Pressure BioSciences (NASDAQ:PBIO) is featured Monday in an article on industry website BioMed Reports.
An interview with Pressure BioSciences' founder and chief executive Richard Schumacher can be viewed here: http://www.biomedreports.com/2012022790166/video-ceo-of-pressure-biosciences-sees-firms-momentum-continuing-to-build-in-2012.html
The
life sciences company develops and commercializes pressure cycling
technology (PCT) for use in the mass spectrometry market, where end uses
range from forensics, biomarker discovery, to histology and
counter-bioterror applications.
The technology uses rapid cycles
of hydrostatic pressure to control biomolecular interactions, allowing
for a high degree of precision, speed and reproducibility, the company
said.
Earlier this month, Pressure BioSciences closed on an $800,000 private placement financing.
The
placement consisted of the sale of 971,867 shares of restricted common
stock, and 485,937 warrants to purchase further common stock.
Last month, the life sciences company saw its shares surge after it
announced the signing of a co-marketing and selling agreement with
Digilab, expected to boost its sales efforts significantly.
The companies said they intend to co-market and sell their respective
product lines worldwide, including in industry publications, at
scientific meetings, on each company's website, through common
collaborator studies, at key industry trade shows, and in visits to
customer sites.
Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London.
Tuesday, 28 February 2012
PJX Resources unveils focused exploration plans for Dewdney Trial in 2012
PJX Resources (CVE:PJX)
provided Monday an update on its Dewdney Trail property in southeast
British Columbia, which supports the potential for sediment-hosted-vein
(SHV) type gold deposits at the site.
SHV deposits are some of the largest gold deposits in the world, such as the 20 million ounce Sukhoi-Log gold deposit in Russia, and the over 80 million ounce Muruntau gold deposit in Uzbekistan.
The company said it completed a preliminary exploration program late last year that included prospecting, trenching and drilling to obtain a more representative sample of the unit, and to identify structural controls that could relate to mineralization on the Dewdney Trail asset.
The results have been compiled with existing geological mapping, surface sampling and geophysics to prioritize targets for trenching and drilling on the Dewdney Trail property in 2012.
PJX said that surface mapping and prospecting has identified areas with anomalous gold mineralization along a 13 kilometre trend of "quartz-sericite-carbonate altered quartzite and interbedded argillites".
Trenching and trail building, the company added, show the 13 kilometre unit could be over 250 metres in true width. Areas in the unit with more intense alteration and veining are said to consistently host anomalous gold mineralization ranging from 10 parts per billion (ppb) to over 10 grams per tonne (g/t) of gold.
Four holes were drilled in the M1 target area of the property in order to better assess the gold potential of the vein/fracture sets that have varying orientations, the company said.
The drilling confirmed that anomalous gold mineralization is most often associated with the more altered, veined and fractured sections of the interbedded quartzites and argillites.
"The altered and veined zones in the drill core consistently contain anomalous gold ranging from 10 ppb up to 600 ppb. This low grade mineralization supports the potential for SHV deposits where a halo of anomalous gold mineralization can occur in rock units hosting ore deposits," PJX said in a statement Monday.
Additional exploration is required along strike and/or at depth, it added, to help understand which direction would be "most favourable" for hosting a deposit.
The M1 target area is a magnetic anomaly approximately 600 metres wide by over one kilometre in strike length. Drilling was done on one part of the target area that was approximately 100 metres wide by 250 metres along strike.
The area is one of over 20 geophysical target areas along the 13 kilometres of prospective geology on the Dewdney Trail property.
In addition, the company said that the compilation of historical and recent exploration work has found further promising areas at the site.
SHV deposits typically occur in argillite rock units proximal to the axis of folds where the ground has been more intensely fractured to allow ore mineralizing fluids to circulate and deposit gold through the rock.
PJX said that the interpreted fold axis in the Lewis Creek area has anomalous gold in the soils for more than 1.5 kilometres along the interpreted fold axis, with this anomaly remaining open to the north-west.
Gold is also anomalous in soils over a large area in the Tackle Creek drainage, with prior exploration supporting the potential for an intrusive, possible porphyry, hosted gold deposit.
The large Lewis Creek, M1, and Tackle Creek targets, along with other target areas, will be the focus of further exploration on the Dewdney Trail property in 2012.
President and CEO, John Keating, said: "We are looking forward to a very successful 2012 exploration season. Our recent results confirm that gold has been introduced into the rocks over wide areas on the Dewdney Trail Property.
"Our enhanced understanding of the factors controlling the gold mineralization will help focus exploration activities to increase the potential to discover a gold deposit."
SHV deposits are some of the largest gold deposits in the world, such as the 20 million ounce Sukhoi-Log gold deposit in Russia, and the over 80 million ounce Muruntau gold deposit in Uzbekistan.
The company said it completed a preliminary exploration program late last year that included prospecting, trenching and drilling to obtain a more representative sample of the unit, and to identify structural controls that could relate to mineralization on the Dewdney Trail asset.
The results have been compiled with existing geological mapping, surface sampling and geophysics to prioritize targets for trenching and drilling on the Dewdney Trail property in 2012.
PJX said that surface mapping and prospecting has identified areas with anomalous gold mineralization along a 13 kilometre trend of "quartz-sericite-carbonate altered quartzite and interbedded argillites".
Trenching and trail building, the company added, show the 13 kilometre unit could be over 250 metres in true width. Areas in the unit with more intense alteration and veining are said to consistently host anomalous gold mineralization ranging from 10 parts per billion (ppb) to over 10 grams per tonne (g/t) of gold.
Four holes were drilled in the M1 target area of the property in order to better assess the gold potential of the vein/fracture sets that have varying orientations, the company said.
The drilling confirmed that anomalous gold mineralization is most often associated with the more altered, veined and fractured sections of the interbedded quartzites and argillites.
"The altered and veined zones in the drill core consistently contain anomalous gold ranging from 10 ppb up to 600 ppb. This low grade mineralization supports the potential for SHV deposits where a halo of anomalous gold mineralization can occur in rock units hosting ore deposits," PJX said in a statement Monday.
Additional exploration is required along strike and/or at depth, it added, to help understand which direction would be "most favourable" for hosting a deposit.
The M1 target area is a magnetic anomaly approximately 600 metres wide by over one kilometre in strike length. Drilling was done on one part of the target area that was approximately 100 metres wide by 250 metres along strike.
The area is one of over 20 geophysical target areas along the 13 kilometres of prospective geology on the Dewdney Trail property.
In addition, the company said that the compilation of historical and recent exploration work has found further promising areas at the site.
SHV deposits typically occur in argillite rock units proximal to the axis of folds where the ground has been more intensely fractured to allow ore mineralizing fluids to circulate and deposit gold through the rock.
PJX said that the interpreted fold axis in the Lewis Creek area has anomalous gold in the soils for more than 1.5 kilometres along the interpreted fold axis, with this anomaly remaining open to the north-west.
Gold is also anomalous in soils over a large area in the Tackle Creek drainage, with prior exploration supporting the potential for an intrusive, possible porphyry, hosted gold deposit.
The large Lewis Creek, M1, and Tackle Creek targets, along with other target areas, will be the focus of further exploration on the Dewdney Trail property in 2012.
President and CEO, John Keating, said: "We are looking forward to a very successful 2012 exploration season. Our recent results confirm that gold has been introduced into the rocks over wide areas on the Dewdney Trail Property.
"Our enhanced understanding of the factors controlling the gold mineralization will help focus exploration activities to increase the potential to discover a gold deposit."
Prophecy Coal opens TSX
Coal miner Prophecy Coal (CVE:PCY) said Monday that it opened the Toronto Stock Exchange along with staff and senior representatives from the TMX Group.
The company, a diversified thermal coal production business, held its official TSX listing ceremony at TMX Broadcast Centre in Toronto at 9 am.
Chief executive John Lee joined Robert Fotheringham of TMX Group to open the market, the company said Monday.
Among the guests in attendance at the ceremony were the Mongolian Ambassador to Canada and the Mongolian Trade Commissioner & Acting Consul, among others.
In November 2011, Prophecy Coal, a Vancouver-based company, received a license from the Mongolian government to build a 600 megawatt power plant at its Chandgana Tal thermal coal deposit. It also said that it plans to finish a power purchase deal and project financing this year.
Prophecy Coal develops and explores energy projects in Mongolia. Its flagship Ulaan Ovoo property started production in 2010 and its Chandgana mine mouth power plant is currently being permitted.
The company’s share price traded steady at 76 cents each on the Toronto Stock Exchange on Monday afternoon.
The company, a diversified thermal coal production business, held its official TSX listing ceremony at TMX Broadcast Centre in Toronto at 9 am.
Chief executive John Lee joined Robert Fotheringham of TMX Group to open the market, the company said Monday.
Among the guests in attendance at the ceremony were the Mongolian Ambassador to Canada and the Mongolian Trade Commissioner & Acting Consul, among others.
In November 2011, Prophecy Coal, a Vancouver-based company, received a license from the Mongolian government to build a 600 megawatt power plant at its Chandgana Tal thermal coal deposit. It also said that it plans to finish a power purchase deal and project financing this year.
Prophecy Coal develops and explores energy projects in Mongolia. Its flagship Ulaan Ovoo property started production in 2010 and its Chandgana mine mouth power plant is currently being permitted.
The company’s share price traded steady at 76 cents each on the Toronto Stock Exchange on Monday afternoon.
Silver Bull intersects high grade zone of 417 g/t silver over 10 metres at Sierra Mojada
Silver Bull Resources (TSE:SVB)(AMEX:SVBL)
Monday unveiled results for another 10 drill holes targeting the
Centenario Zone at its Sierra Mojada project in Mexico.
The company's flagship Sierra Mojada project is located 150 kilometres north of the city of Torreon in Coahuila, Mexico and is highly prospective for silver and zinc.
Among the highlights, two drill holes encountered 100-plus metre intercepts of silver oxide mineralization intersecting high grade zones of 417.64 grams per tonne (g/t) silver over 10 metres, 283.89 g/t silver over 13.05 metres and 176.77 g/t silver over 21.5 metres.
Silver Bull president and CEO, Tim Barry, said: "We are extremely pleased with the continued positive results coming from the Centenario Zone and the emergence of a high grade zone of mineralization.
"Considering the extent of the Centenario Zone defined so far, we are very confident this will add a significant amount of silver to our next resource report expected in the second quarter of this year.
"Following our $10.5 million financing at the end of 2011 we are focused in 2012 on continuing to drill out the widespread silver and zinc mineralization seen at Sierra Mojada and also to developing a metallurgical flow sheet via an extensive metallurgical program lead by George Rawsthorne."
The drilling results continue to confirm the continuity and tenor of the silver mineralization in the Centenario Zone. Silver Bull’s drill program is ongoing, with three rigs currently onsite.
The explorer said that the third in a series of NI 43-101 resource updates is anticipated in the second quarter of 2012.
Given the drilling results to date, it is anticipated that the next report will show a substantial increase in the silver resource at Sierra Mojada, as well as including a resource for the significant zinc mineralization seen on the project.
Overall, Silver Bull has acquired or has options to acquire mineral concessions totaling 15,833 hectares in the Sierra Mojada Mining District. The company has been working on the Sierra Mojada property since 1997 and has completed over 80,000 metres of drilling.
The mineralization at Sierra Mojada is comprised of three main zones: the Shallow Silver Zone, the Red Zinc Zone and the White Zinc Zone.
Centenario is a new zone of silver mineralization that lies to the north and immediately adjacent to the Shallow Silver Zone at Sierra Mojada, which has a present NI 43-101 compliant resource of 47.3 million ounces of silver in the indicated category and 13.8 million ounces of silver in the inferred catagory.
Silver Bull said that the extent of the known silver mineralization in the Centenario Zone is now 450 metres in an east-west direction and 300 metres in a north-south direction, and remains open in all directions.
A high grade core of silver mineralization averaging greater than 100 g/t silver sits within a large lower grade halo of less than 100 g/t of silver mineralization that is hosted along the east-west trending Centenario fault.
