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Cartier Resources: 2019 is Chimo’s year

We’ve reported the progress of Cartier Resources (V.ECR) at its Chimo Mine project in Val-d’Or Quebec. It is a story which actually began long before Cartier acquired the rights to the mine.

The mine was a past producer having yielded 379,012 ounces of gold before it was shut down in 1997. During its productive life, a 965-meter shaft was sunk and a network of drifts are distributed over 19 levels. While this is flooded, it represents significant, pre-existing, infrastructure. It is a lot cheaper to dewater a shaft than to dig a new one.

Philippe Cloutier, President and CEO of Cartier, is fond of pointing out that the Chimo mine did not close because it ran out of gold, it closed because the price of gold made mining it uneconomic. The price of gold has recovered since 1997 and this makes the Chimo Mine project an opportunity.

Which Cloutier sees as a good start.  “With a former producer you get a database and the infrastructure,” said Cloutier. “There is a nearby workforce, power” Adding, “factor that with undeniable gold endowment and the future looks bright”

The key to making Chimo a mine again is not only the gold which was left when the mine was closed, but also it is the gold structures which surround the shaft but which were only minimally explored when the mine was in operation. Finding and drilling those structures has been Cartier’s mission for the last two years.

“We have two years of work into the Chimo,” said Cloutier. “We’ve drilled 105 holes for a total of over 47,000 meters. We’ve demonstrated the extension of known gold zones. And we’ve found and drilled new gold zones.”

Cloutier knows that having an old mine was not enough. There are plenty of old mines in the Abitibi. What Cartier needed to do was to add ounces to the old mine and to provide a geological model which reflects the extended gold endowment which surrounds the Chimo shaft.

Cartier planned its work in phases. The first phase was designed to prove by drilling that there was mineralization below and beside the old workings. Cloutier was not surprised that Phase One delivered. Mines in the Abitibi tend to run deep and new mines have been redeveloped right under past producers. The drill holes beside the old workings were successful because they traced structures that were understood, but not explored or developed, by previous operators. Obviously, the closer to the older workings the new discoveries were, the more economic the gold they contained would be.

Phase Two of the drilling was more speculative. Working with the old database and its own mapping and structural analysis, Cartier had identified a number of targets which stood off from the old mine. Some were quite close, others were up to five hundred meters away. We reported on the early Phase Two results back in November.  With all the results now in, Cartier is able to include many of its Phase Two targets in its understanding of the Chimo mine.

“Our drilling will continue with Phase Three,” said Cloutier. “And we are now moving on to building a wireframe of the 24 known mineralized gold zones on the property.”

Building a wireframe model of a deposit is an integral part of the 43-101 Resource Estimate process. Essentially you develop a computer model which takes into account the all drill hole results on the project to date. This, in turn, is part of the package which is turned over to an arm’s length, third party, consultant who actually produces the Resource Estimate.

The challenge for Cartier and Cloutier is when to pull the trigger on the 43-101 because once that Resource Estimate is published it becomes the reference point for future evaluation of the project.

“We have always under promised and over delivered,” said Cloutier. “To this point, we have been about getting the foundational stuff right. Only recently have we been creating a bit of a dream. Phase Three of our drilling is designed to keep building the dimensions of the mineralized zones.”

Cloutier is often asked, “Why drill more now?”

It is a good question and it goes to the heart of the exploration equation. While it is possible that Cartier could develop the Chimo mine itself, it is more than a little unlikely.

“At PDAC this year one dominant theme was M&A. It was all about the financial element and deal-making,” said Cloutier. “Which is all the better for Cartier. There could be very rewarding opportunities for our project and company.”

Even with the existing shaft and drifts, it is going to take a lot of money to bring the Chimo mine back into production. That implies that Cartier will have to come up with strategic alternatives.

For Cloutier. “The progress on the Chimo Mine project since 2017 has been steady and sure.  Success in 2019 will be measured by how we can unlock the value all that work has created.”

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Phase III Drilling Targets to Expand Zones on Chimo Mine Project

Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) reports that Phase II drilling has been completed and that a Phase III has commenced on the Chimo Mine property, located 45 km east of Val-d’Or.

To date, Phases I and II drilling completed by Cartier on the Chimo Mine property consisted of 105 drill holes for a total of 47,588 m.  This work reached 3 objectives:

  1. Demonstrate the continuity of the main gold-bearing Zones 5B and 5M below the existing mine infrastructures (Phase I), by completing 20 drill holes for a total of 10,113 m (FIGURE).

    Best results previously disclosed1:
    14.6 g/t Au / 3.0 m incl. within 5.8 g/t Au / 10.0 m incl. within 2.2 g/t Au / 44.0 m and 7.6 g/t Au / 5.0 m incl. within 2.3 g/t Au / 19.0 m.

  2. Explore the extensions of 19 gold zones peripheral to the main zones (Phase I), with 52 drill holes for a total of 24,219 m.  The results1 led to prioritizing 7 gold zones for additional drilling.
  3. Explore the extensions of 7 prioritized gold zones (Phase II); which led to the discovery of the new Zone 5NE and indicating the additional potential of Zones 6N1 and 5M4 (FIGURE), from 33 drill holes for a total of 13,256 m.

    Best results previously disclosed1:
    Zone 5NE: 10.6 g/t Au / 6.0 m incl. within 4.5 g/t Au / 21.0 m incl. within 2.5 g/t Au / 57.0 m and 12.4 g/t Au / 5.0 m incl. within 5.9 g/t Au / 12.0 m incl. within 2.0 g/t Au / 45.5 m and;
    Zone 6N1: 23.3 g/t Au / 2.0 m incl. within 6.6 g/t Au / 13.0 m and 7.8 g/t Au / 3.0 m incl. within 2.8 g/t Au / 15.0 m.

Lengths are expressed along drill core axis.  The true thickness was not determined. The Company is currently building wireframes for the 24 mineralized zones and existing infrastructure of the former Chimo Mine in order to determine the dimensions (thickness) of each mineralized zone as accurately as possible.

1A Table (refer to Cartier website – Chimo Mine projects section) presents a compilation of all results, reported via press releases from drilling on the project since July 2017.

“Recent results from Zones 5NE, 5M4 and 6N1 indicate an excellent potential to rapidly expand the dimensions of these 3 gold zones proximal to existing mining infrastructure,” commented Philippe Cloutier, President and CEO.

Chimo Mine Project Highlights

  • The Chimo Mine produced 379,012 ounces of gold (MERN DV 85-05 to DV-97-01).
  • Cartier owns 100% interests of the property.
  • Year-round access by road, proximal to 6 custom mills.
  • Gold mineralized material was mined intermittently from 14 zones by 3 different producers.
  • Mine infrastructure consists of a network of drifts distributed on 19 levels, connected by a 3-compartment shaft 965 m deep. The headframe and surface facilities were dismantled in 2008 but the electrical line and the sand pit are still present.

About Cartier
Cartier Resources was founded in 2006 and is based out of Val-d’Or, Quebec.  Quebec has consistently ranked high as one of the best mining jurisdictions in the world primarily based on its mineral rich geology, attractive tax environment, and pro-mining government.  In 2018, the Fraser Institute again ranked Quebec as one of the best jurisdictions in the world for investment attractiveness.

