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Geophysical Surveys Outline Additional Targets for Low Sulphidation Epithermal Gold-Silver Mineralization Along Major Structures at the Big Easy Gold Project, Newfoundland

  • 2,000m diamond drilling program planned to start in mid-January 2021 to test Central Anomaly and new IP targets.
  • Two major magnetic trends outlined, West and East Trends, 19km and 20km long, respectively, each with a number of elongated magnetic highs that likely reflect intrusive rocks not previously recognized in this area.

TORONTO, Dec. 02, 2020 (GLOBE NEWSWIRE) — Cartier Iron Corporation (CSE: CFE) (“Cartier Iron”), is pleased to report on results of geophysical surveys completed during October, 2020, at its Big Easy Gold project located on the Burin Peninsula in eastern Newfoundland. A helicopter-borne magnetic survey was flown for New Sense Geophysics Ltd. of Markham, Ontario by Newfoundland Helicopters over the southern half of the property to provide high-resolution magnetic coverage over the complete Big Easy property. The northern half of the property was flown by previous operators and is available in the NL Department of Natural Resources assessment files. The program also included induced polarization/resistivity (IP/Res) surveys on a grid located 2.5km south of the ET showing. This program was designed to follow-up the 20km long target zone for epithermal gold-silver mineralization outlined by the summer 2020 program of geological mapping, soil sampling and prospecting (see press release September 29, 2020) to outline potential drill targets.

Figure 1 is a map of the total magnetic intensity that shows two major magnetic trends with a north-northeast grain. The West Trend extends for 19 km and it is likely the southerly extension of the Big Easy-Central Anomaly trend. The East Trend extends from the ET showing southwards for more than 20 km. The East Trend appears to reflect two major intersecting structures that coalesce in the area of the weakly banded, cherty, quartz outcrop where anomalous gold values were reported in soils (Figure 1 and press release September 29, 2020). A number of elongated magnetic highs occur along both trends within a broadly lower magnetic relief that is consistent with the mapped sedimentary rocks of the Musgravetown Fm. These anomalies likely reflect intrusive rocks with higher magnetic susceptibility than their sedimentary host. The largest of these magnetic bodies is in the southern part of the West Trend. These potential intrusives have not been previously recognized in this area.

MES geophysics of St. John’s, NL completed six (6) reconnaissance IP/Res lines spaced 400m apart totalling 24.5 line-km. The survey outlined two areas of significant chargeability across all six lines. These are associated with resistivity lows flanking the east and west contacts of a broad zone of higher resistivity as shown in Figure 2. The east anomaly coincides with the Au-in-soil geochemical peak reported on September 29, 2020. No soil geochemical coverage was done over the western anomaly as the terrain was too wet to allow sampling. The chargeability anomaly on the West Magnetic Trend appears to be the southern extension of the ET showing located 2.5km to the north. Historic drilling on the ET showing in 2017 intersected anomalous gold and silver values in quartz veins but the new data place this showing at the edge of the potential epithermal system.

Tom Larsen, Chief Executive Officer of Cartier Iron said: “The new geophysical surveys have further refined our understanding of the geological picture and have outlined several major new target areas. We plan to do up to 2,000m of diamond drilling to test the Central Anomaly and the new IP targets. IP/Res coverage will be extended to the south during the winter of 2021, focussing on the intrusive contacts suggested by the magnetic data and the silica cap target. We are fully permitted for drilling the Central Anomaly and have applied for permits to drill the new IP chargeability anomalies.”

Dr. Bill Pearson, P.Geo. commented, “The new geophysical data have substantially improved our understanding of the geological environment and have outlined several very prospective targets warranting follow-up work. My sense is that the Big Easy epithermal system is centred in the southern part of the property, where there is likely a significant intrusion near the cherty quartz silica cap outcrop and the soil gold geochemical anomalies. The potential scale of this system continues to be impressive.”

Qualified Person

Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Cartier Iron and a Qualified Person (QP) as defined under National Instrument 43-101 (NI 43-101), has reviewed and approved the scientific and technical content of this press release. The field exploration program was carried out under the supervision of Spencer Vatcher, P.Geo., a QP as defined under NI 43-101. The helicopter-borne magnetic and IP/Res surveys were designed and supervised by Dr. Chris Hale, P.Geo., Chief Geophysicist for Cartier Iron and a QP as defined under NI 43-101. All analytical work was done by Eastern Analytical Ltd. in Springdale, Newfoundland. The Company employed an industry standard QA/QC program for all analytical work.

Cartier Iron gratefully acknowledges the support of the Newfoundland and Labrador government through the Junior Exploration Assistance program.

About Cartier Iron Corporation

Cartier Iron is an exploration and development Company focused on discovering and developing significant iron ore resources in Quebec, and a potentially significant gold property in the province of Newfoundland and Labrador. The Company’s iron ore projects include the Gagnon Holdings in the southern Labrador Trough region of east-central Quebec. The Big Easy gold property is located in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland.

Please visit Cartier Iron’s website at www.cartieriron.com.

For further information please contact:

Thomas G. LarsenJorge Estepa
Chief Executive OfficerVice-President
(416) 360-8006(416) 360-8006

The CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release. Statements in this release that are not historical facts are “forward-looking statements” and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking statements”.

Figure 1: Plan Map of Big Easy Gold Project showing total field magnetics and major magnetic trends:
https://www.globenewswire.com/NewsRoom/AttachmentNg/d6065451-3b28-4d1a-bba8-bc6b5a78e543

Figure 2: Plan of new IP/Res grid showing locations of significant chargeability anomalies:
https://www.globenewswire.com/NewsRoom/AttachmentNg/fded70ec-8d06-42d8-9ff9-8285dca368f4

PDF available: http://ml.globenewswire.com/Resource/Download/7bda5b88-78d3-408c-867b-9800476d436d

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Tocvan Commences Drill Program at the Pilar Project in Sonora, Mexico. Brodie Sutherland Appointed V.P. Exploration.

Tocvan Ventures Corp. (CNX:TOC) (“Tocvan” or the “Corporation”) is pleased to announce the start-up of its maiden drill program (the “Program”) at the Pilar Gold-Silver Project in Sonora, Mexico. Phase I of the Program plans for up to 1,500 meters of reverse circulation (RC) drilling utilizing one drill rig at the Pilar Main Zone.