The widest part of the mineralization in the Centenario Zone occurs at the intersection of the Centenario fault and a major north-south trending fault, which cross cuts the entire deposit.
Like the Shallow Silver Zone, Silver Bull said that a thick dolomite unit appears to be the favorable host rock for the mineralization, especially when immediately adjacent to fault zones.
Although the mineralization starts below 100 metres, it is important to note that much of the Centenario Zone falls within the surface projection of a conceptual Whittle open pit outline provided by SRK Consulting at the time of the resource update of the Shallow Silver Zone in late 2011, the company said.
This means that by mining out the near surface Shallow Silver Zone, a significant portion of the overburden will be removed.
The Shallow Silver Zone's mineralized body averages between 30 to 90 metres in thickness, is up to 200 metres wide and has an average grade of just over 50 g/t silver. Mineralization remains open in the east, west, south and northerly directions.
Approximately 60 percent of the current 3.2 kilometre mineralized body is at or near surface before dipping at around 10 degrees to the east.
Vancouver-headquartered Silver Bull also owns three mineral exploration licences in Gabon, Africa, two of which are currently under joint venture with AngloGold Ashanti (NYSE:AU).
The company's flagship Sierra Mojada project is located 150 kilometres north of the city of Torreon in Coahuila, Mexico and is highly prospective for silver and zinc.
Among the highlights, two drill holes encountered 100-plus metre intercepts of silver oxide mineralization intersecting high grade zones of 417.64 grams per tonne (g/t) silver over 10 metres, 283.89 g/t silver over 13.05 metres and 176.77 g/t silver over 21.5 metres.
Silver Bull president and CEO, Tim Barry, said: "We are extremely pleased with the continued positive results coming from the Centenario Zone and the emergence of a high grade zone of mineralization.
"Considering the extent of the Centenario Zone defined so far, we are very confident this will add a significant amount of silver to our next resource report expected in the second quarter of this year.
"Following our $10.5 million financing at the end of 2011 we are focused in 2012 on continuing to drill out the widespread silver and zinc mineralization seen at Sierra Mojada and also to developing a metallurgical flow sheet via an extensive metallurgical program lead by George Rawsthorne."
The drilling results continue to confirm the continuity and tenor of the silver mineralization in the Centenario Zone. Silver Bull’s drill program is ongoing, with three rigs currently onsite.
The explorer said that the third in a series of NI 43-101 resource updates is anticipated in the second quarter of 2012.
Given the drilling results to date, it is anticipated that the next report will show a substantial increase in the silver resource at Sierra Mojada, as well as including a resource for the significant zinc mineralization seen on the project.
Overall, Silver Bull has acquired or has options to acquire mineral concessions totaling 15,833 hectares in the Sierra Mojada Mining District. The company has been working on the Sierra Mojada property since 1997 and has completed over 80,000 metres of drilling.
The mineralization at Sierra Mojada is comprised of three main zones: the Shallow Silver Zone, the Red Zinc Zone and the White Zinc Zone.
Centenario is a new zone of silver mineralization that lies to the north and immediately adjacent to the Shallow Silver Zone at Sierra Mojada, which has a present NI 43-101 compliant resource of 47.3 million ounces of silver in the indicated category and 13.8 million ounces of silver in the inferred catagory.
Silver Bull said that the extent of the known silver mineralization in the Centenario Zone is now 450 metres in an east-west direction and 300 metres in a north-south direction, and remains open in all directions.
A high grade core of silver mineralization averaging greater than 100 g/t silver sits within a large lower grade halo of less than 100 g/t of silver mineralization that is hosted along the east-west trending Centenario fault.
The widest part of the mineralization in the Centenario Zone occurs at the intersection of the Centenario fault and a major north-south trending fault, which cross cuts the entire deposit.
Like the Shallow Silver Zone, Silver Bull said that a thick dolomite unit appears to be the favorable host rock for the mineralization, especially when immediately adjacent to fault zones.
Although the mineralization starts below 100 metres, it is important to note that much of the Centenario Zone falls within the surface projection of a conceptual Whittle open pit outline provided by SRK Consulting at the time of the resource update of the Shallow Silver Zone in late 2011, the company said.
This means that by mining out the near surface Shallow Silver Zone, a significant portion of the overburden will be removed.
The Shallow Silver Zone's mineralized body averages between 30 to 90 metres in thickness, is up to 200 metres wide and has an average grade of just over 50 g/t silver. Mineralization remains open in the east, west, south and northerly directions.
Approximately 60 percent of the current 3.2 kilometre mineralized body is at or near surface before dipping at around 10 degrees to the east.
Vancouver-headquartered Silver Bull also owns three mineral exploration licences in Gabon, Africa, two of which are currently under joint venture with AngloGold Ashanti (NYSE:AU).
Papuan Precious Metals hits 70.00 metres of 0.10% copper at Mt Suckling project
Papuan Precious Metals Corp (CVE:PAU)(OTCQX:PAUFF)
unveiled Monday partial results from the uppermost 79 metres of the
discovery hole at the Urua Creek prospect, part of the company's Mt
Suckling project in Papua New Guinea.
Hole URD002 intersected 70.00 metres grading 0.10% copper from 8.00 to 78.00 metres, and returned 6.65 metres of 0.77% copper and 1.84 grams per tonne (g/t) gold from 208.85 to 215.5 metres, including 1.10 metres of 2.16 % Cu and 9.60 g/t gold.
The company said the hole "successfully" tested both gold and copper soil anomalies and long intervals of gold and copper trench values in trenches one and two on Line 10 of the Urua Creek grid.
The hole is also 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.
The Mt Suckling project is situated at the eastern end of New Guinea’s Central Range, one of the world’s most prolific porphyry copper belts that includes several giant porphyries including Grasberg, Ok Tedi, Frieda, Porgera and Wafi/Golpu.
Papuan has identified three prospective porphyry prospects in a linear belt some 19 kilometres long and localized within the wide trace of the Keveri Fault Zone, part of the once-active plate boundary between the Australian and Pacific plates.
The Doriri Creek hydrothermal prospect is also located in the trace of this structure, about eight kilometres west of the Urua Creek prospect.
The flagship prospect is Urua Creek, whose host breccia contains areas of both low-grade propylitic zone and high-grade phyllic zone gold-copper mineralization. Gold-copper mineralization in the propylitic zone in surface trenches ranges up to 33 metres at 0.17 % copper, 0.27 g/t gold, and in the phyllic zone up to 36 metres at 0.72 % copper and 0.97 g/t gold.
Hole URD002 intersected 70.00 metres grading 0.10% copper from 8.00 to 78.00 metres, and returned 6.65 metres of 0.77% copper and 1.84 grams per tonne (g/t) gold from 208.85 to 215.5 metres, including 1.10 metres of 2.16 % Cu and 9.60 g/t gold.
The company said the hole "successfully" tested both gold and copper soil anomalies and long intervals of gold and copper trench values in trenches one and two on Line 10 of the Urua Creek grid.
The hole is also 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.
The Mt Suckling project is situated at the eastern end of New Guinea’s Central Range, one of the world’s most prolific porphyry copper belts that includes several giant porphyries including Grasberg, Ok Tedi, Frieda, Porgera and Wafi/Golpu.
Papuan has identified three prospective porphyry prospects in a linear belt some 19 kilometres long and localized within the wide trace of the Keveri Fault Zone, part of the once-active plate boundary between the Australian and Pacific plates.
The Doriri Creek hydrothermal prospect is also located in the trace of this structure, about eight kilometres west of the Urua Creek prospect.
The flagship prospect is Urua Creek, whose host breccia contains areas of both low-grade propylitic zone and high-grade phyllic zone gold-copper mineralization. Gold-copper mineralization in the propylitic zone in surface trenches ranges up to 33 metres at 0.17 % copper, 0.27 g/t gold, and in the phyllic zone up to 36 metres at 0.72 % copper and 0.97 g/t gold.
Fission Energy says drill rig mobilized at PLS property
Fission Energy Corp. (CVE:FIS)(OTCQX:FSSIF) and its 50 percent joint venture partner, ESO Uranium
Corp, said Monday that a 14-hole, 2,100 metre drill program will start
shortly at the Patterson Lake South property in the southwest part of
Saskatchewan's Uranium-rich Athabasca Basin.
A drill rig has already been mobilized to the site.
The program is a continuation of last year's efforts to locate the bedrock source area of the high-grade Uranium boulder field discovery made last June, which is believed to occur below the unconformity in a basement hosted system, the parties said.
Drilling will test a number of geophysical targets identified by an on-going ground Time Domain Electromagnetic (TDEM) and a DC-Resistivity survey being conducted on the Patterson Lake conductor corridor.
This corridor is located immediately adjacent and to the east-northeast of the high-grade Uranium boulder field, which has yielded boulder assays as high as 39.6% Uranium and 31.4% Uranium since its discovery during the summer 2011 exploration season.
"It is believed the up-ice direction of the boulder field parallels the greater than 6km strike length of multiple bedrock EM conductors found within the Patterson Lake Corridor and that this area represents a highly prospective source location of the uraniferous boulders," Fission Energy said in a statement.
Hardrock Diamond Drilling of Penticton, British Columbia, has been contracted to complete the drill program.
Samples have been submitted to SRC Geoanalytical Laboratories for analysis, with results to be provided when available.
The joint venture also said Monday that a property-scale airborne VTEM magnetic and electromagnetic survey is now 100 percent complete.
Fission is the operator of the Patterson Lake South exploration project, which is accessible by road with primary access from all weather Highway 955, which runs north to the former Cluff Lake mine, where more than 60 million pounds of Uranium has been produced.
Earlier this month, the Uranium explorer said the joint venture staked six new claims along the south boundary of Patterson Lake South, boosting the size of the asset to around 31,000 hecatres in 17 mineral claims.
The six new claims, which were staked to cover possible south-trending extensions of the wide, high grade Uranium boulder field discovered by the joint venture in June of last year, total around 8,170 hectares.
In mid-December, the company announced trenching results from Patterson Lake South, where the highest grade samples included 31.4 percent and 31.2 percent U308 (Uranium).
These assays were received from the 49 radioactive boulders discovered during the trenching program carried out in October 2011. These boulders occur in the high grade boulder field that has been traced for a north-south length of approximately five kilometres by up to 0.9 kilometres wide.
Fission is engaged in the acquisition and exploration of Uranium properties in Alberta, Saskatchewan and Quebec in Canada, as well as the Macusani District in Peru.
Its flagship Waterbury Lake project is located immediately west of Hathor Exploration’s (TSE:HAT) Roughrider Uranium deposit, which is in the heart of the Athabasca Basin district that hosts over 110 million pounds of Uranium.
Hathor was recently subject to a takeover battle in late 2011 between mining giants Cameco Corp. (TSE:CCO)(NYSE:CCJ) and Rio Tinto (NYSE:RIO)(LON:RIO), with the latter emerging as the winner with its $654 million friendly bid trumping Cameco's $625 million offer.
A drill rig has already been mobilized to the site.
The program is a continuation of last year's efforts to locate the bedrock source area of the high-grade Uranium boulder field discovery made last June, which is believed to occur below the unconformity in a basement hosted system, the parties said.
Drilling will test a number of geophysical targets identified by an on-going ground Time Domain Electromagnetic (TDEM) and a DC-Resistivity survey being conducted on the Patterson Lake conductor corridor.
This corridor is located immediately adjacent and to the east-northeast of the high-grade Uranium boulder field, which has yielded boulder assays as high as 39.6% Uranium and 31.4% Uranium since its discovery during the summer 2011 exploration season.
"It is believed the up-ice direction of the boulder field parallels the greater than 6km strike length of multiple bedrock EM conductors found within the Patterson Lake Corridor and that this area represents a highly prospective source location of the uraniferous boulders," Fission Energy said in a statement.
Hardrock Diamond Drilling of Penticton, British Columbia, has been contracted to complete the drill program.
