The complex is part of the Chilwa Alkaline Suite of southern Malawi, a region known for rare earth elements projects, including Lynas Corporation’s (ASX: LYC) Kangankunde Project (2.5 million tonnes at 4.2% total rare earth oxides).
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21476/globe-metals-mining-kicks-off-rare-earth-oxide-exploration-program-in-malawi-21476.html
The Salambidwe Project is a virgin rare earth prospect representing a low cost, high upside potential exploration.
Rock chip samples taken in 2010 returned results including one sample of 2.05% total rare earth oxides and 214 parts per million dysprosium oxide.
In the 2011 exploration program, Globe will carry out further rock chip samples along with ground radiometrics to identify areas with potential for rare earth elements mineralisation.
The company will also undertake a broad 100 metre by 100 metre soil pit and auger program across the entire crater to ensure a sufficient density of sampling to determine mineralised potential and geological control.
Globe expects the 2011 exploration program to be completed by late November, with analytical results in early 2012.
Depending on the results from this exploration program, Globe will deploy its existing teams in Malawi to start drilling the project in mid-2012.
About Salambidwe
The Salambidwe ring complex is located in southern Malawi, straddling the border of Mozambique. Some 85% of the ring complex exists within Globe’s exploration licence.
The complex is part of the Chilwa Alkaline Suite of southern Malawi, a region known for rare earth elements projects, including Lynas Corporation’s (ASX: LYC) Kangankunde Project (2.5 million tonnes at 4.2% total rare earth oxides).
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21476/globe-metals-mining-kicks-off-rare-earth-oxide-exploration-program-in-malawi-21476.html
Celamin Holdings in pre-open pending Pre-Feasibility Study announcement
Celamin Holdings (ASX: CNL) has been granted a trading halt by the ASX pending the release of an announcement to the market in relation to completion of a Pre-Feasibility Study, with the company's shares placed in pre-open.
The study is on the Bir El Afou Phosphate Project in Northern Tunisia, which has a conceptual target of 80 to 120 million tonnes at 17% to 22% phosphate.
A number of investors have been active in Celamin with institutions having already acquired some significant stakes, highlighted by Commonwealth Bank (ASX: CBA) recently boosting its stake to over 6%. While Lion Selection Group (NSX: LGP) now holds 14.6% - after increasing its interest several times in 2011.
The halt will last until the earlier of the announcement being made to the market, or the open of trade on Friday 4 November.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21472/celamin-holdings-in-pre-open-pending-pre-feasibility-study-announcement-21472.html
The study is on the Bir El Afou Phosphate Project in Northern Tunisia, which has a conceptual target of 80 to 120 million tonnes at 17% to 22% phosphate.
A number of investors have been active in Celamin with institutions having already acquired some significant stakes, highlighted by Commonwealth Bank (ASX: CBA) recently boosting its stake to over 6%. While Lion Selection Group (NSX: LGP) now holds 14.6% - after increasing its interest several times in 2011.
The halt will last until the earlier of the announcement being made to the market, or the open of trade on Friday 4 November.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21472/celamin-holdings-in-pre-open-pending-pre-feasibility-study-announcement-21472.html
Dragon Mining boosts gold exploration footprint near Svartliden mine in Sweden
Nordic gold producer Dragon Mining (ASX: DRA) continues to progress operations in Sweden, and updated the market on the Harpsund Joint Venture - where Dragon can earn up to 80%.
Dragon will advance to the first earn-in phase of the joint venture with Swedish explorer Botnia Exploration AB, further to expending around A$220,000 (SEK 1.5 million) during the exclusivity period.
A detailed airborne magnetic survey over the northern Exploration Permit holding and Harpsund has already delivered some areas of interest for Dragon, with programs already being planned to follow-up the encouraging results including 2.0 metres at 14.03 grams per tonne (g/t) gold from shallow reconnaissance drilling.
Where the joint venture becomes even more interesting is the strategic location, situated just 4 kilometres north-east of the company's Svartliden Gold Mine.
Svartliden is an open pit mining operation with ore processed on site through a carbon in leach plant, with first production in March 2005. By 30 September 2011 the operation had processed 2.65 million tonnes at 4.55g/t gold for 273,674 ounces of gold.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21469/dragon-mining-boosts-gold-exploration-footprint-near-svartliden-mine-in-sweden-21469.html
Dragon will advance to the first earn-in phase of the joint venture with Swedish explorer Botnia Exploration AB, further to expending around A$220,000 (SEK 1.5 million) during the exclusivity period.