Cartier Investment Highlights

  • The Corporation has a strong cash position with over $6.5M in the bank and important corporate and institutional investors including Agnico Eagle Mines, JP Morgan UK and the Quebec investment funds.
  • Cartier’s strategy is to focus on gold projects that have an exploration potential for rapid expansion.
  • The Corporation holds a portfolio of exploration projects in the Abitibi Greenstone Belt in Quebec – one of the most prolific mining regions in the world – the commodity focus is gold.
  • The Corporation is focused on advancing its four key projects through drill programs.  All of these projects were acquired at very reasonable valuations over the past few years.  All of them are drill-ready with targets identified similar to the deposits that have been outlined on each project.

Quality Assurance / Quality Control
All lengths, mentioned in this press release, were measured along the drill core. The NQ core samples are crushed up to 80% passing 8 mesh sieves and then pulverized up to 90% passing a 200-mesh sieve. Cartier inserts 5% of the number of samples in the form of certified standards and another 5% in the form of sterile samples to ensure quality control. The samples are analyzed at the Techni-Lab laboratory (Actlabs), located in Ste-Germaine-Boulé, Quebec. The 50 g pulps are analyzed by fire assay and atomic absorption. For samples containing visible gold, 1,000 g of rock are directly analyzed by the “Metallic Sieve” method.

The scientific and/or technical information presented in this press release has been reviewed and approved by Mr. Gaétan Lavallière, P. Geo., Ph. D. and Vice President for Cartier Resources.  Mr. Lavallière is a qualified person as defined by National Instrument 43-101.

For more information, please contact:
Philippe Cloutier, P.Geo.
President and CEO
Telephone: 819 856-0512
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com

Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.

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White Gold Corp. Announces Fully Funded $13M Exploration Program Focused on Vertigo Discovery, Further Increasing Golden Saddle and VG Gold Resources and New Gold Discoveries

White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the “Company”) is pleased to announce its fully funded 2019 exploration program on its extensive 439,000 hectare land package, representing over 40% of the prolific White Gold District in Yukon, Canada.

The 2019 exploration program, budgeted at approximately $13M, has been designed to follow up on the Company’s new high grade Vertigo discovery on its JP Ross property (the “JP Ross Program”), expand the Golden Saddle and Arc resources with diamond drilling on the GS West discovery and other nearby targets (the “White Gold Program”), increase the recently acquired 230,000 oz VG resource (4.4 million tonnes grading 1.65 g/t gold Inferred resource at a cut-off of 0.5 g/t gold) on its QV property, as well as to identify and test high priority regional targets (the “Regional Program”). Backed by partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC) the 2019 exploration program is planned to commence in the coming weeks.

A map outlining the Company’s 2019 work program can be found at http://whitegoldcorp.ca/investors/exploration-highlights/.

Shawn Ryan, Chief Technical Advisor stated, “2019 will be one of the most exciting seasons for White Gold and has the potential to be a transformative year for us. Our systematic regional exploration approach is working exceptionally well and resulted in four new discoveries last year (the Vertigo, GS West, Ryan’s Surprise and Betty Ford). This year’s program will also feature diamond drilling on the Vertigo discovery to expand this new unique style of high-grade gold mineralization. Concurrently, the regional program on the JP Ross Property will follow up on multiple other highly anomalous gold targets near the Henderson Creek drainage system where placer gold mining has been taking place since the turn of the century, and will continue to utilize detailed soil sampling, GT probe and RAB drilling to hone in on high-probability targets, which we anticipate will lead to more new discoveries. The Golden Saddle deposit will be moved along with more diamond drilling on the GS West and Ryan’s Surprise discoveries. The recently acquired VG deposit will undergo drilling to expand the known resources and we will be applying our proprietary regional exploration program to advance some of our other priority targets.  All and all this should be our best season yet.”

Highlights Include:

  • Vertigo Target: 10,000m diamond drill program designed to evaluate geometry as well as the lateral and vertical continuity of mineralized structures discovered in 2018. Additional reverse circulation (“RC”) drilling to evaluate strike potential of mineralization based on field mapping, geochemistry and geophysics.
  • JP Ross regional activity to include evaluation and initial drill testing of 4 to 5 additional target areas on 14km trend.
  • Golden Saddle deposit to be expanded with 4,500m of diamond drilling conducted on GS West discovery, with 1,500m of infill and step-out drilling on Arc deposit.
  • Regional activity on the White Gold property to include evaluation and initial testing of 3 to 4 additional regional targets with RC/RAB drilling.
  • Regional exploration activities on other properties to include over 15,000 soil samples, 1,000 GT probe samples, geologic mapping and prospecting, IP-Resistivity, LiDAR and other baseline exploration work for the continued identification and building of targets.
  • Initial work including GT Probe sampling set to commence in April 2019 with diamond drilling anticipated to commence in May 2019.

The JP Ross Program

Exploration on the Vertigo discovery is expected to include over 7,500m in diamond drilling across the entire currently defined 2km Vertigo trend to define the geology, geometry and continuity of the system, with an additional 2,500m for follow up drilling on key zones identified within the system to test plunge lines and alternative geometries. An RC drill will also be used to test the continuity of mineralization along strike to build additional targets for future diamond drilling.

Additional exploration is expected to be conducted along the 14km Vertigo Trend and JP Ross property at large, with the focus of this work to build up several additional target areas through soils, GT Probe, geophysics, other exploration activities and first pass RAB/RC drill testing as warranted.

Initial work including GT Probe sampling is set to commence in April with diamond drilling anticipated to commence in mid-to-late May, with a full camp to be built on site to support the program.

The Vertigo target is a new, road accessible, discovery on the JP Ross property which is comprised of 2,850 quartz claims covering over 57,000 hectares with at least 14 known target areas and numerous placer gold bearing creeks

To date, at least 12 mineralized structures are recognized on the Vertigo target over a 1500m x 650m area, and consist of W-NW trending, steeply dipping zones of quartz veining, brecciation, and fracture-controlled mineralization with disseminated to vein-controlled pyrite-arsenopyrite-galena and, locally, visible gold mineralization.

Highlights from 2018 include, Hole JPRVERRAB18-014 intersecting 23.44 g/t Au over 24.38m from surface ending in mineralization; Hole JPRVERRAB18-001 intersecting 56.25 g/t Au over 3.05m within a broader intercept of 17.34 g/t Au over 10.67mfrom 3.05m depth; Hole JPRVERRAB18-011 intersecting 45.00 g/t Au over 3.05m from 1.52m depth, within a broader intercept of 9.65 g/t Au over 15.2m and surface grab samples of 139.9 g/t, 134.6 g/t and 132.9 g/t over a 685m strike length.

The White Gold Program

Exploration activities on the White Gold property are planned to include over 6,000m in diamond and an expected 25 holes of RC/RAB drilling, with diamond drilling focusing on the GS West discovery area with minor infill and step-out drilling on the Arc deposit based on updated geological modelling, while RC/RAB drilling will test high priority targets on the White Gold for potential future diamond drilling. Other exploration activities will include LiDAR, GT Probe, soil sampling, geophysics and geologic mapping, all conducted to evaluate and define additional drill targets on the property.

Reopening of the Thistle camp is currently underway with drilling activities anticipated to commence by mid-May.

The White Gold property has a current mineral resource of 960,970 ounces Indicated at 2.43 g/t Au and 262,220 ounces Inferred at 1.70 g/t Au, with mineralization on both the Golden Saddle and Arc known to extend beyond the limits of the current resource estimate and believed to remain open in multiple directions.

Golden Saddle highlights from 2018 include, Hole WHTGS18D0175 intersecting 4.6 g/t Au over 44.9m from 218m depth, including 8.57 g/t Au over 17m from 223m depth and Hole WHTGS18D0193 intersecting 3.95 g/t Au over 68m from 210m depth, including 5.42 g/t Au over 47.3m.