Samples have been submitted to SRC Geoanalytical Laboratories for analysis, with results to be provided when available.
The joint venture also said Monday that a property-scale airborne VTEM magnetic and electromagnetic survey is now 100 percent complete.
Fission is the operator of the Patterson Lake South exploration project, which is accessible by road with primary access from all weather Highway 955, which runs north to the former Cluff Lake mine, where more than 60 million pounds of Uranium has been produced.
Earlier this month, the Uranium explorer said the joint venture staked six new claims along the south boundary of Patterson Lake South, boosting the size of the asset to around 31,000 hecatres in 17 mineral claims.
The six new claims, which were staked to cover possible south-trending extensions of the wide, high grade Uranium boulder field discovered by the joint venture in June of last year, total around 8,170 hectares.
In mid-December, the company announced trenching results from Patterson Lake South, where the highest grade samples included 31.4 percent and 31.2 percent U308 (Uranium).
These assays were received from the 49 radioactive boulders discovered during the trenching program carried out in October 2011. These boulders occur in the high grade boulder field that has been traced for a north-south length of approximately five kilometres by up to 0.9 kilometres wide.
Fission is engaged in the acquisition and exploration of Uranium properties in Alberta, Saskatchewan and Quebec in Canada, as well as the Macusani District in Peru.
Its flagship Waterbury Lake project is located immediately west of Hathor Exploration’s (TSE:HAT) Roughrider Uranium deposit, which is in the heart of the Athabasca Basin district that hosts over 110 million pounds of Uranium.
Hathor was recently subject to a takeover battle in late 2011 between mining giants Cameco Corp. (TSE:CCO)(NYSE:CCJ) and Rio Tinto (NYSE:RIO)(LON:RIO), with the latter emerging as the winner with its $654 million friendly bid trumping Cameco's $625 million offer.
International Tower Hill Mines unveils historical resource for Placer claims near Livengood
International Tower Hill Mines
(TSE:ITH)(AMEX:THM) unveiled Monday a historical resource estimate for
its 100 percent-owned Placer claims near the Livengood gold project
located around 70 miles north of Fairbanks, Alaska.
The company, which acquired the Placer claims in December, said a report completed by Alaska/Nevada Gold Mines in 2006 estimated a resource of roughly 5.2 million cubic yards of gold-bearing gravel at an average grade of 1.0 gram per tonne (g/t) in several defined areas within the Livengood Placer claims.
This amounts to a total gold resource of around 230,000 ounces in the measured and indicated resource categories, International Tower Hill said.
The company noted, however, that after the calculation of this resource, which is not NI 43-101 compliant, and prior to the purchase of the Placer property by the company in 2011, mining operations completed in 2010 resulted in a reduction to measured resources of 7,100 ounces.
Placer gold was first discovered in the Livengood area in 1914, and led to a gold rush that recovered approximately 530,000 ounces of placer gold from the district since that time.
The company said the historical resource estimate is relevant to indicate that sufficient potential exists on the Livengood Placer claims to justify exploration expenses, and also as a guide to the prioritization of potential development efforts.
"The potential for significant alluvial gold to be found in the Livengood Placer claims, as illustrated by the existence of the historical resource estimate, represents a truly exciting opportunity for International Tower Hill Mines to create significant value for our shareholders in the near term," said president and CEO, Jim Komadina.
"While our main Livengood development team continues to focus solely on advancing the large Livengood Gold Project towards permitting and development into a large-scale gold mine in North America, we have a highly experienced placer mining team assessing the potential of the Livengood Placer property with a view to determining as soon as possible if a resource sufficient to warrant future production may be identified."
Records exist for 2,370 placer drill holes that were completed on the Livengood Placer claims since 1933.
The company is planning a confirmation drill program of 2,275 metres on the Livengood Placer claims beginning in April of this year, to assess whether the historical drilling data can be used in the calculation of a current NI 43-101 resource for the property.
Richard Hughes, P.E., of H2T Mine Engineering Services, a qualified person as defined under NI 43-101 who reviewed the historical resource estimate on behalf of the company, concluded: "We concur with the methodology used by ANGM and believe that its resource analysis is reasonable as presented by category, subject to an uncertainty presented by a 2010 production shortfall. To develop a NI 43-101 compliant placer resource.
"A more detailed analysis of the resource category assignment should be conducted to include complete detailed drill log take-off and spatial consideration for category allocation. The effect of underground drift mining on the resource calculations needs to be clearly understood. I strongly recommend resource definition be improved by utilizing new drilling methods in the measured and indicated areas."
International Tower Hill Mines controls a 100 percent interest in the Livengood project accessible by paved highway 70 miles north of Fairbanks, Alaska. In 2012, the company is focused on the rapid advancement of the property while it continues to expand its current resource and explore its 145 square kilometre district for new deposits.
The company, which acquired the Placer claims in December, said a report completed by Alaska/Nevada Gold Mines in 2006 estimated a resource of roughly 5.2 million cubic yards of gold-bearing gravel at an average grade of 1.0 gram per tonne (g/t) in several defined areas within the Livengood Placer claims.
This amounts to a total gold resource of around 230,000 ounces in the measured and indicated resource categories, International Tower Hill said.
The company noted, however, that after the calculation of this resource, which is not NI 43-101 compliant, and prior to the purchase of the Placer property by the company in 2011, mining operations completed in 2010 resulted in a reduction to measured resources of 7,100 ounces.
Placer gold was first discovered in the Livengood area in 1914, and led to a gold rush that recovered approximately 530,000 ounces of placer gold from the district since that time.
The company said the historical resource estimate is relevant to indicate that sufficient potential exists on the Livengood Placer claims to justify exploration expenses, and also as a guide to the prioritization of potential development efforts.
"The potential for significant alluvial gold to be found in the Livengood Placer claims, as illustrated by the existence of the historical resource estimate, represents a truly exciting opportunity for International Tower Hill Mines to create significant value for our shareholders in the near term," said president and CEO, Jim Komadina.
"While our main Livengood development team continues to focus solely on advancing the large Livengood Gold Project towards permitting and development into a large-scale gold mine in North America, we have a highly experienced placer mining team assessing the potential of the Livengood Placer property with a view to determining as soon as possible if a resource sufficient to warrant future production may be identified."
Records exist for 2,370 placer drill holes that were completed on the Livengood Placer claims since 1933.
The company is planning a confirmation drill program of 2,275 metres on the Livengood Placer claims beginning in April of this year, to assess whether the historical drilling data can be used in the calculation of a current NI 43-101 resource for the property.
Richard Hughes, P.E., of H2T Mine Engineering Services, a qualified person as defined under NI 43-101 who reviewed the historical resource estimate on behalf of the company, concluded: "We concur with the methodology used by ANGM and believe that its resource analysis is reasonable as presented by category, subject to an uncertainty presented by a 2010 production shortfall. To develop a NI 43-101 compliant placer resource.
"A more detailed analysis of the resource category assignment should be conducted to include complete detailed drill log take-off and spatial consideration for category allocation. The effect of underground drift mining on the resource calculations needs to be clearly understood. I strongly recommend resource definition be improved by utilizing new drilling methods in the measured and indicated areas."
International Tower Hill Mines controls a 100 percent interest in the Livengood project accessible by paved highway 70 miles north of Fairbanks, Alaska. In 2012, the company is focused on the rapid advancement of the property while it continues to expand its current resource and explore its 145 square kilometre district for new deposits.
First Berlin expects positive news for EurOmax that could push it into a "different league"
Independent equity research firm First Berlin has initiated coverage on EurOmax Resources (CVE:EOX) with a "buy" rating and $0.45 price target, expecting "positive news" from the company's resource base.
Friday, EurOmax shares closed at $0.22. Over the past three months the stock is up 12 percent.
EurOmax Resources is a Canadian company focused on gold and copper exploration in the resource rich region of Bulgaria, Macedonia and Serbia. It is currently advancing three core properties: Trun in Bulgaria, KMC in Serbia and Ilovitza in Macedonia.
It has an NI 43-101 compliant resource base in excess of 5 million ounces of gold at 0.90 grams per tonne.
In a research note, First Berlin analyst Simon Scholes said: "We expect newsflow to push EurOmax’s valuation higher this year.
"First, we expect positive news on the resource base with the publication of updated resource estimates for the Ilovitza and Trun properties. Second, there is a significant chance that the current drilling programme at the KMC property will yield a major gold discovery in submerged porphyry intrusions."
First Berlin said that EurOmax is "very conservatively" valued relative to its peers which may be the legacy of a 2010 proxy battle that resulted in a new management team joining the company and a focus on fewer properties - from around half a dozen properties to the current three.
The independent research firm said that the company's existing inferred NI 43-101 compliant gold resources are likely to amount to over five million ounces, which is "a high figure" for an exploration company at EurOmax’s stage of development.
In terms of opportunities, the First Berlin analyst said that the discovery of porphyry-source KMC skarn mineralization "could catapult EurOmax into a different league".
KMC is a very large copper-gold skarn system. EurOmax’s management believes that the skarn mineralization is being driven by hydrothermal activity arising from one or more submerged porphyry intrusions. Data from autumn 2011 geophysical work carried out at KMC suggests the presence of seven buried intrusions.
One or more of these intrusions at KMC could be the porphyry source of the skarn system. In this case, the scale and grade of gold mineralization would potentially be considerably higher than that encountered by EurOmax so far, said First Berlin.
First Berlin's Scholes also said that EurOmax has the potential to expand the resource estimate at Trun.
The pre-revision resource estimate of 2.1 million ounces of gold at Trun from January 2011 is based solely on the Logo target. But there are 10 other targets at Trun - three at the more northerly Big Hill intrusion and seven at the K2 (Little Hill) intrusion to the south.
EurOmax drilled a further 10,600 metres at Trun in 2011 and is currently engaged on a further 6,000 metre drilling program, completion of which is scheduled for the end of May.
These two drilling programs have included Logo and most of the other targets at both Big Hill and Little Hill. An updated NI 43-101 compliant resource estimate is scheduled for the fourth quarter, First Berlin said.
First Berlin also said that the recent clarification of the ownership position at KMC and Illovitza has lent additional momentum to their development.
Friday, EurOmax shares closed at $0.22. Over the past three months the stock is up 12 percent.
EurOmax Resources is a Canadian company focused on gold and copper exploration in the resource rich region of Bulgaria, Macedonia and Serbia. It is currently advancing three core properties: Trun in Bulgaria, KMC in Serbia and Ilovitza in Macedonia.
It has an NI 43-101 compliant resource base in excess of 5 million ounces of gold at 0.90 grams per tonne.
In a research note, First Berlin analyst Simon Scholes said: "We expect newsflow to push EurOmax’s valuation higher this year.
"First, we expect positive news on the resource base with the publication of updated resource estimates for the Ilovitza and Trun properties. Second, there is a significant chance that the current drilling programme at the KMC property will yield a major gold discovery in submerged porphyry intrusions."
First Berlin said that EurOmax is "very conservatively" valued relative to its peers which may be the legacy of a 2010 proxy battle that resulted in a new management team joining the company and a focus on fewer properties - from around half a dozen properties to the current three.
The independent research firm said that the company's existing inferred NI 43-101 compliant gold resources are likely to amount to over five million ounces, which is "a high figure" for an exploration company at EurOmax’s stage of development.
In terms of opportunities, the First Berlin analyst said that the discovery of porphyry-source KMC skarn mineralization "could catapult EurOmax into a different league".
KMC is a very large copper-gold skarn system. EurOmax’s management believes that the skarn mineralization is being driven by hydrothermal activity arising from one or more submerged porphyry intrusions. Data from autumn 2011 geophysical work carried out at KMC suggests the presence of seven buried intrusions.
One or more of these intrusions at KMC could be the porphyry source of the skarn system. In this case, the scale and grade of gold mineralization would potentially be considerably higher than that encountered by EurOmax so far, said First Berlin.
First Berlin's Scholes also said that EurOmax has the potential to expand the resource estimate at Trun.
