TrueContext Mobile Solutions Corp (CVE:TMN) announced Thursday a Canadian carrier agreement with Rogers Communications (NYSE:RCI) (TSE:RCI.B), that will see the company broaden its distribution for its ProntoForms mobile business app.
Under the deal, Rogers will offer its business customers across
Canada the option of being billed by Rogers for TrueContext's suite of
mobile form solutions, in addition to Rogers' products and services.
TrueContext, which in early 2010 announced its reseller partnership with AT&T (NYSE:T), invented the ProntoForms business application.
The app does away with paperwork and redundant data entry, allowing
field workers in the retail inspection arena, for example, to fill
business forms out of the office from all major device platforms such as
Apple's (NASDAQ:AAPL) iPad, RIM's (NASDAQ:RIMM)(TSE:RIM) Blackberry, Google's (NASDAQ:GOOG) Android platform and Microsoft's (NASDAQ:MSFT) Windows Mobile platform.
The service is simple to add, and is meant to improve overall
business productivity. The app allows users in the field to create
forms, generate reports, as well as capture signatures and photos within
minutes.
Data on the mobile form is 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.
The rapid growth of smartphones and tablet devices in businesses
across Canada has generated enormous interest in apps that maximize
productivity for field workers, TrueContext said.
"Rogers has always embraced innovation and played leadership role in
mobile business solutions - and we're very pleased be working with
them," said founder and CEO, Alvaro Pombo.
"Our product has already positively impacted thousands of field users
across the United States and we're expecting a very speedy and positive
response from Canadian businesses looking to improve their
productivity."
Indeed, the app hits the sweet spot in terms of what small and medium
businesses desire for mobile applications - it is a tool that will help
their mobile workforce increase productivity in the field, helping
businesses save time and be more effective.
Subscribers can also download templates and customize forms as they wish through the TrueContext website.
Ottawa-based TrueContext, formed in 2001, has a proprietary patent
portfolio, from which ProntoForms' mobile app and web-reporting portal
were developed.
The company is a member of the Rogers Data Alliance, an affiliation
of technology companies that develop, integrate or enable
business-focused, wireless data solutions for a range of vertical
markets and business customer segments.
Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London.
Thursday, 3 May 2012
Northern Vertex returns 20 metres of 1.67 g/t gold equivalent from Moss project
Canadian explorer Northern Vertex (CVE:NEE)
said Thursday that its Moss gold-silver joint venture project in
Arizona continues to return "robust" results from phase 2 drilling of
the western extension.
The results announced are from core holes 11 through 17, as part of a phase 2 program being conducted by Northern Vertex.
So far, the company has completed a total of 35 holes of its phase 2 program, including 18 reverse circulation holes and 17 diamond drill holes. Results from six remaining holes are expected shortly, Northern said.
"We are very pleased with current results that demonstrate the gold and silver-bearing epithermal system continues to broaden westward, extending an additional 1000 feet from our existing 43-101 gold resource," said chief geologist for Northern, Dr. Bob Thompson.
"Equally encouraging, the higher-grade zones encountered, occur within a series of thick mineralized intersections that continue to average above internal cut-off grades, remaining open to the west and at depth.
"As we continue our resource expansion to the west, we are encountering the same type of higher-grade zones and consistent internal gold distribution that was instrumental in developing our initial 43-101 gold resource."
Highlights of the results reported Thursday include 20.12 metres of 1.67 grams per tonne (g/t) of gold equivalent in hole AR-140C.
The Moss Mine project is situated in the historic Oatman Mining district in northwestern Arizona, and is held under a joint venture with Las Vegas, Nevada-based Patriot Gold Corp (OTC:PGOL).
Since the joint venture project with Northern was announced in March 2011, the project has completed 87 drill holes through reverse circulation, diamond drill and coring techniques.
The Moss deposit is a low-sulfidation epithermal stockwork deposit, Northern said, with a strike length in excess of one mile.
"The latest results further increase our confidence as we make progress toward a production decision for the Moss site," said CEO of Patriot, Bob Coale.
"The continued robust results we see in the Western extension further our belief in the viability of the Moss site's production potential."
Patriot Gold holds a portfolio of three projects in Nevada and Arizona at varying stages of development from grassroots to advanced exploration.
The results announced are from core holes 11 through 17, as part of a phase 2 program being conducted by Northern Vertex.
So far, the company has completed a total of 35 holes of its phase 2 program, including 18 reverse circulation holes and 17 diamond drill holes. Results from six remaining holes are expected shortly, Northern said.
"We are very pleased with current results that demonstrate the gold and silver-bearing epithermal system continues to broaden westward, extending an additional 1000 feet from our existing 43-101 gold resource," said chief geologist for Northern, Dr. Bob Thompson.
"Equally encouraging, the higher-grade zones encountered, occur within a series of thick mineralized intersections that continue to average above internal cut-off grades, remaining open to the west and at depth.
"As we continue our resource expansion to the west, we are encountering the same type of higher-grade zones and consistent internal gold distribution that was instrumental in developing our initial 43-101 gold resource."
Highlights of the results reported Thursday include 20.12 metres of 1.67 grams per tonne (g/t) of gold equivalent in hole AR-140C.
The Moss Mine project is situated in the historic Oatman Mining district in northwestern Arizona, and is held under a joint venture with Las Vegas, Nevada-based Patriot Gold Corp (OTC:PGOL).
Since the joint venture project with Northern was announced in March 2011, the project has completed 87 drill holes through reverse circulation, diamond drill and coring techniques.
The Moss deposit is a low-sulfidation epithermal stockwork deposit, Northern said, with a strike length in excess of one mile.
"The latest results further increase our confidence as we make progress toward a production decision for the Moss site," said CEO of Patriot, Bob Coale.
"The continued robust results we see in the Western extension further our belief in the viability of the Moss site's production potential."
Patriot Gold holds a portfolio of three projects in Nevada and Arizona at varying stages of development from grassroots to advanced exploration.
Black Iron hits 97.0 metres at 33.1% iron at Shymanivske
Black Iron (TSE:BKI)
said late Wednesday that assay results from three additional infill
drill holes at its Shymanivske project in Ukraine continue to confirm
iron content and band lengths in the mineral resource.
The iron ore explorer said that hole BISH-3 intersected 97.0 metres grading 33.1% iron, including 55.0 metres at 34.7% iron.
The results reported Wednesday are from the 20,000 metre definition and exploration diamond drill program at Shymanivske, which was started in October 2011.
Black Iron said it continues to be encouraged by the results of the infill drilling, and the intersection of thick iron bands in each hole, with grades exceeding 30% iron.
Other notable results included 55.5 metres at 32% iron in hole BISH-2, and 58 metres at 30.6% iron in hole BISH-4.
The drill program is designed to upgrade mineral resources, to allow a larger in-pit mineral resource estimate to be considered in the ongoing feasibility study for the project, the company said.
The campaign is also focused on exploration holes in the northern end of the property, where the company said it believes additional mineral resources may exist.
Ukraine-based Mekhanobrchermet (Research Institute of Mineral Processing in Ferrous Metals) has been hired by the company to complete independent metallurgical test work on the recovered drill core from the program.
Black Iron also noted that, as announced earlier this year, no drilling is currently underway at the project, as the company obtains additional permissions required to drill.
The explorer is focused on advancing its 100 percent-owned Shymanivske project located in Kryviy Rih, Ukraine, which contains an NI 43-101 compliant resource with 373 million tonnes measured and indicated resources grading 31.3% iron and 480 million tonnes of inferred resources grading 30.2% iron.
The project is surrounded by five other operating mines including ArcelorMittal's iron ore complex. Management is confident that the existing infrastructure, including access to power, rail and port facilities, will allow for a quick development timeline to production for its project.
Black Iron also holds an exploration permit for the adjacent Zelenivske project, which it plans to further explore to assess the potential.
The iron ore explorer said that hole BISH-3 intersected 97.0 metres grading 33.1% iron, including 55.0 metres at 34.7% iron.
The results reported Wednesday are from the 20,000 metre definition and exploration diamond drill program at Shymanivske, which was started in October 2011.
Black Iron said it continues to be encouraged by the results of the infill drilling, and the intersection of thick iron bands in each hole, with grades exceeding 30% iron.
Other notable results included 55.5 metres at 32% iron in hole BISH-2, and 58 metres at 30.6% iron in hole BISH-4.
The drill program is designed to upgrade mineral resources, to allow a larger in-pit mineral resource estimate to be considered in the ongoing feasibility study for the project, the company said.
The campaign is also focused on exploration holes in the northern end of the property, where the company said it believes additional mineral resources may exist.
Ukraine-based Mekhanobrchermet (Research Institute of Mineral Processing in Ferrous Metals) has been hired by the company to complete independent metallurgical test work on the recovered drill core from the program.
Black Iron also noted that, as announced earlier this year, no drilling is currently underway at the project, as the company obtains additional permissions required to drill.
The explorer is focused on advancing its 100 percent-owned Shymanivske project located in Kryviy Rih, Ukraine, which contains an NI 43-101 compliant resource with 373 million tonnes measured and indicated resources grading 31.3% iron and 480 million tonnes of inferred resources grading 30.2% iron.
The project is surrounded by five other operating mines including ArcelorMittal's iron ore complex. Management is confident that the existing infrastructure, including access to power, rail and port facilities, will allow for a quick development timeline to production for its project.
Black Iron also holds an exploration permit for the adjacent Zelenivske project, which it plans to further explore to assess the potential.
Quantum Rare Earth files updated resource for Elk Creek niobium deposit
Quantum Rare Earth Developments Corp. (CVE:QRE)
(OTCQX:QREDF) said Thursday that it has filed its updated NI 43-101
resource report on its Elk Creek niobium-rare earth element project in
southeastern Nebraska.
Last month, the company released an updated NI 43-101 compliant estimate for the project, which was prepared by Tetra Tech Wardrop, adding an indicated resource.
The new report added a higher grade indicated resource of 19.3 million tonnes grading 0.67% niobium (Nb2O5), at a 0.4% niobium cut-off grade, for 129,182 contained niobium oxide tonnes.
Meanwhile, inferred resources increased from 80.1 million tonnes grading 0.62% niobium in the last estimate in April 2011 to 83.3 million tonnes grading 0.63% niobium for 523,844 tonnes of contained niobium oxide.
The company said the report specifically deals with the core niobium zone, and does not reflect results of any of the rare earth element zones also located on the property.
The NI 43-101 resource will be available on SEDAR and on the company's website shortly, Quantum said.
The resource update was the result of an additional three holes completed by the company at the Elk Creek niobium deposit in 2011.
The Elk Creek niobium deposit is an elongate, approximately east-west orientated mineral occurrence, in excess of 800 metres along strike.
The deposit remains open to the east, west and at depth, and is hosted by the Elk Creek Carbonatite, which is an intrusive complex of carbonatite and related rocks.
The property was held under an option agreement during the 1970s and 1980s by Molycorp Inc., at which time considerable exploration took place.
The Elk Creek Carbonatite is the only primary niobium deposit known to be under development in the U.S., and the highest grade undeveloped niobium deposit in North America, said Quantum. It is an oval shaped magnetic and gravity anomaly about seven kilometres in diameter.