The GS West discovery is a shallow mineralized zone open at depth and along strike, located 750m to the west of the Golden Saddle deposit along the structural trend.  All three holes drilled in 2018 hit Golden Saddle style alteration and mineralization with the most significant results from WHTGS18D0184 returning 1.92 g/t Au over 24m from 117m depth, including 2.97 g/t Au over 10m from 118m depth, and 8.12 g/t Au over 1.95m from 121.05m depth.  

The Regional Program

The 2019 Regional Program will focus on high priority targets that have been identified in the 2018 and prior seasons, and will include over 1,000 GT Probe samples and 15,000 soil samples. Additional exploration activity to prepare and better understand the Company’s other targets will include airborne magnetic surveys, LiDAR surveys, drone surveys, IP-Resistivity surveys, geologic mapping and prospecting. The regional exploration will be conducted across multiple of the Company’s properties.

QV Property – VG Zone

Included in the Company’s Regional Program is 1,000m of diamond drilling focused on testing strike extensions of the historically underexplored VG resource located on the QV property, recently acquired from Comstock Metals.

Large portions of the property remain unexplored, which leaves a strong potential for the discovery of additional zones of structurally-controlled and/or intrusion-related mineralization, with several currently unexplored known targets with similar characteristics to the Golden Saddle and Vertigo.  Approximately 4,300m of diamond drilling over 23 holes has been conducted on the VG to date. Of these, only 17 diamond drill holes formed the basis of a 2014 maiden resource estimate(1) of 230,000 oz of gold (4.4 million tonnes grading 1.65 g/t Au) in the Inferred category at a cut-off of 0.5 g/t Au.

The VG resource is open along strike and at depth, and has similar mineralization and structural control to the nearby Golden Saddle deposit. The QV property is 16,335 hectares (40,000 acres) and contiguous to the Company’s White Gold property which hosts its Golden Saddle and Arc deposits, 20 km southwest of the Vertigo discovery on its JP Ross property and 44 km northwest of Goldcorp Inc.’s (TSX: G, NYSE: GG) Coffee project. The resource and property were acquired by White Gold Corp from Comstock Metals in early 2019.

For further details regarding the acquisition of the VG resource and QV property, please refer to the press release of the Company dated March 1, 2019 available on SEDAR at www.sedar.com.

  1. See Comstock Metals Ltd. technical report titled “NI 43-101 TECHNICAL REPORT on the QV PROJECT”, dated August 19, 2014, available on SEDAR

Regional Exploration Program activities are anticipated to include exploration activity on the following targets:

Betty Property
The Betty property covers the eastern extension of the Coffee Creek fault, which hosts the Coffee deposit owned by Goldcorp Inc., and hosts a 12km trend of anomalous gold in soils (trace to 7,288 ppb Au); intrusion-related and structurally controlled styles of mineralization. Highlights of drilling completed at the Betty Ford target include Hole BETFRDRAB18-002 returning 1.08 g/t Au over 50.29m from 4.57m depth, including 2.24 g/t Au over 9.41m from 19.81m depth with the top 25.91m of the hole showing oxidized mineralization and additional shallow mineralization encountered in other holes along trend. Highlights at the Betty White target included gold mineralization intersected in every hole, with individual results ranging from trace to 3.61 g/t Au. Gold mineralization encountered across multiple target areas highlights the large-scale potential of the mineralized system, with additional targets remaining undrilled.

Black Hills Property
Road accessible property located adjacent to the JP Ross Property on the east. There exist numerous untested gold in soil anomalies that are coincident with the regional-scale structures that cut through the property, with soil assays ranging from trace to 1,594 ppb Au.

Dime Property
Located 70km to the south-west of Dawson City, YT, with the claims bordering numerous historic mineral occurrences and placer gold bearing creeks. At least 3 untested gold in soil anomalies are known (Dime West, Dime Central, & Polaris) on the property that warrant follow up work; with soil values ranging from trace to 6,082 ppb Au. The targets are associated with a regional scale structure and the overall geologic setting and geochemistry of the area is very similar to the Vertigo discovery, located 40km to the SE.

Nolan Property
Located 50km west of Dawson City, YT with claims covering multiple placer gold bearing creeks. Numerous gold in soil anomalies on the southern end of the property that have yet to be investigated; with soil values ranging from trace to 968 ppb Au. This includes the Hart Mt. area, which contains two robust targets, including Hart South a 2,000m by 400m trend with soil values ranging up to 539 ppb Au, as well as Hart East which measures 2,500m by 900m and yielded values ranging up to 399 ppb Au. Additionally, prospecting in the Hart area returned grab samples of epithermal-style quartz veins that returned from trace to 0.172 g/t Au, trace to 1,467 g/t Ag, and trace to 10.63% Pb.

About White Gold Corp.
The Company owns a portfolio of 22,040 quartz claims across 35 properties covering over 439,000 hectares representing over 40% of the Yukon’s White Gold District. The Company’s flagship White Gold property has a mineral resource of 960,970 ounces Indicated at 2.43 g/t Au and 282,490 ounces Inferred at 1.70 g/t Au as set forth in the technical report entitled “Independent Technical Report for the White Gold Project, Dawson Range, Yukon, Canada”, dated March 5, 2018, filed under the Company’s profile on SEDAR. Mineralization on the Golden Saddle and Arc is also known to extend beyond the limits of the current resource estimate. Regional exploration work has also produced several other prospective targets on the Company’s claim packages which border sizable gold discoveries including the Coffee project owned by Goldcorp Inc. with a M&I gold resource(2) of 3.4M oz and Western Copper and Gold Corporation’s Casino project which has P&P gold reserves(2) of 8.9M oz Au and 4.5B lb Cu. For more information visit www.whitegoldcorp.ca.

  1.  Noted mineralization is as disclosed by the owner of each property respectively and is not necessarily indicative of the mineralization hosted on the Company’s property.

Qualified Person
Jodie Gibson, P.Geo. and Vice President of Exploration for the Company is a “qualified person” as defined under National Instrument 43-101 (“NI 43-101”) and has reviewed and approved the content of this news release.

Cautionary Note Regarding Forward Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “proposed”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, the Company’s objectives, goals and exploration activities conducted and proposed to be conducted at the Company’s properties; future growth potential of the Company, including whether any proposed exploration programs at any of the Company’s properties will be successful; exploration results; and future exploration plans and costs and financing availability.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include:; expected benefits to the Company relating to exploration conducted and proposed to be conducted at the Company’s properties;; failure to identify any additional mineral resources or significant mineralization; the preliminary nature of metallurgical test results; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the Company’s properties; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining and mineral exploration; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are not conclusive evidence of the likelihood of a mineral deposit; title to properties; and those factors described in the most recently filed management’s discussion and analysis of the Company. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

Neither the TSX Venture Exchange (the “Exchange”) nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information:
David D’Onofrio
Chief Executive Officer
White Gold Corp.
(647) 930-1880
ir@whitegoldcorp.ca

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Eloro Resources Intersects 0.62 g/t Gold over 59.9m in Reanalysis of 2017-2018 La Victoria Drilling Results

Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro” or the “Company”) is pleased to announce drill results from the La Victoria Project diamond drill program that arise from a detailed in-house scientific analysis of the La Victoria Gold/Silver Project (“La Victoria”), upon which a two-phase diamond drilling project was recently completed.  The reanalysis was done as part of an internal QA/QC audit from 4,216m in 12 diamond drill holes. The audit is being done by Jim Steel, MBA, P.Geo., who is assuming the role of Eloro Senior VP Mining and Qualified Person (“QP”) for continued works on the La Victoria project and Mr. Alex Horvath, P.Eng., a QP in resource modelling and development who will assume the role of Chief Technical Advisor while continuing to serve as a Director for Eloro.