“We are excited to start our first drill program and continue to show the potential of Pilar,” commented President and CEO Derek Wood. “Tocvan’s work over the past year has generated new target areas and shown great potential for deeper mineralization. Phase I drilling will focus on expanding known mineralization within the Main Zone whilst acquiring important data to continue advancing the new target areas for later drilling. Field crews are on-site with COVID-19 mitigation plans in place and are ready to commence drilling.”

Priority Drill Targets

The Program will provide important structural data to incorporate into the recently interpreted deep feeder zones and controlling north-south faults (see press release from October 26, 2020). The results of Phase I will be used to define deeper drill targets (>125m) and delineate key structures for exploring on trend and parallel to the Main Zone. A Phase II program will utilize the key structural data acquired in Phase I to begin testing the feeder-pipe structures interpreted from ground geophysical surveys (See About Pilar section in this release).

In addition, drilling is planned at the Pilar Main Zone to expand the area of known mineralization, building upon the success of previous drill programs. Plans include step-out drilling of drill holes JESP-13-15 and JES-18-24 that intersected:

  • -JESP-13-15: 34.5m grading 1.3 g/t Au,
    • -including 3m grading 9.5 g/t Au and 28 g/t Ag

      -and, 21m grading 0.83 g/t Au

    -JES-18-24: 48m grading 0.87 g/t Au,

    • -including 1.5m grading 17.3 g/t Au

Confirmation drilling of historic drill holes from 1996 and 1997 will also be completed so this data can be included in future resources estimation.

Management Change

Tocvan would like to announce Mark T. Smethurst will be stepping down from his role as COO. Mr. Smethurst will remain on the Tocvan Board of Directors as an important advisor to the Corporation. Tocvan would like to acknowledge Mr. Smethurst for his efforts in identifying the potential of the Pilar Project and his work to generate new target areas across the Project. Tocvan Director, Brodie A. Sutherland, P.Geo will be taking over as VP Exploration and seeing to the advancement of the Pilar Project. Mr. Sutherland has fourteen years experience managing exploration and resource definition drill programs across the globe.

“Tocvan would like to thank Mr. Smethurst for his role in developing the Pilar Project to date,” commented President and CEO Derek Wood. “As the Pilar Project advances we are excited to have Mr. Sutherland take on a management role to see to the continued development of Pilar.”

President and CEO, Derek Wood was recently interviewed by Steve Darling at Proactive Investors, a link to the video can be found here:

About the Pilar Property

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite and rhyolite rocks. Hydrothermal fluids carrying gold, silver and other elements are transported through the pre-existing structures and precipitate from the fluids to become mineralized veins within the structures and surrounding host rock. Three zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4 Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 17,700m of drilling have been completed to date. Significant results are highlighted below from previous operators:

  • – of Core & RC drilling. Highlights include (all lengths are drilled thicknesses):
    • -0.73g/t Au over 40m

      -0.75g/t Au over 61m

      -17.3g/t Au over 1.5m

      -5.27g/t Au over 3m

      -53.47g/t Au & 53.4g/t Ag over 16m

      -9.64g/t Au over 13m

      -.6g/t Au & 37.8g/t Ag over 9m

    -2,650m of surface and trench channel sampling. Highlights include:

    • -55g/t Au over 3m

      -28.6g/t Au over 6m

      -3.39 g/t Au over 50m

    -sampling results from undrilled areas indicating mineralization extends towards the southeast from the Main Zone, North Hill Zone, and 4-Trench Zone


Click Image To View Full Size

Figure 1. 3D Inversion processed from Induced Polarization (IP) geophysics survey showing interpreted feeder-pipe structures.

Additional areas of mineralization have been identified from surface rock-grab-sample assay results that extend known mineralized trends and show a second NW-SE trend of mineralization to the east parallel to the trending zone described above; gold-silver mineralization is indicated across the property from the north to the south, see press release dated January 7, 2020.


Click Image To View Full Size

Figure 2. Results from 2020 Surface Sampling at Pilar Au-Ag Project. Showing existing zones and trends of mineralization, along with the recently discovered East Zone of mineralization showing high grade silver.

Brodie A. Sutherland, P.Geo., VP Exploration for Tocvan Ventures Corp. and a qualified person (“QP”) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration mining company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan Ventures Currently has approximately 24.5 million shares outstanding and is earning into two exciting opportunities. The Pilar Gold project in the Sonora state of Mexico and the Rogers Creek project in Southern British Columbia, Management feels both projects represent tremendous opportunity.

Cautionary Statement Regarding Forward Looking Statements

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position.

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

FOR FURTHER INFORMATION, PLEASE CONTACT:

TOCVAN VENTURES CORP.

Derek A. Wood, President and CEO

Suite 1150 Iveagh House,

707 – 7th Avenue SW

Calgary, Alberta T2P 3H6

Telephone: (403) 200-3569

Email: dwood@tocvan.ca

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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Northstar Geophysics Identifies Large High Chargeability Corridor at Miller Gold Property Encompassing Known Mineralization; New Structures Delineated

 Northstar Gold Corp. (CSE: NSG) (“Northstar” or the “Company“)reports that final 3D inversions of a 5 km2 DIAS32 3D I.P geophysical survey has identified multiple low-resistivity and high-chargeability anomalies extending from recently discovered near-surface syenite intrusion-related gold mineralization at the Miller Gold Property, situated 18 km southeast of Kirkland Lake and Kirkland Lake Gold’s Macassa SMC gold mine (Figure 1). Discrete, linear low-resistivity and broader chargeability anomalies may represent faulted hydrothermal conduit structures and pervasive, gold-bearing alteration, respectively, spatially related to the Allied and Planet syenite stocks.

These important exploration interpretations and implications will be further qualified with recently completed gravity and magnetic survey modeling by GoldSpot Discoveries Corp. utilizing proprietary machine-learning AI and algorithms, in a joint news release currently in preparation.

I.P. Geophysics Highlights:

  • Allied and Planet Syenite gold mineralized areas connected by a 600m wide strong chargeable corridor over a distance of 800 metres, extending beyond for a total distance of 1600 metres (Figure 1).
  • Interpreted second order fault structures include a Northwest striking, steeply dipping splay from the main Catharine Fault that intersects the Allied Syenite and a North-South striking, near vertical structure intersecting the western edge of the Planet Syenite intrusive stock (Figure 2). Both features extend to >500m depth and likely represent primary conduits for gold mineralization on the property.
  • Strong chargeability anomaly along the western contact of the Allied intrusion which was drilled in hole MG20-47 (1.2 g/t Au over 107.3m) continues NNW; this undrilled area is 200% larger than mineralized area drilled to date within the Allied Syenite.
  • Undrilled strong elongate chargeability anomaly east of Allied intrusive follows the Catherine Fault (major Camp-scale vertical structure) hosting known gold deposits.
  • Resistivity anomalies interpreted to be vertical fault structures (Figure 2) as possible pathways for mineralized hydrothermal fluids.
  • Planet intrusive is surrounded by strong undrilled chargeability anomalies.

