Tarsis Resources (CVE:TCC) said late Tuesday that it has completed its 2011 exploration program at White River, Yukon, and has identified four new mineralized showings.
The company’s focus this year has been expanding its grid soil geochemical coverage and geological understanding of the targets within the western part of the property, where significant gold-copper-silver discoveries have been reported from a number of showings and zones, the company said.
Additional work was also conducted within the eastern part of the property including ridge and spur soil sampling, plus subsequent follow up grid soil sampling.
Tarsis expects to receive additional assay data from soil and trench samples completed this year in November.
At White River West, grid soil sampling has now been conducted within an area roughly 4.5 by 2 kilometres wide.
Infill soil sampling at 50 by 50 metre spacing within a 1.5 by 1.5 kilometre block of the main soil sample grid has highlighted very specific moderate to strongly anomalous gold, arsenic and copper trends, the company said.
Prospecting following up on a number of soil geochemical anomalies in the area resulted in expanding the HG and Cool zones, plus the discovery of four new showings, Tarsis said, yielding significant gold-copper-silver values. These prospecting results have extended the known mineralization at the Cool and HG zones in excess of 500 and 300 metres, respectively, the company added.
Prospecting samples along the trends of the Cool and HG zones range from below detection to 8.98 grams per tonne of gold, while prospecting samples from the four new showings range from below detection to 3.11 g/t gold and 0.9 percent copper.
Trench sample results are still pending from the western part of the property.
Meanwhile, at the eastern part of White River, approximately 400 ridge and spur reconnaissance soil samples were collected during the first phase soil sampling program. This work identified five sites anomalous for gold, and/or copper, and as a result, 27 mineral claims were subsequently added to the property to cover the anomalies. Around 800 grid soil samples were collected, for which results are pending, Tarsis said.
All field work for the 2011 field season has now been completed, and numerous assay results are awaited for rock, trench and soil samples.
“We are very pleased with the progress that has been made at White River this season and the way key zones have been confirmed and extended," said president and CEO Marc Blythe.
"The property now features compelling drill targets which can be tested early in the 2012 season. We also managed to source most of our labour from communities close to the project which is especially pleasing.”
Tarsis is working to find an optionee partner to undertake the next levels of exploration at White River, the company said in its statement.
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Friday, 28 October 2011
Atlanta Gold extends new zones north of main Atlanta Shear
Atlanta Gold (CVE:ATG) (OTCQX: ATLDF) saw its shares rally on Wednesday after announcing continued progress in extending the new North Zones 1 and 2, which are located roughly 427 metres northwest of the Atlanta Shear Zone at its Atlanta gold project in Idaho.
The combination of surface grab sample results, new drill hole results and drill hole results previously announced in September indicate the potential of these zones that come in addition to the main Atlanta Shear.
The surface sampling consisted of approximately five pound, or two kilogram, samples collected from historic caved prospect pits and dumps of collapsed underground workings.
Notable samples from the new North Zone 2 were as high as 6.89 grams per tonne (g/t) of gold and 7.23 g/t gold.
The sampling was done to confirm the presence or absence of gold in the structure and assist in the location of an exploration drill hole, the company said.
Meanwhile, seven holes were drilled northeasterly from collars north of the main Atlanta Shear and results indicate the potential for additional zones and the need for further work, Atlanta Gold added.
Exploration drill hole D11007W55 was collared approximately 244 metres southeast of the surface sampling area. The hole penetrated an 8.8 metre wide zone, with strong alteration including quartz veins with fine-grain iron sulfides, the company said.
The results reported today complement the news the company reported in September, when it announced it intercepted a new zone of strongly altered and mineralized material to the northeast of the existing Monarch zone.
Highlights of the results included hole D11005W35, with 44.983 g/t gold over 1.1 metres and 5.623 g/t gold over 5.4 metres, including 15.29 g/t gold over 1.5 metres. In addition, hole D11005W37 returned 18.627 g/t gold over 7.6 metres, including 62.97 g/t gold over 1.5 metres and 3.531 g/t gold over 1.5 metres.
Atlanta Gold holds leases, options or ownership interests in its Atlanta properties which comprise approximately 2,159 acres located 90 air kilometres east of Boise, in Elmore County, Idaho.
The company's shares rose more than seven percent Wednesday, to trade at $0.075 as of 12:56pm ET.
The combination of surface grab sample results, new drill hole results and drill hole results previously announced in September indicate the potential of these zones that come in addition to the main Atlanta Shear.
The surface sampling consisted of approximately five pound, or two kilogram, samples collected from historic caved prospect pits and dumps of collapsed underground workings.
Notable samples from the new North Zone 2 were as high as 6.89 grams per tonne (g/t) of gold and 7.23 g/t gold.
The sampling was done to confirm the presence or absence of gold in the structure and assist in the location of an exploration drill hole, the company said.
Meanwhile, seven holes were drilled northeasterly from collars north of the main Atlanta Shear and results indicate the potential for additional zones and the need for further work, Atlanta Gold added.
Exploration drill hole D11007W55 was collared approximately 244 metres southeast of the surface sampling area. The hole penetrated an 8.8 metre wide zone, with strong alteration including quartz veins with fine-grain iron sulfides, the company said.
The results reported today complement the news the company reported in September, when it announced it intercepted a new zone of strongly altered and mineralized material to the northeast of the existing Monarch zone.
Highlights of the results included hole D11005W35, with 44.983 g/t gold over 1.1 metres and 5.623 g/t gold over 5.4 metres, including 15.29 g/t gold over 1.5 metres. In addition, hole D11005W37 returned 18.627 g/t gold over 7.6 metres, including 62.97 g/t gold over 1.5 metres and 3.531 g/t gold over 1.5 metres.
Atlanta Gold holds leases, options or ownership interests in its Atlanta properties which comprise approximately 2,159 acres located 90 air kilometres east of Boise, in Elmore County, Idaho.
The company's shares rose more than seven percent Wednesday, to trade at $0.075 as of 12:56pm ET.
Cadillac Ventures to raise $7 million through brokered financing
Junior miner Cadillac Ventures (CVE:CDC) reported on Wednesday that it plans to raise $7 million in a brokered private financing and use the funds to advance its Thierry mine, in Ontario.
The miner said it has hired a syndicate of agents led by NCP Northland Capital Partners Inc. and Stifel Nicolaus Canada, and Secutor Capital Management Corp to finish the financing on a reasonable efforts basis.
The company plans to sell 38.3 million units for 21 cents each and flow-through shares for a cost of 23 cents each.
Each unit consists of one common share and one-half of one common share purchase warrant, of Cadillac.
Each whole warrant gives the holder the right to buy one common share for 35 cents a share for a period of 24-months, following the closing date.
Cadillac also said that it has agreed to grant the syndicate an option to raise the proceeds by up to 15 percent. This option is exercisable up to 48 hours before closing of the offering.
Proceeds will be used to fund a preliminary economic assessment on the Thierry property by early next year, while
profit from the flow-through shares will be used for Canadian exploration expenses also for the Thierry property.
The financing should close on Nov. 15, and all securities under the offering will be subject to a four month hold
period.
The Thierry property, located near Pickle Lake, Ontario, is a past producing mine with a current resource estimate of 8.3 million tonnes in the measured and indicated categories with a grading of 1.73 percent copper, 0.20 percent
nickel.
The deposit remains open at depth and to the west.
The miner said it has hired a syndicate of agents led by NCP Northland Capital Partners Inc. and Stifel Nicolaus Canada, and Secutor Capital Management Corp to finish the financing on a reasonable efforts basis.
The company plans to sell 38.3 million units for 21 cents each and flow-through shares for a cost of 23 cents each.
Each unit consists of one common share and one-half of one common share purchase warrant, of Cadillac.
Each whole warrant gives the holder the right to buy one common share for 35 cents a share for a period of 24-months, following the closing date.
Cadillac also said that it has agreed to grant the syndicate an option to raise the proceeds by up to 15 percent. This option is exercisable up to 48 hours before closing of the offering.
Proceeds will be used to fund a preliminary economic assessment on the Thierry property by early next year, while
profit from the flow-through shares will be used for Canadian exploration expenses also for the Thierry property.
The financing should close on Nov. 15, and all securities under the offering will be subject to a four month hold
period.
The Thierry property, located near Pickle Lake, Ontario, is a past producing mine with a current resource estimate of 8.3 million tonnes in the measured and indicated categories with a grading of 1.73 percent copper, 0.20 percent
nickel.
The deposit remains open at depth and to the west.
Timmins Gold sells 8% more gold ounces in Q2
Timmins Gold Corp. (TSE:TMM) reported Wednesday that for the three months ending September 30, the company produced 17,287 gold ounces, and 9,055 silver ounces in its second quarter.
As a result, the company, which is in commerical production at its San Francisco mine in Mexico, sold more gold ounces during the quarter, at 16,917, compared to 15,682 in the same period a year ago.