Niobium is mainly used in the form of ferro-niobium to produce HSLA (High Strength, Low Alloy) steel for use in automotive, structural and pipeline industries. The market for ferro-niobium has grown an average of 10% per year for the past decade, and is forecast to continue that growth pattern in the coming years.
Currently, the U.S. imports 100 percent of its niobium needs. Niobium, which is listed as a strategic metal, is being considered for national stockpiling not only in the U.S., but also in China and several European countries.
Last month, the company released an updated NI 43-101 compliant estimate for the project, which was prepared by Tetra Tech Wardrop, adding an indicated resource.
The new report added a higher grade indicated resource of 19.3 million tonnes grading 0.67% niobium (Nb2O5), at a 0.4% niobium cut-off grade, for 129,182 contained niobium oxide tonnes.
Meanwhile, inferred resources increased from 80.1 million tonnes grading 0.62% niobium in the last estimate in April 2011 to 83.3 million tonnes grading 0.63% niobium for 523,844 tonnes of contained niobium oxide.
The company said the report specifically deals with the core niobium zone, and does not reflect results of any of the rare earth element zones also located on the property.
The NI 43-101 resource will be available on SEDAR and on the company's website shortly, Quantum said.
The resource update was the result of an additional three holes completed by the company at the Elk Creek niobium deposit in 2011.
The Elk Creek niobium deposit is an elongate, approximately east-west orientated mineral occurrence, in excess of 800 metres along strike.
The deposit remains open to the east, west and at depth, and is hosted by the Elk Creek Carbonatite, which is an intrusive complex of carbonatite and related rocks.
The property was held under an option agreement during the 1970s and 1980s by Molycorp Inc., at which time considerable exploration took place.
The Elk Creek Carbonatite is the only primary niobium deposit known to be under development in the U.S., and the highest grade undeveloped niobium deposit in North America, said Quantum. It is an oval shaped magnetic and gravity anomaly about seven kilometres in diameter.
Niobium is mainly used in the form of ferro-niobium to produce HSLA (High Strength, Low Alloy) steel for use in automotive, structural and pipeline industries. The market for ferro-niobium has grown an average of 10% per year for the past decade, and is forecast to continue that growth pattern in the coming years.
Currently, the U.S. imports 100 percent of its niobium needs. Niobium, which is listed as a strategic metal, is being considered for national stockpiling not only in the U.S., but also in China and several European countries.
Wednesday, 2 May 2012
Quantum Rare Earth included in Hallgarten & Co.'s portfolio
Quantum Rare Earth Developments Corp. (CVE:QRE)(OTCQX:QREDF) has been added to New-York-based investment bank Hallgarten & Co.'s Model Mining Portfolio.
The US$5 mln-plus portfolio is run by Christopher Ecclestone, principal and mining strategist.
"We have added a Long position to the Model Mining Portfolio with a 12-month target price of $0.60," Hallgarten's Ecclestone wrote.
Quantum Rare Earth is an exploration company with a focus on seeking out potentially economic deposits of niobium and rare earth elements in North America and elsewhere in the world.
Its main asset is the Elk Creek niobium project in south-east Nebraska, a former Molycrop (NYSE:MCP) project.
The US Geological Survey has commented that Elk Creek is potentially one of the "largest global resources of niobium".
Molycorp left Elk Creek in the early 1990's when it abandoned its exploration efforts to focus on the Mountain Pass project in
California. Around 150,000 feet of historical drill core still exists from 113 holes drilled by Molycorp in the 1970s and 80s.
In early April of this year, the company unveiled a significant boost in resources at Elk Creek, adding a higher grade indicated
resource of 19.3 million tonnes grading 0.67% niobium, at a 0.4% niobium cut-off grade, for 129,182 contained niobium oxide tonnes.
Meanwhile, inferred resources increased from 80.1 million tonnes grading 0.62% niobium in the last estimate in April 2011 to 83.3 million tonnes grading 0.63% niobium for 523,844 tonnes of contained niobium oxide.
"With a resource of this size in a strategic metal AND located in the United States, we start to ponder who might want to make a move on this company and one candidate looks obvious if it can get over the fact that this was the "one that got away" before," Ecclestone wrote.
Hallgarten's Ecclestone said that "the attraction for us...is the niobium content".
Niobium is an alloying agent which, when added to steel, creates a material with substantial benefits in the production of high grade steel. Steel containing niobium has many properties making it stronger, lighter in weight and highly resistant to corrosion.
Adding niobium to steel also creates steel with a higher melting point.
For many applications, such as some super alloys and oil and gas pipelines, there are no substitutes for niobium as the niobium allows for withstanding extreme pressures.
Demand for niobium has increased on average by 10 percent a year for the past decade, with growth forecast to continue in similar fashion in the coming decade. Niobium prices have increased in line with this growth.
Ocean Equities expects re-rating in Sunridge Gold stock after pre-feasibility study
Ocean Equities published Wednesday a bullish note on Sunridge Gold (CVE:SGC) (OTCQX:SGCNF), after the junior explorer released a prefeasibility study for the Asmara North project in Eritrea, North Africa.
The capital markets firm said the publication of the study is a "key milestone" for Sunridge, and that it expects a re-rating of the company's share price in reaction to the news.
"Sunridge Gold’s C$47m market capitalization belies the underlying value of the projects it owns," the report said.
"The headline $555m net present value of the North Asmara project equates to $4.72/share. While the $4.72/share level is not an accurate price target for the company’s share price (as it does not reflect financing costs and dilution) it does illustrate the complete disconnect between the share price and the underlying value of the company’s project."
Sunridge Gold's shares are changing hands currently at around 39 cents. Ocean said that uplift in the share price will reduce the dilutive effect of a pre-production fund raising, or prevent Sunridge from being acquired at "too low a value."
The prefeasibility study concluded that at a 10% discount rate, the project is estimated to have a net present value of $555 million, for an initial capital cost of around $489 million, and has an internal rate of return of 27 percent.
This is based on metal prices of $3.28/lb for copper, $0.99/lb zinc, $1,111/oz for gold and $21/oz for silver.
Work has already begun on the recommended feasibility study for the Asmara North
project, Ocean noted, with the project to potentially enter production in 2016.
The gold explorer's North Asmara project is made up of four deposits located around the capital of Eritrea, Asmara: the Emba Derho, Debarwa, Gupo and Adi Nefas deposits.
During the 15.25 year life of the mine, it is expected to produce 804 million pounds of copper, 1,789 million pounds of zinc, 415,000 ounces of gold and 11 million ounces of silver.
The company concluded that an integrated, three-phase mine operation is the "optimum economic situation", using a centralized mill and plant, to be located close to Emba Derho.
As part of the plan, Adi Nefas will be exploited using underground mining methods, while the other deposits will be mined as open pits.
"We are particularly interested in the zinc component of the North Asmara project as we believe that this component of Sunridge’s project has been undervalued until this point," Ocean noted.
"In our view, zinc is one of the more interesting in the base metal complex looking into the mid-term. With a high grade, open pittable zinc ore at both its Adi Nefas and Debarwa deposits we think Sunridge should receive recognition as a zinc play as well as a copper-gold play."
With an anticipated zinc shortage in the mid-term due to a closure of big mines, and increasingly higher demand, many analysts are expecting a surge in price for the metal.
Ocean continued: "Progress to the feasibility study level will truly illustrate the potential value of the North Asmara project and the company will be able to examine the different ways in which it can add value.
"Sunridge has already outlined several ways in which it can improve the economics of the project including heap leaching the precious metal ores, increasing throughput and assessing the viability of different power sources."
The report noted that updates on these opportunities are expected in due course, as well as continued drilling results that have the potential to increase the project's resource base.
"Sunridge has been in discussions with several parties interested in taking a strategic stake in the company as North Asmara is likely to be one of the next mines to be brought online in Eritrea, a mining jurisdiction that continues to draw the attention of minor and major mining companies.
"We think Sunridge presents a very good investment opportunity at this point before a significant uplift in the share price," Ocean Equities concluded.
When the mining license is granted, following completion of a feasibility study, Sunridge said the Government of Eritrea will have a 10 percent carried interest in the project and has the option to purchase up to a 30 percent working interest.
The feasibility study is targeted for the first quarter of 2013.
The capital markets firm said the publication of the study is a "key milestone" for Sunridge, and that it expects a re-rating of the company's share price in reaction to the news.
"Sunridge Gold’s C$47m market capitalization belies the underlying value of the projects it owns," the report said.
"The headline $555m net present value of the North Asmara project equates to $4.72/share. While the $4.72/share level is not an accurate price target for the company’s share price (as it does not reflect financing costs and dilution) it does illustrate the complete disconnect between the share price and the underlying value of the company’s project."
Sunridge Gold's shares are changing hands currently at around 39 cents. Ocean said that uplift in the share price will reduce the dilutive effect of a pre-production fund raising, or prevent Sunridge from being acquired at "too low a value."
The prefeasibility study concluded that at a 10% discount rate, the project is estimated to have a net present value of $555 million, for an initial capital cost of around $489 million, and has an internal rate of return of 27 percent.
This is based on metal prices of $3.28/lb for copper, $0.99/lb zinc, $1,111/oz for gold and $21/oz for silver.
Work has already begun on the recommended feasibility study for the Asmara North
project, Ocean noted, with the project to potentially enter production in 2016.
The gold explorer's North Asmara project is made up of four deposits located around the capital of Eritrea, Asmara: the Emba Derho, Debarwa, Gupo and Adi Nefas deposits.
During the 15.25 year life of the mine, it is expected to produce 804 million pounds of copper, 1,789 million pounds of zinc, 415,000 ounces of gold and 11 million ounces of silver.
The company concluded that an integrated, three-phase mine operation is the "optimum economic situation", using a centralized mill and plant, to be located close to Emba Derho.
As part of the plan, Adi Nefas will be exploited using underground mining methods, while the other deposits will be mined as open pits.
"We are particularly interested in the zinc component of the North Asmara project as we believe that this component of Sunridge’s project has been undervalued until this point," Ocean noted.
"In our view, zinc is one of the more interesting in the base metal complex looking into the mid-term. With a high grade, open pittable zinc ore at both its Adi Nefas and Debarwa deposits we think Sunridge should receive recognition as a zinc play as well as a copper-gold play."
With an anticipated zinc shortage in the mid-term due to a closure of big mines, and increasingly higher demand, many analysts are expecting a surge in price for the metal.
Ocean continued: "Progress to the feasibility study level will truly illustrate the potential value of the North Asmara project and the company will be able to examine the different ways in which it can add value.
"Sunridge has already outlined several ways in which it can improve the economics of the project including heap leaching the precious metal ores, increasing throughput and assessing the viability of different power sources."
The report noted that updates on these opportunities are expected in due course, as well as continued drilling results that have the potential to increase the project's resource base.
"Sunridge has been in discussions with several parties interested in taking a strategic stake in the company as North Asmara is likely to be one of the next mines to be brought online in Eritrea, a mining jurisdiction that continues to draw the attention of minor and major mining companies.