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Figure 1. Miller Gold Property Drill Targets and IP Chargeability (mV/V) at 100m depth

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6839/69243_354e09e7b456b947_002full.jpg

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Figure 2. Miller Gold Property Drill Targets and Resistivity (ohm-m) at 100m depth

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/6839/69243_354e09e7b456b947_003full.jpg

The Allied Syenite

The Allied Syenite Gold Zone is highlighted by a low resistivity anomaly located at the near surface intersection of the NW striking, NE steeply dipping fault zone with a NNE striking sub vertical fault zone within the intrusion (Figure 2). There is a strong chargeability anomaly (40 to 55 mV/V – Figures 1 & 3 Target 2) along the western contact of the syenite intrusion which was drilled in hole MG20-47 (1.2 g/t Au over 107.3m) that correlates with gold bearing sulphide mineralization. The high chargeability anomaly extends well beyond the syenite boundary indicating that follow-up drilling in the vicinity of hole 47 will potentially further expand the area of gold mineralization. Another very strong chargeability anomaly (35 to 62 mV/V- (Figures 1 & 3 Target 1) is co-incident within the Catharine Fault 200m NE of the Allied Syenite contact. Low resistivity anomalies appear to merge at depth into a single primary structural conduit which suggests a common fluid source (Figure 3).

Planet Syenite

The mineralized zone in the Planet Syenite is highlighted by the intersection of a high chargeability anomaly (40 to 54 mV/V) (Figures 1 & 4 Target 5) and a north-south vertical structure along the western contact of the syenite (Figure 2). The strong chargeability anomaly extends 200m to the west of the syenite contact extending some distance into the mafic volcanics. Hole 53 (1.9 g/t Au over 22.6m) intersected the IP chargeability anomaly in the Phase 1 program. The syenite hosted mineralization remains open laterally and follow-up drill testing is required. There are additional strong chargeability anomalies to the north and south of the Planet Syenite that have never been drill tested.

Vein 1 Zone

There are some smaller high chargeability anomalies (25 to 40 mV/V – Figure 1 Target 3) connected to the Vein 1 zone. Holes 45 (4.1 g/t Au over 4.5m) and 46 (15.5 g/t Au over 2m) were drilled into the center of the strongest Vein 1 IP chargeability target which appears to be extending in both WNW and NNE directions from the hole collars. These represent immediate drill targets recommended for testing.

Structural Geology Model

Geochronological age dating and geochemistry indicates that the Miller and Kirkland Lake gold deposits were formed contemporaneously and derived from a common gold enriched magmatic hydrothermal reservoir at depth. The Catharine Fault Zone which crosscuts the Miller Gold Property is interpreted as a broad composite “first order structure” capable of channelling deep seated exsolved magmatic hydrothermal fluids into favourable sites of gold deposition, namely intrusive contacts and cross cutting second order structures. The final 3D IP/Resistivity data provided by the DIAS32 Survey highlighting these newly identified fault structures provide additional insights into the structural geology and controls on gold mineralization of the Miller Gold Property that will greatly assist in the planning of the Phase 2 diamond drilling program.

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Figure 3. Miller Gold Property Chargeability Section (mV/V) Through the Allied Syenite

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/6839/69243_354e09e7b456b947_004full.jpg

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Figure 4. Miller Gold Property Chargeability Section (mV/V) Through the Planet Syenite

To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/6839/69243_354e09e7b456b947_005full.jpg

About the Technology

The DIAS32 distributed array 3D IP system with CVR technology provides enhanced resolution and greater depth of investigation than conventional IP utilizing multi-scale dipoles, and high volume multi-azimuth data. The system is fully scalable and has cable-free mesh networking for real time quality control. All these features provide for accurate, high resolution 3D resistivity and induced polarization models of the subsurface.

Gravity, magnetic and IP survey data was collected and processed concurrently, then inverted into a comprehensive 3D model to highlight the best anomalies for follow up drill testing.

“Dias Geophysical is pleased to have partnered with Northstar Gold to carry out the DIAS32 survey at their Miller Gold project. The 3D IP survey was designed to address the complexity of the mineralized veins and structures on the property and to map the syenite intrusions and potential associated mineralization to depth. The survey provides a rich data set from which accurate interpretation and drill targeting can be derived.” Jonathan Rudd, President, Dias Geophysical.

Qualified Persons

Trevor Boyd, PhD, P.Geo., a ‘Qualified Person’ (Q.P.) as defined under Canadian National Instrument NI 43-101, has prepared and reviewed technical aspects of this news release.

About the Miller Gold Property

The Miller Gold Property and the Kirkland Lake Gold camp share many important geological features such as similar rock types, gold telluride mineralogy, timing of mineralization and large- scale hydrothermal gold systems featuring multi-stage and long-lived alkalic magmatic gold deposition. This strongly suggests the gold mineralization in both regions is derived from a common gold enriched alkaline magmatic-hydrothermal reservoir at depth and channelled to surface by deep seated, interconnected structures such as the first order Catharine Fault zone. An important difference is the Miller Property, in addition to high-grade gold-telluride mineralization, has several near-surface broad, low-grade bulk-tonnage drill zones (Planet and Allied Syenites) and remains un-explored at depth.

About Northstar Gold Corp.

Prior to going public on the CSE on January 2, 2020 by way of a $3 million Initial Public Offering, Northstar operated for the past 11 years as a private company focused primarily on gold exploration in the prolific Kirkland Lake District in northeastern Ontario (>24.5 million ounces gold produced from 7 mines since 1915). Northstar has an accomplished Board, Special Advisor and Management Group comprised of professionals highly experienced in exploration, mining, finance and investment banking on a global basis.