A detailed airborne magnetic survey over the northern Exploration Permit holding and Harpsund has already delivered some areas of interest for Dragon, with programs already being planned to follow-up the encouraging results including 2.0 metres at 14.03 grams per tonne (g/t) gold from shallow reconnaissance drilling.
Where the joint venture becomes even more interesting is the strategic location, situated just 4 kilometres north-east of the company's Svartliden Gold Mine.
Svartliden is an open pit mining operation with ore processed on site through a carbon in leach plant, with first production in March 2005. By 30 September 2011 the operation had processed 2.65 million tonnes at 4.55g/t gold for 273,674 ounces of gold.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21469/dragon-mining-boosts-gold-exploration-footprint-near-svartliden-mine-in-sweden-21469.html
International Coal intersects significant coal seams at South Blackall, Qld
International Coal (ASX: ICX) has intersected a significant coal seam structure from drilling at its South Blackall Project (EPC 2197) in the highly prospective region of south western Queensland.
As interesting, the actual extent of coal identified within the first three holes will not be known until geophysical logging has been completed.
The confirmation of a significant coal seam structure has encouraged International Coal to up the ante adding a further 17 – 20 holes to be drilled over the next 4-5 weeks with diamond core drilling planned for several holes.
The drill program is aimed at ultimately identifying a maiden JORC resource at the project. The early results validate original predictive modelling.
Multiple coal seams were encountered in all three holes drilled. The first hole intersected coal seams at 70 and 145 metres and the second and third holes drilled had intersections occurring at a depth of 45 metres, with further seams encountered at 70 metres and 145 metres.
Geophysical logging has commenced using standard wire logging techniques and the company expects these results to be available over the next few weeks.
The program has been expanded from an originally proposed nine holes to up to 20 holes covering an area of up 400 square kilometres.
International Coal is currently conducting a review with independent consultants to further enhance the accuracy of future drilling.
SGS Laboratories, Gladstone have been engaged to assess samples obtained from the drill program.
Seam thicknesses were, on average, between 1 and 3 metres. The extent of coal within the first three holes will not be known until geophysical logging has been completed.
A total of 675 metres of rotary mud drilling was completed in the first three holes.
The initial drill programme at South Blackall will consist of a range of drilling over areas identified as being prospective.
There are no historical coal quality data available from EPC 2197, aeromagnetic and gravity surveys were run in the vicinity of EPC2197 by the Department of Minerals and Environmental Research in 2007.
The results of these surveys have contributed to the proposed drilling programme and the assessment of the company’s Exploration Target.
Analysis is due to commence shortly of the drill and logging results in order to calculate the volume of coal in ground based on the data and results of this stage 1 and 2 drill program.
South Blackall comprises an area of 768.82 square kilometres and consists of 250 sub-blocks.
The site is strategically located 80 kms north-east of Quilpie in south-west Queensland and is part of the Eromanga and Galilee Sedimentary Basins.
This permit is located close to road and rail that can provide direct access to the Port of Brisbane.
Analysis
International Coal has been a "star" performer since listing on the ASX in July at $0.20, the share price rising over 80%. On today's results and drilling and resource development momentum building at South Blackall - which does not even take into account potential at ICX's hard coking coal prospect in Bundaberg QLD - it would be a brave man to bet against further gains.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21475/international-coal-intersects-significant-coal-seams-at-south-blackall-qld-21475.html
As interesting, the actual extent of coal identified within the first three holes will not be known until geophysical logging has been completed.
The confirmation of a significant coal seam structure has encouraged International Coal to up the ante adding a further 17 – 20 holes to be drilled over the next 4-5 weeks with diamond core drilling planned for several holes.
The drill program is aimed at ultimately identifying a maiden JORC resource at the project. The early results validate original predictive modelling.
Multiple coal seams were encountered in all three holes drilled. The first hole intersected coal seams at 70 and 145 metres and the second and third holes drilled had intersections occurring at a depth of 45 metres, with further seams encountered at 70 metres and 145 metres.
Geophysical logging has commenced using standard wire logging techniques and the company expects these results to be available over the next few weeks.
The program has been expanded from an originally proposed nine holes to up to 20 holes covering an area of up 400 square kilometres.