"We think Sunridge presents a very good investment opportunity at this point before a significant uplift in the share price," Ocean Equities concluded.
When the mining license is granted, following completion of a feasibility study, Sunridge said the Government of Eritrea will have a 10 percent carried interest in the project and has the option to purchase up to a 30 percent working interest.
The feasibility study is targeted for the first quarter of 2013.
Aguila Gold samples 33.9 grams gold over one metre at Angostura
Aguila American Gold (CVE:AGL) announced Wednesday it has completed a sampling program at its flagship Angostura gold project in southern Peru, highlighting results of 33.9 grams gold over one metre.
The company also said it has contracted more core drilling services as it advances towards potential resource definition at the
site.
Aguila’s initial target for an NI 43-101 compliant resource is one million ounces, with half in the inferred category and the other half in the indicated category.
The Angostura property is a highly prospective gold property, containing eight titled concessions that cover 4,869 hectares.
Aguila said the trenching, geochemical sampling and mapping program covered an extensive zone of alteration and the sampling of three artisanal mine workings located along the strike of the mineralized Ferrobamba limestone contact at the Angostura project.
Previously reported trenching results on the project showed grades as high as six grams per ton (g/t), including 75 metres at an average grade of 3.67 grams per megaton (g/Mt) gold.
The latest results includes results from Zone 2, the Feliciano Bedia workings, the working from Pit E which is 900 metres east north east of Zone 2, and from 3 workings located 600 metres west southwest of Zone 2 on the west side of the Angostura River within the Angostura Primera concession.
Sampling returned highs of up to 33.9 g/t gold (Au) over one metre, with a weighted average of 11.4 g/t Au over 9.2 metres of
selective channel sampling spaced at various intervals along a working 29 metres in length.
The working appeared to be open above, below and to the east, when sampled in December of 2011, and generally followed an east-west trending structure in the Ferrobamba-Formation (recrystallized limestone).
The hanging and footwalls, where exposed, consist of recrystallized limestone with variable amounts of oxidized sulphides. The
tunnel was sampled near the working face from a channel, chiselled across the roof of the tunnel. The first sample was taken at a point 28 metres from the mouth, then at 24.5 metres, 21 metres, 16 metres and at 12 metres from the south.
The second mine working, known as Pit E, reported three entrances and samples from this zone.
The two accessible parts of Pit E were sampled by chiselled channels and cut channel sampling methods yielding silver assays as high as 589 g/t over one metre with the weighted average of 242 g/t over 14.4 metres of selective channel sampling, while noting that Pit E is some 900 metres east and 400 metres higher in elevation then the Feliciano Bedia working and in a separate zone of a potentially, very large, mineralized system.
The third mine working is within the surface property of Giber Sotomayor located west of the Angostura River.
The objective was to sample the abandoned mine workings where sample assays yielded gold values as high as 6.96 g/t Au over one metre and a weighted average of 2.07 g/t Au over 16.6 metres of selective channel sampling.
In addition to announcing the sampling results, Aguila said it has engaged More Core Diamond Drilling Services Ltd. to perform 7,000 metres of core diamond drilling at the Angostura project.
The company said it selected More Core for its extensive experience in core drilling on very steep terrain with equipment capable of delivering a larger diameter drill core product, while meeting the Aguila’s negotiated mandate of an absolute minimum amount of surface disturbance.
The equipment, due to be shipped next week, is also readily convertible for underground core drilling and available to the company as it advances towards potential resource definition depending on results from this initial surface core drilling campaign.
In March, Aguila said it expects to attain its key drilling permit in May after more than a decade of holding the asset.
The gold miner inked an agreement in March with the Peruvian community of Mollepina, representing a key step forward for Aguila American's flagship project. Aguila said the initial term for the agreement is two years, under which the company has also agreed to maximize local employment and help enhance the community’s basic infrastructure.
The deal represented the final requirements to submit Aguila's 8,255 metre drill plan for the property, with the receipt of a drill
permit expected early this month. The community agreement was borne from a long process that started after the Mollepina community began mining illegally at Angostura in 2008.
Aguila launched proceedings to remove these miners, and through this process, developed a "sustainable relationship" allowing the community to mine legally as artisanal miners.
Under the collaborative deal, the company also agreed to assist in the formalization process of Mollepina's artisan miners on the Delicia concession, where it has given them 10 hectares for their exclusive use.
Aguila said that the artisan miner agreement grants it a one percent royalty of total sales and the right to purchase artisan miners’ production at market value.
Mawson spin-out Darwin Resources begins trading, drills 30 holes at Rompas
Mawson Resources (TSE:MAW) said Wednesday that its spin-out company, Darwin Resources (CVE:DAR), has started trading on the TSX Venture exchange.
The transaction is part of Mawson's plan to restructure its business into two separate public companies, allowing Mawson to focus on the development of its flagship Rompas gold property in Finland.
Darwin will own a portfolio of early stage copper-gold Peruvian assets, which include the Alto Quemado, Huatiapa, Carrizales, Vicunas and Luminaria projects, also giving Darwin ownership of one of the strongest exploration databases in Peru.
"The reorganization will maximize value for Mawson shareholders and allow the company to focus on the development of its flagship Rompas property in Finland," Mawson Resources president & CEO Michael Hudson said.
"Darwin begins trading in a strong position, with an extremely competent and experienced management team and excellent institutional shareholder support.
"Darwin is well financed, with more than C$4 million to explore its highly prospective portfolio of gold and copper properties, and I have no doubt it will rapidly develop into a leading Latin American exploration company through discovery and acquisition.
"I encourage Mawson shareholders to share in the long term benefits that this strategy may bring. We wish Dr. Graham Carman and his highly capable team all the very best as Darwin commences its life in the capital markets."
In other news, Mawson has now drilled 30 drill holes for 3,178 metres at Rompas. First results are expected to be released during May 2012.
Visible gold has been noted within centimetre wide zones within 10 of the 30 holes.
It is anticipated drilling will cease shortly as the snow cover thins. Drill core is to be prepared and analyzed by ALS Chemex Ltd's laboratories in Pitea, Sweden and Vancouver, Canada, where blanks and known standards have been inserted according to standard industry practice.
The transaction is part of Mawson's plan to restructure its business into two separate public companies, allowing Mawson to focus on the development of its flagship Rompas gold property in Finland.
Darwin will own a portfolio of early stage copper-gold Peruvian assets, which include the Alto Quemado, Huatiapa, Carrizales, Vicunas and Luminaria projects, also giving Darwin ownership of one of the strongest exploration databases in Peru.
"The reorganization will maximize value for Mawson shareholders and allow the company to focus on the development of its flagship Rompas property in Finland," Mawson Resources president & CEO Michael Hudson said.
"Darwin begins trading in a strong position, with an extremely competent and experienced management team and excellent institutional shareholder support.
"Darwin is well financed, with more than C$4 million to explore its highly prospective portfolio of gold and copper properties, and I have no doubt it will rapidly develop into a leading Latin American exploration company through discovery and acquisition.
"I encourage Mawson shareholders to share in the long term benefits that this strategy may bring. We wish Dr. Graham Carman and his highly capable team all the very best as Darwin commences its life in the capital markets."
In other news, Mawson has now drilled 30 drill holes for 3,178 metres at Rompas. First results are expected to be released during May 2012.
Visible gold has been noted within centimetre wide zones within 10 of the 30 holes.
It is anticipated drilling will cease shortly as the snow cover thins. Drill core is to be prepared and analyzed by ALS Chemex Ltd's laboratories in Pitea, Sweden and Vancouver, Canada, where blanks and known standards have been inserted according to standard industry practice.
Corvus Gold raises private placement financing amount to C$5.52 mln
Corvus Gold (TSE:KOR)(OTCQX:CORVF) announced Wednesday it has increased the amount of its non-brokered private placement financing with proceeds to be used to fund ongoing work at its North Bullfrog project in Nevada.
The offering, in which company insiders are expected to participate, will now consist of up to 8.25 million common shares at a price of 67 Canadian cents each, for a total of up to C$5.52 million, up from the C$5.0 million it had previously announced.
The company said no new insiders will be created from the private placement, nor will there be any change of control. Finder's fees will also not be paid in connection with the offering.
Aside from using the funds for North Bullfrog, proceeds will also be used for general working capital purposes.
The North Bullfrog project is currently being evaluated as a two stage development opportunity with a low initial capex.
In late February, the company unveiled an independently prepared Preliminary Economic Assessment (PEA) for the Nevada project.
The PEA produced an economic analysis for a conceptual, low capex, heap leach project that generates average annual gold production of 57,700 ounces over 12.8 years, indicating a pre-tax, pre-royalty net present value of $118.3 million and an internal rate of return of 28.8 percent at a $1,300 per ounce gold price and a five percent discount rate.
Corvus Gold, a resource exploration company, focused in Nevada, Alaska and Quebec, said that the PEA also shows the project has a considerable leverage to gold price, with a pre-tax, pre-royalty net present value of $338 million and an internal rate of return of a whopping 70 percent at a $1,700 per ounce gold price.
Total initial capital expenditure is seen at $68.8 million with a 2.6-year payback period for the project, which has a large in-pit
resource of 1.1 million ounces contained and 747,000 ounces of recoverable gold.
Closing of the private placement is subject to the approval of the TSX Exchange.
The offering, in which company insiders are expected to participate, will now consist of up to 8.25 million common shares at a price of 67 Canadian cents each, for a total of up to C$5.52 million, up from the C$5.0 million it had previously announced.
The company said no new insiders will be created from the private placement, nor will there be any change of control. Finder's fees will also not be paid in connection with the offering.
Aside from using the funds for North Bullfrog, proceeds will also be used for general working capital purposes.
The North Bullfrog project is currently being evaluated as a two stage development opportunity with a low initial capex.
In late February, the company unveiled an independently prepared Preliminary Economic Assessment (PEA) for the Nevada project.
The PEA produced an economic analysis for a conceptual, low capex, heap leach project that generates average annual gold production of 57,700 ounces over 12.8 years, indicating a pre-tax, pre-royalty net present value of $118.3 million and an internal rate of return of 28.8 percent at a $1,300 per ounce gold price and a five percent discount rate.
Corvus Gold, a resource exploration company, focused in Nevada, Alaska and Quebec, said that the PEA also shows the project has a considerable leverage to gold price, with a pre-tax, pre-royalty net present value of $338 million and an internal rate of return of a whopping 70 percent at a $1,700 per ounce gold price.
Total initial capital expenditure is seen at $68.8 million with a 2.6-year payback period for the project, which has a large in-pit
resource of 1.1 million ounces contained and 747,000 ounces of recoverable gold.
Closing of the private placement is subject to the approval of the TSX Exchange.
Orko Silver "one step closer" to La Preciosa mine
Orko Silver Corp. (CVE:OK) said Wednesday that it is "one step closer" to mining its 100% owned La Preciosa project in Mexico, after a Preliminary Mineability Assessment (PMA) concluded mining could be done at the site.