The Company believes that the results herein described are sufficiently compelling so as to consider additional exploration on the La Victoria project. To that end, the Company is proceeding with an internal resource modelling exercise of the reinterpreted data.

Results of Data Reanalysis

The highest grade sample taken from the La Victoria project assayed 63.8 g/t gold, 57.7 g/t silver, and 0.77% copper, with >1% arsenic (see News Release August 12, 2015). Hand samples showed a preponderance of arsenopyrite, which could be the source of the gold. A complete statistical analysis was done on the drill results and a stronger correlation was found between gold and arsenic than was found between gold and silver. No correlation was found between gold and iron or sulphur, which suggests pyrite is not mineralized with gold.

Plotting anomalous arsenopyrite ranges in the drill hole assay data shows that there are at least three principal mineralized bands at the Rufina West target that correlate between drill holes, having been confirmed by holes in both east and west directions. Data suggests a subvertical orientation to the zones, similar to the structural orientation of mineralized fractures seen in surface mapping and sampling on the Rufina West sector (see News Release April 4, 2018). Mineralization is dominantly found in hydrothermal breccias at La Victoria, as in the nearby Shahuindo Gold Deposit, owned by Pan American Silver Corp., where a similar arsenic/gold relationship defines part of the suite of mineralization.

Strongly anomalous arsenopyrite values correlate with enhanced gold values over a 109m vertical range, from approximately 3136m to approximately 3245m in the drill results. This is the same elevation range as the surface samples collected in 2015 and 2016 from the Rufina West mapping and sampling programs. Integration of these data suggest that this range is the primary mineralized zone (“boiling zone”), characteristic of epithermal gold deposits and targeted in the drill program.

The following tables of intersections are based on defined ranges of arsenopyrite content and show the elevations of each intersection, in bold if found within the target zone of 3136m to 3245m. The lower grade intersections further demonstrate the strong arsenopyrite-gold association and provide important data for vectoring into high grade zones. Data concerning drill holes are found in the original news releases, referenced in the tables.

Hole NoAu (g/t)From (m)To (m)Interval (m)Elevations (m)Originally Reported
ERU-010.5422.536.013.53312m-3321mNews Release 16 Jan 2018
ERU-010.3585.091.06.03197m-3201mNews Release 16 Jan 2018
ERU-020.1465.670.44.83284m-3287mNews Release 16 Jan 2018
ERU-020.62162.1222.059.93167m-3213mNews Release 16 Jan 2018

The 59.9m intersection in hole ERU-02 contains two adjacent high-arsenopyrite intervals.

Hole NoAu (g/t)From (m)To (m)Interval (m)Elevations (m)Originally Reported
ERU-030.6861.683.321.83235m-3250mNews Release 16 Jan 2018
ERU-030.5189.595.56.03264m-3269mNews Release 16 Jan 2018
ERU-041.60145.6152.67.03182m-3187mNews Release 16 Jan 2018
ERU-05Note 1 

ERU-03 was drilled to the east into an area with no knowledge of surface mineralization. It tested a geophysical anomaly which was explained by the same arsenopyrite/gold relationship within the same elevation range as seen in the western drill holes.

Note 1: ERU-05 was a short exploration hole drilled to test the same geophysical conductor as were ERU-01 and ERU-02. The only intersection was 0.25 g/t over 2.0m from 141.0m to 143.0m downhole.

Hole NoAu (g/t)From (m)To (m)Interval (m)Elevations (m)Originally Reported
ERU-060.16253.0256.74.03046m-3048mNews Release 6 Jun 2018
ERU-070.342.05.73.73362m-3364mNews Release 6 Jun 2018
ERU-070.2151.259.78.53320m-3326mNews Release 6 Jun 2018
ERU-070.2986.789.42.73298m-3299mNews Release 6 Jun 2018
ERU-070.35135.7140.75.03258m-3261mNews Release 6 Jun 2018
ERU-070.24235.2239.74.53182m-3185mNews Release 6 Jun 2018
ERU-070.40270.7275.76.03155m-3158mNews Release 6 Jun 2018

ERU-06 was drilled across the main body of Rufina surface mineralization and collared within the target stratigraphy. The interval noted corresponds vertically to a surface sample of 46.4 g/t gold over 0.3m taken in 2011 and a surface value of 20.4 g/t gold over 0.4m taken in 2010. Other than this interval there were several point values of elevated arsenopyrite with gold above 0.5 g/t.

ERU-07 and ERU-08 were reconnaissance exploration holes, drilled significantly stratigraphically higher than the other holes and directed into interbedded sediments and intrusives. The arsenopyrite/gold relationship was seen in several intersections in ERU-07 and with ERU-08 showing point values of gold above 0.2 g/t with higher calculated arsenopyrite values.

Hole NoAu (g/t)From (m)To (m)Interval (m)Elevations (m)Originally Reported
ERU-09A0.33149.8160.811.03171m-3179mNews Release 6 Jun 2018
ERU-09A0.41171.0173.82.83161m-3163mNews Release 6 Jun 2018
ERU-09A0.70208.8211.85.03132m-3133mNews Release 6 Jun 2018
ERU-09A0.34241.3244.33.03107m-3109mNews Release 6 Jun 2018
ERU-100.5399.0110.011.03188m-3195mNews Release 18 Aug 2018
ERU-100.33336.0339.03.03012m-3014mNews Release 18 Aug 2018
ERU-100.31366.0369.33.02989m-2992mNews Release 18 Aug 2018
ERU-110.5173.389.616.33150m-3160mNews Release 18 Aug 2018
ERU-120.31154.9161.76.83073m-3075mNews Release 18 Aug 2018

Eloro CEO Mr. Tom Larsen said, “It is very encouraging to see that the drill results show a continuous block of mineralization with gold values that may stand up to a block modelling exercise. Our reconnaissance drilling showed conclusively that there is a lot of potential at the La Victoria Gold/Silver Project. We are now going to step back and evaluate next steps while preparing for the San Markito target drill program.”

Eloro’s SVP Mining, Mr. Jim Steel, added, “We now know that one of the styles of gold mineralization is with arsenopyrite in discrete veins and that the greatest concentrations of gold are in three separate areas at Rufina. We will now go back through the sample database and select several representative gold-bearing units for initial metallurgical assessment, not just at Rufina but at all mineralized sectors that show high gold values.”

Qualified Person

Jim Steel, MBA, P.Geo., a Qualified Person in the context of National Instrument 43-101, has read and approved the technical content of this News Release.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver Corp.’s La Arena Gold Mine and Shahuindo Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

For further information please contact Thomas Larsen, Chairman and CEO of Eloro Resources Ltd. or Jorge Estepa, Vice-President of Eloro Resources Ltd. at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Corporation’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Corporation. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSXV, nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

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Marathon’s Infill Drilling Continues Hitting New High-Grade Open-Pit Gold: 12.49 g/t Au over 13.0m, 4.19 g/t Au over 12.0m and 3.73 g/t Au over 15.0m, Valentine Lake Gold Camp, NL

Drilling Highlights:

  • The ongoing open-pit infill drilling program at the Marathon Deposit is designed to penetrate down through the main mineralized corridor with the aim of continuing to increase confidence in the lateral continuity of high-grade gold mineralization between adjacent drill holes, and also moving inferred into measured and indicated resource categories. These latest drill holes into the core of the Marathon open-pit deposit were very successful; having intersected numerous new wide high-grade gold intervals to be incorporated into a future resource update (Figures 1 and 2):
    • MA-19-357 intersected 12.49 g/t Au over 13.0 meters including 22.55 g/t Au over 7.0 meters, and 3.73 g/t Au over 15.0 meters including 6.28 g/t Au over 4.0 meters.
    • MA-19-359 intersected 4.19 g/t Au over 12.0 meters including 14.20 g/t Au over 3.0 meters and 4.78 g/t Au over 9.0 meters including 12.18 g/t Au over 3.0 meters.
    • MA-19-360 intersected 1.43 g/t Au over 40.0 meters including 4.03 g/t Au over 2.0 meters and 3.27 g/t Au over 2.0 meters.