The Company’s flagship property is the 100% owned Miller Gold Property, situated 18 km southeast of Kirkland Lake and Kirkland Lake Gold’s Macassa SMC gold mine. Northstar has just completed a 5,023 metre, 28 hole drill program and integrated 3D IP, gravity and magnetic survey on the Miller Gold Property, making a number of new gold discoveries. This includes the near-surface Allied Syenite Gold Zone, returning intercepts that include 19.4 g/t Au over 4.4m within 1.4 g/t Au over 118.5m and 4.7 g/t Au over 8m within a 107.3m interval averaging 1.2 g/t Au. Northstar is positioning to resume drilling at the Miller Gold Property in November, 2020 with a 4,000 metre, 15 hole Phase II drill program.

Northstar also has 3 additional 100%-owned exploration projects in northern Ontario, including the recently acquired 1,200 ha Rosegrove Property situated 0.5 km from the Miller Gold Property, the 5,090 hectare Bryce Property, an intrusive-gold / PME VMS project located 35 km southwest on the Rideout Break, and the Temagami-Milestone Cu-Ni-Co Property located in Strathcona Township. Northstar is considering options to advance the Bryce and Milestone projects through joint venture partnerships or otherwise.

On behalf of the Board of Directors,

Mr. Brian P. Fowler, P.Geo.
President, CEO and Director
(604) 617-8191
bfowler@northstargoldcorp.com

For further information, please contact:

Derek Wood
Conduit IR
(403) 200-3569
dwood@conduitir.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Northstar Goldcorp. which may cause actual results, performance or achievements of Northstar Gold Corp to be materially different from the results, performance or expectation implied by these forward looking statements. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors.

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Eloro: Big Breccias in Bolivia

I think it is fair to say that Eloro (V.ELO) CEO Tom Larsen is excited by what the company is finding at its Iska Iska Property in Southern Bolivia. The announcement of a second major mineralized breccia pipe approximately 400m in diameter confirmed Larsen’s belief that Iska Iska may have significant tonnages of commercially viable material.

In the release, Larsen states, “The discovery of a new breccia pipe and outlining of a number of potential targets for breccia pipes is highlighting the potential for Iska Iska to host a significant bulk mineable polymetallic deposit. We are currently preparing access roads to enable additional surface drilling to further evaluate the new pipe as well as drill-test other potential breccia pipe targets.”

Iska Iska was taken on by Eloro as a second project when the company’s La Victoria project in Peru ran into regulatory headwinds. “We have the financing and the drill plan for La Victoria,” said Larsen on the phone. “What we have to get is a land rental agreement from the community. We are making progress on that but it is slow going.”

All of which has meant that Iska Iska has become Eloro’s flagship property. From the start, the property had the advantage of being privately owned and having been operated as a mine previously. The Huayra Kasa underground workings from the previous mine gave Eloro the great advantage of being able to drill from underground drill bays. While those workings are not deep, about 20 meters from surface, they illustrate a potential open pit operation.

“We’re drilling from three underground bays,” said Larsen. “This is on the northern part of the property. We drill holes from each bay in all four directions. Everything we have drilled, so far, has been mineralized. Whether there is commercial mineralization is yet to be determined. We have assay results for five holes with ten holes pending.”

What the drills are finding is a very strong set of indications that Eloro has found a second breccia pipe. “We drilled into the breccia and then we brought in another drill,” said Larsen. “Our hole # 14 drilled from the third underground bay going west intersected almost 180m of silicified and mineralized breccia in the Santa Barbara Breccia Pipe. Hole 14 ended in well-mineralized breccia once the drill reached its depth capacity and only penetrated approximately 50% of the breccia pipe.”

“This Santa Barbara Breccia Pipe is different,” said Larsen. “It’s more circular and about 400 meters in diameter. In the outlying areas of the pipe we’re seeing more lead and zinc. In the center we see tin, copper and bismuth which are less transportable and closer to the heat source. However, the field XRF analyser picking up on these metals is not set up to detect either gold or silver.”

This is the second breccia pipe Eloro has found at Iska Iska. The first was reported November 18, 2020. In that report Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro, stated, “Breccia pipes such as the one we have discovered are important hosts of bulk tonnage ore bodies in many producing mines in epithermal and porphyry deposits especially in the Andean Cordillera of Central and South America.  These pipes tend to occur in clusters, and recent geologic work by our Bolivian geologic team led by Dr. Osvaldo Arce indicates the setting at Iska Iska is conducive for discovery of such a cluster.”

As Eloro awaits assay results from its current drill holes it is completing an access road for a surface drill pad for surface definition drilling of the Santa Barbara breccia pipe.

“We have also located a Central Pipe which is to the south,” said Larsen. “It appears to be elongated and about 400 meters by 700 meters.”

“We have potential breccia pipe targets along the ring structure of the collapsed caldera,” said Larsen. “We are very enthused with the results to date. Our team is working very well. Remember, we really only started drilling in September. We’re able to drill 50 to 90 meters a day at a direct cost of about $110 US a meter.”

The breccia pipes may or may not contain commercially viable material but they are strong indicators that there is a magmatic-hydrothermal source underlying the breccias. Dr. Bill Pearson, P.Geo., Chief Technical Advisor commented, “given the strong association of gold with bismuth in the high-grade zones at Huayra Kasa, gold is likely to be present. It is also very likely that there is a major tin-copper-bismuth porphyry system beneath these breccia pipes; this possibility will be tested in the next round of surface diamond drilling.”

“All the rock is mineralized,” said Larsen. “It really suggests a porphyry intrusive running deeper.”

Larsen describes Iska Iska as a “typical Andean Cordilleran system”. What he does not say is that these sorts of systems produce copper, tin, silver and, perhaps, gold in huge tonnages. It is very early days at Iska Iska, but for investors, the very real possibility of a large mining opportunity becomes more realistic with each hole drilled.

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CBLT Enters LOI to Buy 70% of Werner Lake and Updates Hemlo Operations

CBLT Inc. (TSXV: CBLT) (“CBLT“) announces it has entered into a Letter of Intent (the “LOI“) to buy the 70% majority interest in the Werner Lake Copper-Cobalt-Gold Project (“Werner Lake“) from Global Energy Metals Corporation (“GEMC“). Readers are directed to GEMC’s website for details and documents related to Werner Lake (https://www.globalenergymetals.com/projects/werner-lake-cobalt-project/).