Orko said the results of the PMA, carried out by independent consultant AMEC Americas Limited (AMEC), cover both open pit and underground mining options that were presented in its Preliminary Economic Assessment (PEA) released by the company and its former partner Pan American Silver Corp., in mid-August, 2011.
Orko reported that AMEC's PMA is based on a detailed examination of selected drill cores during two site visits in January and February, of 2012.
La Preciosa is located in Durango State, which envelops the heart of Mexico’s prolific Sierra Madre Mining Belt, and includes large silver deposits such as Fresnillo and Pitarrilla.
As the result of their work, AMEC concluded "that there is no readily identifiable reason to suppose that both open pit and underground mining could not productively and safely be carried out in the La Preciosa deposit.
"There are persistent joint planes that trend parallel to the average dip and strike of individual veins, but the instability potential that could arise from these structures could readily be controlled through the use of appropriate support types, densities and strategies."
"We have always had faith that all criteria essential to a successful mining operation exist at La Preciosa," Orko Silver's president and CEO Gary Cope said.
"With this study, AMEC has taken us one step closer to that eventuality."
Orko noted that the results presented in the PMA are preliminary.
The company said that more detailed geotechnical investigations and characterizations are still required, at the pre-feasibility level of project development, before firm and final conclusions can be derived concerning the details of access, open pit slope
configurations, stoping strategies, layouts and support systems.
Full recommendations to complete the pre-feasibility study will be included as part of the new independent AMEC authored PEA that is anticipated in August or September.
The company reported that the August 2011 PEA gave an estimated mineral resource containing 113 million ounces of silver classified as indicated and a further 46 million ounces of silver classified as inferred.
In addition, the deposit contains over 222,000 ounces of indicated gold and 83,000 ounces of gold in the inferred category.
The PEA showed an after-tax net present value of $315 million at a five percent discount rate, and a 24.3 percent internal rate of return. The results assumed prices of $25 per ounce of silver and $1,250 per ounce of gold.
At the time, Orko's management called the PEA's findings "conservative" and had been expecting "significant upside potential" in the pending feasibility study.
Orko is anticipating the results of a new independent resource estimate currently being prepared by Mining Plus, an international mining consulting firm.
This resource estimate scheduled to be completed and released in May, will be an integral component of the new PEA which is set to be released in late July.
Earlier this month, Orko announced it had regained 100 percent ownership in its La Preciosa property.
In early April, Pan American Silver (TSE:PAA)(NASDAQ:PAAS) relinquished its right to earn a 55 percent interest in the La Preciosa project, one of the world's largest primary silver deposits, after it decided not to deliver feasibility study before an April 13, 2012 deadline.
Orko Silver's chief executive Gary Cope confirmed that four unnamed mining companies had "expressed an interest" in the project, with Orko signing standstill agreements with two of these parties.
Orko said the results of the PMA, carried out by independent consultant AMEC Americas Limited (AMEC), cover both open pit and underground mining options that were presented in its Preliminary Economic Assessment (PEA) released by the company and its former partner Pan American Silver Corp., in mid-August, 2011.
Orko reported that AMEC's PMA is based on a detailed examination of selected drill cores during two site visits in January and February, of 2012.
La Preciosa is located in Durango State, which envelops the heart of Mexico’s prolific Sierra Madre Mining Belt, and includes large silver deposits such as Fresnillo and Pitarrilla.
As the result of their work, AMEC concluded "that there is no readily identifiable reason to suppose that both open pit and underground mining could not productively and safely be carried out in the La Preciosa deposit.
"There are persistent joint planes that trend parallel to the average dip and strike of individual veins, but the instability potential that could arise from these structures could readily be controlled through the use of appropriate support types, densities and strategies."
"We have always had faith that all criteria essential to a successful mining operation exist at La Preciosa," Orko Silver's president and CEO Gary Cope said.
"With this study, AMEC has taken us one step closer to that eventuality."
Orko noted that the results presented in the PMA are preliminary.
The company said that more detailed geotechnical investigations and characterizations are still required, at the pre-feasibility level of project development, before firm and final conclusions can be derived concerning the details of access, open pit slope
configurations, stoping strategies, layouts and support systems.
Full recommendations to complete the pre-feasibility study will be included as part of the new independent AMEC authored PEA that is anticipated in August or September.
The company reported that the August 2011 PEA gave an estimated mineral resource containing 113 million ounces of silver classified as indicated and a further 46 million ounces of silver classified as inferred.
In addition, the deposit contains over 222,000 ounces of indicated gold and 83,000 ounces of gold in the inferred category.
The PEA showed an after-tax net present value of $315 million at a five percent discount rate, and a 24.3 percent internal rate of return. The results assumed prices of $25 per ounce of silver and $1,250 per ounce of gold.
At the time, Orko's management called the PEA's findings "conservative" and had been expecting "significant upside potential" in the pending feasibility study.
Orko is anticipating the results of a new independent resource estimate currently being prepared by Mining Plus, an international mining consulting firm.
This resource estimate scheduled to be completed and released in May, will be an integral component of the new PEA which is set to be released in late July.
Earlier this month, Orko announced it had regained 100 percent ownership in its La Preciosa property.
In early April, Pan American Silver (TSE:PAA)(NASDAQ:PAAS) relinquished its right to earn a 55 percent interest in the La Preciosa project, one of the world's largest primary silver deposits, after it decided not to deliver feasibility study before an April 13, 2012 deadline.
Orko Silver's chief executive Gary Cope confirmed that four unnamed mining companies had "expressed an interest" in the project, with Orko signing standstill agreements with two of these parties.
Sunridge Gold unveils "positive" PFS for Asmara North
Junior explorer Sunridge Gold (CVE:SGC) (OTCQX:SGCNF) Wednesday said a prefeasibility study (PFS) confirmed "positive results" at its 100% owned Asmara North project in Eritrea, East Africa.
The company concluding that an integrated operation is the "optimum economic situation".
The study, carried out by Snowden Mining Industry Consultants, showed that operating all four deposits of the Asmara Project (Emba Derho, Adi Nefas, Gupo Gold and Debarwa) as an integrated operation with ore being processed at a single central mill is technically feasible and is an optimum situation economically.
The PFS showed that the asset could support mining for 15.25 years at a production rate of 25,900 tonnes of copper, 61,800 tonnes of zinc, 26,000 ounces of gold and 695,000 ounces of silver per year.
The PFS also recommended that the project be advanced to a feasibility study.
"We are very pleased with the results of the prefeasibility study - the outcomes have certainly exceeded our expectations and provide significant shareholder value,” said Sunridge Gold's president and CEO Michael Hopley.
"We are particularly pleased that the study has outlined an operating scenario in which all four deposits of the Asmara Project are developed in an integrated way with all ore being processed in a single centralized mill near the Emba Derho deposit.
"This is a major step forward for the project. We have started work on the recommended feasibility study."
Sunridge said the Emba Derho, Debarwa and Gupo deposits will be mined by open-pit methods and the Adi Nefas deposit by underground mining methods. An assessment of project economics, assuming a pre-tax, base-rate discount of 10 percent, showed the resulting project net present value is $555 million, while the internal rate of return is 27 percent.
Initial capital costs are projected at $489.3 million, including owner's costs and a contingency of $44.5 million.
The study showed the expansion capital for phase two and three of the mine to be an additional $69.4 million.
During the life of the mine, the PFS showed sustaining capital requirements of about $77.6 million and closure costs are estimated at $48.4 million, with a payback period of 3.5 years.
On site operating costs are estimated to be $25.78 per tonne average through the life of the mine.
The study used base case metal prices of US$3.28 per pound copper, US$0.99 per pound zinc, US$1,111 per ounce gold, and US$21.00 per ounce silver, and concluded that all ore from the different deposits be milled and processed in a single plant located at the Emba Derho deposit.
Processing of the three ore types (copper supergene, primary copper and zinc and gold oxide) will utilize a common crushing and ball milling circuit which includes high pressure grinding rolls (HPGR) and three different processing circuits.
The initial phase one plant will process supergene ore at a nominal two million tonnes per year rate by a conventional flotation
process to recover copper and by-product gold as a copper concentrate for sale to smelters.
This is followed by phase two processing of primary ores at a nominal four million tonnes per year rate producing copper, zinc, and by-product gold and silver as concentrates for direct sale to smelters.
The phase three plant reduces to a nominal two million tonnes per year rate to extract gold and silver from oxide ore using conventional cyanide leaching and recovery by the carbon in pulp process to produce gold and silver doré.
The tailing systems will be common for all three ore types.
According to the study, the first year of production produces copper concentrate with gold and silver credits, continuing until year 14. Production of zinc concentrate will begin in year one through year 14, while gold and silver extraction to a doré product will occur in the last half of year 14 and be complete in year 15.
The study used the recently completed estimate of measured and indicated resources for the Asmara Project, released in early April.
Total contained metal at the Asmara project, on a measured and indicated basis, stands at 1.27 billion pounds of copper, 2.6 billion pounds of zinc, and 930,000 ounces of gold and 28.36 million ounces of silver.
Total measured and indicated resources at Asmara amount to 76.09 million tonnes.
Sunridge said that social and environmental baseline studies and stakeholder engagement programs are well advanced on all four deposits that are included in the study.
The work will lead to the publications of Social and Environmental Impact Assessments (SEIA) in June 2012 (Debarwa) and June 2013 (Asmara North) projects.
When the mining license is granted, following completion of a feasibility study, Sunridge said the Government of Eritrea will have a 10 percent carried interest in the project and has the option to purchase up to a 30 percent working interest.
It is not known at this time if the government intends to exercise that option and the economics and financial analysis of the Study assumes a 100% interest by Sunridge.
The company said that opportunities to further enhance the economic value of the Asmara North project will be investigated during the feasibility study which is targeted for completion in the first quarter of 2013.
Sunridge is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal projects on the Asmara Project in Eritrea and exploration properties in Madagascar.
Tuesday, 1 May 2012
Montero Mining differentiates itself with “fast track strategy” to production at Wigu Hill
Montero Mining and Exploration (CVE:MON) has what it believes to be a giant rare earths deposit in Tanzania, and in the span of 15 months since it listed, has delineated an initial resource and produced actual samples of saleable rare earth products - a first for a junior in its space.
The company continues to de-risk its main project as part of its fast-track to production strategy.
Its flagship Wigu Hill property was first identified in the 1950’s as a high grade rare earth deposit recorded by the USGS, with a large carbonatite complex measuring 6.4 by 3.2 kilometres.
The asset has bastnaesite mineralization and is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project in the US as the rare earth elements at the deposit are hosted in the mineral bastnaesite, found in carbonatite dikes.
The dikes are around 10-20 metres wide and occur in swarms, with the challenge being to determine where the rare earth-bearing dikes are most concentrated and best mineralized, says president and CEO Dr. Tony Harwood in a recent interview with Proactive Investors.
Rare earth elements are critical in the development of emerging green technologies and high-tech applications, from electric and hybrid vehicles and wind and hydro power turbines, to LCD screens, MRI and X-ray machines, mobile devices and other computing equipment.
With China producing over 95 percent of the world's rare earths, and the country constantly cutting back on exports, the metals are set to be in high demand in the near future. Hence the explosion in the rare earths space, as an increasing amount of junior rare earth companies emerge seeking to take their projects to production.