Average ore mined improved to 22,076 tonnes per day, versus 11,856 tonnes per day a year earlier. Average ore processed came in at 14,829 tonnes per day, up from 11,856 tonnes per day in the second quarter of 2010.
During the latest quarter, the company said it was unable to apply the optimum solution flow of cyanide to heap leach pads due to an industry wide shortage of cyanide. Currently, however, it has a sufficient supply of cyanide, and has since increased the concentration of cyanide and solution flow rates to the heap leach pads, it added.
Timmins also said it has seen improvements in production rates during October, and expects to see continued production improvements compared to the three months ending September 30.
During the second quarter, the company completed the construction of a new crusher module to replace the existing screen and feeder with a new larger screen and feeder in the coming weeks, which will allow it to maintain consistent crusher throughput rates of 18,000 tonnes of ore per day. Ore mined but not currently processed is being stockpiled for future processing.
In addition to the crusher expansion, Timmins has acquired an additional 700 hectares of land for expansion of the operations at the La Chicharra pit located approximately 1.5 kilometres from the San Francisco main mine. Since July, the company has drilled more than 92,000 metres, which will be included, along with future drilling, in an updated technical report in the first quarter of 2012, the company said.
Drill results prior to July 1 will be the subject of an NI 43-101 compliant technical report being prepared by Micon International, which will be published around November 4. The report will also include a new mine plan and updated cash costs.
In late September, the Mexico-focused producer said proven and probable reserves at the San Francisco open pit were estimated at 1.21 million ounces of gold, represented by 64.25 million tonnes at 0.588 g/t (grams per tonne) gold, a 104% increase over the proven and probable reserves of 780,000 ounces (34.93 million tonnes at 0.695 g/t), net of production depletion of 129,000 gold ounces, it reported in November 2010.
As well as this pit, the company's key San Francisco project in the state of Sonora includes the nearby La Chicharra open pit, where updated proven and probable reserves have been estimated at 116,000 ounces of gold, represented by 8.15 million tonnes at 0.445 g/t gold.
Focused solely in Mexico, Timmins Gold is in commercial gold production at its wholly owned San Francisco gold mine in Sonora, Mexico. The mine is an open pit heap leach operation, with the company forecasting production at a rate in excess of 100,000 ounces of gold per year.
As a result, the company, which is in commerical production at its San Francisco mine in Mexico, sold more gold ounces during the quarter, at 16,917, compared to 15,682 in the same period a year ago.
Average ore mined improved to 22,076 tonnes per day, versus 11,856 tonnes per day a year earlier. Average ore processed came in at 14,829 tonnes per day, up from 11,856 tonnes per day in the second quarter of 2010.
During the latest quarter, the company said it was unable to apply the optimum solution flow of cyanide to heap leach pads due to an industry wide shortage of cyanide. Currently, however, it has a sufficient supply of cyanide, and has since increased the concentration of cyanide and solution flow rates to the heap leach pads, it added.
Timmins also said it has seen improvements in production rates during October, and expects to see continued production improvements compared to the three months ending September 30.
During the second quarter, the company completed the construction of a new crusher module to replace the existing screen and feeder with a new larger screen and feeder in the coming weeks, which will allow it to maintain consistent crusher throughput rates of 18,000 tonnes of ore per day. Ore mined but not currently processed is being stockpiled for future processing.
In addition to the crusher expansion, Timmins has acquired an additional 700 hectares of land for expansion of the operations at the La Chicharra pit located approximately 1.5 kilometres from the San Francisco main mine. Since July, the company has drilled more than 92,000 metres, which will be included, along with future drilling, in an updated technical report in the first quarter of 2012, the company said.
Drill results prior to July 1 will be the subject of an NI 43-101 compliant technical report being prepared by Micon International, which will be published around November 4. The report will also include a new mine plan and updated cash costs.
In late September, the Mexico-focused producer said proven and probable reserves at the San Francisco open pit were estimated at 1.21 million ounces of gold, represented by 64.25 million tonnes at 0.588 g/t (grams per tonne) gold, a 104% increase over the proven and probable reserves of 780,000 ounces (34.93 million tonnes at 0.695 g/t), net of production depletion of 129,000 gold ounces, it reported in November 2010.
As well as this pit, the company's key San Francisco project in the state of Sonora includes the nearby La Chicharra open pit, where updated proven and probable reserves have been estimated at 116,000 ounces of gold, represented by 8.15 million tonnes at 0.445 g/t gold.
Focused solely in Mexico, Timmins Gold is in commercial gold production at its wholly owned San Francisco gold mine in Sonora, Mexico. The mine is an open pit heap leach operation, with the company forecasting production at a rate in excess of 100,000 ounces of gold per year.
Black Iron shares jump with resumption of drilling at Shymanivske, targets 1-2 bln tonne deposit
Black Iron (TSE:BKI) reported Wednesday that it received a favourable court ruling allowing it to resume drilling activities at its Shymanivske iron ore project in Kryiv Rih, Ukraine.
The Dnepropetrovsk District Administrative Court ruled in favour of the company with respect to a temporary suspension of activity at the site, imposed by the Dnepropetrovsk Region Ecological Inspectorate.
Following the decision, the company will now apply for the required drilling permits and mobilize diamond drill rigs back to site in preparation for its first definition and exploration program, which is aiming to increase the size of the resource at the property to 1.0 to 2.0 billion tonnes at a grade of 28% to 32% iron.
Investors cheered the news, with shares of the iron ore explorer rising nearly 15 percent to trade at $0.63 as of 1:45pm ET.
Currently, the Shymanivske project has an existing NI 43-101 compliant measured and indicated mineral resource containing 345 million tonnes grading 32% iron, and an additional inferred mineral resource containing 469 million tonnes grading 31% iron.
The company's new targets are based on known mineralized zones open along strike to the north and at depth, as well as on results from a recently completed ground geophysical program.
President and CEO of Black Iron, Matt Simpson, commented: "This program has the potential to not only increase the overall size of the mineral deposit, but also upgrade the mineral categorization of the resource.
"Based on an increase in size to the mineral deposit, we would begin analyzing the potential to increase our projected annual production rate. An increase in annual production should significantly add to the project value."
The initial definition and exploration drill program will consist of 20,000 metres of drilling, laboratory assays of core, and an updated independent resource estimate by Watts, Griffis and McOuat Limited - due out in the second quarter of 2012.
The drill campaign will start with seven drills once necessary permits are received, and is expected to take five months to complete.
Drilling will be directed at upgrading the inferred resource to the measured and indicated categories, Black Iron said, as well as expanding the known mineralization to the north of the Shymanivske property and at depth across the deposit, targeting new areas outlined by the ground gravity survey.
COO of Black Iron, George Mover, added: "It is an exciting time for Black Iron as we expect this program will upgrade the categorization and add significant tonnage to our mineral resource estimate for the Shymanivske Project."
Results from the drilling program will be released on a regular basis, the company said.
The Shymanivske project is surrounded by five other operating mines including ArcelorMittal's iron ore complex.
Black Iron also holds an exploration permit for the adjacent Zelenivske project which it intends to further explore.
The Dnepropetrovsk District Administrative Court ruled in favour of the company with respect to a temporary suspension of activity at the site, imposed by the Dnepropetrovsk Region Ecological Inspectorate.
Following the decision, the company will now apply for the required drilling permits and mobilize diamond drill rigs back to site in preparation for its first definition and exploration program, which is aiming to increase the size of the resource at the property to 1.0 to 2.0 billion tonnes at a grade of 28% to 32% iron.
Investors cheered the news, with shares of the iron ore explorer rising nearly 15 percent to trade at $0.63 as of 1:45pm ET.
Currently, the Shymanivske project has an existing NI 43-101 compliant measured and indicated mineral resource containing 345 million tonnes grading 32% iron, and an additional inferred mineral resource containing 469 million tonnes grading 31% iron.
The company's new targets are based on known mineralized zones open along strike to the north and at depth, as well as on results from a recently completed ground geophysical program.
President and CEO of Black Iron, Matt Simpson, commented: "This program has the potential to not only increase the overall size of the mineral deposit, but also upgrade the mineral categorization of the resource.
"Based on an increase in size to the mineral deposit, we would begin analyzing the potential to increase our projected annual production rate. An increase in annual production should significantly add to the project value."
The initial definition and exploration drill program will consist of 20,000 metres of drilling, laboratory assays of core, and an updated independent resource estimate by Watts, Griffis and McOuat Limited - due out in the second quarter of 2012.
The drill campaign will start with seven drills once necessary permits are received, and is expected to take five months to complete.
Drilling will be directed at upgrading the inferred resource to the measured and indicated categories, Black Iron said, as well as expanding the known mineralization to the north of the Shymanivske property and at depth across the deposit, targeting new areas outlined by the ground gravity survey.