2019 Program Update:

  • The February 21, 2019 announced sale of a 2% NSR to Franco Nevada not only raised $18 million in proceeds to carry put our aggressive engineering, drilling and environmental programs; but also provides a major endorsement of the Valentine Lake project by one of the best known and regarded public royalty companies.
  • The ongoing 2019 Marathon Deposit infill drilling campaign continues to focus on increasing both measured and indicated as well as inferred resources at what is already the largest resource in the Valentine Lake Gold Camp. The results of this infill drilling continue to validate the mineralization boundary in the block model as well as the lateral continuity of the high-grade mineralized zones.
  • Advanced metallurgical testing being done by SGS of material from both the Marathon and Leprechaun Deposits is continuing with focus on optimizing both mill and heap leach recoveries which we expect completion in Q2.
  • A Project Description is being prepared for submission to the Federal and Provincial regulators, a key step in the overall regulatory approvals process which we expect completion in Q2.

TORONTO, March 06, 2019 (GLOBE NEWSWIRE) — Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) is pleased to announce the continuing excellent results from infill drill holes which were strategically located between existing, strongly mineralized drill holes in the open pit portion of the Marathon Deposit (Table 1, Figures 1 and 2). The drill holes succeeded in intersecting strongly mineralized, en-echelon stacked QTP-Au veining with thick intervals of higher-grade gold intercepts. The intent of the infill drilling program is two-fold; first, to further confirm Marathon’s geological model by demonstrating the extensive lateral continuity of the QTP-Au veining into adjacent drill holes both along and across a more than 140 meter strike that has been infill drill tested so far; and second, to continue to upgrade Inferred resource material into the Measured and Indicated resource categories.

“The continued success of the infill drilling campaign at the Marathon Deposit is very important as we not only continue to build economic gold resources focused on open-pit mining of the Marathon Deposit, but also continue to further validate our geological model with each drill hole that intersects new VG and wide intervals of high-grade gold between previous adjacent drill holes”, said Phillip Walford, President and CEO of Marathon Gold. “The very positive drilling results are expected to lead to a significant upgrade of Inferred to Measured and Indicated resources while also adding additional Inferred material. Assays are pending on more drill holes with wide intervals of VG-bearing QTP veining.”

TABLE 1: Significant assay intervals, Marathon Deposit, Valentine Lake Gold Camp.

DDHSectionFromToCore
Length
(m)
True
Thickness
(m)
Gold g/tGold g/t
(cut)*
MA-18-35317120353832.91.19
13914232.91.43
MA-18-35417240798787.61.70
13113765.72.71
including13113321.93.73
 1641953129.51.17
including18118321.93.19
MA-18-3541724013914232.70.93
16116432.73.36
MA-18-35617260576587.61.42
909332.98.42
16516832.91.60
17417843.81.49
MA-18-35717260931061312.412.499.43
including9310076.722.5516.86
14915454.83.56
 1591741514.33.73
including16617043.86.28
MA-18-358171803743.81.12
646732.92.20
10410843.82.75
22322743.82.25
 25025443.87.86
including25325411.019.83
MA-18-3591714081132.91.76
 1401521211.44.19
including14915232.914.20
18218754.81.44
24424732.91.77
 25025998.64.78
including25025332.912.18
MA-18-3601712013613932.913.23
 1822224038.01.43
including18218421.94.03
including19619821.93.27

Figure 1: http://www.globenewswire.com/NewsRoom/AttachmentNg/bcae3a37-dc8e-4ba6-bfe2-533f536fd51c

Figure 2: http://www.globenewswire.com/NewsRoom/AttachmentNg/cfd4006d-4a23-4ecc-8df0-46317cab9295

Sherry Dunsworth, Sr. VP of Exploration at Marathon Gold will be doing a technical presentation on Wednesday, March 6th, 2019 at the 2019 PDAC titled “Marathon’s Valentine Gold Camp: The largest gold deposit in eastern Canada” at 10:50 am to 11:15 am in room 716.

Acknowledgments

Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

Quality Assurance-Quality Control (“QA/QC”)

Sherry Dunsworth, M.Sc., P. Geo., Senior VP of Exploration, Marathon’s Qualified Person, has reviewed the contents for accuracy and has approved this press release on behalf of Marathon. Thorough QA/QC protocols are followed including the insertion of blanks and standards at regular intervals in each sample batch. Drill core is cut in half with one half retained at site, the other half tagged and sent to Eastern Analytical Limited in Springdale, Newfoundland. All reported core samples are analyzed for Au by fire assay (30g) with AA finish. All samples above 0.10 g/t Au in economically interesting intervals are further assayed using metallic screen to mitigate the presence of coarse gold. Significant mineralized intervals are reported in Table 1 as core lengths and estimated true thickness (90-95% of core length).

About Marathon

Marathon is a Toronto based gold exploration company rapidly advancing its 100% owned Valentine Lake Gold Camp located in Newfoundland and Labrador, one of the top mining jurisdictions in the world. The Valentine Lake Gold Camp currently hosts four near-surface, mainly pit-shell constrained, deposits with measured and indicated resources totaling 2,691,400 oz. of gold at 1.85 g/t and inferred resources totaling 1,531,600 oz. of gold at 1.77 g/t. The majority of the resources occur in the Marathon and Leprechaun deposits, which also have resources below the current open pit shell. Both deposits are open to depth and on strike. Gold mineralization has been traced down over 350 meters vertically at Leprechaun and almost a kilometer at Marathon. The four deposits identified to date occur over a 20-kilometer system of gold bearing veins, with much of the 24,000-hectare property having had only minimal exploration activity to date.

The Valentine Lake Gold Camp is accessible by year-round road and is in close proximity to the provincial electrical grid. Marathon maintains a 50-person all-season camp at the property. Recent metallurgical tests have demonstrated 93% to 98% recoveries via conventional milling and 50% to 70% recoveries via low cost heap leaching at both the Leprechaun and Marathon Deposits.

To find out more information on the Valentine Lake Gold Camp please visit www.marathon-gold.com.

For more information, please contact:

Christopher HaldanePhillip Walford
Investor Relations ManagerPresident and Chief Executive Officer
Tel: 1-416-987-0714Tel: 1-416-987-0711
E-mail: chaldane@marathon-gold.comE-mail: pwalford@marathon-gold.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to Marathon Gold Corporation, certain information contained herein constitutes “forward-looking statements”. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “considers”, “intends”, “targets”, or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. We provide forward-looking statements for the purpose of conveying information about our current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes.  By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in Marathon Gold Corporation’s public filings, which may be accessed at www.sedar.com.  Other than as specifically required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events, results or otherwise.