The pre-revision resource estimate of 2.1 million ounces of gold at Trun from January 2011 is based solely on the Logo target. But there are 10 other targets at Trun - three at the more northerly Big Hill intrusion and seven at the K2 (Little Hill) intrusion to the south.
EurOmax drilled a further 10,600 metres at Trun in 2011 and is currently engaged on a further 6,000 metre drilling program, completion of which is scheduled for the end of May.
These two drilling programs have included Logo and most of the other targets at both Big Hill and Little Hill. An updated NI 43-101 compliant resource estimate is scheduled for the fourth quarter, First Berlin said.
First Berlin also said that the recent clarification of the ownership position at KMC and Illovitza has lent additional momentum to their development.
Kootenay Silver firmly focused on Promontorio project, updated resource expected
Vancouver-based junior explorer Kootenay Silver (CVE:KTN) is firmly pinning its hopes on the Promontorio silver project in Mexico.
Kootenay Silver’s flagship property is the former-producing Promontorio silver mine in Sonora State, Mexico. The company is also actively developing other mineral projects in Mexico and British Columbia, Canada.
But the company's focus on Promontorio was a driver in the recent change of its name from Kootenay Gold.
Speaking to Proactive Investors, Kootenay Silver’s chairman, Ken Berry, said: "Our focus is on the Promontorio property and building that silver resource. We feel that we're at a real stage in development where that resource is a significant asset.
"Our core asset has grown to such a stature it warranted a name change."
Promontorio itself hosts an NI 43-101-compliant resource containing 8.9 million indicated ounces of silver plus 1.17 million ounces of inferred silver, 99.3 million indicated pounds of lead plus 13.4 million inferred pounds of lead, and 110.8 million indicated pounds of zinc plus 14.3
million inferred pounds of zinc.
The indicated resources are contained within 5.22 million tonnes of 52.7 grams per tonne (gpt) silver, 0.86% lead and 0.96% zinc, and the inferred resources are contained within 0.65 million tonnes grading 55.7 gpt silver, 0.94% lead and 1.0% zinc.
Since the 2010 resource estimate, Berry said that Kootenay has drilled 31,000 metres and has another 4,000 metres left to drill before publishing an updated estimate within the next few months.
Indeed, a steady stream of positive news has been flowing from Promontorio.
Results to date have uncovered consistent, widespread silver mineralization with several high-grade silver intercepts throughout the Pit Resource, the Southwest Extension Zone, and the Northeast Zone, which sits about 700 metres outside of the current 43-101 Pit Resource.
Notable results from the latest program, which is the single largest and most expansive drill program conducted by Kootenay on the property to date, include hole KP-09-07, which intersected 6.7 metres grading 1,008.0 gpt silver equivalent.
Hole KP-25-08 hit 7.85 metres of 773.6 gpt silver equivalent, while DH-110-11 intersected 7.0 metres grading 678.6 gpt silver equivalent, including 4.5 metres at 1,145.5 gpt silver equivalent.
The company has also reported wide interval results, including hole DH-052-11, which hit 146.0 gpt silver equivalent over 234.0 metres, including 236.3 gpt silver equivalent over 70.0 metres.
These encouraging results suggest the possible existence of a large porphyry system similar to major producing deposits within the region, the company said.
Of its numerous joint venture programs, Berry highlighted three drill programs that he reckons will provide shareholders with potential discoveries.
Berry said that joint venture partner Pinecrest Resources (CVE:PCR) will likely be drilling the Epiritu polymetallic vein/breccia project in Sonora, Mexico, and Copper Creek Gold (CVE:CPV) is drilling the Santa Lucia project, part of the Sierra Madre Occidental gold-silver belt.
Kootenay is also awaiting results from the Copley property in the Nechako Plateau of north central B.C.
Berry said that Kootenay was "well-funded" for the current drilling program and for the NI 43-101 resource update, recently receiving funds from an accelerated warrant exercise program that was "well-received".
Looking ahead, as the global macroeconomic climate improves, Berry believes that companies with an advanced and growing resource - such as Kootenay Silver - will be the focus of the capital markets in the coming years.
Kootenay Silver’s flagship property is the former-producing Promontorio silver mine in Sonora State, Mexico. The company is also actively developing other mineral projects in Mexico and British Columbia, Canada.
But the company's focus on Promontorio was a driver in the recent change of its name from Kootenay Gold.
Speaking to Proactive Investors, Kootenay Silver’s chairman, Ken Berry, said: "Our focus is on the Promontorio property and building that silver resource. We feel that we're at a real stage in development where that resource is a significant asset.
"Our core asset has grown to such a stature it warranted a name change."
Promontorio itself hosts an NI 43-101-compliant resource containing 8.9 million indicated ounces of silver plus 1.17 million ounces of inferred silver, 99.3 million indicated pounds of lead plus 13.4 million inferred pounds of lead, and 110.8 million indicated pounds of zinc plus 14.3
million inferred pounds of zinc.
The indicated resources are contained within 5.22 million tonnes of 52.7 grams per tonne (gpt) silver, 0.86% lead and 0.96% zinc, and the inferred resources are contained within 0.65 million tonnes grading 55.7 gpt silver, 0.94% lead and 1.0% zinc.
Since the 2010 resource estimate, Berry said that Kootenay has drilled 31,000 metres and has another 4,000 metres left to drill before publishing an updated estimate within the next few months.
Indeed, a steady stream of positive news has been flowing from Promontorio.
Results to date have uncovered consistent, widespread silver mineralization with several high-grade silver intercepts throughout the Pit Resource, the Southwest Extension Zone, and the Northeast Zone, which sits about 700 metres outside of the current 43-101 Pit Resource.
Notable results from the latest program, which is the single largest and most expansive drill program conducted by Kootenay on the property to date, include hole KP-09-07, which intersected 6.7 metres grading 1,008.0 gpt silver equivalent.
Hole KP-25-08 hit 7.85 metres of 773.6 gpt silver equivalent, while DH-110-11 intersected 7.0 metres grading 678.6 gpt silver equivalent, including 4.5 metres at 1,145.5 gpt silver equivalent.
The company has also reported wide interval results, including hole DH-052-11, which hit 146.0 gpt silver equivalent over 234.0 metres, including 236.3 gpt silver equivalent over 70.0 metres.
These encouraging results suggest the possible existence of a large porphyry system similar to major producing deposits within the region, the company said.
Of its numerous joint venture programs, Berry highlighted three drill programs that he reckons will provide shareholders with potential discoveries.
Berry said that joint venture partner Pinecrest Resources (CVE:PCR) will likely be drilling the Epiritu polymetallic vein/breccia project in Sonora, Mexico, and Copper Creek Gold (CVE:CPV) is drilling the Santa Lucia project, part of the Sierra Madre Occidental gold-silver belt.
Kootenay is also awaiting results from the Copley property in the Nechako Plateau of north central B.C.
Berry said that Kootenay was "well-funded" for the current drilling program and for the NI 43-101 resource update, recently receiving funds from an accelerated warrant exercise program that was "well-received".
Looking ahead, as the global macroeconomic climate improves, Berry believes that companies with an advanced and growing resource - such as Kootenay Silver - will be the focus of the capital markets in the coming years.
Monday, 27 February 2012
Tirex Resources appoints Griffi to board of directors
Mineral explorer Tirex Resources (CVE:TXX) has appointed Jeffery Griffin to the board of directors, the company announced Friday.
The appointment comes as Tirex transitions from exploration to copper and gold mining production in six areas of the Mirdita volcanogenic massive sulphide district after investing more than US$25 million into Albania over five years.
Griffin’s has a business administration in economics from Tuft University, and also served in the United States Army.
From 2001 to 2010, he was president and chief executive of the Albanian-American Enterprise Fund. A enterprise created by the U.S. to enhance the private sector of Albania’s economy and also designed to promote a transparent “capitalist” economy under “democratic” rule.
In addition, Griffin was elected as the chairman of the board of the American Chamber of Commerce of Albania from February 2001 to 2007.
During this time, the chamber developed regulations that were adopted as law to support land title registration, corporate share ownership.
Under his six year tenure, the chamber membership grew from 40 people to more than 220 members, the company said in a statement.
Griffin has held number high level positions in finance such as managing director for Caspian Securities, and was also president and CEO of American Security Capital Corp.
Further, from 1999 to 2001, he was vice president for Investment Funds, Overseas Private Investment Corporation, a U.S. Government agency charged with investing in emerging markets to support private enterprise development.
In this position, Griffin was the senior officer responsible for 28 international private equity funds with total capital of $4
billion, which comprised one-third of the corporations operations.
In October, the company said that it submitted its application for mining permits in the Mirdita District, in Albania.
Vancouver-based Tirex is seeking permits in the areas known as Central Gurthi, North Gurthi, South Gurthi and Letitna zones, as well as Fushe-Arres and Paluca.
The company has submitted documentation to the Ministry of Environment and Forestry, as well as mining plans to the Ministry of Economy, Trade and Energy. The applications received official support from all the host communities where the mining permits are located, Tirex said.
The appointment comes as Tirex transitions from exploration to copper and gold mining production in six areas of the Mirdita volcanogenic massive sulphide district after investing more than US$25 million into Albania over five years.
Griffin’s has a business administration in economics from Tuft University, and also served in the United States Army.
From 2001 to 2010, he was president and chief executive of the Albanian-American Enterprise Fund. A enterprise created by the U.S. to enhance the private sector of Albania’s economy and also designed to promote a transparent “capitalist” economy under “democratic” rule.
In addition, Griffin was elected as the chairman of the board of the American Chamber of Commerce of Albania from February 2001 to 2007.
During this time, the chamber developed regulations that were adopted as law to support land title registration, corporate share ownership.
Under his six year tenure, the chamber membership grew from 40 people to more than 220 members, the company said in a statement.
Griffin has held number high level positions in finance such as managing director for Caspian Securities, and was also president and CEO of American Security Capital Corp.
Further, from 1999 to 2001, he was vice president for Investment Funds, Overseas Private Investment Corporation, a U.S. Government agency charged with investing in emerging markets to support private enterprise development.
In this position, Griffin was the senior officer responsible for 28 international private equity funds with total capital of $4
billion, which comprised one-third of the corporations operations.
In October, the company said that it submitted its application for mining permits in the Mirdita District, in Albania.
Vancouver-based Tirex is seeking permits in the areas known as Central Gurthi, North Gurthi, South Gurthi and Letitna zones, as well as Fushe-Arres and Paluca.
The company has submitted documentation to the Ministry of Environment and Forestry, as well as mining plans to the Ministry of Economy, Trade and Energy. The applications received official support from all the host communities where the mining permits are located, Tirex said.
Papuan says outcrop results define new porphyry copper play at Metewoi
Papuan Precious Metals (CVE:PAU)
Friday announced that significant gold and copper results from outcrop
samples at Metewoi River have opened up exploration potential for
high-sulphidation epithermal gold and porphyry copper-gold
mineralization.
Friday morning, Papuan shares rose six percent to $0.17 on the news.
The Metewoi prospect, part of the company's New Hanover project, is between three and four kilometres southeast of the Kuliuta copper-gold prospect in Papua New Guinea.
Among the highlights, sample 38072 contained 3.67 grams per tonne (g/t) gold, 0.03% copper, 5.5 g/t silver, 8 parts per million (ppm) molybdenum, 378 ppm antimony and 1,095 ppm arsenic; sample 38071 had 1.43 g/t gold, 0.03% copper, 5.2 g/t silver, 1 ppm molybdenum, 28 ppm antimony and 370 ppm arsenic; and sample 38069 contained 0.92 g/t gold, 0.02% copper, 12.7 g/t silver, 1 ppm molybdenum, 3 ppm antimony and 50 ppm arsenic.
Papuan said the extensive outcrop of quartz-alunite breccia covers a six square kilometre area at Metewoi and was the target of detailed mapping and grid soil sampling by company geologists during the second half of 2011.