COO of Black Iron, George Mover, added: "It is an exciting time for Black Iron as we expect this program will upgrade the categorization and add significant tonnage to our mineral resource estimate for the Shymanivske Project."
Results from the drilling program will be released on a regular basis, the company said.
The Shymanivske project is surrounded by five other operating mines including ArcelorMittal's iron ore complex.
Black Iron also holds an exploration permit for the adjacent Zelenivske project which it intends to further explore.
Bacterin reports positive outcome from 2 year study of OsteoSponge
Bacterin International Holdings (AMEX:BONE) announced Tuesday positive results from a two year study of OsteoSponge, a bone scaffold that helps with spinal fusion.
The two-year post-operative, clinical data showed OsteoSponge to be equivalent to rhBMP-2 in achieving an interbody fusion, the company said.
The results were based on radiographic assessment, CT scans, and quality of life outcomes.
In addition, patients receiving the OsteoSponge graft reported "statistically significant" less leg pain at one year relative to the rhBMP-2 group. The study was conducted in collaboration with researchers at the Salt Lake Orthopaedic Clinic, Spine Surgery of Salt Lake City.
"Since OsteoSponge has been released, surgeons have used our bone graft implants more than 100,000 times, and this latest study further validates its effectiveness in spinal fusion surgery," said chairman and CEO, Guy Cook.
"Surgeons noted our product's unique handling properties, ability to irrigate the site, and quick insertion of the OsteoSponge scaffold into the PEEK cage."
OsteoSponge is used in conjunction with the patients' own bone marrow aspirate.
The two year study, which tested the effectiveness of the OsteoSponge for lumbar spinal fusion, was presented at EuroSpine 2011 in Milan, Italy last week, and will be presented at the 2012 AAOS Annual Meeting in San Francisco.
Bacterin's proprietary methods optimize the growth factors in human allografts to create the ideal stem cell scaffold to promote bone repair and dermal growth.
These products are used in a variety of applications including enhancing fusion in spine surgery, relief of back pain, promotion of bone growth in foot and ankle surgery, promotion of cranial healing following neurosurgery and subchondral repair in knee and other joint surgeries.
Shares of Bacterin rose 2.79 percent on Wednesday, to trade at $2.95 as of 1:52pm ET.
The two-year post-operative, clinical data showed OsteoSponge to be equivalent to rhBMP-2 in achieving an interbody fusion, the company said.
The results were based on radiographic assessment, CT scans, and quality of life outcomes.
In addition, patients receiving the OsteoSponge graft reported "statistically significant" less leg pain at one year relative to the rhBMP-2 group. The study was conducted in collaboration with researchers at the Salt Lake Orthopaedic Clinic, Spine Surgery of Salt Lake City.
"Since OsteoSponge has been released, surgeons have used our bone graft implants more than 100,000 times, and this latest study further validates its effectiveness in spinal fusion surgery," said chairman and CEO, Guy Cook.
"Surgeons noted our product's unique handling properties, ability to irrigate the site, and quick insertion of the OsteoSponge scaffold into the PEEK cage."
OsteoSponge is used in conjunction with the patients' own bone marrow aspirate.
The two year study, which tested the effectiveness of the OsteoSponge for lumbar spinal fusion, was presented at EuroSpine 2011 in Milan, Italy last week, and will be presented at the 2012 AAOS Annual Meeting in San Francisco.
Bacterin's proprietary methods optimize the growth factors in human allografts to create the ideal stem cell scaffold to promote bone repair and dermal growth.
These products are used in a variety of applications including enhancing fusion in spine surgery, relief of back pain, promotion of bone growth in foot and ankle surgery, promotion of cranial healing following neurosurgery and subchondral repair in knee and other joint surgeries.
Shares of Bacterin rose 2.79 percent on Wednesday, to trade at $2.95 as of 1:52pm ET.
Rock Tech Lithium unveils 6.72 mln tonne maiden NI 43-101 resource at Georgia Lake
Rock Tech Lithium (CVE:RCK) Wednesday announced an NI 43-101 complaint total indicated and inferred mineral resource estimate of 6.72 million tonnes grading 1.11 percent lithium oxide for its 100 percent-owned Georgia Lake project in Ontario.
In the indicated category, the resource holds 2.36 million tonnes at 1.17% lithium oxide and in the inferred category, the estimate was for 4.36 tonnes at 1.08% lithium oxide, Rock Tech said.
The resource report, based on the spodumene-bearing pegmatite dykes located on the Nama Creek and Conway claim blocks, has resulted in increases in both the tonnage and grade over historic estimates by 21 percent and 8 percent, respectively, the company added.
Rock Tech Lithium president and CEO, Eunho Lee, said: "The results of the initial NI 43-101 resource estimate bolsters our confidence in the historical exploration data. We are encouraged that the compliant resource is more than 20 percent larger than the historic resource.
"Our strategy now shifts towards expanding the resource at Georgia Lake, more specifically the Nama Creek claim block, and, beyond that, confirming the balance of the historic resource and completing a preliminary economic assessment.
"To that end, we have developed an exploration program, including both step-out and confirmatory drill holes, that we will begin executing in the fourth quarter of 2011."
The company has already reported very high purity levels from the property already this year. In late September, Rock Tech achieved a purity level of 99.988% lithium carbonate (Li2CO3) from a bulk sample. Battery manufacturers require a purity level of at least 99.5% Li2CO3.
Rock Tech's Lee said that Georgia Lake's high quality and purity lithium resource "should start drawing interest from battery manufacturers", especially among those who are concerned about supply surety of lithium carbonate.
Besides the battery industry, lithium has many uses, including heat-resistant glass and ceramics, casting for HVAC products, additives for greases and oil products, aluminum production, and as a pharmaceutical mood stabilizer.
Caracle Creek International compiled the NI 43-101 compliant resource estimate using 97 historical drill holes, in addition to 39 drill holes from the company’s 2009 and 2011 drill programs.
The historic resource on the Nama Creek and parts of the Conway claim blocks that were subject to the drill program completed in early 2011 contained 5.54 million tonnes, grading 1.03 percent lithium oxide of the total 9.78 million tonnes grading 1.18 percent lithium oxide.
The NI 43-101 compliant resource estimate on the same area contains 6.72 million tonnes grading 1.11 percent lithium oxide. The deposits remain open in all directions and at depth, and are currently being further explored.
Wednesday's resource estimate concentrated on the Nama Creek claim block with some drilling from the Conway block.
Speaking to Proactive Investors, Rock Tech's Lee said that the Conway claim block had an initial NI43-101 resource of 1,146,000 tonnes compared to a historic resource of 1,830,000 tonnes but expects an updated NI43-101 resource for Conway to be larger than the reported historic resource.
Rock Tech Lithium has already started Phase Two of its exploration program. The goal is to expand the resource by conducting step-out drilling on the Nama Creek claim block in addition to drilling confirmatory holes on strike extensions on known pegmatitie dykes on the property.
The company said a total of 10,000 metres of diamond core drilling will be performed during the program, which may also include holes to a depth of 600 metres. A drill contract for the first 4,000 metres has already been awarded to Cobra Drilling.
Lee said that at the conclusion of phases two and three of its drilling program "...we are targeting to have a NI 43-101 resource that is substantially higher than our initial NI 43-101 resource."
He also said that Phase Three of the company's drill program, planned for the first or second quarter of 2012, would likely focus on bringing all of the historic resources to NI43-101 standards.
The Georgia Lake lithium property, located some 145 kilometers northeast of the city of Thunder Bay, Ontario, consists of four claim blocks covering 11,481 hectares.
In the indicated category, the resource holds 2.36 million tonnes at 1.17% lithium oxide and in the inferred category, the estimate was for 4.36 tonnes at 1.08% lithium oxide, Rock Tech said.
The resource report, based on the spodumene-bearing pegmatite dykes located on the Nama Creek and Conway claim blocks, has resulted in increases in both the tonnage and grade over historic estimates by 21 percent and 8 percent, respectively, the company added.
Rock Tech Lithium president and CEO, Eunho Lee, said: "The results of the initial NI 43-101 resource estimate bolsters our confidence in the historical exploration data. We are encouraged that the compliant resource is more than 20 percent larger than the historic resource.
"Our strategy now shifts towards expanding the resource at Georgia Lake, more specifically the Nama Creek claim block, and, beyond that, confirming the balance of the historic resource and completing a preliminary economic assessment.
"To that end, we have developed an exploration program, including both step-out and confirmatory drill holes, that we will begin executing in the fourth quarter of 2011."
The company has already reported very high purity levels from the property already this year. In late September, Rock Tech achieved a purity level of 99.988% lithium carbonate (Li2CO3) from a bulk sample. Battery manufacturers require a purity level of at least 99.5% Li2CO3.
Rock Tech's Lee said that Georgia Lake's high quality and purity lithium resource "should start drawing interest from battery manufacturers", especially among those who are concerned about supply surety of lithium carbonate.