“This is an extremely exciting time for CBLT’s shareholders. Efficient M&A activity has meant CBLT has not had to carry out a financing since 2016,” said Peter M. Clausi, CBLT’s CEO. “The recent sale of our interest in Northshore Gold to Ready Set Gold Corp. (currently known as Omni Commerce Corp.) will extend that streak. We are thrilled to be able to use M&A proceeds to acquire and, in the future, develop such an intriguing project as Werner Lake.”

“Given the pandemic and border closures, it is important for us to acquire quality assets in jurisdictions to which our team can travel and work safely. Ontario is a great mining jurisdiction that meets those criteria which helps de-risk the project,” continued Clausi.

Werner Lake

GEMC published an updated NI43-101 resource estimate (the “Report“) on May 11, 2018, a summary of which is:

Indicated: 57.9kt @ 0.51% Cobalt and 0.25% Copper at a 0.25% Cobalt Cut-off for 653,000 lbs of Contained Cobalt

Inferred: 6.3t @ 0.48% Cobalt and 0.14% Copper at a 0.25% Cobalt Cut-off for 67,000 lbs of Contained Cobalt

The author of the Report was AGP Mining Consultants Inc. of Barrie, Ontario. CBLT has read the Report and sees no reason not to rely upon it and GEMC’s public disclosures for the purposes of its own disclosure. CBLT will carry out its own further due diligence prior to closing on the purchase of Werner Lake. As with every report under NI43-101 there are risks the author of the Report was incorrect or incomplete in its research, calculations or conclusions.

According to GEMC, the infill and expansion diamond drilling completed in 2018/2019:

  • Confirmed high-grade cobalt mineralisation intersected in numerous drill holes during previous diamond drilling programs;
  • Provided additional structural and geotechnical data for ongoing project development studies;
  • Increased pierce points within the current block model to enhance the current mineral resource; and
  • Regained an understanding of the geological controls on mineralisation and advance interpretive theories from the detailed work in the mid 1990’s.

Such infill and expansion drilling was carried out by Werner Lake’s 30% joint venture partner, who expended over AUD$1,000,000 to earn that 30%.

There are numerous historic references to ‘gold’ throughout the Report. Further work will be needed to follow up on these references.

Werner Lake is described as follows in the Report:

The Property consists of mineral rights to 108 patented mining claims and two leasehold interests which are 100% held by GEMC; of the 108 patented mining claims, six claims convey both mineral and surface rights.

The Property is located in northwestern Ontario approximately 85 km north of Kenora, Ontario and approximately 85 km east of the town of Lac du Bonnet, Manitoba. The project lies roughly 14 km east of the Manitoba-Ontario border and is located in the Umfreville Lake Sheet, NTS 52L/07, which is part of the Kenora Mining District. Infrastructure and local resources favour continued exploration and future development.

The Werner Lake Geological Belt lies within the Archaean English River sub-province which is a 25 to 100-kilometre-wide by 800-kilometre-long, east-west trending belt of predominantly metasedimentary gneisses intruded by syn- to late-tectonic felsic intrusive rocks within the Superior Geological Province. The Werner Lake Geological Belt is defined by a deep-seated structure that is believed to have ruptured the Superior Province. The structural zone is up to 500 m wide with near vertical dips. At Werner Lake, the structural zone is marked at surface by a prominent 25 to 50 m wide U-shaped valley which disappears to the west under Reynar Lake and is characterized by high grade, amphibolite to granulite facies, metamorphism.

Note the Report pre-dates the 30% earn-in so the reference to the quotation above was correct at the time.

The LOI

CBLT has agreed to pay a total of $270,000 (two hundred and seventy thousand dollars) to GEMC for Werner Lake. Of that amount, $20,000 (twenty thousand dollars) will be immediately paid as a non-refundable deposit. The remainder will be satisfied on the closing by CBLT issuing 5,000,000 (five million) shares issued at a deemed price of five ($0.05) cents per share, plus 3,500,000 (three million and five hundred thousand) common share purchase warrants each exercisable at $0.08 (eight cents) with a two year term. There is no accelerator on these warrants. The LOI terminates on December 19, 2020 unless extended by mutual agreement or a definitive agreement has been reached. A payment of $500,000 (five hundred thousand dollars) would be payable by CBLT to GEMC upon Werner Lake reaching commercial production. CBLT may pay an arm’s length finder’s fee should closing take place. If CBLT disposes of all or part of Werner Lake in the 24 months following closing, twenty per cent of the gross proceeds of such disposition would be payable to GEMC.

The LOI includes the delivery to CBLT of all technical data related to Werner Lake in GEMC’s power, control or possession.

Assuming a definitive agreement is reached, closing of such agreement would be conditional upon approval from the TSX Ventures Exchange and further due diligence by CBLT. CBLT does not believe shareholder approval will be needed.

The Roles of Cobalt and Copper in the Green Revolution

Copper and cobalt are two of the most important metals for the Green Revolution. Under current technological parameters the world will not be able to ‘greenify’ without additional sources of cobalt and copper. CBLT intends to develop its assets, hopefully including Werner Lake once it closes on its purchase, to ethically contribute towards such greenification and the lessening of the carbon footprint.

Hemlo Update

As previously announced CBLT sold its 55% joint venture interest in the Northshore Gold Project in Ontario to Omni Commerce Corp. (“Omni“) for cash and Omni shares. Those shares are subject to a regulatory four month hold and a voluntary escrow agreement providing for staggered releases over the following eight months. The first release from escrow of 25% of CBLT’s holdings will take place on or about December 20, 2020. CBLT has been advised that Omni is making normal corporate progress in the listing of its common shares on the Canadian Securities Exchange. Omni has expressed its intention to change its name to Ready Set Gold Corp.

On November 25, 2020, Omni disclosed it had raised $2,595,337.20 at $0.60 per share, in addition to flow-through financing for $240,000 at a price of $0.75, for an aggregate of $2,835,337.20. To CBLT this is especially impressive as Omni had earlier disclosed its target financing was $1,500,000. Readers are encouraged to review Omni’s press release for details on the financing and an operational update https://bit.ly/39aAYtk.

To the best of CBLT’s knowledge it is one of Omni’s largest shareholders, if not the largest shareholder, and will likely remain so even after Omni closes on its previously announced financing. CBLT is highly supportive of Omni’s efforts.

CBLT applied for a normal course exploration permit from the Ontario Ministry of Energy, Northern Development and Mines for its Big Duck Lake project in September, 2020. The Ministry has not responded as quickly as expected, causing CBLT to re-consider whether it will carry out exploration at Big Duck Lake in 2020 or 2021.