Harwood says that what differentiates Montero from the others is the company's strategy to "fast track" the project to production.
"While drilling out what we believe to be a giant deposit, we are focused on getting a portion of the project to a mining and refining stage," Harwood says.
"We also, unlike any other juniors out there, have actually produced saleable rare earth products for marketing to potential off take deals."
Indeed, through hydro-metallurgical test work with consultants Mintek, Montero said in March that it produced the first samples of concentrated rare earth chemical grade products from its Wigu Hill project in Tanzania, with a tested process route now in place.
The making of not only Mixed Rare Earth, but also Cerium chemical products was a major milestone for the company, as it allows Montero to show indicative product when in discussions with potential off-take partners.
"The samples of saleable rare earth products are pretty significant. The step has allowed us to engage around 30 groups with these materials," Harwood says.
"We have de-risked the project significantly with our metallurgy work and have gotten to the stage where we can attract, in a meaningful way, end users of rare earths materials."
The accomplishment indeed proved beneficial, as these samples were instrumental in a non-binding off-take agreement signed with Star Earth Minerals last month, for the supply of light rare earths from its Wigu Hill project.
Star Earth Minerals is a manufacturer of light rare earth compounds based in Mumbai, India, and is seeking a consistent supply of light rare earths for its customers in the glass, ceramic and catalyst industries, located mainly in South East Asia and Japan.
In the first phase of production from Wigu Hill, Montero is targeting output of 5,000 tonnes of mixed rare earth product per year, with Star Earth having the appetite for around 1,000 to 3,000 tonnes, Harwood says.
The company is planning to secure more off-take agreements in order to fund the development of its project and sell its materials to refineries, with at least three firm deals targeted.
Last September, the company released a 3.3 million tonne inferred resource based on 2,225m of shallow drilling on only a fraction of the Wigu Hill complex. Only the Tembo and Twiga zones on the eastern side were estimated to contain an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5) with a higher grade portion of 510,000 tonnes at 4.4% LREO.
The company is initially targeting cash flow from a small mining operation at the Twiga Zone by 2013, while drilling on the remainder of the property and proving up a greater resource.
An updated NI 43-101 compliant resource estimate is on track, which will look to boost inferred resources to the measured and indicated category. A preliminary economic assessment will then follow, along with a feasibility study later in the year.
The latest drill results from the project hail from the Nyati target, where 5,000 metres of drilling is planned for 2012.
Harwood says the company is drilling consistently high grades, evident in the latest results from the Nyati zone, where 73.2 metres at 3.13% total rare earth oxides (TREO) was intersected, including 24.3 metres at 4.92% TREO.
Since listing in February 2011, the company has made huge strides, with an eventual goal of building a refining facility as part of its second stage, which Harwood estimates will only require capital of $60 million - a number he considers to be low compared to the capital other potential rare earth producers are indicating.
Harwood says there are about two dozen refineries in the world that would take its mixed rare earth product, in Asia, Europe and the US, with Montero hoping to be one of the first African refineries of rare earths.
"We have done a lot of work on the metallurgical side since listing in February 2011. With rare earths having an increasing strategic role, there has to be something to differentiate a junior rare earth miner.
"Low operating and capital costs, good margins, and most importantly, the ability to produce and sell the materials through a simple, proven route is critical."
"We have really got a winner at Wigu Hill as we have saleable products that we can show the market, placing us way ahead of the game," Harwood adds.
The at-surface project also boasts high grades, fresh rock and has low uranium and thorium levels, with a radioactive dose equivalent of Wigu Hill representative sample certified by Mintek to be less than 1 microsievert.
This is important, as many rare earth miners have been hampered by radiation and permitting issues, something Montero has proven it doesn't have to worry about.
The project, which is located 170 kilometres from seaport Dar es Salaam, and 12 kilometres from a rail siding on the Tazara railway, is seen by the company to have the potential for a 20,000 tonne per year rare earth-producing mine.
Raising $9.8 million in its IPO and private placement last year, the company is looking to bolster its treasury by offloading its portfolio of phosphate assets in South Africa, and has already hired an advisor for the process.
Harwood, as an economic geologist with 30 years of international exploration and mining experience, says he is convinced there is a big resource at Wigu Hill, and expects to get a "reasonable amount" of cash from the sale of its phosphate assets to help develop the Tanzania project.
Aside from the company’s president and CEO, Montero is also armed with other experienced team members - non-executive director Michael Wolley is the former COO of Lynas Corp (ASX:LYC), and technology development manager Richard Amata is the former chief chemist for Molycorp.
The company's stock is currently changing hands at 14.5 cents on the TSX Venture Exchange, giving it plenty of upside potential given the upcoming resource update and PEA anticipated this year.
Inovio granted US patent protection for cervical dysplasia/cancer vaccine
Inovio Pharmaceuticals (AMEX:INO) reported Tuesday the U.S. Patent and Trademark Office granted patent protection for the company's SynCon vaccine for cervical dysplasias (pre-cancerous lesions) and cancers caused by the human papillomavirus (HPV).
The company develops DNA-based vaccines to treat and prevent cancers and infectious diseases.
Inovio said the patent granted to the Trustees of The University of Pennsylvania has been exclusively licensed to the company under its existing license agreement with the university.
The patent includes claims that cover Inovio's synthetic consensus HPV antigens, and DNA constructs and vaccines that include these antigens, including Inovio's cervical dysplasia/cancer vaccine, VGX-3100.
This patent also covers methods of treating a patient using the SynCon cervical dysplasia/cancer vaccine.
VGX-3100 is designed to raise immune responses against the E6 and E7 genes associated with the human papillomavirus types 16 and 18. The E6 and E7 proteins are responsible for transforming HPV-infected cells into pre-cancerous and cancerous cells.
Inovio’s aim is to stimulate a T-cell immune response strong enough to reject infected cells from the body.
"This additional patent grant bolsters the strong intellectual property portfolio around our SynCon synthetic vaccines," chief executive Joseph Kim said in a statement.
"Inovio's synthetic vaccine for these diseases answers an unmet need by providing non-invasive and potentially more effective approach for treating women with this condition."
Presently, the company is recruiting subjects for its phase II study for the drug, which is designed to enroll 148 patients with cervical dysplasia across 25 centres.
The placebo-controlled and randomized trial will assess the regression of cervical lesions. The secondary endpoint will be to measure immune responses to the drug. Subjects will also be monitored for tolerability and safety.
The company’s SynCon vaccines are designed to provide broad cross-strain protection against known and newly emergent unmatched strains of pathogens such as influenza.
These synthetic vaccines, in combination with Inovio's proprietary electroporation delivery, have been shown to generate positive immune responses, along with a favourable safety profile.
Inovio's clinical programs include phase II studies for cervical dysplasia, leukemia and the hepatitis C virus and phase I studies for influenza and HIV.
Shares of the company went up 2.09 percent, climbing to 55.1 cents on the AMEX Exchange on Tuesday afternoon.
Papuan Precious Metals shares rise 9% on positive drill results
Papuan Precious Metals (CVE:PAU) saw its shares rise 9.09 percent on Tuesday, after it released complete drill results for two drill holes at its Urua Creek prospect, part of the company's Mt Suckling project in Papua New Guinea.
The miner, which reported partial results in February from the uppermost 79 metres of the discovery hole at the Urua Creek prospect, said complete results from hole URD002 and hole URD003 have now been received.
Hole D002 at the Urua Creek prospect in the company’s Mt. Suckling project area tested gold and copper soil anomalies and gold and copper trench values found in Trenches 1 and 2, Line 10 of the Urua Creek grid.
Papuan reported that D002 encountered several types of gold and copper mineralization throughout its 302.60-metre length.
As previously reported, a near surface 70-metre wide interval of low-grade copper mineralization assayed 0.10 percent copper.
The company also said previously that massive magnetite-sulphide and stockwork mineralization was encountered between 208.55 metres and 215.50 metres, containing 6.65 metres grading 0.77 percent copper and 1.84 grams per tonne (g/t) gold, including a 1.10 metre interval grading 9.60 g/t gold, 2.16 percent copper.
Papuan said the latest results showed a broad 12.30-metre quartz stockwork zone, at depth (264.60-276.90 metres), grading 0.13 percent copper, including 0.70 metres of 1.12 percent copper and 1.16g/t gold.
The company reported that hole URD003 intersected 4.0 metres grading 0.71 percent copper, and 0.25g/t gold and 12.00 metres of 0.20 percent copper, including 4.00 metres of 0.84 percent copper.
Hole 003 tested both gold and copper soil anomalies and long intervals of gold and copper trench values in Trench 1, Line 10 of the Urua Creek grid, said Papuan.
The holes are the first to intersect the Urua Creek diatreme breccia, as part of a three hole drill program designed to test a significant chargeability anomaly identified by a 3D-induced polarization ground geophysical survey completed last fall.
The chargeability anomaly is found within the 1,700 by 900 metre breccia, which hosts the gold and copper mineralization.
Papuan has interests in four copper-gold, nickel, and platinum group metals exploration projects in the region, including Mt. Suckling, New Hanover, Waria River and Bewani Mountains.
Early last month, the company announced the start of a 150 metre drill program on its Doriri Creek hydrothermal prospect on its Mt. Suckling project, and then expanded the campaign by two holes for a total of four.
The company said the move was based on initial positive observations from core.
The Mt. Suckling project is situated in one of the world’s most prolific porphyry copper belts. It consists of the Urua Creek, Araboro Creek and loleu Creek porphyries and includes the Dimidi Creek potassium anomaly and the Doriri Creek hydrothermal prospect.
Papuan's share price advanced more than nine percent to six cents on Tuesday afternoon.
Marifil Mines hires fertilizer exec Rennie to help spin out Argentine potash assets
Exploration-stage resource company Marifil Mines (CVE:MFM) said Tuesday it hired Robert J. Rennie to aide with the spin-out of its Argentine potash, sulfur and phosphate projects, under a consulting services agreement.
Rennie, who holds a PhD in soil microbiology from the University of Minnesota, is slated to become the president and chief executive of the Newco, or the new separate entity.
Marifil plans to find a suitable shell company or capital pool company, which will become the majority owner of its fertilizer-related claims in Argentina. The company will receive cash and shares in the Newco and also retain a net smelter royalty.
"We feel that the market is not giving Marifil credit for its potash, sulfur, and phosphate assets," said CEO John Hite in a statement.
"Spinning these assets out will not only create more value for our shareholders but will also allow us to focus on our base and precious metal assets."
Rennie has a strong 27-year background in working with and managing fertilizer companies.
Initially, he started his career as a research scientist for the United Nations, and Agriculture Canada. Most recently, he served as president and CEO of Spur Ventures (CVE:SVU), which has been developing two phosphate deposits in China.
Prior to this, Rennie spent 20 years working for Agrium (TSE:AGU) - one of the world’s largest fertilizer companies.
While at Agrium, he was chairman of the board of both Profertil S.A., a joint venture between Agrium and Repsol.