Besides the battery industry, lithium has many uses, including heat-resistant glass and ceramics, casting for HVAC products, additives for greases and oil products, aluminum production, and as a pharmaceutical mood stabilizer.
Caracle Creek International compiled the NI 43-101 compliant resource estimate using 97 historical drill holes, in addition to 39 drill holes from the company’s 2009 and 2011 drill programs.
The historic resource on the Nama Creek and parts of the Conway claim blocks that were subject to the drill program completed in early 2011 contained 5.54 million tonnes, grading 1.03 percent lithium oxide of the total 9.78 million tonnes grading 1.18 percent lithium oxide.
The NI 43-101 compliant resource estimate on the same area contains 6.72 million tonnes grading 1.11 percent lithium oxide. The deposits remain open in all directions and at depth, and are currently being further explored.
Wednesday's resource estimate concentrated on the Nama Creek claim block with some drilling from the Conway block.
Speaking to Proactive Investors, Rock Tech's Lee said that the Conway claim block had an initial NI43-101 resource of 1,146,000 tonnes compared to a historic resource of 1,830,000 tonnes but expects an updated NI43-101 resource for Conway to be larger than the reported historic resource.
Rock Tech Lithium has already started Phase Two of its exploration program. The goal is to expand the resource by conducting step-out drilling on the Nama Creek claim block in addition to drilling confirmatory holes on strike extensions on known pegmatitie dykes on the property.
The company said a total of 10,000 metres of diamond core drilling will be performed during the program, which may also include holes to a depth of 600 metres. A drill contract for the first 4,000 metres has already been awarded to Cobra Drilling.
Lee said that at the conclusion of phases two and three of its drilling program "...we are targeting to have a NI 43-101 resource that is substantially higher than our initial NI 43-101 resource."
He also said that Phase Three of the company's drill program, planned for the first or second quarter of 2012, would likely focus on bringing all of the historic resources to NI43-101 standards.
The Georgia Lake lithium property, located some 145 kilometers northeast of the city of Thunder Bay, Ontario, consists of four claim blocks covering 11,481 hectares.
Treasury Metals drills 13.1 g/t gold over 4.2 metres at Goliath project
Treasury Metals (TSE:TML) announced Wednesday further high grade drill results from its Goliath gold project in Dryden, Ontario, representing the final assays from the 2011 campaign.
The company began a 20,000 metre drilling program in December 2010, that was later expanded to 50,000 metres. The company was focused on three zones at the property - Central, West, and East, though a fourth zone, C Zone, has also produced encouraging results.
Treasury said that 118 holes from the most recent campaign, along with the results from further 10,000 metres drilled in early 2010, will be included in a new resource estimate expected to be released in November.
Highlights of the results announced today included hole TL11-220, which returned 4.0 metres at 8.8 grams per tonne (g/t) of gold in the Western Main Zone, and 3.5 metres at 14.9 g/t gold from the C-Zone.
In addition, the best result was hole TL11-223, which intercepted 4.2 metres at 13.1 g/t gold in the Central Main Zone.
“The 2011 Campaign that we just completed demonstrates that the high-grade gold that we have consistently drilled throughout the year continues at depth and is open in all directions,” said president and CEO, Martin Walter.
“Based on these results, which occur within a broadly mineralized resource envelope 1.2 kilometres in length and at least 600 vertical metres deep, a much larger drilling program is warranted in 2012.”
Indeed, the company said it will continue to explore the developing C Zone, which is parallel to the Main Zone, as part of its current exploration program.
The company began a 20,000 metre drilling program in December 2010, that was later expanded to 50,000 metres. The company was focused on three zones at the property - Central, West, and East, though a fourth zone, C Zone, has also produced encouraging results.
Treasury said that 118 holes from the most recent campaign, along with the results from further 10,000 metres drilled in early 2010, will be included in a new resource estimate expected to be released in November.
Highlights of the results announced today included hole TL11-220, which returned 4.0 metres at 8.8 grams per tonne (g/t) of gold in the Western Main Zone, and 3.5 metres at 14.9 g/t gold from the C-Zone.
In addition, the best result was hole TL11-223, which intercepted 4.2 metres at 13.1 g/t gold in the Central Main Zone.
“The 2011 Campaign that we just completed demonstrates that the high-grade gold that we have consistently drilled throughout the year continues at depth and is open in all directions,” said president and CEO, Martin Walter.
“Based on these results, which occur within a broadly mineralized resource envelope 1.2 kilometres in length and at least 600 vertical metres deep, a much larger drilling program is warranted in 2012.”
Indeed, the company said it will continue to explore the developing C Zone, which is parallel to the Main Zone, as part of its current exploration program.
Xmet files Duquesne-Ottoman estimate on SEDAR, shares rise
Xmet (CVE:XME) saw its shares rise nearly ten percent on the more-junior TSX-Venture Exchange today after it filed its latest inferred resource estimate for the Duquesne-Ottoman property in Quebec on SEDAR, originally announced in September.
The NI 43-101 compliant inferred resource estimate includes 4.17 million tonnes, at a grade of 5.42 grams per tonne (g/t) gold cut, for 727,000 ounces of cut gold. Uncut, the average grade of the resource is 6.36 g/t gold, for 853,000 contained ounces of the yellow metal. The report used a cut-off grade of 3.0 g/t Au over a 2.5m minimum horizontal width.
Investors cheered the news, sending the company's shares up 9.52 percent to $0.115 as of 3:22 pm EDT.
The property consists of a total of 60 claims, covering 928.6 hectares in northwestern Quebec. The NI 43-101 compliant resource estimate was completed by Watts, Griffis, and McOuat, and was posted on SEDAR on Tuesday.
The substantial boost in resources was a result of the company's phase one drilling program, which totaled 13,000 metres, and was completed in April. Highlights from this campaign included 3.20 g/t gold over 8.10 metres in hole DO-11-20 at the 20-20 Zone, and 6.65 g/t gold over 7.7 metres, including 10.01 g/t gold over 4.3 metres in hole DO-10-05.
In September, Xmet said it had begun the second phase of its diamond drill program, intending to expand the current gold resource. It is using two rigs, with one focused on resource expansion at the Shaft Zone, where summer trenching, mapping and channel sampling provided a better understanding of the structural controls on gold mineralization, the company said.
Highlights from summer surface channel sampling included 13.3 grams per tonne (g/t) of gold over 3.0 metres.
Early last week, additional channel sampling on the Shaft Zone of the property confirmed this continuity, as Trench 2 returned up to 3.18 grams per tonne (g/t) of gold over 4.2 metres and 12.25 g/t gold over 1.3 metres.
Mineralization on the Shaft Zone has been exposed for over 150 metres along strike and the system is open in both directions, the company said.
Xmet, through its subsidiary Duquesne-Ottoman Mines, carries out gold resource exploration and development.
Under the terms of a mining option agreement between Duquesne-Ottoman Mines and Duparquet Assets, Duquesne-Ottoman Mines can earn an option to purchase 75% of Duparquet Assets, which owns the Duquesne-Ottoman project.
The property consists of 20 claims (commonly referred to as Duquesne West) and 40 claims (commonly referred to as Ottoman) covering an area of 928.6 hectares, located within the townships of Duparquet and Destor in Quebec.
The NI 43-101 compliant inferred resource estimate includes 4.17 million tonnes, at a grade of 5.42 grams per tonne (g/t) gold cut, for 727,000 ounces of cut gold. Uncut, the average grade of the resource is 6.36 g/t gold, for 853,000 contained ounces of the yellow metal. The report used a cut-off grade of 3.0 g/t Au over a 2.5m minimum horizontal width.
Investors cheered the news, sending the company's shares up 9.52 percent to $0.115 as of 3:22 pm EDT.
The property consists of a total of 60 claims, covering 928.6 hectares in northwestern Quebec. The NI 43-101 compliant resource estimate was completed by Watts, Griffis, and McOuat, and was posted on SEDAR on Tuesday.
The substantial boost in resources was a result of the company's phase one drilling program, which totaled 13,000 metres, and was completed in April. Highlights from this campaign included 3.20 g/t gold over 8.10 metres in hole DO-11-20 at the 20-20 Zone, and 6.65 g/t gold over 7.7 metres, including 10.01 g/t gold over 4.3 metres in hole DO-10-05.
In September, Xmet said it had begun the second phase of its diamond drill program, intending to expand the current gold resource. It is using two rigs, with one focused on resource expansion at the Shaft Zone, where summer trenching, mapping and channel sampling provided a better understanding of the structural controls on gold mineralization, the company said.
Highlights from summer surface channel sampling included 13.3 grams per tonne (g/t) of gold over 3.0 metres.
Early last week, additional channel sampling on the Shaft Zone of the property confirmed this continuity, as Trench 2 returned up to 3.18 grams per tonne (g/t) of gold over 4.2 metres and 12.25 g/t gold over 1.3 metres.