International Coal is currently conducting a review with independent consultants to further enhance the accuracy of future drilling.
SGS Laboratories, Gladstone have been engaged to assess samples obtained from the drill program.
Seam thicknesses were, on average, between 1 and 3 metres. The extent of coal within the first three holes will not be known until geophysical logging has been completed.
A total of 675 metres of rotary mud drilling was completed in the first three holes.
The initial drill programme at South Blackall will consist of a range of drilling over areas identified as being prospective.
There are no historical coal quality data available from EPC 2197, aeromagnetic and gravity surveys were run in the vicinity of EPC2197 by the Department of Minerals and Environmental Research in 2007.
The results of these surveys have contributed to the proposed drilling programme and the assessment of the company’s Exploration Target.
Analysis is due to commence shortly of the drill and logging results in order to calculate the volume of coal in ground based on the data and results of this stage 1 and 2 drill program.
South Blackall comprises an area of 768.82 square kilometres and consists of 250 sub-blocks.
The site is strategically located 80 kms north-east of Quilpie in south-west Queensland and is part of the Eromanga and Galilee Sedimentary Basins.
This permit is located close to road and rail that can provide direct access to the Port of Brisbane.
Analysis
International Coal has been a "star" performer since listing on the ASX in July at $0.20, the share price rising over 80%. On today's results and drilling and resource development momentum building at South Blackall - which does not even take into account potential at ICX's hard coking coal prospect in Bundaberg QLD - it would be a brave man to bet against further gains.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21475/international-coal-intersects-significant-coal-seams-at-south-blackall-qld-21475.html
Western Potash's Milestone pre-feasibility study confirms "significant positive economics"
Junior miner Western Potash (TSE:WPX) Tuesday said an independent prefeasibility study (PFS) confirmed its 100%-owned Milestone potash property in Saskatchewan showed significant positive economics.
The study, carried out by AMEC Americas, showed that the asset was of sufficient size and grade to support mining for more than forty years at a production rate of 2.8 million tonnes per year. The annual production rate can also be expanded through a higher level of capital expenditure, the company said.
Western Potash chief executive and president, Patricio Varas, said: "The PFS confirms the compelling opportunity that the Milestone project represents for the company and the province of Saskatchewan to develop a world class potash mining operation."
"In addition to the 40 year scope of mining contemplated in the PFS, the known resource is sufficient to support ongoing mining for an additional 40 years and beyond."
The company said it will file an updated NI 43-101 report within the next 45 days.
Western Potash said the Milestone project remains economically very strong, with no known limitations that may prevent a successful and profitable project outcome. An assessment of project economics, aassuming a discount rate of 10 percent, showed the resulting project net present value is C$4.14 billion, while the internal rate of return is 22.7 percent.
The initial capital expenditure estimate for the plant is $2.76 billion, including allowances for port infrastructure, a water supply pipeline, and off site railway. . An allowance of $300 million for port infrastructure was excluded from the company’s scoping study completed in 2010. Unit operating costs were estimated to be $62.35 per tonne at full production capacity.
The study gave a time frame of three years for construction, six years to full secondary production and a payback period of five years. AMEC's report also recommended immediate commencement of a feasibility study.
In June, Western Potash defined NI 43-101-compliant resources at Milestone that consisted of a measured potash resource of 64 million tonnes, 180 million tonnes of indicated resource and 701 million tonnes of inferred resource.
Milestone is located approximately 30 kilometres southeast of Regina and 80 kilometres southeast of Mosaic's (NYSE:MOS) Belle Plaine Mining Lease, home to one of the largest producing potash solution mines in the world.
The study, carried out by AMEC Americas, showed that the asset was of sufficient size and grade to support mining for more than forty years at a production rate of 2.8 million tonnes per year. The annual production rate can also be expanded through a higher level of capital expenditure, the company said.
Western Potash chief executive and president, Patricio Varas, said: "The PFS confirms the compelling opportunity that the Milestone project represents for the company and the province of Saskatchewan to develop a world class potash mining operation."
"In addition to the 40 year scope of mining contemplated in the PFS, the known resource is sufficient to support ongoing mining for an additional 40 years and beyond."
The company said it will file an updated NI 43-101 report within the next 45 days.
Western Potash said the Milestone project remains economically very strong, with no known limitations that may prevent a successful and profitable project outcome. An assessment of project economics, aassuming a discount rate of 10 percent, showed the resulting project net present value is C$4.14 billion, while the internal rate of return is 22.7 percent.