CONTACT INFORMATION

Peter M. Clausi
CEO and Director
1 416 890 1232
pclausi@cbltinc.com

@ClausiPeter

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

This news release contains certain statements that constitute forward-looking statements as they relate to CBLT and its management. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “should”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.

By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, CBLT will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, CBLT assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: converting the LOI described above into a definitive agreement; closing on such definitive agreement in a timely manner; SARS-CoV-2; reliance on key personnel; shareholder and regulatory approvals; First Nations and other local communities; risks of future legal proceedings; income tax matters; availability and terms of financing; distribution of securities; commodities pricing; effect of market interest on price of securities; and, potential dilution.

CBLT’s operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of respiratory illness caused by COVID-19. It is not possible to accurately predict the impact COVID-19 will have on operations and the ability of others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect operations and the ability to finance its operations.

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Renforth Successfully Drills Polymetallic Mineralization at Surimeau

Renforth Resources Inc. (CSE:RFR) (“Renforth” or the “Company”) is pleased to announce a first successful drill test on its Surimeau polymetallic project located twenty kilometers south of the town of Cadillac, Québec. The project covering an area of 215 km2 is a regional exploration setting covering an area of interest west of, and adjoining, the Agnico-Eagle and Yamana Gold owned Canadian Malartic Mine.

“We are very happy to have completed as much of our maiden Surimeau drill program as we did at this time, and look forward to resuming it. We successfully intersected polymetallic mineralization at some depth in drill core, in both VMS and sedimentary host rock. Our drilling ties on to, and extends, the kilometric scale Victoria West historic area of interest, with the difference that we were drilling deliberately into the large scale geophysical structure that underpins the Victoria West and, 20 kms to the east, Colonie historic mineralized showings, as opposed to under trenches. We consider our achievement to be a new discovery at Surimeau, where we have proven over 200m that the geophysical anomaly and its associated surface mineralization carries metal sulphides sub-surface, at some initial depth. We look forward to building on this discovery”, states Nicole Brewster, President and CEO of Renforth.

This phase of drill test was performed using a small track mounted drill set up on existing forestry trails. Work has been temporarily concluded due to equipment breakage and weather issues, but not without producing noteworthy core intervals in relation to the polymetallic potential of the property. The drillholes completed targeted the historical Victoria nickel – zinc – copper showing but were collared east of the main worked area.

In both holes SUR-20-001 and SUR-20-002, visual description identified intervals of strong stringers zones and disseminated sulfides, mainly pyrrhotite, on multiple intervals varying between 1 metres and 13 metres of core length. Overall, the sulfides bearing envelope makes respectively 26.5m and 60 metres for hole one and two which are located about 220 metres apart.

Base metals sulfides such as sphalerite (zinc sulfide) and chalcopyrite (copper sulfide) were observed locally in association with pyrrhotite. Sulfides mineralization is hosted in varied lithologies, both sedimentary and volcanic. The strong structural layering suggests a remobilization of sulfides through deformation.

Surimeau Core Log Highlights

Easting (UTMnad83)

From:

To:

Interval (m)

Observations

SUR-20-001

698210

5.5

16.4

10.9

5-10 % pyrite-pyrrhotite, sphalerite in fractures

SUR-20-001

698210

21.1

27.3

6.2

Up to 20 % pyrite-pyrrhotite layering with sphalerite

SUR-20-002

697990

5.9

18.9

13

Sulfides stringer, up to 30 % pyrrhotite over metric intervals with sphalerite and chalcopyrite

SUR-20-002

697990

35

42.8

7.8

10-20 % disseminated pyrrhotite with sphalerite

Suriemau Core Photos

A third hole, which ended at 32m due to equipment breakdown, was designed to be the second hole in a four holes fence, this fence was designed to give a cross section of 300 metres (north/south) to cover a favorable lense of lithologies which caused a strong geophysical footprint centered on a strongly conductive graphitic mudstone layer. The intent of the ongoing program is to cover the entire thickness of the volcanic complex previously identified at Victoria, and understand the structure and associated alteration zoning to understand the distribution of metals, including gold.

The core generated in this program has been logged and will be sampled, split core will be delivered to an assay laboratory with results reported on as available.

This press release was reviewed and approved by Martin Demers P.Geo (ogq#770) and Brian H. Newton P.Geo, each is a “qualified person” pursuant to the requirements of NI 43-101.

For further information please contact:
Renforth Resources Inc.
Nicole Brewster
President and Chief Executive Officer
C:416-818-1393
E: nicole@renforthresources.com
#200 – 65 Front St. E, Toronto, ON M5E 1B5

No securities regulatory authority has approved or disapproved of the contents of this news release.

Forward Looking Statements

This news release contains forward-looking statements and information under applicable securities laws. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as ‘may’, ‘will’, ‘plan’, ‘expect’, ‘believe’, ‘anticipate’, ‘estimate’, ‘intend’ and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals, licenses and permits and the availability of financing, as described in more detail in the Company’s securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and the Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.

SOURCE: Renforth Resources Inc.

Renforth Resources Inc.

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Eloro Resources Discovers Second Major Mineralized Breccia Pipe Approximately 400m in Diameter at its Iska Iska Property, Potosi Department, Southern Bolivia

  • Drill Hole DHK-14 drilled at -10 degrees to the southwest of Huayra Kasa workings from Drill Bay #3 intersected almost 180m of silicified and mineralized breccia in the Santa Barbara Breccia Pipe. Hole ended in well-mineralized breccia once the drill reached its depth capacity and only penetrated approximately 50% of the breccia pipe.
  • Channel sampling in 2019 at the north-western end of the Santa Barbara adit returned 0.32 g Au/t, 26.90 g Ag/t, 1.16% Pb, 28.5 g In/t and > 500ppm Sn along the margin of this pipe.
  • A third potential breccia pipe immediately to the south, the Central Breccia Pipe, identified by surface geological mapping and Aster satellite data, is elongate in shape with potential dimensions of approximately 400m by 700m;
  • Five (5) additional potential breccia pipe targets outlined further to the south and east; all confirmed and potential breccia pipes occur along ring structures in the margins of the Iska Iska caldera complex.