Chalcocite, covellite and chalcopyrite have been observed in quartz veins within the quartz-alunite breccias, Papuan said.
The coincidence of high arsenic and copper rock values and widespread quartz-alunite alteration at Metewoi is not unlike high sulphidation alteration and mineralization in the upper parts of major porphyry copper-gold deposits in New Guinea at Wafi-Golpu and Frieda-Nena, and elsewhere in the Indonesian and Philippines archipelagoes, the company said.
Papuan said that it was important to understand that the porphyry copper potential of New Hanover was unrecognized by previous explorers.
Over a short time period, Papuan's exploration throughout EL 1566 and drilling at the Kuliuta prospect has confirmed New Hanover's porphyry potential, it said.
The company's drilling at Kuliuta has attracted mineral industry interest for its unusual intersection of a native and sulphide copper-bearing sub-volcanic hosted porphyry to depths of approximately 500 metres below La'mau'sing Mountain.
Previous field reconnaissance by the company located 9.67% copper in an outcrop in Metemana Creek, five kilometres southwest of Kuliuta, and detailed fieldwork during 2011 at Elang and now Metewoi has expanded the number of porphyry copper plays in the New Hanover project to four.
Grid soil sampling and detailed mapping covering extensive areas at both Elang and Metewoi is nearing completion, with results to be presented when they become available.
Papuan intends to advance both prospects to drill targets by mid-2012.
Friday morning, Papuan shares rose six percent to $0.17 on the news.
The Metewoi prospect, part of the company's New Hanover project, is between three and four kilometres southeast of the Kuliuta copper-gold prospect in Papua New Guinea.
Among the highlights, sample 38072 contained 3.67 grams per tonne (g/t) gold, 0.03% copper, 5.5 g/t silver, 8 parts per million (ppm) molybdenum, 378 ppm antimony and 1,095 ppm arsenic; sample 38071 had 1.43 g/t gold, 0.03% copper, 5.2 g/t silver, 1 ppm molybdenum, 28 ppm antimony and 370 ppm arsenic; and sample 38069 contained 0.92 g/t gold, 0.02% copper, 12.7 g/t silver, 1 ppm molybdenum, 3 ppm antimony and 50 ppm arsenic.
Papuan said the extensive outcrop of quartz-alunite breccia covers a six square kilometre area at Metewoi and was the target of detailed mapping and grid soil sampling by company geologists during the second half of 2011.
Chalcocite, covellite and chalcopyrite have been observed in quartz veins within the quartz-alunite breccias, Papuan said.
The coincidence of high arsenic and copper rock values and widespread quartz-alunite alteration at Metewoi is not unlike high sulphidation alteration and mineralization in the upper parts of major porphyry copper-gold deposits in New Guinea at Wafi-Golpu and Frieda-Nena, and elsewhere in the Indonesian and Philippines archipelagoes, the company said.
Papuan said that it was important to understand that the porphyry copper potential of New Hanover was unrecognized by previous explorers.
Over a short time period, Papuan's exploration throughout EL 1566 and drilling at the Kuliuta prospect has confirmed New Hanover's porphyry potential, it said.
The company's drilling at Kuliuta has attracted mineral industry interest for its unusual intersection of a native and sulphide copper-bearing sub-volcanic hosted porphyry to depths of approximately 500 metres below La'mau'sing Mountain.
Previous field reconnaissance by the company located 9.67% copper in an outcrop in Metemana Creek, five kilometres southwest of Kuliuta, and detailed fieldwork during 2011 at Elang and now Metewoi has expanded the number of porphyry copper plays in the New Hanover project to four.
Grid soil sampling and detailed mapping covering extensive areas at both Elang and Metewoi is nearing completion, with results to be presented when they become available.
Papuan intends to advance both prospects to drill targets by mid-2012.
Gold Resource Corp announces February dividend
Gold Resource Corp (AMEX:GORO) declared late Thursday its monthly dividend of five cents per share for February.
The Mexico-focused producer, which began commercial production from its El Aguila project in Oaxaca, Mexico in July 2010, said the dividend is payable on March 23, 2012, to shareholders of record as of March 12, 2012.
The payment represents the twentieth dividend in as many months of commercial production.
The company has now returned over $36 million to its shareholders through dividends since the start of commercial production in 2010.
In late January, the company unveiled preliminary fourth quarter and record full year production numbers, paving the way for a robust outlook in 2012.
The gold company said it produced around 66,125 ounces of precious metal gold equivalent in 2011, in line with its own outlook of between 60,000 to 70,000 ounces for the year.
Of the total 2011 output, 19,900 ounces of gold equivalent was produced in the fourth quarter, Gold Resource Corp said.
The company also said that as part of its normal operating procedure, the Aguila mill was shut down during the last 10 days of 2011 and the first five days of 2012 for routine maintenance, holidays and the installation of an expanded cleaner flotation circuit.
The new circuit is part of the gold producer's ongoing mill optimization, and could provide opportunities for future expansion.
The Aguila mill is now back online and based on the company’s prior and current performance, it has set its 2012 outlook for production in the range of 120,000 to 140,000 ounces gold equivalent.
It is also targeting a cash cost between $50 to $150 per ounce of gold equivalent in 2012.
The Mexico-focused producer, which began commercial production from its El Aguila project in Oaxaca, Mexico in July 2010, said the dividend is payable on March 23, 2012, to shareholders of record as of March 12, 2012.
The payment represents the twentieth dividend in as many months of commercial production.
The company has now returned over $36 million to its shareholders through dividends since the start of commercial production in 2010.
In late January, the company unveiled preliminary fourth quarter and record full year production numbers, paving the way for a robust outlook in 2012.
The gold company said it produced around 66,125 ounces of precious metal gold equivalent in 2011, in line with its own outlook of between 60,000 to 70,000 ounces for the year.
Of the total 2011 output, 19,900 ounces of gold equivalent was produced in the fourth quarter, Gold Resource Corp said.
The company also said that as part of its normal operating procedure, the Aguila mill was shut down during the last 10 days of 2011 and the first five days of 2012 for routine maintenance, holidays and the installation of an expanded cleaner flotation circuit.
The new circuit is part of the gold producer's ongoing mill optimization, and could provide opportunities for future expansion.
The Aguila mill is now back online and based on the company’s prior and current performance, it has set its 2012 outlook for production in the range of 120,000 to 140,000 ounces gold equivalent.
It is also targeting a cash cost between $50 to $150 per ounce of gold equivalent in 2012.
New Zealand Energy inks cooperation agreement with local tribe
New Zealand Energy Corp.
(CVE:NZ)(OTCQX:NZERF) said Friday it has inked a collaborative
agreement with the Te Runanga o Ngati Ruanui Trust (TRoNRT),
representatives of a New Zealand tribe, as the oil and gas explorer
advances its petroleum properties in the country.
Ngati Ruanui is the tribe located in South Taranaki on New Zealand's North Island, the location of New Zealand Energy's Alton and Eltham petroleum exploration permits.
TroNRT is recognized as the representative body of 16 sub-tribes that make up Ngati Ruanui, and has the responsibility of managing the interests of the the tribe for the 8,500 descendants.
Under the terms of the agreement, TRoNRT will support New Zealand Energy's exploration, development and production activities within the Ngati Ruanui area, and the company will contribute to positive cultural, economic and social outcomes for the development of Ngati Ruanui and its communities.
The cooperation deal was executed earlier this week at a ceremony in Stratford, New Zealand, and "outlines the parties' desire to build a sustainable and enduring relationship that promotes the activities and prosperity of New Zealand Energy while developing a sustaining and prosperous environment for TRoNRT", it said in a statement.
"The agreement supports TRoNRT's principles of environmental stewardship and economic sustainability and underscores NZEC's commitment to bringing long-term benefits to its community partners."
The agreement also establishes process and communication protocols between the two parties, with TRoNRT to provide advice and support as New Zealand Energy moves through the resource consent, permitting and development process of its properties.
In addition, New Zealand will provide "a right of first opportunity" to TRoNRT's members for business, employment, educational and training opportunities in South Taranaki.
"New Zealand Energy's commitment to open communication and mutually beneficial relationships forms the cornerstone of our strategy for successful resource development," said New Zealand Energy CEO and director, John Proust.
"We are proud to be working with TRoNRT and look forward to building a collaborative relationship that brings long-term benefits to both NZEC shareholders and our community partners."
David Binnie, general manager of New Zealand Petroleum & Minerals, the government agency that manages the New Zealand government's oil, gas, mineral and coal resources, added: "This agreement represents a big step forward for the development of oil and gas in Taranaki. I hope that other companies and iwi [tribes] will see this as a blueprint for agreements elsewhere in New Zealand."
New Zealand Energy controls two permits covering 169,949 net acres in the Taranaki Basin. The company achieved production in December 2011 from Copper Moki-1, its first discovery well in the Taranaki Basin, and earlier this week, announced the start of an extended production test from its Copper Moki-2 well and the start of drilling at its Copper Moki-3 well.
On Wednesday, the company also said that based on its early operational success in the Taranaki Basin of New Zealand's North Island, it has forecast an exit production rate of 3,000 barrels of oil equivalent (boe) per day for 2012.
The company said the guidance was prepared on the back of production results disclosed Tuesday, as well as the planned drilling of eight net additional wells this year.
The forecast also took into account the completion of a natural gas pipeline, and the "continued performance in line with existing oil and natural gas production" from its Copper Moki-1 and Copper Moki-2 wells.
At the Copper Moki-2 (CM-2) well, it is producing 42.0 degrees of API oil, and is currently flowing at a rate of 1,000 barrels of oil per day, and 820 thousand cubic feet (mcf) of natural gas per day, New Zealand Energy said.
Ngati Ruanui is the tribe located in South Taranaki on New Zealand's North Island, the location of New Zealand Energy's Alton and Eltham petroleum exploration permits.
TroNRT is recognized as the representative body of 16 sub-tribes that make up Ngati Ruanui, and has the responsibility of managing the interests of the the tribe for the 8,500 descendants.
Under the terms of the agreement, TRoNRT will support New Zealand Energy's exploration, development and production activities within the Ngati Ruanui area, and the company will contribute to positive cultural, economic and social outcomes for the development of Ngati Ruanui and its communities.
The cooperation deal was executed earlier this week at a ceremony in Stratford, New Zealand, and "outlines the parties' desire to build a sustainable and enduring relationship that promotes the activities and prosperity of New Zealand Energy while developing a sustaining and prosperous environment for TRoNRT", it said in a statement.
"The agreement supports TRoNRT's principles of environmental stewardship and economic sustainability and underscores NZEC's commitment to bringing long-term benefits to its community partners."
The agreement also establishes process and communication protocols between the two parties, with TRoNRT to provide advice and support as New Zealand Energy moves through the resource consent, permitting and development process of its properties.
In addition, New Zealand will provide "a right of first opportunity" to TRoNRT's members for business, employment, educational and training opportunities in South Taranaki.
"New Zealand Energy's commitment to open communication and mutually beneficial relationships forms the cornerstone of our strategy for successful resource development," said New Zealand Energy CEO and director, John Proust.
"We are proud to be working with TRoNRT and look forward to building a collaborative relationship that brings long-term benefits to both NZEC shareholders and our community partners."
David Binnie, general manager of New Zealand Petroleum & Minerals, the government agency that manages the New Zealand government's oil, gas, mineral and coal resources, added: "This agreement represents a big step forward for the development of oil and gas in Taranaki. I hope that other companies and iwi [tribes] will see this as a blueprint for agreements elsewhere in New Zealand."
New Zealand Energy controls two permits covering 169,949 net acres in the Taranaki Basin. The company achieved production in December 2011 from Copper Moki-1, its first discovery well in the Taranaki Basin, and earlier this week, announced the start of an extended production test from its Copper Moki-2 well and the start of drilling at its Copper Moki-3 well.
On Wednesday, the company also said that based on its early operational success in the Taranaki Basin of New Zealand's North Island, it has forecast an exit production rate of 3,000 barrels of oil equivalent (boe) per day for 2012.