The initial capital expenditure estimate for the plant is $2.76 billion, including allowances for port infrastructure, a water supply pipeline, and off site railway. . An allowance of $300 million for port infrastructure was excluded from the company’s scoping study completed in 2010. Unit operating costs were estimated to be $62.35 per tonne at full production capacity.
The study gave a time frame of three years for construction, six years to full secondary production and a payback period of five years. AMEC's report also recommended immediate commencement of a feasibility study.
In June, Western Potash defined NI 43-101-compliant resources at Milestone that consisted of a measured potash resource of 64 million tonnes, 180 million tonnes of indicated resource and 701 million tonnes of inferred resource.
Milestone is located approximately 30 kilometres southeast of Regina and 80 kilometres southeast of Mosaic's (NYSE:MOS) Belle Plaine Mining Lease, home to one of the largest producing potash solution mines in the world.
Gowest Gold uncovers potential to increase resources at Frankfield East
Toronto-based Gowest Gold (CVE:GWA)(OTCBB:GWSAF) said Tuesday that diamond drilling beyond the limits of its previously estimated resource at its Frankfield East gold deposit in Ontario has continued to intersect significant gold mineralization, indicating a potential resource boost.
The Frankfield East deposit is part of the company's 60 square kilometre North Timmins gold project.
Gowest said that the latest results from the deposit provide further evidence of the potential to increase the current resource estimate, particularly along strike to the west, as well as at depth. In June, the company defined an NI 43-101 compliant resource, which included 348,000 ounces of gold in the indicated category from 1.62 million tonnes at a grade of 6.68 grams per tonne (g/t) gold, and 838,900 ounces of gold in the inferred category from 4.34 million tonnes at a grade of 6.01 g/t gold.
Four holes were drilled along strike of the Main Zone at Frankfield East, three of which intersected mineralization. These results included 3 metres of 3.6 grams per tonne (g/t) of gold in hole GW11-164; 6.2 metres of 6.3 g/t gold in hole GW11-165; and 10 metres of anomalous mineralization in hole GW11-167 (below cut off gold grade of 3.0 g/t gold).
This drilling brings the total strike at surface to more than 900 metres, compared with approximately 750 metres in the current resource estimate, and still leaves the mineralized zone open to the west, Gowest said.
At the same time, three holes drilled at vertical depths of roughly 1,000 metres showed continuity of the main mineralized zone at depth, tracing the deep extensions along a strike length of at least 600 metres.
Holes GW11-155 and -161 both intersected the deepest significant mineralization found to date, leaving the Main Zone open at depth. GW11-155 intersected multiple zones of mineralization including 2 metres with 22.4 and 9.1 g/t gold as well as 3 metres with 2.4 g/t gold, 2 metres with 5.4 g/t gold and 2 metres with 3.0 g/t gold.
Approximately 200 metres further east, hole GW11-161 intersected 2 metres with 4.9 g/t gold.
In addition, hole GW11-163 was drilled approximately 600 metres east of hole GW11-155 and had a large intersection of 14 metres of anomalous gold, demonstrating that the Main Zone is still open at depth as well as to the east, clearly warranting further follow up, Gowest said.
The company also said a number of other recently completed infill holes confirmed the field location and presence of mineralization near historical holes from the 1970s and 1980s, several of which were not fully assayed.
Moreover, additional drill results were obtained in order to convert the existing inferred gold ounces into the indicated category status, as well as to provide better definition to the upper regions of the deposit. Highlights of these results included 3.5 metres of 5.7 g/t gold in hole GW11-172; 2 metres of 18.5 g/t gold in hole GW11-176; and 3.1 metres of 4.1 g/t gold and 3 metres of 5.2 g/t gold in hole GW11-171.
Recent drilling has continued to intersect multiple zones of mineralization parallel to the Main Zone, which provide potential for adding significantly to the current resource estimate, the company said in a statement. Exploration drilling at Frankfield East are currently focused on both shallower, in-fill drilling and deeper, resource expansion drilling.
President and CEO of Gowest, Greg Romain, commented: "We are extremely pleased by the manner in which our Frankfield East deposit continues to align with and verify our geologic model, indicating that there is far more gold to be found here.