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Canadian Orebodies: On Ice

Part of the challenge in exploration is matching data to theory at the tip of a drill. When Canadian Orebodies (V.CORE) purchased the Black Raven property in April 2017, the initial data that was inherited included a set of historical drill cores which had been drilled by a prior operator, Entourage Metals. This core suggested that there was a narrow, high-grade vein which was called the Super G.

In a press release issued in October 2018, Canadian Orebodies described this structure, “The Super G Vein is a narrow but locally high-grade quartz vein system that has been defined by drilling over a strike length of 400 metres and to a depth of 130 metres. The Super G remains open in both directions along strike and partially to depth.”

While high grade is good the problem the Super G vein presented was that it was a single vein which appeared to be narrow. But was it? The drilling program announced in October was designed to test the possibility that the Super G was part of a much larger system hosting numerous high-grade gold veins rather than a stand-alone anomaly.

In December of 2018 Canadian Orebodies released the results of its drill program. In this release, Gordon McKinnon stated, “We are very excited to see the results from the Super G drilling. We likely identified a significant mineralized system in the Smoke Lake area composed of multiple gold-bearing structures in which each structure has potential to host high-grade gold mineralization. Our 2018 drilling also supports the down-plunge continuity of the high-grade mineralization identified in the Super G structure with a significant improvement in grade from the historic Entourage Metals Ltd. holes located up and down-plunge.”

V.CORE, Canadian Orebodies
Freezing the rink

All of which was very good news for Canadian Orebodies and its shareholders. The company’s shares had been trading at $0.18 in November. With the news on the Super G vein and the other structures at what the company was now calling the Smoke Lake Gold System, the shares rose to the mid 30 cent range in January and have trended up from there to a current price of $0.41.

The one big issue with the Smoke Lake system was, well, the lake. The structures Canadian Orebodies are interested in strike underneath or very, very close to the lake. To this point, Canadian Orebodies has had to drill some of its targets from very oblique angles. The good news about the lake was that it was an unseasonably cold winter, which allowed Canadian Orebodies to build the required ice pads for winter drilling.

“I’ve never drilled from ice pads before,” said Canadian Orebodies CEO Gordon McKinnon. “There was a bit of a learning curve but our logistics team got the ice pads built on time and well in excess of the government safety requirements.”

The problem was that while the lake freezes, safety regulations require a significant thickness of ice before the drill rig could be deployed. The professionals didn’t think the lake would freeze that thick on its own. “So, we had to get to work quickly in order to freeze ice pads that thick,” said McKinnon. “Apparently, it is quite similar to freezing a rink in your back yard, with a few logistical challenges thrown in.”

It has been a very cold winter in Ontario and the drill rig was deployed to the ice pad a week ago.

Now Canadian Orebodies has the chance to drill pretty much straight across the target. It is planned as a short campaign – 1,000 meters, mainly from the ice pads, with shallow holes not more than 200 meters. McKinnon states in the press release, “We are taking advantage of this unseasonably cold winter to optimize certain drilling angles using ice pads, which will significantly expedite our understanding of the SLGS, and hopefully expand the known high-grade gold zones and allow us to discover new ones.”

“We’re looking at a minimum of 1,000 meters but we might go as high as 1,700,” said McKinnon. “It will go pretty quick – likely three or four weeks.” Results are expected back from the lab in April.

In narrow terms, the focus of the program is to gain a better understanding of the vein system which surrounds the Super G. The program will also look to confirm that a network of high-grade veins are surrounded by lower grade, but still mineralized, rock. “We’ve seen very concentrated gold,” said McKinnon. “But we’ve also seen disseminated gold. Gold is not just in the quartz veins.”

Looked at more broadly, Canadian Orebodies is trying to see if the Smoke Lake Gold System, with its high-grade veins is, somehow, connected to its much larger Wire Lake Gold System, which already has over a 3 kilometre strike length with wide near surface gold intercepts. As well, later in the program, Canadian Orebodies will be looking at drilling deeper.

“To date, our deepest hole at Smoke Lake has been 200 meters,” said McKinnon. “But we know that at Hemlo (which is just down the road) most of the gold was found below 500 meters.”

Looking to the future McKinnon is very blunt. “The big companies want size,” said McKinnon. “Wire Lake has size. We see consistent intervals of a gram plus per ton starting right from surface over three kilometres.”

If the Smoke Lake Gold System can be linked up to the Wire Lake Gold System, Canadian Orebodies will have a camp with nearly 8 kilometres of strike length with significant high-grade potential and lots of medium to low-grade material. Which, in turn, is likely to attract the attention of a strategic partner or outright acquisition.

“It’s all moving very quickly, based on our area code with over 20 million ounces right down the road, any further success on these targets should cause some significant excitement,” said McKinnon.

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White Gold Corp. Closes Acquisition of QV Gold Project; Includes 230,000 Oz Gold Inferred Resource Contiguous to the White Gold Property and Compelling New Targets

White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the “Company“) is pleased to announce the closing of the previously announced purchase (the “Acquisition”) of the QV Gold Project (the “Property”) from Comstock Metals Ltd. (TSX.V: CSL) (the “Vendor”). The Property covers 16,335 hectares (40,000 acres) in the White Gold District of the Yukon Territory, bringing the Company’s total holdings in the White Gold District to 439,000 hectares (1,080,000 acres). The Property is contiguous to the Company’s White Gold property which hosts its Golden Saddle and Arc deposits (960,970 oz indicated and 282,490 oz inferred), 20 km southwest of the Company’s new Vertigo Discovery on its JP Ross property and 44 kilometres northwest of Goldcorp Inc.’s (TSX: G, NYSE: GG) Coffee project. The Company plans to incorporate the Property in its 2019 exploration plan which will be announced in due course. 2019 marks the third year of the Company’s systematic and data driven regional exploration program backed by it partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC).

“This was a very strategic acquisition for us that immediately increases our global resources with a 230,000 oz Inferred gold deposit which is open along strike and at depth, and has similar mineralization and structural control to our nearby Golden Saddle deposit. The property also has a number of very compelling exploration targets with many similarities to our recent Vertigo discovery, as well as the Golden Saddle deposit,” said David D’Onofrio, Chief Executive Officer. “We are very excited with the potential for near term resource expansion and new discoveries on this property based on our extensive experience in the District.”

To learn more about White Gold’s recent developments and plans for 2019, please join us at our 2019 PDAC corporate presentation on Tuesday, March 5 at 3:00PM in Room 802 at the Metro Toronto Convention Centre or visit us at Booth 3248.

Photos accompanying this announcement are available at

http://www.globenewswire.com/NewsRoom/AttachmentNg/fff72d17-918f-4351-8a06-c2bf6c2df757

http://www.globenewswire.com/NewsRoom/AttachmentNg/fe70b7c0-1c6b-4d5f-a64f-8bbdc4d54e7c

Maps & images providing additional information on the Property can be found at http://whitegoldcorp.ca/investors/exploration-highlights/.

The QV Gold Project
The Vendor optioned the QV Property from Shawn Ryan in 2010 and discovered the VG Zone deposit (the “VG”) in 2012 on the southern end of the Property where most of the historic work has been focused. Approximately 4,300 metres of diamond drilling over 23 holes have been conducted on the VG to date. Of these, 17 diamond drill holes formed the basis of a 2014 maiden resource estimate(1) of 230,000 ounces of gold (4.4 million tonnes grading 1.65 g/t gold) in the Inferred category at a cut-off of 0.5 g/t gold.