Mineralization on the Shaft Zone has been exposed for over 150 metres along strike and the system is open in both directions, the company said.
Xmet, through its subsidiary Duquesne-Ottoman Mines, carries out gold resource exploration and development.
Under the terms of a mining option agreement between Duquesne-Ottoman Mines and Duparquet Assets, Duquesne-Ottoman Mines can earn an option to purchase 75% of Duparquet Assets, which owns the Duquesne-Ottoman project.
The property consists of 20 claims (commonly referred to as Duquesne West) and 40 claims (commonly referred to as Ottoman) covering an area of 928.6 hectares, located within the townships of Duparquet and Destor in Quebec.
Thursday, 27 October 2011
Blackthorn Resources granted three year renewal for two African exploration permits
Blackthorn Resources' (ASX: BTR) two exploration permits in Burkina Faso, Seboun and Sepaogo, have been renewed for a further three years expiring in October 2014.
The Seboun and Sepaogo permit areas cover 185 square kilometres and 26.4 square kilometres respectively and are strategically situated adjacent to the Poa and Guido permits to form a contiguous block covering a total of 521.4 square kilometres.
The company is the 100% holder of seven exploration permits in Burkina Faso covering a total area of 1,060.4 square kilometres and occur in two main groups, called the Northern Tenement and the Southern Tenements. The Northern Tenements are comprised of the Seboun, Poa, Guido and Sepaogo permit areas.
Favourable geology from the Boromo Greenstone belt is included within the exploration permits, which is also host to the Perkoa zinc project and other gold operations in Burkina Faso.
Perkoa is being developed as a partnership 50.1% owned by Glencore (LON: GLEN), 39.9% by Blackthorn and 10% by the government of Burkina Faso. The Perkoa zinc mine is scheduled to start shipments of concentrate in mid-2012, building to an annual rate of 90,000 tonnes contained metal.
The company has planned an exploration program to expand exploration into the Seboun and Sepaogo permit areas in search of additional base metals and/or silver/gold mineralisation.
Upon the discovery of any base metals, primarily zinc and lead, or silver, Blackthorn envisages that the resources could used to supplement the ore reserve at the nearby Perkoa Project. The company considers the discovery of gold would be as a stand-alone operation.
Blackthorn has based its exploration model on Volcanogenic Massive Sulphide (VMS) style of mineralisation for base metals and silver.
The model assumes the typical characteristic that VMS style deposits generally occur in groups or clusters. The presence of gold is likely to occur as multiple mineralised shear zones and/or gold in vein quartz.
Adding to the prospectivity, there are numerous small-scale artisanal gold mining areas across the area being operated by local Burkinabe’s.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21320/blackthorn-resources-granted-three-year-renewal-for-two-african-exploration-permits-21320.html
The Seboun and Sepaogo permit areas cover 185 square kilometres and 26.4 square kilometres respectively and are strategically situated adjacent to the Poa and Guido permits to form a contiguous block covering a total of 521.4 square kilometres.
The company is the 100% holder of seven exploration permits in Burkina Faso covering a total area of 1,060.4 square kilometres and occur in two main groups, called the Northern Tenement and the Southern Tenements. The Northern Tenements are comprised of the Seboun, Poa, Guido and Sepaogo permit areas.
Favourable geology from the Boromo Greenstone belt is included within the exploration permits, which is also host to the Perkoa zinc project and other gold operations in Burkina Faso.
Perkoa is being developed as a partnership 50.1% owned by Glencore (LON: GLEN), 39.9% by Blackthorn and 10% by the government of Burkina Faso. The Perkoa zinc mine is scheduled to start shipments of concentrate in mid-2012, building to an annual rate of 90,000 tonnes contained metal.
The company has planned an exploration program to expand exploration into the Seboun and Sepaogo permit areas in search of additional base metals and/or silver/gold mineralisation.
Upon the discovery of any base metals, primarily zinc and lead, or silver, Blackthorn envisages that the resources could used to supplement the ore reserve at the nearby Perkoa Project. The company considers the discovery of gold would be as a stand-alone operation.
Blackthorn has based its exploration model on Volcanogenic Massive Sulphide (VMS) style of mineralisation for base metals and silver.
The model assumes the typical characteristic that VMS style deposits generally occur in groups or clusters. The presence of gold is likely to occur as multiple mineralised shear zones and/or gold in vein quartz.
Adding to the prospectivity, there are numerous small-scale artisanal gold mining areas across the area being operated by local Burkinabe’s.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21320/blackthorn-resources-granted-three-year-renewal-for-two-african-exploration-permits-21320.html
New Guinea Energy granted five year extension to PNG gas exploration licence
New Guinea Energy (ASX: NGE) has accepted an offer to extend the licence period and exploration program for its 50% owned PPL 268 in Papua New Guinea.
The offer, made by the Minister of Petroleum, allows the company to further its exploration and drilling programs in conjunction with Talisman Niugini Pty Ltd for another five years.
The highly prospective licence is part of New Guinea Energy's gas aggregation strategy in the Western Province of Papua New Guinea.
The company lodged an application to extend the licence period and exploration expenditure program for this PPL with the Department of Petroleum and Energy on 13 May 2011.
New Guinea Energy and Talisman will commit to a minimum expenditure of US$29.15 million under the submitted work and expenditure program.
Over the next five years the companies will undergo the following activities:
- Acquire 50 kilometres of 2D seismic during Years 1 & 2 of the extended period;
- Drill 1 exploration well in Years 1 & 2 of the extended period;
- Acquire 50 kilometres of 2D seismic in Years 3, 4 & 5 of the extended period;
- Drill one exploration well in Years 3, 4 & 5 of the extended period; and
- Undertake a comprehensive review of the licence and commercialisation options.
New Guinea Energy and Talisman offered to surrender 50% of its blocks in order to satisfy the requirement for extension under the Oil and Gas Act Sections 27 and 28. PPL 268 will now comprise a total of 25 blocks.
New Guinea Energy has one of the last available highly prospective, onshore, nonaligned acreage positions in South East Asia.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21315/new-guinea-energy-granted-five-year-extension-to-png-gas-exploration-licence-21315.html
The offer, made by the Minister of Petroleum, allows the company to further its exploration and drilling programs in conjunction with Talisman Niugini Pty Ltd for another five years.
The highly prospective licence is part of New Guinea Energy's gas aggregation strategy in the Western Province of Papua New Guinea.
The company lodged an application to extend the licence period and exploration expenditure program for this PPL with the Department of Petroleum and Energy on 13 May 2011.
New Guinea Energy and Talisman will commit to a minimum expenditure of US$29.15 million under the submitted work and expenditure program.
Over the next five years the companies will undergo the following activities:
- Acquire 50 kilometres of 2D seismic during Years 1 & 2 of the extended period;
- Drill 1 exploration well in Years 1 & 2 of the extended period;
- Acquire 50 kilometres of 2D seismic in Years 3, 4 & 5 of the extended period;
- Drill one exploration well in Years 3, 4 & 5 of the extended period; and
- Undertake a comprehensive review of the licence and commercialisation options.
New Guinea Energy and Talisman offered to surrender 50% of its blocks in order to satisfy the requirement for extension under the Oil and Gas Act Sections 27 and 28. PPL 268 will now comprise a total of 25 blocks.
New Guinea Energy has one of the last available highly prospective, onshore, nonaligned acreage positions in South East Asia.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21315/new-guinea-energy-granted-five-year-extension-to-png-gas-exploration-licence-21315.html
Gryphon Minerals unfurls scorching 68m at 3.86g/t gold in Burkina Faso
Gryphon Minerals (ASX: GRY) has delivered some very impressive gold intersections from the Banfora Gold Project in Burkina Faso today, and most importantly the discovery outlines a new zone of high grade gold.
A new parallel north-west trending zone has been discovered using reverse circulation drilling containing significant high grade gold mineralisation, hosted within the Nogbele granordiorite.
Highlights included 68 metres at 3.86 grams per tonne (g/t) gold from just 12 metres, and 32 metres at 1.14g/t gold from 24 metres.
Adding some further support were additional intersections from diamond infill and step out drilling at the Nogbele gold deposit, which included:
- 28 metres at 3.51g/t gold from surface;
- 14 metres at 3.01g/t gold from 130 metres; and
- 10 metres at 3.28g/t gold from 102 metres.
Importantly, mineralisation is shallow and remains open along strike and down dip.
Steve Parsons, managing director, commented on the good news. “Once again these are solid drill results from our aggressive exploration program at Banfora and we are really excited by what we are seeing.
"Nogbele is consistently delivering, shallow, high grade mineralisation that continues to be open along strike and down dip. Banfora is shaping up to be a major gold discovery in a new gold district.”
Proximity to multi million ounce gold deposits
Providing a huge tick to the potential of Banfora is the strategic location in a major gold producing district, which is host some world class gold deposits.