"Of course, this also gives us more confidence that this same geological and geophysical model will be extremely useful in helping us to define additional resources on other parts of our newly expanded, 60-square-kilometre land package surrounding Frankfield East."
Indeed, the company is working on a geophysical and geochemical survey program over its growing land position aimed at identifying additional Frankfield East-style gold targets for exploration in the 2011/12 winter drilling season.
The Frankfield East deposit is part of the company's 60 square kilometre North Timmins gold project.
Gowest said that the latest results from the deposit provide further evidence of the potential to increase the current resource estimate, particularly along strike to the west, as well as at depth. In June, the company defined an NI 43-101 compliant resource, which included 348,000 ounces of gold in the indicated category from 1.62 million tonnes at a grade of 6.68 grams per tonne (g/t) gold, and 838,900 ounces of gold in the inferred category from 4.34 million tonnes at a grade of 6.01 g/t gold.
Four holes were drilled along strike of the Main Zone at Frankfield East, three of which intersected mineralization. These results included 3 metres of 3.6 grams per tonne (g/t) of gold in hole GW11-164; 6.2 metres of 6.3 g/t gold in hole GW11-165; and 10 metres of anomalous mineralization in hole GW11-167 (below cut off gold grade of 3.0 g/t gold).
This drilling brings the total strike at surface to more than 900 metres, compared with approximately 750 metres in the current resource estimate, and still leaves the mineralized zone open to the west, Gowest said.
At the same time, three holes drilled at vertical depths of roughly 1,000 metres showed continuity of the main mineralized zone at depth, tracing the deep extensions along a strike length of at least 600 metres.
Holes GW11-155 and -161 both intersected the deepest significant mineralization found to date, leaving the Main Zone open at depth. GW11-155 intersected multiple zones of mineralization including 2 metres with 22.4 and 9.1 g/t gold as well as 3 metres with 2.4 g/t gold, 2 metres with 5.4 g/t gold and 2 metres with 3.0 g/t gold.
Approximately 200 metres further east, hole GW11-161 intersected 2 metres with 4.9 g/t gold.
In addition, hole GW11-163 was drilled approximately 600 metres east of hole GW11-155 and had a large intersection of 14 metres of anomalous gold, demonstrating that the Main Zone is still open at depth as well as to the east, clearly warranting further follow up, Gowest said.
The company also said a number of other recently completed infill holes confirmed the field location and presence of mineralization near historical holes from the 1970s and 1980s, several of which were not fully assayed.
Moreover, additional drill results were obtained in order to convert the existing inferred gold ounces into the indicated category status, as well as to provide better definition to the upper regions of the deposit. Highlights of these results included 3.5 metres of 5.7 g/t gold in hole GW11-172; 2 metres of 18.5 g/t gold in hole GW11-176; and 3.1 metres of 4.1 g/t gold and 3 metres of 5.2 g/t gold in hole GW11-171.
Recent drilling has continued to intersect multiple zones of mineralization parallel to the Main Zone, which provide potential for adding significantly to the current resource estimate, the company said in a statement. Exploration drilling at Frankfield East are currently focused on both shallower, in-fill drilling and deeper, resource expansion drilling.
President and CEO of Gowest, Greg Romain, commented: "We are extremely pleased by the manner in which our Frankfield East deposit continues to align with and verify our geologic model, indicating that there is far more gold to be found here.
"Of course, this also gives us more confidence that this same geological and geophysical model will be extremely useful in helping us to define additional resources on other parts of our newly expanded, 60-square-kilometre land package surrounding Frankfield East."
Indeed, the company is working on a geophysical and geochemical survey program over its growing land position aimed at identifying additional Frankfield East-style gold targets for exploration in the 2011/12 winter drilling season.
Timmins Gold hits 5.13 g/t gold over 38.1 metres below existing San Francisco pit floor
Timmins Gold Corp. (TSE:TMM) announced Tuesday further significant drill results from its ongoing 2011 drill campaign at the commercially producing San Francisco Mine in Sonora, Mexico, which will be included in an updated NI 43-101 compliant technical report early next year.
The results from the July to December drill program include both exploration and infill drilling in and around the San Francisco and La Chicharra open pits. La Chicharra is located around 1.5 kilometres to the west of the San Francisco pit.
The company said that drilling thus far has confirmed the continuity and extensions of mineralization, both along strike and down dip, and below the existing pit floor at both the San Francisco and La Chicharra open pits.