Argentina imports 100 percent of its phosphate fertilizers, while Brazil imports 90 percent of its potash and 60 percent of its phosphate.
The Newco will have important advantages in developing these markets, including lower transportation costs to the market as compared to other global suppliers, the company said.
Marifil is engaged in the acquisition and exploration of mineral resources. Its properties include the Las Aguilas, Amarillo and Davicino acreages, totalling more than 400,000-hectares within nine provinces in Argentina.
Shares of the company grew by 7.69 percent, climbing to 14 cents apiece in trade on Toronto’s venture exchange Tuesday.
Feronia posts FY revenue increase of 91%, palm oil production up 61%
Africa-focused farming and oil palm plantation company Feronia (CVE:FRN) narrowed its full year losses in 2011, as revenue grew 91 percent on improvement in crude palm oil production and higher prices.
For the period that ended December 31, 2011, revenues grew to $7.45 million from $3.91 million a year earlier.
The company narrowed its net loss to $5.7 million or four cents per share, compared to a loss of $6.87 million or nine cents per share in 2010.
Feronia said crude palm oil (CPO) production was up 61 percent to 7,981 tonnes for the full year, up from 4,951 tonnes in 2010.
A total of 12,110 hectares (ha) of oil palms were replanted during the year. The company also reported that realized average sales price for CPO was $984 per tonne in 2011, up from $746 per tonne a year earlier.
"In 2011, Feronia accomplished several key objectives," said Feronia CEO Bill Dry.
“We raised new equity which allowed the company to accelerate its re-planting program and advance the construction of a new palm oil mill at Yaligimba plantation.
"We completed the re-planting of 2,110 ha of oil palm, exceeding our 2,000 ha target. With our existing palms, we increased realized yields and oil extraction ratios, resulting in a 61 percent increase in CPO production.
"In our arable farming division, we succeeded in getting all required inputs and machinery into the country, commenced construction of our drying, storage and processing facilities, and sowed 1,200 hectares of rice, the largest single sowing in the history of the DRC."
Feronia said it achieved gross margin of 45 per cent for the year, compared to 40 percent in 2010. As at December 31, the company had $13.5 million in cash, and no debt.
In Feronia’s palm oil division, fresh fruit bunch (FFB) average yield increased to 3.66 tonnes per ha, from 2.28 tonnes per ha in 2010.
The company’s oil-extraction rate (OER) increased to 17.1 percent from 16.3 percent in 2010.
Feronia said that in 2011, it began the first application of fertilizer to oil palms aged between four and 16 years, with 821 ha covered to date, and noted 880 ha of oil palms were replanted so far in 2012.
The company also reported Tuesday that the first stage of civil work was completed for its new palm oil mill at Yaligimba, in the Democratic Republic of the Congo (DRC). The palm oil mill, which is being commissioned in the fourth quarter at the Yaligimba plantation, is expected to have an initial processing capacity of 30 tonnes per hour of FFB.
The capacity is expected to be increased to 60 tonnes per hour in a phase two expansion, which will be implemented as the mill approaches full capacity utilization.
Under its arable farming division, the company noted that its first commercial rice crop of 1,200 ha was sown in October and November 2011. Feronia said that while the harvest in February 2012 produced yields of up to 2.3 tonnes of paddy per ha on the early sown fields, a delay in planting and atypical adverse climate conditions resulted in only minimal yields.
In February 2012, 300 ha of rice were planted and it expects to harvest this crop in May 2012.
Looking ahead, Feronia said it plans to complete several capital investments in 2012.
Once commissioned, the new Yaligimba mill is expected to allow an "immediate and material" increase in CPO and revenue contribution from the Yaligimba plantation.
"We anticipate further incremental improvements from existing areas," said Feronia executive chairman Ravi Sood.
"The Yaligimba mill is scheduled to be commissioned in the fourth quarter of 2012 and once this occurs, the company expects to have substantial excess processing capacity which it plans to leverage in coming years through new plantings.
“In 2012, the company's arable farming group expects to complete and commission its rice mill and additional drying and storage capacity. Management will be focused on improving yields at the arable farming operation and completing the division's first commercial sales."
Feronia said that key objectives in 2012 include completing up to 5,000 ha of re-planting across its oil palm plantations, and proving commercial yields of rice and beans at its arable farming division.
The company's focus is on its arable farming operations and oil palm operations in the DRC, Africa. It employs Brazilian and US-style agriculture systems at its arable operations for the greatest efficiency and economies of scale.
Feronia’s shares were trading at 29 cents on Tuesday afternoon.
Castle Peak says Allan Green elected to board
Castle Peak Mining (CVE:CAP) reported Tuesday that it has elected a new member and approved new control persons during its annual special meeting of shareholders.
At the annual special meeting of shareholders, Allan Green was elected to the board of directors by stakeholders.
Furthermore, chief executive Darren Lindsay along with Randy Smallwood, Brian Lock, Randal Gindi, Peter Hawley were also elected as directors.
During the meeting shareholders approved two new control persons: Grizal and East China Mining, Castle Peak said in a statement.
The company can now move towards closing its previously announced brokered private financing of $3.0 million with Grizal and the non-brokered financing with East China Mining.
Prior to the meeting, Castle Peak was advised East China Mining would subscribe for 20.6 percent of Castle Peak’s common shares.
In addition, stakeholders passed a resolution to amend Castle Peak’s articles of incorporation setting threshold approval for special resolutions at two-thirds.
Last month, the Ghana-based gold explorer had appointed project evaluation and feasibility studies specialist Clive Arthur as vice president of exploration.
It also approved a $5 million exploration budget for 2012. The company’s campaign will include a follow up drill program on the
Apankrah target and further drilling on the Nana and Dansuom targets totalling up to 5,000 metres.
Castle Peak will undertake a regional target generation and drill evaluation program, which will include ground based geophysical surveys to add to the existing geological database.
The Canadian-based explorer has land packages in the Ashanti belt next to many gold producing mines in Ghana, West Africa.
The Ashanti belt is known as one of the most prolific gold belts in the world with more than 150 million proven ounces uncovered and current investment in excess of $3.3 billion.
At the annual special meeting of shareholders, Allan Green was elected to the board of directors by stakeholders.
Furthermore, chief executive Darren Lindsay along with Randy Smallwood, Brian Lock, Randal Gindi, Peter Hawley were also elected as directors.
During the meeting shareholders approved two new control persons: Grizal and East China Mining, Castle Peak said in a statement.
The company can now move towards closing its previously announced brokered private financing of $3.0 million with Grizal and the non-brokered financing with East China Mining.
Prior to the meeting, Castle Peak was advised East China Mining would subscribe for 20.6 percent of Castle Peak’s common shares.
In addition, stakeholders passed a resolution to amend Castle Peak’s articles of incorporation setting threshold approval for special resolutions at two-thirds.
Last month, the Ghana-based gold explorer had appointed project evaluation and feasibility studies specialist Clive Arthur as vice president of exploration.
It also approved a $5 million exploration budget for 2012. The company’s campaign will include a follow up drill program on the
Apankrah target and further drilling on the Nana and Dansuom targets totalling up to 5,000 metres.
Castle Peak will undertake a regional target generation and drill evaluation program, which will include ground based geophysical surveys to add to the existing geological database.
The Canadian-based explorer has land packages in the Ashanti belt next to many gold producing mines in Ghana, West Africa.
The Ashanti belt is known as one of the most prolific gold belts in the world with more than 150 million proven ounces uncovered and current investment in excess of $3.3 billion.
St. Elias unveils Cueva Blanca property update
St. Elias Mines (CVE:SLI) announced late Monday an update on its Cueva Blanca gold property in northwest Peru.
The property is owned 100 percent by St. Elias Mines, while Intigold Mines (CVE:IGD) has an option to acquire a 60 percent interest in the asset, in exchange for payments in cash and shares and incurring $1.5 million in exploration costs over a three-year period.
The companies have begun field studies in the Cueva Blanca area in preparation for diamond drilling, they said, and at this time, it is anticipated that "very little" field work will be required prior to mobilizing equipment and crews.
The initial drilling targets include the Cruz vein, the Cruz breccia bodies as well as the Bi-Hg quartz manto zone. The economic targets at the property are gold and silver, St. Elias said.
The companies also said that they have been approached recently by Compania de Minas Buenaventura to conduct a review of the property, and are taking this into consideration.
The property covers approximately 5,000 hectares and is located in the Lambayeque department in northwestern Peru, within the Northern Peru Miocene metallogenic belt.
This belt is defined by a large number of gold and copper-gold deposits of similar age, including Yanacocha, Lagunas Norte, and Pierina and porphyry deposits such as Rio Blanco, Canariaco, La Granja, Cerro Corona, and Antamina.
Cueva Blanca is bordered to the south and southeast by mineral concessions of Vale S.A., while Barrick Gold holds mineral concessions four kilometres to the north.
St. Elias said the property lies within the northern member of a pair of profound east-west tectonic warps that cross northern Peru. Within the southernmost of these tectonic features is the multi-million ounce Yanacocha gold mine, and several copper-gold porphyry deposits.
The Cueva Blanca property, as well as the Canariaco and Rio Blanco copper-gold porphyries, appear to be with the northern tectonic flexure.
The project has been explored in the past. Historical exploration work on the Cruz vein system, which included 91 trenches and 18 drill holes totalling 1,860 metres, proved that the quartz veins consistently contain gold and silver.
Historical results of gold assays from the Cruz vein drill program included 6.0 metres of 2.31 grams per tonne, 6.0 metres of 2.96 grams per tonne (including 1.75 metres of 7.45 grams per tonne), and 1.5 metres of 22.68 grams per tonne. The vein system is open along strike to the southeast and northwest, and to depth.
St. Elias said that previously announced confirmation exploration work, conducted in 2011, consisted of sampling of outcrops and trenches at the Cruz Vein portion of the property.
Assay results indicated a weighted average grade of 2.84 g/t gold across an average width of 4.3 metres, and along a strike length of 850 metres in the Cruz Vein system.
Under the terms of its deal with St. Elias, Intigold has the right to purchase one-half of the 1.5% net smelter royalty from St. Elias for $1.5 million.
Earlier this month, St. Elias said that exploration on the Chance E mineral concession that adjoins the company's wholly-owned Tesoro gold project in south-western Peru will be starting in the upcoming weeks.
Northern Vertex adds second drill rig to Lemhi gold project
Northern Vertex Mining Corp. (CVE:NEE) (OTCQX:NHVCF) said Tuesday it has added a second diamond drill rig to its current 10,000 metre in-fill and resource confirmation program on its Lemhi gold project in Idaho.
"We are pleased to report the company is stepping up drilling activities on the Lemhi Gold Project through the addition of a second core rig," said CEO Kenneth Berry.
"The second rig will allow us to double our current drill production at Lemhi, as we continue our Phase I program designed to validate and expand upon historic drill results from previous work conducted on the property."
So far, Northern Vertex has completed a total of seven holes of its phase I program on project. The company said drill core has been sent in for assaying and the first results are expected in the near future.
Under a joint-venture agreement between Northern Vertex and Idaho State Gold Company, Northern currently holds a 51 percent interest in Lemhi and has the right to increase its stake to 75.5 percent.