The mineralization is hosted along a NE trending, gently south dipping structural zone that has been traced for over 700m at surface and consists of disseminated to vein-controlled pyrite with brecciation, stockwork quartz-carbonate veining, and sericite alteration. The VG shares strong similarities to the Golden Saddle deposit both in structural setting as well as mineralization style and is open along strike and at depth. Highlights from historic drilling includes, QV12-001(1): 1.03 g/t Au over 78m; incl. 6.15 g/t Au over 5.6m, QV12-004(1): 2.23 g/t Au over 42m, QV12-006(1): 1.45 g/t Au over 60m, QV13-011(1): 1.36 g/t Au over 42.6m, QV13-012(1): 1.76 g/t Au over 42.3m, QV17-018(2): 1.42 g/t Au over 45.5m, QV17-019(2): 1.48 g/t Au over 51.2m.

The most recent work on the Property occurred in 2017 and included six diamond drill holes on the VG which expanded the footprint of known mineralization beyond the limits of the historic resource calculation. Significant results from the 2017 program included 1.42 g/t gold over 45.5m from 67.5m down hole in hole QV17-018, which expanded the mineralization 125 metres down dip from previous drilling, and 1.48 g/t gold over 51.2m from 98m down hole in hole QV17-019, which expanded the mineralization 45m west of previous drilling.

Additional work on the Property has included soil sampling, GT Probe sampling, trenching, IP-Resistivity surveys, airborne magnetic-radiometric surveys, geological mapping/prospecting and minor RAB drilling. This work has defined other compelling targets with similarities to the Company’s Golden Saddle deposit and recently discovered Vertigo zone warranting follow up exploration including the Stewart, Tetra and Shadow zones.

Stewart Zone: Located 5km N-NW of the VG and consists of a 1.5km, E-W, trending gold in soil anomaly, with values from trace to 274.1 ppb Au and anomalous Bi-Ag-Te-Mo. The target occurs adjacent to a Jurassic intrusive that may be associated with mineralization in the area.

Tetra Zone: Located 8km N of the VG and consists of a 1.5km, E-W, trending gold in soil anomaly, with values from trace to 151.5 ppb Au. The target occurs along an interpreted E-W oriented fault based on magnetic data for the area and is open and unexplored to the west.

Shadow Zone: Located 12 km north of the VG zone and consists of multiple gold in soil anomalies, ranging from trace to 514ppb Au and up to 2.7km long, associated with a series of NW and ENE trending structures. Strongly anomalous Ag-Pb-Bi+/-As+/-Mo also occur in the area, and the overall geochemical and structural setting is similar to the Company’s Vertigo discovery 23km to the west.

Large portions of the Property also remain unexplored with strong potential for the discovery of additional zones of structurally-controlled and/or intrusion-related mineralization.

The Property is subject to a 2.0% underlying net smelter return royalty (NSR), of which 1.0% may be purchased for $2,500,000. Annual cash advance payments of $25,000, deductible against the royalty, are payable until commencement of commercial production.

As determined in accordance with NI 43-101 the Property is not considered “material” to the Company relative to the size and stage of development of the Company’s existing portfolio of properties, and accordingly the disclosure in section 2.4 of NI 43-101 is not required.

Terms of the Acquisition
In order to acquire the Property, the Company made a cash payment of $375,000 and issued an aggregate of 1,500,000 common shares (the “Subject Shares”) and 375,000 share purchase warrants (“Warrants”) in accordance with the instructions of the Vendor.  Each Warrant is exercisable to acquire one additional common share of the Company for a period of three years from the closing date of the Acquisition (the “Closing Date”) at an exercise price of $1.50.  All securities issued and issuable in connection with the Acquisition are subject to a statutory hold period expiring on June 29, 2019.  In addition, the Subject Shares are subject to a voluntary hold period pursuant to which (i) 35% of the Subject Shares shall be released on the date which is four months following the Closing Date; (ii) 35% of the Subject Shares shall be released on the date which is eight months following the Closing Date; and (iii) the balance of the Subject Shares shall be released on the date which is twelve months following the Closing Date.

Advisors and Counsel
Red Cloud Klondike Strike Inc. acted as financial advisor to the Vendor and Folger, Rubinoff LLP acted as the Vendor’s legal advisor. Cassels Brock & Blackwell LLP acted as legal advisor to White Gold Corp.

  1. See Comstock Metals Ltd. technical report titled “NI 43-101 TECHNICAL REPORT on the QV PROJECT”, dated August 19, 2014, available on SEDAR
  2. See Comstock Metals Ltd news release dated Dec. 18, 2017, available on SEDAR

For further details regarding the Acquisition, please refer to the press release of the Company dated January 14, 2019 available on SEDAR at www.sedar.com.

About White Gold Corp.
The Company owns a portfolio of 22,040 quartz claims across 35 properties covering over 439,000 hectares representing over 40% of the Yukon’s White Gold District. The Company’s flagship White Gold property has a mineral resource of 960,970 ounces Indicated at 2.43 g/t gold and 282,490 ounces Inferred at 1.70 g/t gold as set forth in the technical report entitled “Independent Technical Report for the White Gold Project, Dawson Range, Yukon, Canada”, dated March 5, 2018, filed under the Company’s profile on SEDAR. Mineralization on the Golden Saddle and Arc is also known to extend beyond the limits of the current resource estimate. Regional exploration work has also produced several other prospective targets on the Company’s claim packages which border sizable gold discoveries including the Coffee project owned by Goldcorp Inc. with a M&I gold resource(3) of 3.4M oz and Western Copper and Gold Corporation’s Casino project which has P&P gold reserves(3) of 8.9M oz Au and 4.5B lb Cu. For more information visit www.whitegoldcorp.ca.

  1.  Noted mineralization is as disclosed by the owner of each property respectively and is not necessarily indicative of the mineralization hosted on the Company’s property.

Qualified Person
Jodie Gibson, P.Geo. and Vice President of Exploration for the Company is a “qualified person” as defined under National Instrument 43-101 (“NI 43-101”) and has reviewed and approved the content of this news release.

Cautionary Note Regarding Forward Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “proposed”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to the completion of the Acquisition; the anticipated benefits to the Company, the Vendor and their shareholders respecting the Acquisition; the Company’s objectives, goals and exploration activities conducted and proposed to be conducted at the Company’s properties; future growth potential of the Company, including whether any proposed exploration programs at any of the Company’s properties will be successful; exploration results; and future exploration plans and costs and financing availability.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company and/or the Vendor to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the expected benefits to the Company and Vendor relating to the Acquisition; expected benefits to the Company relating to exploration conducted and proposed to be conducted at the Company’s properties; the receipt of all applicable regulatory and third party approvals, as required, for the Acquisition; failure to identify any additional mineral resources or significant mineralization; the preliminary nature of metallurgical test results; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the Company’s properties; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining and mineral exploration; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are not conclusive evidence of the likelihood of a mineral deposit; title to properties; and those factors described in the most recently filed management’s discussion and analysis of each of the Company and Vendor. Although the forward-looking statements contained in this news release are based upon what management of the Company and Vendor believe, or believed at the time, to be reasonable assumptions, the Company and Vendor cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. Neither the Company nor the Vendor undertakes any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

Neither the TSX Venture Exchange (the “Exchange”) nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information:
David D’Onofrio
Chief Executive Officer
White Gold Corp.
(647) 930-1880
ir@whitegoldcorp.ca

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Marathon Gold: Just Received The Franco-Nevada Stamp Of Approval

Excellent article by FI Fighter over at Seeking Alpha on Marathon Gold and the implications of the Franco-Nevada 18 million dollar 2% net smelter royalty purchase.