The company said the guidance was prepared on the back of production results disclosed Tuesday, as well as the planned drilling of eight net additional wells this year.
The forecast also took into account the completion of a natural gas pipeline, and the "continued performance in line with existing oil and natural gas production" from its Copper Moki-1 and Copper Moki-2 wells.
At the Copper Moki-2 (CM-2) well, it is producing 42.0 degrees of API oil, and is currently flowing at a rate of 1,000 barrels of oil per day, and 820 thousand cubic feet (mcf) of natural gas per day, New Zealand Energy said.
Friday, 24 February 2012
Curis Resources unveils preliminary metallurgical results from Florence copper project
Curis
Resources (TSE:CUV) unveiled late Thursday preliminary results from lab
test work done on metallurgical samples taken from a summer 2011
drilling program at the company's Florence copper project in Arizona.
The company, which is focused on bringing its Florence project to production, started metallurgical testing in June of last year to confirm and improve on historical copper recovery estimates, it said.
Bottle roll testing was done on 16 initial samples from the 2011 drilling, with results comparing "favourably" to work completed by BHP Copper in the mid 1990s, Curis said.
Today, the company released results from the bottle roll tests, as well as four laboratory-scale in-situ copper recovery tests, with 12 in-situ tests still ongoing and expected to be completed in the second quarter.
"We are very pleased with the preliminary results from our extensive metallurgical test program which is being overseen by Dr. Terry McNulty. of T. P. McNulty and Associates, Inc. and Dr. Dave Dixon of the University of British Columbia," said Curis' VP of environment and technical services, Dan Johnson.
"The results of these tests indicate that there are significant opportunities to improve on historical estimates of copper recovery at Florence Copper and, ultimately, the overall positive economics of this project."
The bottle roll testing program saw sections of core taken from four summer 2011 drill holes, which were then selected to make up 16 samples, with four samples from each of the four holes. A total of 16 bottle roll tests were each run for 72 hours while maintaining constant acid concentrations.
On average, the acid-soluble copper head grades represented 68 percent of the total copper present, versus the 67 percent assumed in the six-year recovery model used for the preliminary economic assessment (PEA) in September 2010.
At the nominal concentration of 10 grams/liter (g/l) sulfuric acid for extraction testing purposes, the average acid-soluble copper extraction was 90 percent versus the 86 percent extraction that was assumed in the PEA and in BHP's prefeasibility study, Curis said.
Samples were also submitted for mineralogical characterization at Montana Tech of the University of Montana, which confirmed chrysocolla as the dominant copper mineral, also consistent with the PEA results.
Meanwhile, the in-situ recovery program was done to simulate in-situ treatment of the Florence copper resource by allowing recovery solutions to flow horizontally through intact pieces of drill core, using a special lab apparatus.
To date, four of 16 in-situ recovery tests have been completed with copper extraction ranging from 45 to 81 percent, as compared to a recovery of 49 percent reported in the PEA.
Of these, the tests that were run using 5 g/l sulfuric acid solution averaged 46 percent copper recovery, while the tests run at 10 g/l sulfuric acid averaged 71 percent copper recovery.
Curis said that historical in-situ lab simulations relied on columns that simulated vertical flow, rather than horizontal flow, and also did not keep the core intact without the use of stabilizing agents. The company said it therefore believes the current program is "much more representative" of actual in-ground conditions expected at the Florence project.
Terry McNulty, of TP McNulty and Associates, which is overseeing the metallurgical test program, said: "I believe that the ISR simulation protocol that has been developed by Curis and Metcon staff is the most realistic approach that has been taken to resolving this difficult technical challenge.
"The tests have proceeded smoothly and I feel very positive about the physical conditions of the leached core, the leaching kinetics, and the percentage of copper that dissolved during the leaching."
The company, which is focused on bringing its Florence project to production, started metallurgical testing in June of last year to confirm and improve on historical copper recovery estimates, it said.
Bottle roll testing was done on 16 initial samples from the 2011 drilling, with results comparing "favourably" to work completed by BHP Copper in the mid 1990s, Curis said.
Today, the company released results from the bottle roll tests, as well as four laboratory-scale in-situ copper recovery tests, with 12 in-situ tests still ongoing and expected to be completed in the second quarter.
"We are very pleased with the preliminary results from our extensive metallurgical test program which is being overseen by Dr. Terry McNulty. of T. P. McNulty and Associates, Inc. and Dr. Dave Dixon of the University of British Columbia," said Curis' VP of environment and technical services, Dan Johnson.
"The results of these tests indicate that there are significant opportunities to improve on historical estimates of copper recovery at Florence Copper and, ultimately, the overall positive economics of this project."
The bottle roll testing program saw sections of core taken from four summer 2011 drill holes, which were then selected to make up 16 samples, with four samples from each of the four holes. A total of 16 bottle roll tests were each run for 72 hours while maintaining constant acid concentrations.
On average, the acid-soluble copper head grades represented 68 percent of the total copper present, versus the 67 percent assumed in the six-year recovery model used for the preliminary economic assessment (PEA) in September 2010.
At the nominal concentration of 10 grams/liter (g/l) sulfuric acid for extraction testing purposes, the average acid-soluble copper extraction was 90 percent versus the 86 percent extraction that was assumed in the PEA and in BHP's prefeasibility study, Curis said.
Samples were also submitted for mineralogical characterization at Montana Tech of the University of Montana, which confirmed chrysocolla as the dominant copper mineral, also consistent with the PEA results.
Meanwhile, the in-situ recovery program was done to simulate in-situ treatment of the Florence copper resource by allowing recovery solutions to flow horizontally through intact pieces of drill core, using a special lab apparatus.
To date, four of 16 in-situ recovery tests have been completed with copper extraction ranging from 45 to 81 percent, as compared to a recovery of 49 percent reported in the PEA.
Of these, the tests that were run using 5 g/l sulfuric acid solution averaged 46 percent copper recovery, while the tests run at 10 g/l sulfuric acid averaged 71 percent copper recovery.
Curis said that historical in-situ lab simulations relied on columns that simulated vertical flow, rather than horizontal flow, and also did not keep the core intact without the use of stabilizing agents. The company said it therefore believes the current program is "much more representative" of actual in-ground conditions expected at the Florence project.
Terry McNulty, of TP McNulty and Associates, which is overseeing the metallurgical test program, said: "I believe that the ISR simulation protocol that has been developed by Curis and Metcon staff is the most realistic approach that has been taken to resolving this difficult technical challenge.
"The tests have proceeded smoothly and I feel very positive about the physical conditions of the leached core, the leaching kinetics, and the percentage of copper that dissolved during the leaching."
Cadillac Ventures updates Thierry mine underground resource
Cadillac Ventures (CVE:CDC) Thursday announced that the underground resource at its Thierry Mine project has been revised.
The Thierry property consists of the past producing Thierry Mine and hosts two NI 43-101 compliant resources from the Thierry Mine and the K1-1 deposit.
The revision is based on the operating costs of conceptually combining the operations of the Thierry underground and the K1-1 open pit deposits.
The conceptual combination of operations has resulted in a decrease to the NSR cut-off of $5.30 per tonne for the underground resource, the company said.
Thierry now contains 8.8 million tonnes measured and indicated resources grading 1.66% copper, 0.19% nickel, 4 grams per tonne (g/t) silver, 0.05 g/t gold, 0.04 g/t platinum and 0.13 g/t palladium.
In the inferred category, the deposit hosts 14.9 million tonnes grading 1.64% copper, 0.16% nickel, 6.4 g/t silver, 0.10 g/t gold, 0.07 g/t platinum and 0.21 g/t palladium.
Previously, the Thierry Mine deposit held a resource estimate consisting of 8.3 million tonnes measured and indicated grading 1.73% copper and 0.20% nickel, as well as 14.6 million tonnes inferred grading 1.70% copper and 0.16% nickel.
The deposit remains open at depth and to the west, Cadillac Ventures said.
Cadillac president and chief executive, Norman Brewster, said: "The impact to the existing resource statement of the lowering of the conceptual combined operating costs for both the Thierry Mine underground and the K1-1 Open Pit deposits, while not resulting in significant additional tonnage at this time, will be positive for project economics and broadens the range of underground material which, may, one day, be economically mined from Thierry underground, should a production decision be made."
Cadillac is a development-focused copper company currently advancing its 100 percent-owned Thierry Property, near Pickle Lake, Ontario.
Earlier this month, the company said it started an updated mineral resource estimate for its K1-1 deposit, following the receipt of results from 26 drill holes recently completed at the site.
The Thierry property consists of the past producing Thierry Mine and hosts two NI 43-101 compliant resources from the Thierry Mine and the K1-1 deposit.
The revision is based on the operating costs of conceptually combining the operations of the Thierry underground and the K1-1 open pit deposits.
The conceptual combination of operations has resulted in a decrease to the NSR cut-off of $5.30 per tonne for the underground resource, the company said.
Thierry now contains 8.8 million tonnes measured and indicated resources grading 1.66% copper, 0.19% nickel, 4 grams per tonne (g/t) silver, 0.05 g/t gold, 0.04 g/t platinum and 0.13 g/t palladium.
In the inferred category, the deposit hosts 14.9 million tonnes grading 1.64% copper, 0.16% nickel, 6.4 g/t silver, 0.10 g/t gold, 0.07 g/t platinum and 0.21 g/t palladium.
Previously, the Thierry Mine deposit held a resource estimate consisting of 8.3 million tonnes measured and indicated grading 1.73% copper and 0.20% nickel, as well as 14.6 million tonnes inferred grading 1.70% copper and 0.16% nickel.
The deposit remains open at depth and to the west, Cadillac Ventures said.
Cadillac president and chief executive, Norman Brewster, said: "The impact to the existing resource statement of the lowering of the conceptual combined operating costs for both the Thierry Mine underground and the K1-1 Open Pit deposits, while not resulting in significant additional tonnage at this time, will be positive for project economics and broadens the range of underground material which, may, one day, be economically mined from Thierry underground, should a production decision be made."
Cadillac is a development-focused copper company currently advancing its 100 percent-owned Thierry Property, near Pickle Lake, Ontario.
Earlier this month, the company said it started an updated mineral resource estimate for its K1-1 deposit, following the receipt of results from 26 drill holes recently completed at the site.
Quia Resources inks deal to buy 2 concessions adjacent to San Lucas
Quia Resources (CVE:QIA) said Thursday it has agreed to acquire two concessions totaling 2,158 hectares next to its San Lucas property in Colombia.
The acquisition, which is expected to close after a 60-day due diligence period, will bring Quia's property holdings in the Guamoco district of the San Lucas gold belt to a total of 9,138 hectares.
The two new concessions adjoin Quia's current holdings, and fill in an approximate four by two kilometre gap between the current Rueda South and Durmiente target areas, and a previously held concession two kilometres to the south.
The company said that previous soil sampling and geophysics have suggested some of the target trends continue across the newly acquired ground.
The acquisition also extends the company's holdings approximately five kilometres to the north of the current area of focus, and contains additional areas to the north-east and north-west.
"This acquisition has dramatically increased the scale potential of our already significant targets and adds more highly prospective ground to our portfolio," said CEO Yannis Banks.
"It also further positions us to be a consolidator by extending coverage over the heart of this district which we believe has the potential to become one of Colombia's major gold camps."
Quia said it is planning to complete a soil sampling and geological mapping program over the newly acquired area to better define the extensions of the Rueda South and Durmiente targets.
Under the terms of the deal, Quia will pay US$2.0 million over a period of four years, and bonus payments of US$325,000 within 30 days fo completing a preliminary economic assessment, as well as US$1.3 million within 30 days of completing a pre-feasibility study.
In addition, the company will pay US$5 per ounce of gold reserves as defined in a definitive feasibility study, payable within 60 days of filing, along with a finder's fee of C$11,268 and 250,000 common shares.
The San Lucas gold belt is among the least explored and most prospective gold belts in Colombia, Quia said.