These include Randgold Resources’ (LON: RRS) Tongon (4.2 million ounces), Resolute Mining’s (ASX: RSG) Syama (5 million ounces mined and 6.5 million ounces in resources) and Anglo/Randgold’s Morila (6.5 million ounces).
Banfora already hosts an Inferred JORC Resource of 29 million tonnes at 2.1g/t for 2 million ounces of gold, with the latest intersections no doubt providing a significant boost to future resource updates.
Six rigs active
Its all action at Banfora with six rigs active, which will deliver a boost to short term news flow as infill, step out and regional results are expected shortly.
The company had more than $41 million cash available as at the end of September. A Definitive Feasibility Study for a 3.5 million tonne annual operation at the project is also well advanced.
Mauritanian projects
Adding some extra spice to Gryphon is that the company has a 30,000 metre reverse circulation drilling program commencing at the Tijirit Gold Project, strategically positioned adjacent to Kinross Mining’s plus 21 million ounce gold mine.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21311/gryphon-minerals-unfurls-scorching-68m-at-386gt-gold-in-burkina-faso-21311.html
A new parallel north-west trending zone has been discovered using reverse circulation drilling containing significant high grade gold mineralisation, hosted within the Nogbele granordiorite.
Highlights included 68 metres at 3.86 grams per tonne (g/t) gold from just 12 metres, and 32 metres at 1.14g/t gold from 24 metres.
Adding some further support were additional intersections from diamond infill and step out drilling at the Nogbele gold deposit, which included:
- 28 metres at 3.51g/t gold from surface;
- 14 metres at 3.01g/t gold from 130 metres; and
- 10 metres at 3.28g/t gold from 102 metres.
Importantly, mineralisation is shallow and remains open along strike and down dip.
Steve Parsons, managing director, commented on the good news. “Once again these are solid drill results from our aggressive exploration program at Banfora and we are really excited by what we are seeing.
"Nogbele is consistently delivering, shallow, high grade mineralisation that continues to be open along strike and down dip. Banfora is shaping up to be a major gold discovery in a new gold district.”
Proximity to multi million ounce gold deposits
Providing a huge tick to the potential of Banfora is the strategic location in a major gold producing district, which is host some world class gold deposits.
These include Randgold Resources’ (LON: RRS) Tongon (4.2 million ounces), Resolute Mining’s (ASX: RSG) Syama (5 million ounces mined and 6.5 million ounces in resources) and Anglo/Randgold’s Morila (6.5 million ounces).
Banfora already hosts an Inferred JORC Resource of 29 million tonnes at 2.1g/t for 2 million ounces of gold, with the latest intersections no doubt providing a significant boost to future resource updates.
Six rigs active
Its all action at Banfora with six rigs active, which will deliver a boost to short term news flow as infill, step out and regional results are expected shortly.
The company had more than $41 million cash available as at the end of September. A Definitive Feasibility Study for a 3.5 million tonne annual operation at the project is also well advanced.
Mauritanian projects
Adding some extra spice to Gryphon is that the company has a 30,000 metre reverse circulation drilling program commencing at the Tijirit Gold Project, strategically positioned adjacent to Kinross Mining’s plus 21 million ounce gold mine.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21311/gryphon-minerals-unfurls-scorching-68m-at-386gt-gold-in-burkina-faso-21311.html
Montezuma Mining Company in pre-open pending Butcherbird project announcement
Montezuma Mining Company (ASX: MZM) is currently in pre-open after a trading halt request was granted by the ASX, pending the release of an announcement relating to the Butcherbird project.
Montezuma Mining has not yet indicated what the announcement specifically refers to at the project, but exploration has been ongoing.
Earlier in the month the company launched a 5000 metre reverse circulation drilling campaign to test targets along 6 kilometres of strike at the Butcherbird shear zone, which was identified from IP, aeromagnetic and EM surveys.
A recent Scoping Study also points to robust economics at the project.
The halt will remain until the earlier of the announcement being made to the market, or the commencement of trade on Tuesday 1 November.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21306/montezuma-mining-company-in-pre-open-pending-butcherbird-project-announcement-21306.html
Montezuma Mining has not yet indicated what the announcement specifically refers to at the project, but exploration has been ongoing.
Earlier in the month the company launched a 5000 metre reverse circulation drilling campaign to test targets along 6 kilometres of strike at the Butcherbird shear zone, which was identified from IP, aeromagnetic and EM surveys.
A recent Scoping Study also points to robust economics at the project.
The halt will remain until the earlier of the announcement being made to the market, or the commencement of trade on Tuesday 1 November.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21306/montezuma-mining-company-in-pre-open-pending-butcherbird-project-announcement-21306.html
Gold One International: Chinese consortium offer period extended to mid December
Gold One International (ASX: GDO) is currently under an offer from a Chinese consortium which includes a cash offer of A$0.55 per Gold One share and a minimum A$150 million capital injection into Gold One - which would secure a 60% to 75% stake.
BCX Gold Investments, the bidder, has extended the offer period to Thursday 15 December 2011, (unless further extended or withdrawn).
The reason for the extension is due to the regulatory approvals in China taking longer than anticipated.
Earlier in the week the Australian Foreign Investment Review Board (FIRB) approved the transaction.
The FIRB decision follows on from the approval by the National Development and Reform Commission (NDRC) from China, which was received earlier in the month.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21304/gold-one-international-chinese-consortium-offer-period-extended-to-mid-december-21304.html
BCX Gold Investments, the bidder, has extended the offer period to Thursday 15 December 2011, (unless further extended or withdrawn).
The reason for the extension is due to the regulatory approvals in China taking longer than anticipated.
Earlier in the week the Australian Foreign Investment Review Board (FIRB) approved the transaction.
The FIRB decision follows on from the approval by the National Development and Reform Commission (NDRC) from China, which was received earlier in the month.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21304/gold-one-international-chinese-consortium-offer-period-extended-to-mid-december-21304.html
WesternZagros closes $46.6 mln financing with Abu Dhabi National Energy Company
Crude oil and natural gas explorer WesternZagros Resources (CVE:WZR) reported on Tuesday that it has closed a previously announced strategic investment with the Abu Dhabi National Energy Company (TAQA), raising proceeds of $46.6 million.
WesternZagros sold TAQA through private placement 74 million units for a cost of 63 cents each, the Calgary-based company said.
TAQA now holds roughly 19.9 percent of the company’s issued and outstanding common shares.
“We are pleased to close this financing with TAQA and pursue our objectives to achieve significant growth from the company's well-positioned exploration Blocks. 2012 should be an exciting year for WesternZagros and all of its shareholders,” chief executive Simon Hatfield said in a statement.
Proceeds from the financing will be used toward the company’s 2011 and 2012 capital and operating program.
In addition to the financing, the company said that executive officer and head of upstream, David Cook, has been appointed to the WesternZagros board of directors.
Cook holds a bachelor of science in geophysics, and has more than 20 years of experience in the upstream oil and gas sector through his previous positions at Amoco, BP (NYSE:BP) and TNK-BP.
Prior to joining TAQA, Cook was vice president for BP Russia. He has held a variety of global technical, commercial and managerial positions in the U.S., the U.K., and Russia, as well as board directorships.
WesternZagros is an international natural resources company engaged in the exploration, development and production of crude oil and natural gas in Iraq. It holds two production sharing contracts with the Kurdistan Regional Government, in Iraq.
WesternZagros sold TAQA through private placement 74 million units for a cost of 63 cents each, the Calgary-based company said.
TAQA now holds roughly 19.9 percent of the company’s issued and outstanding common shares.
“We are pleased to close this financing with TAQA and pursue our objectives to achieve significant growth from the company's well-positioned exploration Blocks. 2012 should be an exciting year for WesternZagros and all of its shareholders,” chief executive Simon Hatfield said in a statement.
Proceeds from the financing will be used toward the company’s 2011 and 2012 capital and operating program.
In addition to the financing, the company said that executive officer and head of upstream, David Cook, has been appointed to the WesternZagros board of directors.
Cook holds a bachelor of science in geophysics, and has more than 20 years of experience in the upstream oil and gas sector through his previous positions at Amoco, BP (NYSE:BP) and TNK-BP.
Prior to joining TAQA, Cook was vice president for BP Russia. He has held a variety of global technical, commercial and managerial positions in the U.S., the U.K., and Russia, as well as board directorships.
WesternZagros is an international natural resources company engaged in the exploration, development and production of crude oil and natural gas in Iraq. It holds two production sharing contracts with the Kurdistan Regional Government, in Iraq.
Avalon Rare Metals joins Rare Earth Industry and Technology Association
Avalon Rare Metals (TSE:AVL) (AMEX:AVL) announced Tuesday it has joined the Rare Earth Industry and Technology Association (REITA), along with the Ford Motor Co (NYSE:F).