As the operator of the venture, Northern said the aim of the $7.7 million phase I program is to prove up the historical resource and bring it to NI 43-101 standards.
The Lemhi project includes Yamana's interest in the Humbug gold deposit, and has a historical non-compliant 43-101 resource of 32.36 million short tons at a grade of 0.0375 ounces per short ton for 1.21 million contained ounces of gold.
The project is located 25 miles north of Salmon, Idaho.
Northern Vertex is a gold exploration and development company that operates mainly in the United States and Canada.
On Monday, the company unveiled results from its phase II, 6,500 metre in-fill drill and resource expansion program at the Moss gold-silver project in Mohave County, Arizona.
Highlights included hole AR-140C, which returned 50.29 metres of 0.89 grams per tonne (g/t) gold equivalent, including 20 metres of 1.67 g/t gold equivalent.
"We are pleased to report the company is stepping up drilling activities on the Lemhi Gold Project through the addition of a second core rig," said CEO Kenneth Berry.
"The second rig will allow us to double our current drill production at Lemhi, as we continue our Phase I program designed to validate and expand upon historic drill results from previous work conducted on the property."
So far, Northern Vertex has completed a total of seven holes of its phase I program on project. The company said drill core has been sent in for assaying and the first results are expected in the near future.
Under a joint-venture agreement between Northern Vertex and Idaho State Gold Company, Northern currently holds a 51 percent interest in Lemhi and has the right to increase its stake to 75.5 percent.
As the operator of the venture, Northern said the aim of the $7.7 million phase I program is to prove up the historical resource and bring it to NI 43-101 standards.
The Lemhi project includes Yamana's interest in the Humbug gold deposit, and has a historical non-compliant 43-101 resource of 32.36 million short tons at a grade of 0.0375 ounces per short ton for 1.21 million contained ounces of gold.
The project is located 25 miles north of Salmon, Idaho.
Northern Vertex is a gold exploration and development company that operates mainly in the United States and Canada.
On Monday, the company unveiled results from its phase II, 6,500 metre in-fill drill and resource expansion program at the Moss gold-silver project in Mohave County, Arizona.
Highlights included hole AR-140C, which returned 50.29 metres of 0.89 grams per tonne (g/t) gold equivalent, including 20 metres of 1.67 g/t gold equivalent.
Southern Silver shares rise as it extends mineralized zones at Cerro Las Minitas
Southern Silver Exploration Corp. (CVE:SSV)(FRANKFURT:SEG) saw its shares rally Tuesday after it said it extended mineralized zones at its Cerro Las Minitas project in Durango State, Mexico both laterally and to depth.
The projections of the known mineralized structures at both the Blind zone and El Sol deposits were extended.
At the Blind zone, three core holes were drilled to depths of between 120 to 150 metres along the northwestern extension of the area, with each hole returning multiple high grade intercepts of silver-polymetallic mineralization, the company said.
High grade results included a 4.4 metre interval averaging 186 grams per tonne (g/t) silver, 5.6g/t lead and 4.6% zinc from hole 12CLM-047; a 0.8 metre interval of 421g/t silver, 15.2% lead and 6.8% zinc from hole 12CLM-045; and a 0.5 metre interval grading 1040 g/t silver, 16.7% lead and 2.9% zinc from hole 12CLM-049.
Southern Silver said drilling continues to extend Blind zone mineralization at depth toward the northwest, with initial modelling identifying three distinct mineralized structures that project along a 550 metre strike-length of the deposit.
Several additional less continuous lenses of mineralization were also identified in the model, the company added.
"The Blind zone mineralization was identified through IP geophysics and subsequent drilling and has validated this method of identifying mineralization below gravel cover," said president Lawrence Page.
"While present drilling is identifying mineralization in the area of the Cerro Las Minitas intrusion, large portions of the 15,000 hectare mineral claims, which are overlain with gravel cover, contain geophysical anomalies similar to the anomalies at Cerro Las Minitas and will be tested in subsequent drill programs after the nature and extent of the mineralization presently being developed at Cerro Las Minitas is fully ascertained."
Meanwhile, at the El Sol deposit, drilling continues to extend the northwestern extension of previously reported mineralization from hole 12CLM-027, which returned 24.8 metres of 124 g/t silver, 1.9% lead and 2.1% zinc.
The company said it hit a 0.8 metre interval grading 745 g/t silver, 0.8% lead and 0.4% zinc within a broader 5.9 metre interval averaging 133 g/t silver, 1.3% lead and 0.5% zinc from drill hole 12CLM046.
While earlier drilling on this deposit targeted near surface mineralization, this latest hole "significantly" extends the depth projection of the El Sol zone to around 200 metres below surface, Southern said.
Drilling on the El Sol deposit has also identified a rough 250 metre cumulative strike-length in seven drill holes.
In 2012, the company will continue to drill at the project with two core rigs. One drill rig remains dedicated to mineralization in the Blind and El Sol zones, while the second rig is testing occurences in an area of historic mining as well as several new targets.
Last year, 29 drill holes for a total of 8,030 metres were completed on the project. An additional 5,977 metres in 27 drill holes have been completed so far this year, with two additional holes in progress. Assays from six drill holes are pending, the company said.
The company is planning 20,000 metres of core drilling in 2012, with the aim of completing a NI 43-101 compliant resource on these first set of targets by the fourth quarter.
This will be the initial milestone toward the company's goal of delineating a larger, multi-million tonne, high-grade, silver-enriched polymetallic resource on the project.
Shares were up more than 14 percent Tuesday Morning, at 8 cents.
Great Western Minerals unveils Q4, FY results, 2011 revenues rise
Great Western Minerals Group (CVE:GWG) (OTCQX:GWMGF) announced late Monday fourth quarter and full year results, narrowing losses and increasing revenues.
For the year that ended December 31, 2011, the integrated rare earths company posted revenues of $16.44 million, compared to $15.14 million for the previous year.
The company combines upstream resource exploration and extraction at its Steenkampskraal mine in South Africa with downstream metals processing facilities in the US and UK. Its specialty alloys are used in the battery, magnet and aerospace industries.
"GWMG experienced continued success in revenue and margin growth during 2011," said president and CEO Jim Engdahl.
"The strong track record of our alloy manufacturing operations, particularly with the new strip cast furnace about to go into production at LCM, positions our company to build even further on its strong financial and market position.
"That, in turn, provides a very solid base with which to move our company's top priority, the Steenkampskraal project, to the finish line."
The program at Steenkampskraal is central to ensure a strong flow of feedstock for the company's downstream processing. The company intends to be one of the first to produce significant quantities of the more valuable heavy rare earth oxides, which are important materials for alloys.
The rare earth company, which eventually plans to be its own supplier as well as creating a supply certainty for global customers, has several operational targets this year, including the refurbishment of the mine shaft at Steenkampskraal in the first half of this year, and the completion of the NI 43 101 report for the mine by mid-May.
Great Western is on track for both these targets, as well as for the launch of mining activities by the end of 2012, and the construction of a mixed chloride plant and separation plant near Steenkampsraal in the first half of 2013.
At its LCM processing operation in the UK, the company completed the first pour with its new strip casting furnace at the end of January, and in late March, the company placed an order for a second strip cast furnance, allowing alloy manufacturing capacity to double when the second furnace arrives and is commissioned later this year.
The second strip cast furnace will increase the total production capacity of LCM to approximately 2,000 tonnes per annum of rare earth alloys. The company is boosting capacity in prepartion for its rare earth production coming online, and as demand for the metals grows.
Manufacturing revenues from its processing subsidiaries in the US and UK in 2011 rose nine percent from the previous year, while gross margins from these units' manufacturing operations increased 36 percent.
The company said the two manufacturing units posted earnings before interest, taxes depreciation and amortization of $1.12 million in 2011, compared to $0.86 million the prior year.
Net consolidated loss for the company totaled $14.0 million, or $0.037 per share, versus $15.77 million, or $0.060 per share, in 2010. In the latest fourth quarter, losses narrowed to $3.79 million from $11.42 million in the same period a year earlier.
Great Western ended the year with a cash balance of $10.9 million, up from $9.2 million the previous year. The company also boosted its cash position earlier this month, as it closed a $90 million convertible bond financing with co-lead agents GMP Securities, ISM Capital and Byron Capital Markets, covering its estimated capex to production.
Goldrush Resources hits 6.99 g/t gold over 5.15 metres at Ronguen deposit
Goldrush Resources (CVE:GOD) unveiled Tuesday drill results from the final 11 of 18 core holes drilled as part of a larger 10,140 metre in-fill program at its Ronguen gold deposit in Burkina Faso, West Africa. The results will be used in an upcoming resource estimate - expected out shortly.
The drilling program also included 98 reverse circulation holes at the deposit.
Notable core hole results reported Tuesday include 6.99 grams per tonne (g/t) gold over 5.15 metres in hole KGRC11-049, and 1.71 g/t gold over 9.0 metres, including 4.1 g/t gold over 1.0 metre and 5.89 g/t gold over 1.0 metre in hole KGRC11-047.
In addition, 0.83 g/t gold over 17.5 metres was intersected in hole KGRC11-046, and 4.72 g/t gold was returned over 3.0 metres in hole KGRC11-053.
The 11 core holes reported were collared on the southern margin of the G2 Grid, the westernmost of two overlapping grids on Ronguen. They were designed to test the down dip extension of mineralization previously seen in holes farther north on the same sections, and to provide additional structural information on the deposit.
The company said core hole KGRC11-047 intersected a higher grade and longer interval of the mineralization than previously intersected in reverse circulation holes KGRR11-221 (4 metres of 2.12 g/t gold from 40 to 44 metres) and KGRR11-220 (1 metre of 1.01 g/t gold from 61 to 62 metres).
“These diamond drill hole results are the last drilling data that will be integrated into the Ronguen resource model and will allow our consultants to complete an updated resource estimate for the Ronguen gold deposit within 10 days," said president and CEO, Len Brownlie.
"Going forward, an initial program of trenching and pitting has been designed to follow-up on the potential strike extension of the Ronguen South zone and to seek to confirm to the north of the Ronguen Main zone a potential parallel gold zone that has been identified by a resistivity high anomaly from a gradient induced polarization survey.”
The 11 holes reported today each intersected anomalous gold mineralization defined as at least 1 metre of greater than 0.10 g/t gold. A total of 1,065 metres were drilled in the eleven diamond drill holes, which were sampled using nominal one metre sampling intervals.
Within the entire fall 2011 program, a total of 98 reverse circulation holes for 7,793 metres and 18 core holes for 2,347 metres were completed on the Ronguen gold deposit.
A total of 1,325 linear metres in 13 trenches were also completed, with results to be announced when received. The company said, however, that the trench results will not be able to be included in the "soon-to-be received" resource estimate.
The Ronguen gold deposit is located within the northeastern part of the prospective Birimian age Boromo greenstone belt in Burkina Faso. Gold mineralization is found in both metasedimentary and mafic intrusive rocks.