Earlier this month, the company unveiled further drill results from its San Lucas project, and provided an update to its 2012 exploration plans.
Highlights from holes 8 through 14 from the company's ongoing phase one drill program included 12.5 metres of 0.22 grams per tonne (g/t) of gold in hole SL1109; 4.5 metres of 1.50 g/t gold in hole SL1110; and 15.2 metres of 0.27 g/t gold in hole SL1112.
In addition, hole SL1114A intersected 3.85 metres of 0.52 g/t gold.
The company said the drilling to date has established a disseminated gold system at the La Colina anomaly that is potentially continuous over at least 800 metres in strike, representing "significant scale" potential for this system, and generally in the area.
Quia also said the system appears to be getting wider both at depth and to the southwest, also appearing to be increasingly higher grade to the southwest. It remains open in all directions and at depth.
As of early February, about 3,150 metres of drilling had been completed at the project, and the company is planning to drill another 5,000 metres in the first and second quarter of this year, for a total of roughly 8,000 metres in the phase one drill program.
The acquisition, which is expected to close after a 60-day due diligence period, will bring Quia's property holdings in the Guamoco district of the San Lucas gold belt to a total of 9,138 hectares.
The two new concessions adjoin Quia's current holdings, and fill in an approximate four by two kilometre gap between the current Rueda South and Durmiente target areas, and a previously held concession two kilometres to the south.
The company said that previous soil sampling and geophysics have suggested some of the target trends continue across the newly acquired ground.
The acquisition also extends the company's holdings approximately five kilometres to the north of the current area of focus, and contains additional areas to the north-east and north-west.
"This acquisition has dramatically increased the scale potential of our already significant targets and adds more highly prospective ground to our portfolio," said CEO Yannis Banks.
"It also further positions us to be a consolidator by extending coverage over the heart of this district which we believe has the potential to become one of Colombia's major gold camps."
Quia said it is planning to complete a soil sampling and geological mapping program over the newly acquired area to better define the extensions of the Rueda South and Durmiente targets.
Under the terms of the deal, Quia will pay US$2.0 million over a period of four years, and bonus payments of US$325,000 within 30 days fo completing a preliminary economic assessment, as well as US$1.3 million within 30 days of completing a pre-feasibility study.
In addition, the company will pay US$5 per ounce of gold reserves as defined in a definitive feasibility study, payable within 60 days of filing, along with a finder's fee of C$11,268 and 250,000 common shares.
The San Lucas gold belt is among the least explored and most prospective gold belts in Colombia, Quia said.
Earlier this month, the company unveiled further drill results from its San Lucas project, and provided an update to its 2012 exploration plans.
Highlights from holes 8 through 14 from the company's ongoing phase one drill program included 12.5 metres of 0.22 grams per tonne (g/t) of gold in hole SL1109; 4.5 metres of 1.50 g/t gold in hole SL1110; and 15.2 metres of 0.27 g/t gold in hole SL1112.
In addition, hole SL1114A intersected 3.85 metres of 0.52 g/t gold.
The company said the drilling to date has established a disseminated gold system at the La Colina anomaly that is potentially continuous over at least 800 metres in strike, representing "significant scale" potential for this system, and generally in the area.
Quia also said the system appears to be getting wider both at depth and to the southwest, also appearing to be increasingly higher grade to the southwest. It remains open in all directions and at depth.
As of early February, about 3,150 metres of drilling had been completed at the project, and the company is planning to drill another 5,000 metres in the first and second quarter of this year, for a total of roughly 8,000 metres in the phase one drill program.
Redhill closes acquisition of prospecting license within Tembo's Claim Block
Redhill Resources Corp.
(CVE:RHR) said Thursday that it has closed its acquisition of the
prospecting license adjoining its Nyakagwe property in Tanzania with
Thamani Mines, initially announced in late January.
Under the deal, Redhill will be allowed to acquire a 100 percent interest in the prospecting license, adding 100 hectares to its Nyakagwe project and bringing the total number of hectares to roughly 500, the company said.
The Nyakagwe property is strategically located on the Bulyanhulu regional trend within six kilometres of Barrick Gold's (TSE:ABX) 12 million-ounce Bulyanhulu gold mine.
The property consists of forty-six primary mining licenses (PMLs) and one prospecting license (PL) that is contiguous to the company's PMLs.
The Nyakagwe PMLs and PLs are surrounded entirely by prospecting licenses and applications for such licenses owned and now being explored by Tembo Gold Corp, Redhill said.
The deal signed with Thamani Mines requires Redhill to make a total of C$250,000 in cash payments, issue 1.00 million shares, and invest C$300,000 in exploration in stages over a three year period.
Limited historical exploration was completed on the Nyakagwe property to test for the potential for near surface mineralization.
Large scale artisanal gold mining has been carried out on the project area for more than a decade, however, and continues to be prevalent today, the company said.
Redhill also said it is fully funded, and is planning an extensive exploration program on the property for this year, which will include mapping, sampling, trenching and induced polarization (IP).
The aim of the campaign will be to define drill targets for the upcoming exploration season.
Under the deal, Redhill will be allowed to acquire a 100 percent interest in the prospecting license, adding 100 hectares to its Nyakagwe project and bringing the total number of hectares to roughly 500, the company said.
The Nyakagwe property is strategically located on the Bulyanhulu regional trend within six kilometres of Barrick Gold's (TSE:ABX) 12 million-ounce Bulyanhulu gold mine.
The property consists of forty-six primary mining licenses (PMLs) and one prospecting license (PL) that is contiguous to the company's PMLs.
The Nyakagwe PMLs and PLs are surrounded entirely by prospecting licenses and applications for such licenses owned and now being explored by Tembo Gold Corp, Redhill said.
The deal signed with Thamani Mines requires Redhill to make a total of C$250,000 in cash payments, issue 1.00 million shares, and invest C$300,000 in exploration in stages over a three year period.
Limited historical exploration was completed on the Nyakagwe property to test for the potential for near surface mineralization.
Large scale artisanal gold mining has been carried out on the project area for more than a decade, however, and continues to be prevalent today, the company said.
Redhill also said it is fully funded, and is planning an extensive exploration program on the property for this year, which will include mapping, sampling, trenching and induced polarization (IP).
The aim of the campaign will be to define drill targets for the upcoming exploration season.
West Kirkland Mining expands Nevada drill campaign to new targets in Long Canyon trend
West Kirkland Mining (CVE:WKM) unveiled Thursday plans for a new drill campaign beginning in March in the Long Canyon trend in Nevada.
The program will target two gold anomalies several kilometres long, defined by soil sampling undertaken by the company.
The gold anomalies correlate with major structural features in the emerging Long Canyon trend, West Kirkland said.
The Long Canyon deposit represents a new style of gold deposit for Nevada and the discovery culminated in the takeover of Fronteer Gold by Newmont (NYSE:NEM) in 2011.
West Kirkland completed a transaction with Fronteer just before the Newmont takeover, and has expanded in the trend to hold the dominant land position with a majority interest in over 1,000 square kilometres.
The company collected 9,012 soil samples covering selected sections of the Lewis Spring and Toano targets, which led to the identification of several 2012 drill targets, West Kirkland said.
On the Lewis Spring target, the initial dataset identified a 53 square kilometre gold-in-stream anomaly using a similar technique that led to the Long Canyon discovery.
This anomaly was followed-up with soil sampling that was highlighted by individual samples of up to 1.1 grams per tonne (g/t) gold in soil, the company said.
Mapping has outlined two distinct target areas that will be drilled in 2012, with around 5,200 metres in 18 reverse circulation holes planned in the initial program.
Meanwhile, on the Toano target, soil sampling identified multiple Long Canyon Trend-parallel gold-in-soils anomalies, measuring up to eight kilometres long and coincident with pull-apart structures similar to Newmont's Long Canyon deposit. Rock samples as high as 1.625 g/t gold were collected in these areas, with West Kirkland planning on around 4,400 metres of drilling in ten reverse circulation drill holes.
On the Bandito target, the company identified areas of high priority targets for 2012 with several north and northeast-orientated structures. The junior miner will drill approximately 1,400 metres into the defined Bandito targets in four reverse circulation holes.
In addition, West Kirkland also plans to drill on its Gollaher property, located roughly 20 kilometres southeast of Jackpot, Nevada. The property was previously drilled with approximately 80 holes by Freeport McMoran in the late 1980's.
At its TUG property at the north end of the Long Canyon trend at the Nevada/Utah border, the company has drilled 1,300 metres in four holes so far in 2012. Hole WT12-009 returned 1.13 g/t gold and 5.43 g/t silver over 21.18 metres, starting 168.25 metres down the hole*. West Kirkland said this intercept confirms the potential for the deposit to expand, with drilling to continue.
The company anticipates the completion of the maiden NI 43-101 resource estimate on the TUG deposit by the end of the first quarter.
At its Bullion Mountain property on the Battle Mountain trend, the company said a hole intersected "favourable" stratigraphy at depth, similar to the nearby Pipeline Mine operated by Barrick Gold (TSE:ABX). No significant assays were received, however.
The company's Long Canyon projects will be the priority targets in 2012.
Separately, West Kirkland also said that its NI 43-101 technical report by Caracle Creek International Consulting for its Nevada properties has been filed, and validates its "enthusiasm for its Nevada portfolio".
Key conclusions of the report were that gold mineralization at TUG has been shown to be continuous in three dimensions at an "economically significant" gold grade. In addition, the company's Nevada land position has potential for structural and stratigraphic controlled gold mineralization, with an independent recommended budget of around $5 million for the portfolio.
The report also noted that West Kirkland's initial data appears to corroborate the historical data on the TUG property. A further verification and a resource calculation program was recommended, and is now in progress.
* Qualified Person, Verification, Quality Control and Assurance
Samples of drill core were saw cut, with half the cut core placed in individual sealed bags and half placed back in the original core box for permanent storage. Drill core samples were delivered directly by West Kirkland personnel to the ALS Chemex prep lab in Timmins. Prepared pulps were shipped by ALS Chemex to their North Vancouver lab where gold was determined by fire assay fusion with Atomic Absorption Spectroscopy (AAS) Finish. ALS Chemex's North Vancouver Lab is ISO 9001:2008 certified and also is ISO/IEC 17025:2005 accredited by the Standards Council of Canada for the assay methods employed.
Michael G. Allen, Vice President of Exploration for West Kirkland, and a Qualified Person as defined by Canadian National Instrument 43-101, has reviewed the information contained in this news release and has also verified the analytical data for drill core samples disclosed in this release by reviewing the blanks, duplicates and certified reference material that the Company inserted into the sample stream and confirming that they fall within limits as determined by acceptable industry practice. He is the non-independent qualified person for this new release and has verified the data.
The program will target two gold anomalies several kilometres long, defined by soil sampling undertaken by the company.
The gold anomalies correlate with major structural features in the emerging Long Canyon trend, West Kirkland said.
The Long Canyon deposit represents a new style of gold deposit for Nevada and the discovery culminated in the takeover of Fronteer Gold by Newmont (NYSE:NEM) in 2011.
West Kirkland completed a transaction with Fronteer just before the Newmont takeover, and has expanded in the trend to hold the dominant land position with a majority interest in over 1,000 square kilometres.
The company collected 9,012 soil samples covering selected sections of the Lewis Spring and Toano targets, which led to the identification of several 2012 drill targets, West Kirkland said.
On the Lewis Spring target, the initial dataset identified a 53 square kilometre gold-in-stream anomaly using a similar technique that led to the Long Canyon discovery.
This anomaly was followed-up with soil sampling that was highlighted by individual samples of up to 1.1 grams per tonne (g/t) gold in soil, the company said.
Mapping has outlined two distinct target areas that will be drilled in 2012, with around 5,200 metres in 18 reverse circulation holes planned in the initial program.