REITA is focused on addressing issues with the global supply chain, in terms of rare earth products.
Based in Toronto, Avalon is a mineral exploration company, focused on rare earth elements throughout Canada. Its flagship project, the 100%-owned Nechalacho Deposit at Thor Lake in the North West Territories, is emerging as one of the largest undeveloped rare earth elements resources in the world.
The Thor Lake property is expected to have a bankable feasibility study completed during 2012. It is projected to produce separated heavy and light rare earth oxides, as well as niobium, zirconium, and tantalum by-products by late 2015.
Avalon's project is enriched in the more valuable "heavy" rare earth elements, which are key to enabling advances in green energy technology and other growing high-tech applications.
Executive Director of REITA, Keith Delaney, said: "Avalon typifies the breadth of critical Clean Energy supply chains that REITA members represent.
"From rare earth resource companies and processors - downstream to the Original Equipment Manufacturers of advanced auto, lighting and renewable energy applications - we are working to create internationally competitive and diverse supply chains for rare earth products for Clean Energy."
In late September, Avalon attended the Metal-Pages Minor Metals and Rare Earth Conference held in Beijing, China, where VP of Sales & Marketing, Pierre Neatby, gave an update on the rapid progress Avalon is making at Nechalacho.
One theme that came up at the conference was that hundreds of new rare earth exploration projects are being promoted around the world. Several of the speakers at the conference noted that, regardless of their size and grade, very few new deposits discovered would ever achieve production due to the relatively small size of the global market outside China - which is 50,000 tonnes in 2015 according to independent rare earth market analyst Dudley Kingsnorth.
The consensus view was that perhaps four to six new producers might emerge outside China to serve this demand over the next five to ten years.
In a recent media interview, Avalon's president Don Bubar reminded viewers that given the small size of the rare earths market outside China, the opportunity to serve this market is really only open to the few first producers or early movers to bring new supply to the market.
In this regard, Avalon is well positioned, having the most advanced heavy rare earth development project in the world outside China, with the potential to bring a significant new supply to the market by 2015, it said.
Bubar added: "Much of the recent research commentary published on the rare earths industry does not discuss the importance of early mover advantage to the business opportunity nor highlight it as a risk factor for investors."
REITA is focused on addressing issues with the global supply chain, in terms of rare earth products.
Based in Toronto, Avalon is a mineral exploration company, focused on rare earth elements throughout Canada. Its flagship project, the 100%-owned Nechalacho Deposit at Thor Lake in the North West Territories, is emerging as one of the largest undeveloped rare earth elements resources in the world.
The Thor Lake property is expected to have a bankable feasibility study completed during 2012. It is projected to produce separated heavy and light rare earth oxides, as well as niobium, zirconium, and tantalum by-products by late 2015.
Avalon's project is enriched in the more valuable "heavy" rare earth elements, which are key to enabling advances in green energy technology and other growing high-tech applications.
Executive Director of REITA, Keith Delaney, said: "Avalon typifies the breadth of critical Clean Energy supply chains that REITA members represent.
"From rare earth resource companies and processors - downstream to the Original Equipment Manufacturers of advanced auto, lighting and renewable energy applications - we are working to create internationally competitive and diverse supply chains for rare earth products for Clean Energy."
In late September, Avalon attended the Metal-Pages Minor Metals and Rare Earth Conference held in Beijing, China, where VP of Sales & Marketing, Pierre Neatby, gave an update on the rapid progress Avalon is making at Nechalacho.
One theme that came up at the conference was that hundreds of new rare earth exploration projects are being promoted around the world. Several of the speakers at the conference noted that, regardless of their size and grade, very few new deposits discovered would ever achieve production due to the relatively small size of the global market outside China - which is 50,000 tonnes in 2015 according to independent rare earth market analyst Dudley Kingsnorth.
The consensus view was that perhaps four to six new producers might emerge outside China to serve this demand over the next five to ten years.
In a recent media interview, Avalon's president Don Bubar reminded viewers that given the small size of the rare earths market outside China, the opportunity to serve this market is really only open to the few first producers or early movers to bring new supply to the market.
In this regard, Avalon is well positioned, having the most advanced heavy rare earth development project in the world outside China, with the potential to bring a significant new supply to the market by 2015, it said.
Bubar added: "Much of the recent research commentary published on the rare earths industry does not discuss the importance of early mover advantage to the business opportunity nor highlight it as a risk factor for investors."
WestStar Resources begins phase one work at La Paloma
WestStar Resources Corp. (CVE:WER) said Tuesday that it has started phase one exploration work on its La Paloma property in the State of Jalisco, Mexico.
Field crews from APEX Geoscience have begun the work, which consists of geological mapping, ground-base magnetic and induced polarization geophysics, as well as rock, soil and stream sampling.
Geological mapping has revealed a number of areas immediately to the north and south of main mine adits where the vein zone has been historically exposed, the company said. These targets are being channel and chip sampled, with the hope that these outcrops will provide WestStar with true widths of the vein zone.
Field crews have also mapped and sampled historical workings without any evidence of previous sampling.
Historical mine plans are being compiled, along with high resolution satellite imagery to help in completing a digital elevation model.
At the end of the phase one work program, the company plans to have a 3D model developed to integrate the old mine working, geophysical surveys, sampling, as well as the results of a geological mapping campaign.
The 3D model will be designed to guide the company in the next phase of work, a 3,000 metre diamond drilling program.
The property concessions are located approximately 70 kilometeres west of the city of Guadalajaraand, covering 160 hectares.
The property was, at one time, owned by Penoles who relinquished it in 1980. In 1983 and 1984, a government agency, drained and entered the northern end of the main tunnel of the Veta Ancha workings and sampled an exploration drift approximately 100 metres from the 1928 planned mining to the northwest.
Based on this work, a "potential reserve" of 750,000 tonnes grading 4.19 grams per tonne (g/t) of gold and 123 g/t silver was reported.
Field crews from APEX Geoscience have begun the work, which consists of geological mapping, ground-base magnetic and induced polarization geophysics, as well as rock, soil and stream sampling.
Geological mapping has revealed a number of areas immediately to the north and south of main mine adits where the vein zone has been historically exposed, the company said. These targets are being channel and chip sampled, with the hope that these outcrops will provide WestStar with true widths of the vein zone.
Field crews have also mapped and sampled historical workings without any evidence of previous sampling.
Historical mine plans are being compiled, along with high resolution satellite imagery to help in completing a digital elevation model.
At the end of the phase one work program, the company plans to have a 3D model developed to integrate the old mine working, geophysical surveys, sampling, as well as the results of a geological mapping campaign.
The 3D model will be designed to guide the company in the next phase of work, a 3,000 metre diamond drilling program.
The property concessions are located approximately 70 kilometeres west of the city of Guadalajaraand, covering 160 hectares.
The property was, at one time, owned by Penoles who relinquished it in 1980. In 1983 and 1984, a government agency, drained and entered the northern end of the main tunnel of the Veta Ancha workings and sampled an exploration drift approximately 100 metres from the 1928 planned mining to the northwest.
Based on this work, a "potential reserve" of 750,000 tonnes grading 4.19 grams per tonne (g/t) of gold and 123 g/t silver was reported.
Wednesday, 26 October 2011
Empire Energy Group expands potential investor reach with OTC-QX listing in the U.S.
Empire Energy Group (ASX: EEG) will join the likes of BG Group (LSE: BG), Eastern Star Gas (ASX: ESG) and OZ Minerals (ASX: OZL) when it lists on the OTC-QX, the United States’ third most traded market after the NYSE and NASDAQ, early next week.
OTC-QX is one of three OTC Markets Group platforms which in total trade over 10,000 securities with an aggregate market capitalisation exceeding US$10 trillion.
Over US$144 billion in total volume of securities were traded on the OTC platform in 2010.
The OTC-QX platform provides Empire Energy convenient access to the U.S. market at a time when it is looking to expand its exploration and production operations.
Importantly, Empire Energy views the OTC-QX listing as a springboard to one of the major U.S. exchanges. The company will trade under the ticker EEGNY (OTC: EEGNY).
Empire Energy is rapidly advancing its projects in the U.S. as it nears the completion of a proposed 10-well drilling program in the prolific oil and gas producing state of Kansas.
Yesterday the company announced it had spud the ninth well of the program. The company spud its first well, Boxberger‐Solomon #14, in early June and currently has six of the nine wells spud on production. The fifth well, Esfeld #9, is currently flowing at a rate of 30 barrels per day.
The company is targeting 30 to 40 barrels of oil equivalent per day and in excess of 50,000 barrels per well.
Empire continues to actively explore opportunities to book new proved, and proved and probable reserves in Kansas by reviewing existing assets and targeting formations, and identifying new assets for farm-in or acquisition of development acreage.
Across its portfolio of projects, Empire Energy operates around 2,000 wells and has proved, probable and possible reserves of 18.2 million barrels of oil.