Separately, the company also noted Tuesday that land surveys and title searches recently conducted by Goldrush after the completion of the 2011 reverse circulation drill program, have revealed that the Ministry of Mines, Quarries and Energy of Burkina Faso inadvertently allowed the company in 2009 to extend the Ouavousse permit partially over a permit that was granted to another party in 2008.
This means, Goldrush said, that a small portion of its Ouavousse permit extension conflicts with the exisiting permit boundary. However, the company said it has received no notice from either the government of Burkina Faso or the other permit holder.
In the 2011 drill program, four of the 30 holes (OUKR11-027 to -030) were drilled in this overlap area. The company therfore cautioned investors that assays from these holes should not be considered in evaluating the prospectivity of the Ouavousse permit.
The company said it has approached the Ministry of Mines and Quarries to rectify the situation, but an outcome to the matter cannot be determined at this time.
In March, the company announced initial drill results from the permit, with notable holes including 8.67 g/t gold over 2 metres in hole OUKR11-001 and 1.07 g/t gold over 4 metres in hole OUKRR11-006.
Goldrush is a Canadian mineral exploration company focused on gold exploration in West Africa, where the company has discovered, and is currently expanding and defining the 249,000 ounce inferred resource at the Ronguen gold deposit in Burkina Faso.
Yara's Ethiopia deal implies strong prospects for potash companies like Allana
Recent developments in the potash space bode well for companies such as Allana Potash (TSE:AAA)(OTCQX:ALLRF).
Allana is a junior mineral exploration company focused on developing potash mineral properties in Ethiopia and Argentina.
Last week, Norwegian fertilizer group Yara International upped its stake in Ethiopian potash company Ethiopotash BV to 51 percent from 16.67 percent.
Ethiopotash is developing a potash resource in the Danakil Depression of Ethiopia, directly adjacent to Allana Potash's own Dallol project.
The potash mineralization in the Danakil Depression is well known with small-scale potash mining carried out intermittently from the early 1900s.
"Estimated capacity for the Dallol project is 1 million to 1.5 million tons potash per year, with resources of more than 30 years mining," Yara said in a statement.
Yara's move to increase its stake in the area indicates that Ethiopia's Danakil basin is going to develop into a significant source of potash over the coming years, with Allana strategically positioned to benefit.
Allana announced Tuesday a boost in mineral resource estimates at its Dallol project, increasing measured and indicated resources by more than 90 percent.
The measured and indicated mineral resource estimate now totals 1.3 billion tonnes with an average grade of 19.32% potassium chloride (KCl), representing approximately 250 million tonnes of KCl.
Exploration drilling continues in the northern part of Allana's property as part of the program to expand the mineral resources and in-fill gaps in the drilling pattern, with technical studies in support of a feasibility study also in progress.
Last November, the company announced the results of the preliminary economic assessment for its Dallol potash project. The economic study, conducted by Ercosplan, yielded, on an after-tax basis, an internal rate of return (IRR) of 36.8 percent and a net present value (NPV) of US$1.85 billion, based on a 12 percent discount rate.
The results exceeded management's expectations, with the project having "one of the lowest capex and opex in the world" in the potash industry, especially when compared to Saskatchewan players in Canada.
Solar evaporation of the saturated brine solution is possible at the Dallol project due to the year-round hot temperatures and very little rainfall, in contrast to Saskatchewan.
As for the industry as a whole, the head of the world's biggest potash supplier believes that, after an unsteady start to 2012, there is reason to believe the market is picking up.
Last week, PotashCorp (TSE:POT)(NYSE:POT) CEO Bill Doyle predicted that global potash consumption will hit a record in 2012 with shipments of between 53 and 56 million tonnes, implying a huge rebound after a weak first quarter.
The bellweather in the industry posted a drop in first-quarter earnings and sales volumes.
Allana has financial backing from two significant strategic investors: IFC, a member of the World Bank Group, and Liberty Metals and Mining Holdings, a subsidiary of Liberty Mutual Group.
Analysts believe that Allana's presence in Ethiopia gives it access to funding from sources to which other resource companies may not have access.
Mountain Lake announces termination to Bobby's Pond sale
Mountain Lake Resources (CVE:MOA) (OTC:MLKRF) said late Monday that the agreement to sell its 100 percent interest in the Bobby's Pond base metals project in central Newfoundland to SG Spirit Gold (CVE:SG) has been terminated.
The initial deal was announced late last year.
Under the terms of that agreement, Mountain Lake would have received 3.65 percent of the issued and outstanding shares of SG, a 0.5 percent NSR, and a one-time, $100,000 cash payment.
Concurrent to the Mountain Lake deal, SG announced that it would also purchase a full interest in the Buchans property, including the Lundberg deposit and the Daniels Pond deposit, and a 49 percent interest in the Tulks Hill deposit, from Buchans Minerals (CVE:BMC).
These transactions have also been terminated. No details of the decision were disclosed.
The latest NI 43-101 compliant report for Mountain Lake's Bobby's Pond property, which is located about 20 kilometres southeast of the town of Buchans in central Newfoundland, estimates 1.095 million tonnes grading 4.61 percent zinc, 0.44 percent lead, 0.86 percent copper, 16.6 g/t silver, and 0.2 g/t gold in the indicated category, and 1.177 million tonnes at 3.75 percent zinc, 0.27 percent lead, 0.95 percent copper, 10.95 g/t silver, and 0.06 g/t gold in the inferred category.
Earlier this month, Mountain Lake reported the completion of an initial NI 43-101 resource estimate for the Lunch Pond area of its 100 percent-owned Glover Island gold property in Newfoundland.
Compared to historical resources, the company said the NI 43-101 resource for Lunch Pond indicates a 27.8 percent decrease in grade, offset by a 57.4 percent increase in tonnage, resulting in a 14.1 percent increase in contained gold ounces.
Its other projects include the 50/50 joint venture Valentine Lake gold property with Marathon Gold Corp. (TSE:MOZ) and an option to earn a 100 percent interest in the Little River gold-antimony exploration property.
The initial deal was announced late last year.
Under the terms of that agreement, Mountain Lake would have received 3.65 percent of the issued and outstanding shares of SG, a 0.5 percent NSR, and a one-time, $100,000 cash payment.
Concurrent to the Mountain Lake deal, SG announced that it would also purchase a full interest in the Buchans property, including the Lundberg deposit and the Daniels Pond deposit, and a 49 percent interest in the Tulks Hill deposit, from Buchans Minerals (CVE:BMC).
These transactions have also been terminated. No details of the decision were disclosed.
The latest NI 43-101 compliant report for Mountain Lake's Bobby's Pond property, which is located about 20 kilometres southeast of the town of Buchans in central Newfoundland, estimates 1.095 million tonnes grading 4.61 percent zinc, 0.44 percent lead, 0.86 percent copper, 16.6 g/t silver, and 0.2 g/t gold in the indicated category, and 1.177 million tonnes at 3.75 percent zinc, 0.27 percent lead, 0.95 percent copper, 10.95 g/t silver, and 0.06 g/t gold in the inferred category.
Earlier this month, Mountain Lake reported the completion of an initial NI 43-101 resource estimate for the Lunch Pond area of its 100 percent-owned Glover Island gold property in Newfoundland.
Compared to historical resources, the company said the NI 43-101 resource for Lunch Pond indicates a 27.8 percent decrease in grade, offset by a 57.4 percent increase in tonnage, resulting in a 14.1 percent increase in contained gold ounces.
Its other projects include the 50/50 joint venture Valentine Lake gold property with Marathon Gold Corp. (TSE:MOZ) and an option to earn a 100 percent interest in the Little River gold-antimony exploration property.
Allana boosts measured and indicated resources at Danakhil project by over 90%
Allana Potash Corp. (TSE:AAA)(OTCQX:ALLRF) said Tuesday it has received an updated NI 43-101-compliant mineral resource estimate from ERCOSPLAN on its Danakhil potash project in Ethiopia, increasing measured and indicated resources by more than 90 percent.
The measured and indicated mineral resource estimate now totals 1.3 billion tonnes with an average grade of 19.32% potassium chloride (KCl), representing approximately 250 million tonnes of KCl.
Allana Potash said that this is more than a 90 percent increase over the June 2011 measured and indicated mineral resource estimate of 673 million tonnes at an average grade 18.65% KCl, and close to a doubling of the KCl tonnes in these resource categories.
In addition to the strong increase in measured and indicated mineral resources, the inferred mineral resource estimate for all four potash units is an additional 588 million tonnes grading 18.56% KCl.
"We are excited to see the large increase in total resources on the project and the significant conversion of inferred mineral resources into measured and indicated mineral resources," Allana Potash's president and CEO Farhad Abasov said.
"The exploration drill campaign over the past 11 months accomplished its twin goals of converting inferred mineral resources to measured and indicated mineral resources and adding significantly to the total project resource base.
"An over 90 percent increase in the measured and indicated mineral resource estimate supports management's belief that the Danakhil Depression has the potential to become a world class potash basin.
"This new expanded resource will form the basis for the company's Feasibility Study going forward. Exploration drilling will continue on the project to expand the resources and better define the distribution of potash in the basin."
Allana Potash said that the boost in measured and indicated mineral resources was dominated by an increase of over 170 percent in the measured category, with the revised measured mineral resource totaling approximately 567.8 million tonnes containing 107 million tonnes of KCl.
This compares with 207.6 million tonnes of measured mineral resource containing 36.4 million tonnes of KCl outlined in a June 2011 report.
The measured and indicated Sylvinite mineral resource, specifically, increased more than 75 percent to 171.4 million tonnes with an average grade of 30.93 percent KCl.
Looking ahead, Allana Potash said that exploration drilling continues in the northern part of the property as part of the program to expand the mineral resources and in-fill gaps in the drilling pattern.
Samples from Holes 44-49 are undergoing analysis, or are en route to the laboratory in Saskatoon, Canada.
Technical studies in support of the feasibility study are also in progress, including solution mining cavern preparation, solar evaporation pond construction, environmental baseline studies, and hydrogeological studies.
Ground geophysical surveys to identify aquifers in the alluvial fans have been completed and data is under evaluation, the company said.
In addition, mobilization of drilling equipment is ongoing and water well drilling is expected to commence shortly.
Procurement of equipment for installation of pilot solution wells is well underway and updated photographs of evaporation pond construction are available at http://www.allanapotash.com.
Allana Potash is a junior mineral exploration company focused on developing potash mineral properties in Ethiopia and Argentina.
In March, Allana Potash was one of Dundee Securities' top picks, while in April, capital markets firm Raymond James assigned a "Market Perform" rating on the stock.
Last November, the company announced the results of the preliminary economic assessment for its Dallol potash project. The economic study, conducted by Ercosplan, yielded, on an after-tax basis, an internal rate of return (IRR) of 36.8 percent and a net present value (NPV) of US$1.85 billion, based on a 12 percent discount rate.
The results exceeded management's expectations, with the project having "one of the lowest capex and opex in the world" in the potash industry, especially when compared to Saskatchewan players in Canada.
Solar evaporation of the saturated brine solution is possible at the Dallol project due to the year-round hot temperatures and very little rainfall, in contrast to Saskatchewan.
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