In addition, Timmins said that assays received from drilling done in August and September returned some of the highest grades intercepted to date from the San Francisco pit.
For example, hole TF-1379, which was drilled from the bottom of the San Francisco pit, intersected 38.1 metres grading 5.13 grams per tonne (g/t) gold, including 1.52 metres of 25.42 g/t gold and 15.24 metres of 8.35 g/t gold and ended in an interval of 1.52 metres of 77.35 g/t gold.
The current pit bottom is 140 metres from surface and this interval was intersected only 30 metres below the current pit bottom, Timmins said.
Meanwhile, hole TF-1377 intercepted 80.77 metres of 0.82 g/t gold including 1.52 metres of 3.55 g/t gold, 9.14 metres of 3.46 g/t gold and 3.05 metres of 2.08 g/t gold. This hole ended in an intercept of 1.52 metres grading 52.66 g/t gold.
Drilling at La Chicharra focused on infill drilling and exploration holes to the northwest of the existing open pit, with the aim of defining structural control of the known mineralization in the pit, Timmins said.
Highlights of these assays include hole TF-1696, which intersected an interval of 100.06 metres grading 1.00 g/t gold, including 10.67 metres of 2.43 g/t gold, 9.18 metres of 1.36 g/t gold, and 7.62 metres of 1.48 g/t gold. This hole ended in 13.73 metres of 2.09 g/t gold.
Also at La Chicharra, drill hole TF-1638 returned 22.90 metres of 0.92 g/t gold including 3.05 metres of 2.36 g/t gold. Hole TF-1645, drilled along the same section but 50 metres to the southwest, intercepted an interval beginning at surface, of 19.6 metres at 0.65 g/t gold, which included 7.62 metres of 1.26 g/t gold, the company said.
In addition, drill hole TF-1640 at La Chicharra returned multiple mineralized zones starting at 9.14 metres depth to the north and west of the pit, including 12.2 metres of 0.95 g/t gold.
In the months of August and September, a total of 52,000 metres of drilling was completed by the company, including reverse circulation and core drilling, distributed between the San Francisco and La Chicharra pits.
Timmins said drilling is ongoing, with the goal to complete more than 120,000 metres of drilling from July to year-end.
Focused solely in Mexico, the company is in commercial gold production at the San Francisco gold mine in Sonora. The mine is a past-producing open pit heap leach operation, and the company has forecast production at a rate in excess of 100,000 ounces of gold per year.
The results from the July to December drill program include both exploration and infill drilling in and around the San Francisco and La Chicharra open pits. La Chicharra is located around 1.5 kilometres to the west of the San Francisco pit.
The company said that drilling thus far has confirmed the continuity and extensions of mineralization, both along strike and down dip, and below the existing pit floor at both the San Francisco and La Chicharra open pits.
In addition, Timmins said that assays received from drilling done in August and September returned some of the highest grades intercepted to date from the San Francisco pit.
For example, hole TF-1379, which was drilled from the bottom of the San Francisco pit, intersected 38.1 metres grading 5.13 grams per tonne (g/t) gold, including 1.52 metres of 25.42 g/t gold and 15.24 metres of 8.35 g/t gold and ended in an interval of 1.52 metres of 77.35 g/t gold.
The current pit bottom is 140 metres from surface and this interval was intersected only 30 metres below the current pit bottom, Timmins said.
Meanwhile, hole TF-1377 intercepted 80.77 metres of 0.82 g/t gold including 1.52 metres of 3.55 g/t gold, 9.14 metres of 3.46 g/t gold and 3.05 metres of 2.08 g/t gold. This hole ended in an intercept of 1.52 metres grading 52.66 g/t gold.
Drilling at La Chicharra focused on infill drilling and exploration holes to the northwest of the existing open pit, with the aim of defining structural control of the known mineralization in the pit, Timmins said.
Highlights of these assays include hole TF-1696, which intersected an interval of 100.06 metres grading 1.00 g/t gold, including 10.67 metres of 2.43 g/t gold, 9.18 metres of 1.36 g/t gold, and 7.62 metres of 1.48 g/t gold. This hole ended in 13.73 metres of 2.09 g/t gold.
Also at La Chicharra, drill hole TF-1638 returned 22.90 metres of 0.92 g/t gold including 3.05 metres of 2.36 g/t gold. Hole TF-1645, drilled along the same section but 50 metres to the southwest, intercepted an interval beginning at surface, of 19.6 metres at 0.65 g/t gold, which included 7.62 metres of 1.26 g/t gold, the company said.