Eloro Resources Ltd. (TSX-V: ELOOTCQX: ELRRF FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce that diamond drilling has confirmed the presence of a second major breccia pipe southwest of the Huayra Kasa underground workings as shown in Figure 1. Drill Hole DHK-14 drilled at -10 degrees to the southwest of the underground workings from Drill Bay #3 intersected almost 180m of silicified and mineralized breccia from 151m to 330m in the Santa Barbara Breccia Pipe. This hole stopped in well-mineralized breccia at the maximum limit of the drilling range and only penetrated approximately 50% of the breccia pipe. Assays are pending. A field XRF analyser indicates the presence of lead (Pb) and zinc (Zn) predominantly before and in the periphery of the breccia transitioning to copper (Cu), bismuth (Bi) and tin (Sn) in the central part. However, the numbers measured are not quantitatively accurate hence cannot be reported. Note that silver (Ag) and gold (Au) cannot be detected by this instrument.

Based on surface geological mapping and interpretation of Aster satellite data (see inset map, Figure 1) along with digital terrain data, the new Santa Barbara Breccia Pipe has an approximate diameter of 400m which is substantially larger than the previously announced breccia pipe discovered adjacent the underground workings approximately 500m to the east. (see press release November 18, 2020). Furthermore, within the breccia, silicification is the predominant alteration suggesting that this pipe is closer to the source of the magmatic-hydrothermal mineralization. Sulphide mineralization occurs throughout the breccia as veins, stockworks, disseminations with locally massive zones. Fragments are principally dacitic in composition with local sandstone and pumice.

As an indication of the style of mineralization in this new breccia pipe, channel sampling in 2019 by Dr. Osvaldo Arce, P.Geo. at the end of the Santa Barbara adit returned 0.32 g Au/t, 26.90 g Ag/t, 1.16% Pb, 0.01% Zn, 28.5 g In/t and > 500ppm Sn over 2.6m in breccia along the southeast margin of this pipe. A third potential breccia pipe immediately to the south, the Central Breccia Pipe, identified by surface geological mapping and Aster satellite data, is elongate in shape with potential dimensions of approximately 400m by 700m (Figure 1). In addition to the potential Central Breccia Pipe, five (5) additional potential breccia pipe targets have been outlined further south and to the east; all confirmed and potential breccia pipes occur along ring structures in the margins of the Iska Iska caldera complex (Inset map, Figure 1). Eloro plans to systematically test each of these newly identified breccia pipe targets for mineralization with diamond drilling.

Tom Larsen, Chairman and CEO of Eloro, commented: “The discovery of a new breccia pipe and outlining of a number of potential targets for breccia pipes is highlighting the potential for Iska Iska to host a significant bulk mineable polymetallic deposit. We are currently preparing access roads to enable additional surface drilling to further evaluate the new pipe as well as drill-test other potential breccia pipe targets.

Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Eloro commented: “The alteration in the Huayra Kasa breccia pipe just east of the underground workings is principally argillic and sericitic which is typical of higher level mineralization in a porphyry-epithermal complex. In contrast, the alteration in the newly discovered Santa Barbara Breccia Pipe is principally silicification. This and the presence of copper, tin and bismuth in the core of the breccia indicates that we are getting closer to the magmatic-hydrothermal source. Furthermore, given the strong association of gold with bismuth in the high-grade zones at Huayra Kasa, gold is likely to be present. It is also very likely that there is a major tin-copper-bismuth porphyry system beneath these breccia pipes; this possibility will be tested in the next round of surface diamond drilling. Meanwhile we are excitedly waiting for more assay results.

Qualified Person

Dr. Osvaldo Arce, P. Geo., Manager of Minera Tupiza, Eloro’s subsidiary in Bolivia and a Qualified Person in the context of National Instrument 43-101 (NI 43-101), has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, provides technical oversight to the program in consultation with Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited. Processing of the ASTER and satellite data was done by Sandra L. Perry, MS, P.Geo. of Perry Remote Sensing LLC in Denver, Colorado. Ms. Perry is a Qualified Person as defined by NI 43-101. Drill samples are prepared in SGS BOLIVIA SA’s preparation facility in Oruro, Bolivia with pulps sent to the main SGS laboratory in Lima, Peru for analysis by fire assay for gold and silver as well as 31 element ICP. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed.

About Iska Iska

Iska Iska silver polymetallic project is a road accessible, royalty-free property, wholly-controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi. The property can be classified as a silver polymetallic (Ag, Zn, Pb, Au, Cu, Bi, Sn, In) and porphyry-epithermal complex. This is an important mineral deposit type in the prolific South Mineral Belt of Bolivia.

Silver polymetallic mineralization at Iska Iska occurs within a Miocene possibly collapsed/resurgent caldera that consists of granodioritic stocks and five (5) dacitic domes which are each about 500m in diameter. These rocks intrude/extrude an intensely deformed sequence of Ordovician shales, siltstones, and sandstones, which are partially covered by Miocene pyroclastic rocks. The silver polymetallic mineralization occurs mainly as veins, vein swarms, veinlets, stockworks, disseminations and in breccias associated with intense hydrothermal alteration. The Iska Iska dome complex has several major phases of igneous breccias, quartz porphyries, dikes and dacitic syn-kinematic flows.

On November 18, 2020 Eloro announced the discovery of a major breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. Diamond drilling intersected a number of extensive mineralized intersections within the major breccia pipe including 54.48 g Ag/t, 1.45% Zinc (Zn) and 1.60% Lead (Pb) over 16.39m (140.91 g Ag eq/t) within a broader interval of 122.74m grading 14.29 g Ag/t, 0.81% Zn and 0.41% Pb (53.67 g Ag/t eq) in Hole DHK-04 (see press release November 18, 2020).

The high-grade gold-bismuth zone outlined in channel samples in the underground working averaged 7.1 g Au/t and 0.2% Bi (8.29 g Au eq/t) over 3.04m width for strike length of 47m. Hole DHK-05 on the strike extension of the high-grade Au-Bi zone intersected 6.51g Au/t, 0.07% Bi and 31.96 g Ag/t (7.68 g Au eq/t) over 11.85m grading including 29.56 g Au/t,0.26% Bi/t and 63.69 g Ag/t (31.94 g Au eq/t) over 2.31m in this high grade zone.