Meanwhile, on the Toano target, soil sampling identified multiple Long Canyon Trend-parallel gold-in-soils anomalies, measuring up to eight kilometres long and coincident with pull-apart structures similar to Newmont's Long Canyon deposit. Rock samples as high as 1.625 g/t gold were collected in these areas, with West Kirkland planning on around 4,400 metres of drilling in ten reverse circulation drill holes.
On the Bandito target, the company identified areas of high priority targets for 2012 with several north and northeast-orientated structures. The junior miner will drill approximately 1,400 metres into the defined Bandito targets in four reverse circulation holes.
In addition, West Kirkland also plans to drill on its Gollaher property, located roughly 20 kilometres southeast of Jackpot, Nevada. The property was previously drilled with approximately 80 holes by Freeport McMoran in the late 1980's.
At its TUG property at the north end of the Long Canyon trend at the Nevada/Utah border, the company has drilled 1,300 metres in four holes so far in 2012. Hole WT12-009 returned 1.13 g/t gold and 5.43 g/t silver over 21.18 metres, starting 168.25 metres down the hole*. West Kirkland said this intercept confirms the potential for the deposit to expand, with drilling to continue.
The company anticipates the completion of the maiden NI 43-101 resource estimate on the TUG deposit by the end of the first quarter.
At its Bullion Mountain property on the Battle Mountain trend, the company said a hole intersected "favourable" stratigraphy at depth, similar to the nearby Pipeline Mine operated by Barrick Gold (TSE:ABX). No significant assays were received, however.
The company's Long Canyon projects will be the priority targets in 2012.
Separately, West Kirkland also said that its NI 43-101 technical report by Caracle Creek International Consulting for its Nevada properties has been filed, and validates its "enthusiasm for its Nevada portfolio".
Key conclusions of the report were that gold mineralization at TUG has been shown to be continuous in three dimensions at an "economically significant" gold grade. In addition, the company's Nevada land position has potential for structural and stratigraphic controlled gold mineralization, with an independent recommended budget of around $5 million for the portfolio.
The report also noted that West Kirkland's initial data appears to corroborate the historical data on the TUG property. A further verification and a resource calculation program was recommended, and is now in progress.
* Qualified Person, Verification, Quality Control and Assurance
Samples of drill core were saw cut, with half the cut core placed in individual sealed bags and half placed back in the original core box for permanent storage. Drill core samples were delivered directly by West Kirkland personnel to the ALS Chemex prep lab in Timmins. Prepared pulps were shipped by ALS Chemex to their North Vancouver lab where gold was determined by fire assay fusion with Atomic Absorption Spectroscopy (AAS) Finish. ALS Chemex's North Vancouver Lab is ISO 9001:2008 certified and also is ISO/IEC 17025:2005 accredited by the Standards Council of Canada for the assay methods employed.
Michael G. Allen, Vice President of Exploration for West Kirkland, and a Qualified Person as defined by Canadian National Instrument 43-101, has reviewed the information contained in this news release and has also verified the analytical data for drill core samples disclosed in this release by reviewing the blanks, duplicates and certified reference material that the Company inserted into the sample stream and confirming that they fall within limits as determined by acceptable industry practice. He is the non-independent qualified person for this new release and has verified the data.
Implant Sciences says Quantum Sniffer line to be presented at security trade show in Madrid
Security systems and sensors supplier Implant Sciences
Corporation (OTCQB:IMSC) said Thursday it will present its Quantum
Sniffer product line at the International Security Safety & Fire
Exhibition (SICUR) in Madrid, Spain, in an effort to grow its presence
in new and established markets.
The global conference will take place from February 28 through to March 2, 2012.
The Quantum Sniffer QS-B220 bench-top explosives and narcotics trace detector, as well as the Quantum Sniffer QS-H150 portable explosives trace detector will be featured at Booth 10F26 by Implant Sciences' distributor for Spain, Target Tecnologia, S.A.
SICUR is a global conference attended by professionals in the security industry, including armed forces, official governmental bodies, police departments, and engineers from around the world.
"Having just recently received CE Certification for our QS-B220 bench-top explosives trace detector, we are excited to have this opportunity to demonstrate our products to a wide range of potential buyers in the European marketplace," said Implant president and CEO, Glenn D. Bolduc.
"Our distributor, Target Tecnologia, will also highlight our QS-H150, which they have been successfully selling for several years. The strong support of our partners is the foundation of our efforts to build sales around the globe."
Indeed, the company has announced numerous orders for its devices as of late, into several different markets.
Last month, the company said that a major global oil corporation had purchased units of the QS-H150, to be used in securing the unnamed oil business' facilities in Africa. This followed new orders for the device from the Middle East and Japan.
Implant Sciences' systems are used by private companies and government agencies to screen baggage, cargo, vehicles, among other objects, and people for the detection of trace amounts of explosives.
The Quantum Sniffer QS-H150 is a handheld explosives trace detector that rapidly detects trace amounts of a number of military, commercial, and homemade explosives. The QS-H150 uses no radioactive materials.
The Quantum Sniffer QS-B220, which was introduced in May 2011, is a trace detector that uses ion mobility spectrometry to identify a number of military, commercial and homemade explosives and narcotic substances.
The benchtop explosives and narcotics detector is suited for a number of security settings, including high-traffic airports, borders, and prisons.
In December, the QS-B220 device received CE Certification, an important step for generating sales in Europe, and earlier this month, achieved ASTM E2520-07 certification.
Implant also signed a cooperative research and development agreement with the Transportation Security Laboratory, which has been working closely with the QS-B220 product to help the company in preparing for TSA qualification and certification.
Bolduc said in a statement Tuesday that it is increasing geographic coverage for its devices, announcing a new distributor in Uzbekistan and sales in 10 different countries. Customers are also diversified - ranging from airports and banks to nuclear power plants and embassies.
The global conference will take place from February 28 through to March 2, 2012.
The Quantum Sniffer QS-B220 bench-top explosives and narcotics trace detector, as well as the Quantum Sniffer QS-H150 portable explosives trace detector will be featured at Booth 10F26 by Implant Sciences' distributor for Spain, Target Tecnologia, S.A.
SICUR is a global conference attended by professionals in the security industry, including armed forces, official governmental bodies, police departments, and engineers from around the world.
"Having just recently received CE Certification for our QS-B220 bench-top explosives trace detector, we are excited to have this opportunity to demonstrate our products to a wide range of potential buyers in the European marketplace," said Implant president and CEO, Glenn D. Bolduc.
"Our distributor, Target Tecnologia, will also highlight our QS-H150, which they have been successfully selling for several years. The strong support of our partners is the foundation of our efforts to build sales around the globe."
Indeed, the company has announced numerous orders for its devices as of late, into several different markets.
Last month, the company said that a major global oil corporation had purchased units of the QS-H150, to be used in securing the unnamed oil business' facilities in Africa. This followed new orders for the device from the Middle East and Japan.
Implant Sciences' systems are used by private companies and government agencies to screen baggage, cargo, vehicles, among other objects, and people for the detection of trace amounts of explosives.
The Quantum Sniffer QS-H150 is a handheld explosives trace detector that rapidly detects trace amounts of a number of military, commercial, and homemade explosives. The QS-H150 uses no radioactive materials.
The Quantum Sniffer QS-B220, which was introduced in May 2011, is a trace detector that uses ion mobility spectrometry to identify a number of military, commercial and homemade explosives and narcotic substances.
The benchtop explosives and narcotics detector is suited for a number of security settings, including high-traffic airports, borders, and prisons.
In December, the QS-B220 device received CE Certification, an important step for generating sales in Europe, and earlier this month, achieved ASTM E2520-07 certification.
Implant also signed a cooperative research and development agreement with the Transportation Security Laboratory, which has been working closely with the QS-B220 product to help the company in preparing for TSA qualification and certification.
Bolduc said in a statement Tuesday that it is increasing geographic coverage for its devices, announcing a new distributor in Uzbekistan and sales in 10 different countries. Customers are also diversified - ranging from airports and banks to nuclear power plants and embassies.
Thursday, 23 February 2012
Otis Gold boosts land position at Kilgore project by 58%
Otis Gold Corp. (CVE:OOO)(OTCQX:OGLDF)
said Wednesday that it has acquired 1,880 acres of land contiguous to
the Kilgore gold project in Clark County, Idaho, boosting its land
position by 58 percent.
Its total Kilgore land package now amounts to 5,130 acres. The additional land comprises 70 Federal lode mining claims, totaling 1,400 acres, and one Idaho State Land Use Permit of 480 acres.
The land was acquired through direct staking of federal lode mining claims, and an application submitted to the State of Idaho.
The company said the decision to boost its land position was made on the back of positive drill results received from the last two seasons.
"We continue to achieve strong drill results at Kilgore, and the larger land position better reflects the increasing potential of the project," said president and CEO, Craig Lindsay.
In early January, the company announced final results from its 2011 drill program at Kilgore, indicating potential to significantly expand resources.
The 2011 program comprised 41 core holes totaling around 9,200 metres.In total, 28 of the 41 holes were mineralized, said Otis.
Of the final 10 holes reported on the Mine Ridge deposit, the most significant intercepts were from the Central Block and include hole 11 OKC-288, with 41.1 metres of 0.68 grams per tonne (g/t) gold and hole 11 OKC-289, containing two intercepts of 22.9 metre at 0.74 g/t gold and 32.0 metres at 0.62 g/t gold.
Later that month, Otis also unveiled results from 681 soil samples collected from two grids on its Kilgore gold project, with samples from one of the grids expanding the potential strike length of the Mine Ridge deposit.
Sampling on the North Soil Grid was intended to extend the strike length of the Mine Ridge deposit northward of where 100-metre thick intercepts were discovered.
The 266 sample results on this section displayed strong linear gold-in-soil anomalies, tracing the extension of the Northwest Fault for at least 400 metres to the northwest, the company said.
Several of these anomalies are considered high-priority drill targets that could extend and expand the existing deposit by more than 30 percent, Otis added.
On the South Soil Grid, the company collected 415 samples to better define drill targets for the Prospect Ridge area, which is located immediately to the southeast of the Mine Ridge deposit.
Otis is a Canadian mineral exploration company focused on the acquisition and development of precious metal deposits in Idaho, USA.
Its total Kilgore land package now amounts to 5,130 acres. The additional land comprises 70 Federal lode mining claims, totaling 1,400 acres, and one Idaho State Land Use Permit of 480 acres.
The land was acquired through direct staking of federal lode mining claims, and an application submitted to the State of Idaho.
The company said the decision to boost its land position was made on the back of positive drill results received from the last two seasons.
"We continue to achieve strong drill results at Kilgore, and the larger land position better reflects the increasing potential of the project," said president and CEO, Craig Lindsay.
In early January, the company announced final results from its 2011 drill program at Kilgore, indicating potential to significantly expand resources.
The 2011 program comprised 41 core holes totaling around 9,200 metres.In total, 28 of the 41 holes were mineralized, said Otis.
Of the final 10 holes reported on the Mine Ridge deposit, the most significant intercepts were from the Central Block and include hole 11 OKC-288, with 41.1 metres of 0.68 grams per tonne (g/t) gold and hole 11 OKC-289, containing two intercepts of 22.9 metre at 0.74 g/t gold and 32.0 metres at 0.62 g/t gold.
Later that month, Otis also unveiled results from 681 soil samples collected from two grids on its Kilgore gold project, with samples from one of the grids expanding the potential strike length of the Mine Ridge deposit.
Sampling on the North Soil Grid was intended to extend the strike length of the Mine Ridge deposit northward of where 100-metre thick intercepts were discovered.
The 266 sample results on this section displayed strong linear gold-in-soil anomalies, tracing the extension of the Northwest Fault for at least 400 metres to the northwest, the company said.
Several of these anomalies are considered high-priority drill targets that could extend and expand the existing deposit by more than 30 percent, Otis added.
On the South Soil Grid, the company collected 415 samples to better define drill targets for the Prospect Ridge area, which is located immediately to the southeast of the Mine Ridge deposit.
Otis is a Canadian mineral exploration company focused on the acquisition and development of precious metal deposits in Idaho, USA.
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