In addition, drill hole TF-1640 at La Chicharra returned multiple mineralized zones starting at 9.14 metres depth to the north and west of the pit, including 12.2 metres of 0.95 g/t gold.
In the months of August and September, a total of 52,000 metres of drilling was completed by the company, including reverse circulation and core drilling, distributed between the San Francisco and La Chicharra pits.
Timmins said drilling is ongoing, with the goal to complete more than 120,000 metres of drilling from July to year-end.
Focused solely in Mexico, the company is in commercial gold production at the San Francisco gold mine in Sonora. The mine is a past-producing open pit heap leach operation, and the company has forecast production at a rate in excess of 100,000 ounces of gold per year.
TrueContext surpasses 10,000 paying subscribers
TrueContext (CVE:TMN) said Monday it has surpassed the 10,000 paying subscriber milestone for its ProntoForms product.
TrueContext CEO Alvaro Pombo commented: "The activation of 10,000 paying subscribers from over 1,200 customers is an important milestone for TrueContext and has mostly been achieved with the momentum gained so far in 2011 with our operator channel partners.
"The customer base acquired to date plus the continuing acquisition rate provides an excellent foundation for us to drive widespread adoption of our product ProntoForms with existing and new customers.
"Our business objectives are clear; we're building a product, reseller partnerships and business process to meet our next target of 100,000 subscribers."
Total revenue for the three months ending June 30 totaled $338,628, compared to $152,446 a year ago, and $288,788 in the first quarter. License revenue came in at $220,720, representing 138% year-over-year growth, driven solely by subscriptions.
Subscription revenue through operator channels, such as through the AT&T partnership, climbed to $108,714 in the second quarter, more than double the figure from the previous quarter. This is an area on which TrueContext plans to focus on in the future, as adding more operators like AT&T is expected to drive growth. Aside from the subscription sales generated through such partnerships, advertising through operating channels also drives higher volumes of traffic through TrueContext's website.
Average subscribers per month for operators rose to 3,620 during the second quarter, compared to 1,646 in the prior three month period.
Shares in the Ottawa, Ontario-based company closed on Friday at 14-cents.
The company, which in early 2010 announced its partnership with AT&T, is responsible for the ProntoForms business application, which does away with paperwork and redundant data entry, allowing field workers in the retail inspection field, for example, to fill business forms from Apple, Blackberry, Android, or Microsoft-powered devices as required.
The mobile app, which is available for purchase directly through AT&T's Small Business Mobile Application Recommender Tool (SMART), allows companies to streamline their out-of-office processes and workflows by turning paper forms into mobile ones. ProntoForms enables users to create forms, generate reports, as well as capture signatures and photos within minutes, all in real-time over the AT&T wireless network.
Data on the mobile form is then maintained securely in a data-center, and can be turned into emails or PDF reports, instantly accessible with an internet connection or connected to back office systems. Form submissions are in real-time, and are especially useful for reporting maintenance issues, materials and supplies order forms, and service and job pricing quotes.TrueContext CEO Alvaro Pombo commented: "The activation of 10,000 paying subscribers from over 1,200 customers is an important milestone for TrueContext and has mostly been achieved with the momentum gained so far in 2011 with our operator channel partners.
"The customer base acquired to date plus the continuing acquisition rate provides an excellent foundation for us to drive widespread adoption of our product ProntoForms with existing and new customers.
"Our business objectives are clear; we're building a product, reseller partnerships and business process to meet our next target of 100,000 subscribers."
Total revenue for the three months ending June 30 totaled $338,628, compared to $152,446 a year ago, and $288,788 in the first quarter. License revenue came in at $220,720, representing 138% year-over-year growth, driven solely by subscriptions.
Subscription revenue through operator channels, such as through the AT&T partnership, climbed to $108,714 in the second quarter, more than double the figure from the previous quarter. This is an area on which TrueContext plans to focus on in the future, as adding more operators like AT&T is expected to drive growth. Aside from the subscription sales generated through such partnerships, advertising through operating channels also drives higher volumes of traffic through TrueContext's website.
Average subscribers per month for operators rose to 3,620 during the second quarter, compared to 1,646 in the prior three month period.
Shares in the Ottawa, Ontario-based company closed on Friday at 14-cents.
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