“In the context of a bull market in precious metals, shares of Marathon Gold should do well and coincide with a rising gold price, perhaps even outperforming the returns of physical gold due to the strong leverage the Valentine Lake Gold Project offers due to its sizable resource base. Perhaps the icing on the cake would be if Valentine Lake can eventually become so large (not to mention high quality enough) of an asset that even the larger-cap producers simply won’t be able to ignore.”

Take a moment and go and read the whole thing.

 

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Marathon Gold Completes Sale of Royalty to Franco-Nevada for Proceeds of $18 Million

Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) is excited to announce that it has closed the sale of a 2% net smelter returns royalty (the “NSR”) to Franco-Nevada Corporation (“Franco-Nevada”) (TSX, NYSE: FNV) linked to production at the Valentine Lake Gold Camp in central Newfoundland, for gross proceeds of CAD $18,000,000.  The NSR applies to the entire Valentine Lake property and covers the sales of precious and base metals and minerals.  Marathon has an option to buy back 0.5% of the NSR for US $7 million until December 31, 2022.

“Franco-Nevada’s purchase of the NSR is a major endorsement of the Valentine Lake project by one of the best-known and regarded public royalty companies,” said Phillip Walford, President and CEO of Marathon. “The proceeds from this strategic financing transaction will allow Marathon to fast-track the completion of the Prefeasibility Study in 2019.”

Use of Proceeds:

  • Marathon is carrying out an aggressive program of engineering, drilling and environmental programs for the remainder of 2019, targeting completion of the PFS by the end of 2019.  A key element of this program is an infill drilling program focused on upgrading Inferred resources in the Leprechaun and Marathon pits to the Measured and Indicated categories.  In addition, an exploration drill program will test the Sprite Gap.  Condemnation drilling is also planned for infrastructure locations, along with geotechnical drilling.
  • Marathon’s ongoing metallurgical test work program being conducted by SGS, under the guidance of consulting metallurgist John Goode, is a key component of the PFS and a subsequent feasibility study.  The results to date from the metallurgical test work, which commenced in September 2018 to optimize metallurgical recoveries for both the milling and heap leach circuits, have been very encouraging.
  • The Environmental Assessment program is the critical path item for the project and the first steps in that program have begun with the development of the Project Description.  Another component of the project is community and stakeholder consultation, which will begin as a formal process in March 2019. To facilitate this process, the company recently hired an experienced professional James Powell P. Eng. to work with Bob Borst C. Eng and Sherry Dunsworth P. Geo.

About Marathon

Marathon is a Toronto based gold exploration company rapidly advancing its 100% owned Valentine Lake Gold Camp located in Newfoundland and Labrador, one of the top mining jurisdictions in the world. The Valentine Lake Gold Camp currently hosts four near-surface, mainly pit-shell constrained, deposits with measured and indicated resources totaling 2,691,400 oz. of gold at 1.85 g/t and inferred resources totaling 1,531,600 oz. of gold at 1.77 g/t. The majority of the resources occur in the Marathon and Leprechaun deposits, which also have resources below the current open pit shell. Both deposits are open to depth and on strike. Gold mineralization has been traced down over 350 meters vertically at Leprechaun and almost a kilometer at Marathon. The four deposits identified to date occur over a 20-kilometer system of gold bearing veins, with much of the 24,000-hectare property having had only minimal exploration activity to date.

The Valentine Lake Gold Camp is accessible by year-round road and is in close proximity to the provincial electrical grid. Marathon maintains a 50-person all-season camp at the property. Recent metallurgical tests have demonstrated 93% to 98% recoveries via conventional milling and 50% to 70% recoveries via low-cost heap leaching at both the Leprechaun and Marathon Deposits.

To find out more information on the Valentine Lake Gold Camp please visit www.marathon-gold.com

For more information, please contact:

Phillip WalfordChristopher Haldane
President and Chief Executive OfficerInvestor Relations Manager
Tel: 1-416-987-0711Tel:  1-416-987-0714
E-mail: pwalford@marathon-gold.comE-mail: chaldane@marathon-gold.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to Marathon Gold Corporation, certain information contained herein constitutes “forward-looking statements”. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “considers”, “intends”, “targets”, or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. We provide forward-looking statements for the purpose of conveying information about our current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes.  By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in Marathon Gold Corporation’s public filings, which may be accessed at www.sedar.com.  Other than as specifically required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events, results or otherwise.

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Goldplay: Maiden Resource Estimate

When you are speaking with Marcio Fonseca you actually hear two different voices: the first is the measured voice of a professional geologist on the trail of a discovery, the second is the seasoned voice of an investment banker fully aware of the economics of mining.

As expected, on February 7, Goldplay Exploration (V.GPLY) released its maiden 43-101 resource estimate on its San Marcial silver Project, located in Sinaloa, Mexico. The geological substance of the report is, “The Mineral Resource consists of 36 million ounces of silver equivalent (“AgEq”)2 at an average grade of 147 grams per tonne AgEq in the Indicated category and an additional 11 Moz AgEq at an average grade of 99 gpt AgEq in the Inferred category”.

Asked if he was surprised by the result, Fonseca is very clear. “I was not surprised that the resource increased from the historical resource going from 22 million ounces to 39 million ounces.”

“We worked hard to really define the high-grade Breccia,” said Fonseca. “We were seeing 200 gpt and we estimate that the breccia holds 19 million ounces. This is a very high value per ton rock. We’re estimating that it will have an all in cost of between $30-35 which leaves a good, fat, margin.”

In the press release, Fonseca is quoted as saying, “The Mineral Resource provides a strong foundation to realize the full potential of the San Marcial Project. We are progressing with detailed, systematic exploration of the under-explored additional 3.5 km of mineralized trend. Recent surface exploration results have already confirmed new exploration targets in the vicinity of the mineral, representing future upside opportunity for resource expansion in 2019.”

It’s here that Fonseca’s investment banker side comes to the fore. “We’re moving from an exploration company to a development company,” said Fonseca.

The point of the maiden resource estimate was to gain a thorough geological understanding of a section of the mineralized corridor Goldplay controls. “There is much more than the five hundred meters,” said Fonseca. “We have targets and we want to do more trenching and do more holes. But trenching rather than drilling holes will help preserve our capital. We have the permits to drill.”

“We know that there is much more than the 500 meters,” said Fonseca. “Now we need to show the market that we are not constrained. And we need to show people that the project will make a lot of money.”

“Where we go next is to build the business case and show that there is future upside,” said Fonseca. “We want to become attractive to a strategic partner.”

Building that case and releasing a maiden resource estimate also drew market attention to a company which has been flying under the stock market radar. “When we put out the release the stock went up,” said Fonseca. And then, a few days after the release, the stock went back down. “We building a base case at $0.25,” said Fonseca.

The maiden resource estimate is a step along the way to that base case. “We hope, by the end of February, to have a metallurgy report and then we’ll start working on a mine plan,” said Fonseca. “In six months we’ll have expanded the area. But we want to do things at low cost.”

Fonseca can see the need to drill more holes but he is in no hurry to incur the expense. “We could drill more holes and drill deeper but we are really trying to develop an open pit.”

Because it is Mexico the question of security always comes up. “Where we are is very stable. We’re not in a remote area,” said Fonseca. “We’ve had no trouble and we have not seen any big changes.”

While Goldplay is going “step by step”, it is taking those steps quickly. The company optioned the property in May 2018. It sampled historical results as it waited for its drill permits which were granted in October. Five months later Goldplay has a significant 43-101 compliant maiden resource.

Fonseca learned one thing as an investment banker: time is money. He’s wasting no time at all.

 

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