Current production is about 1,470 barrels of oil per day and the company is targeting 2,500 barrels of oil per day in 2012.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21277/empire-energy-group-expands-potential-investor-reach-with-otc-qx-listing-in-the-us-21277.html
OTC-QX is one of three OTC Markets Group platforms which in total trade over 10,000 securities with an aggregate market capitalisation exceeding US$10 trillion.
Over US$144 billion in total volume of securities were traded on the OTC platform in 2010.
The OTC-QX platform provides Empire Energy convenient access to the U.S. market at a time when it is looking to expand its exploration and production operations.
Importantly, Empire Energy views the OTC-QX listing as a springboard to one of the major U.S. exchanges. The company will trade under the ticker EEGNY (OTC: EEGNY).
Empire Energy is rapidly advancing its projects in the U.S. as it nears the completion of a proposed 10-well drilling program in the prolific oil and gas producing state of Kansas.
Yesterday the company announced it had spud the ninth well of the program. The company spud its first well, Boxberger‐Solomon #14, in early June and currently has six of the nine wells spud on production. The fifth well, Esfeld #9, is currently flowing at a rate of 30 barrels per day.
The company is targeting 30 to 40 barrels of oil equivalent per day and in excess of 50,000 barrels per well.
Empire continues to actively explore opportunities to book new proved, and proved and probable reserves in Kansas by reviewing existing assets and targeting formations, and identifying new assets for farm-in or acquisition of development acreage.
Across its portfolio of projects, Empire Energy operates around 2,000 wells and has proved, probable and possible reserves of 18.2 million barrels of oil.
Current production is about 1,470 barrels of oil per day and the company is targeting 2,500 barrels of oil per day in 2012.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21277/empire-energy-group-expands-potential-investor-reach-with-otc-qx-listing-in-the-us-21277.html
Promesa hits oxide zone in second hole at Cerro Curunday gold project in Peru
Promesa (ASX: PRA) has completed drilling its second diamond hole at the Cerro Curunday gold project to a depth of 335 metres, hitting the oxide zone and pushing through to the primary sulphide zone.
The initially targeted oxide zone was reached a depth of 200.5 metres, and following this drilling then progressed and intersected the top of the sulphide zone to test the potential for epithermal mineralisation and structure.
The anticipation is building at the project located in the La Libertad Province of Peru, where drilling is part of a 6,000 metres Phase One program. The Cerro Curunday epithermal gold project is similar and near to Lagunas Norte, Barrick's (NYSE: ABX) 9 million ounce gold project.
The program is aiming to test a series of gold-bearing zones in “elephant country” in Peru, identified by channel and rock chip sampling along a 2.1 kilometre strike length of epithermal gold mineralisation.
All drilling is being undertaken using diamond drilling from surface to enable detailed logging and sampling.
Due to drilling continuing beyond the initial target depth of 200 metres, the second drill hole took slightly longer than forecast.
Highly fractured ground conditions were encountered similar to the first drill hole, resulting in additional water being required for drilling.
Further supplemental water sources have been established for the drill program, as well as the completion of a review of drilling practices on site to optimise the mud weights.
The mineral assemblage encountered by drilling represents an important feature for the extension of the epithermal zone into the porphyry environment. These preliminarily observations confirm the original modelling of the mineralisation.
Currently core is being logged, cut and sampled with samples being sent to Lima for testing. Assay results are expected once QAQC procedures and checks have been completed.
Field level exploration and sampling around the Cerro Curunday and La Haucas project area is also progressing.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21270/promesa-hits-oxide-zone-in-second-hole-at-cerro-curunday-gold-project-in-peru-21270.html
The initially targeted oxide zone was reached a depth of 200.5 metres, and following this drilling then progressed and intersected the top of the sulphide zone to test the potential for epithermal mineralisation and structure.
The anticipation is building at the project located in the La Libertad Province of Peru, where drilling is part of a 6,000 metres Phase One program. The Cerro Curunday epithermal gold project is similar and near to Lagunas Norte, Barrick's (NYSE: ABX) 9 million ounce gold project.
The program is aiming to test a series of gold-bearing zones in “elephant country” in Peru, identified by channel and rock chip sampling along a 2.1 kilometre strike length of epithermal gold mineralisation.
All drilling is being undertaken using diamond drilling from surface to enable detailed logging and sampling.
Due to drilling continuing beyond the initial target depth of 200 metres, the second drill hole took slightly longer than forecast.
Highly fractured ground conditions were encountered similar to the first drill hole, resulting in additional water being required for drilling.
Further supplemental water sources have been established for the drill program, as well as the completion of a review of drilling practices on site to optimise the mud weights.
The mineral assemblage encountered by drilling represents an important feature for the extension of the epithermal zone into the porphyry environment. These preliminarily observations confirm the original modelling of the mineralisation.
Currently core is being logged, cut and sampled with samples being sent to Lima for testing. Assay results are expected once QAQC procedures and checks have been completed.
Field level exploration and sampling around the Cerro Curunday and La Haucas project area is also progressing.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21270/promesa-hits-oxide-zone-in-second-hole-at-cerro-curunday-gold-project-in-peru-21270.html
Blackthorn Resources hits 282m at 1% copper in Phase 5 drilling at Mumbwa, Zambia
Blackthorn Resources (ASX: BTR) has intersected 282.7 metres at 1.05% copper in the first drill hole on the Kitumba deposit at the Mumbwa Project in Zambia.
Three drill rigs are turning at Mumbwa doubling shifting for day and night.
Assay results from the first Phase 5 drill hole include: 282.7 metres at 1.05% copper from 178.3 metres, including 60 metres at 2.58% copper from 324 metres.
Hole S36-023 was drilled to intercept the core of copper mineralisation previously identified at Kitumba.
Phase 5 drilling involves core drilling 16 targets for 8,900 metres, started in August designed to complete a series of infill and step-out holes at Kitumba and to drill selected regional targets.
The aim is to better define the Inferred Mineral resource category at Kitumba.
The results provide encouragement as they give confidence in the continuity and grade distribution within the Kitumba IOCG system.
Kitumba currently hosts an Inferred JORC Resource of 87 million tonnes at 0.94% copper, using a 0.5% cut-off.
Scott Lowe, Blackthorn Resources’ managing director, said “these first assays results are extremely positive indeed, showing continued evidence of high-grade intercepts of copper mineralisation in the Kitumba inferred mineral resource zone.
"The company is very pleased with the results received so far and is eager to progress the drilling program and further define the mineral resource potential at Kitumba."
The mineralisation is situated at reasonable mining depths for the company to consider potential open-cut and/or underground mining.
Blackthorn Resources is aiming to add further value to this project through mineral resource development and exploration of other targets.
Further drilling and mineralised intercepts are required from other surrounding drill holes to refine the geological and resource models for the area.
Three drilling rigs are onsite progressing the remaining Phase 5 drill holes including double shifting for day and night operations.
Assay results for gold from the first drill hole are awaiting complete analysis and are expected in early November 2011.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21262/blackthorn-resources-hits-282m-at-1-copper-in-phase-5-drilling-at-mumbwa-zambia--21262.html
Three drill rigs are turning at Mumbwa doubling shifting for day and night.
Assay results from the first Phase 5 drill hole include: 282.7 metres at 1.05% copper from 178.3 metres, including 60 metres at 2.58% copper from 324 metres.
Hole S36-023 was drilled to intercept the core of copper mineralisation previously identified at Kitumba.
Phase 5 drilling involves core drilling 16 targets for 8,900 metres, started in August designed to complete a series of infill and step-out holes at Kitumba and to drill selected regional targets.
The aim is to better define the Inferred Mineral resource category at Kitumba.
The results provide encouragement as they give confidence in the continuity and grade distribution within the Kitumba IOCG system.
Kitumba currently hosts an Inferred JORC Resource of 87 million tonnes at 0.94% copper, using a 0.5% cut-off.
Scott Lowe, Blackthorn Resources’ managing director, said “these first assays results are extremely positive indeed, showing continued evidence of high-grade intercepts of copper mineralisation in the Kitumba inferred mineral resource zone.
"The company is very pleased with the results received so far and is eager to progress the drilling program and further define the mineral resource potential at Kitumba."
The mineralisation is situated at reasonable mining depths for the company to consider potential open-cut and/or underground mining.
Blackthorn Resources is aiming to add further value to this project through mineral resource development and exploration of other targets.
Further drilling and mineralised intercepts are required from other surrounding drill holes to refine the geological and resource models for the area.
Three drilling rigs are onsite progressing the remaining Phase 5 drill holes including double shifting for day and night operations.
Assay results for gold from the first drill hole are awaiting complete analysis and are expected in early November 2011.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21262/blackthorn-resources-hits-282m-at-1-copper-in-phase-5-drilling-at-mumbwa-zambia--21262.html
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