Silver-polymetallic mineralization within the Iska Iska system occurs over a potential strike length of more than 2.5km along major ring structures in the caldera complex. A synchrotron study of the underground channel samples (see press release dated June 25, 2020) concluded that the mineral cluster analysis identified four mineralogical domains that cover the entire sampling area suggesting they are related and represent a single, large mineralizing system. Furthermore, the mineralogy of the domains is consistent with minerals identified in hand specimen and are likely related to a telescoped porphyry/epithermal style of mineralization.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also 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’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President 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 Company’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 Company. 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/828eb68d-065d-436d-aa95-f6b687f5f7af

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GR Silver Mining Delineates New Mineralized Zone from Drilling in the San Juan Area, Plomosas Silver Project


  • 5.5 m @ 332 g/t AgEq1 (264 g/t Ag, 0.4 g/t Au, 0.3 % Pb and 0.6 % Zn), includes
  • 1.5 m @ 1,112 g/t AgEq (943 g/t Ag, 1.1 g/t Au, 0.5 % Pb and 1.3 % Zn)
  • 19.0 m @ 297 g/t AgEq (49 g/t Ag, 1.8 g/t Au, 0.8 % Pb and 1.4 % Zn)
  • 25.2 m @ 178 g/t AgEq (82 g/t Ag, 0.5 g/t Au, 0.9 % Pb and 0.5 % Zn)
  • 3.2 m @ 477 g/t AgEq (27g/t Ag, 0.3 g/t Au, 3.0 % Pb and 11.4 % Zn)
  • 7.1 m @ 7.5 % Zn, 2.4 % Pb and 0.9 g/t Au
  • 3.3 m @ 11.3 % Zn
  • 0.4 m @ 10.2 g/t Au and 2.1 % Zn

GR Silver Mining Ltd. (TSXV: GRSL) (FRANKFURT: GPE) (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – is pleased to report a new mineralized zone defined by drill results from the San Juan Area at its 100%-owned Plomosas Silver Project (“Plomosas Project”) in Sinaloa, Mexico. The new zone called the “Yecora Vein” includes results from the 2020 drilling program as well as a reinterpretation of historical drill results in the same area.

The results confirm the presence of wide and high-grade zones of silver, gold, lead and zinc mineralization, close to the surface in a new mineralized structure paralled to the San Juan Area. In addition to encountering attractive, near surface polymetallic (Ag-Au-Pb-Zn) mineralization at Yecora, gold-hosted veins have been identified indicating new opportunities for shallow drilling. The San Juan Trend now extends for at least 2 km along strike, consisting of at least six mapped veins: San JuanLa ColoradaYecora, Loma Dorada, La Odisea and San Francisco (Figure1).

_____________________________

1

AgEq is based on long term gold, silver, zinc and lead prices of US$1600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc and US$0.95 per pound lead. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb and 70% Zn.

GR Silver Mining President and CEO, Marcio Fonseca, commented, “These results from the Yecora Vein together with our recent 3D modelling of ground IP and airborne magnetic geophysical data provide encouragement for the definition of a much larger epithermal system at San Juan. Since the March 2020 acquisition of the Plomosas Project, the Company has expanded the strike length of the San Juan system from its original 400 m to approximately 2 km, and has demonstrated the presence of at least six mineralized veins (Figure 2). Our ongoing surface drilling program, together with validation of extensive historic drilling data, is providing strong evidence that the mineralized footprint extends beyond the previously drilled areas”.

The progress of the exploration program at San Juan, which includes surface drilling and a review of geochemical and geophysical exploration data, in combination with detailed geological mapping, is expanding the extent of high-grade precious and base metal mineralization. This program has achieved the discovery of new mineralized structures close to the old San Juan mine workings at shallow depth. The Yecora Vein is located to the west of the San Juan Vein and appears to be a splay from the low sulphidation epithermal vein systems mapped in nearby old workings (La Colorada). It has a strike length of at least 500 m and remains open in both directions.

Highlights of the Yecora Vein in the San Juan Area

  • Results from a total of 29 shallow core drill holes define a new mineralized zone.
  • The footprint of the mineralized structures is approximately 500 m along strike, open in both directions, dipping 50˚ to 70˚ to the west.
  • The mineralized structure sits on the geological contact between andesites and volcanic breccias, showing evidence of intense remobilization.
  • The zone includes both a polymetallic, epithermal vein style of mineralization, from 2 to 5 m wide, in addition to disseminated sulphides, resulting in high grade zinc and lead in the host rock up to 25 m wide.
  • There is an apparent zonation in the mineralized zone with polymetallic epithermal quartz veins sitting on the upper part of the system, dipping 50 ˚ to the west. The disseminated stockwork and veinlets with associated base metals mineralization occur mostly on the lower portion of the system. There is commonly narrow massive sphalerite-galena with associated silver and gold mineralization in the lower portion of the system.
  • There is good continuity between the 50 m spaced drilled sections (on average), supporting the potential to define additional shallow resources.
  • The proximity to the surface of most of the drill results, in combination with favourable topography, provides an immediate target for additional drilling along strike and down-dip.

The mineralized Ag-Au-Pb-Zn veins reported in this news release (Table 1), add to the potential for delineation of near surface polymetallic resources in multiple zones at the San Juan Area.

The Company’s diamond core drilling program at the Plomosas Silver Project is ongoing and includes shallow drill holes from surface, as well as underground drilling inside recently rehabilitated existing developments or old workings. The Company has increased the scale of the drill program at the Plomosas Silver Project from a previously released 4,500 m (see News Release dated 15 July, 2020) to a total of 11,900 m. There are currently five drill rigs on site, including one underground drill rig, as part of the resource expansion and discoveries drill program.

Table 1 summarizes the most significant drill assay results for this set of 29 drill holes released for the Yecora Vein in the San Juan Area.

Table 1: Summary Surface Drill Hole Results – News Release November 23, 2020 (Yecora Vein – San Juan Area)

Hole No.

From
(m)

To
(m)

Drilled
width
(m)

Est.
true
width
(m)

Ag g/t

 Au g/t

Pb %

Zn %

AgEq
g/t

YES20-01

37.0

42.5

5.5

5.5

264

0.4

0.3

0.6

332

includes

39.5

41.0

1.5

1.5

943

1.1

0.5

1.3

1,112

YE-1

80.9

83.9

3.0

3.0

na

1.4

na

1.2

includes

82.0

82.4

0.4

0.4

na

10.2

na

2.1

YE-2

49.7

52.1

2.4

2.3

na

0.6

na

1.0

YE-3

108.4

110.0

1.7

1.6

na

1.1

na

na

YE-4

61.5

75.3

13.8

13.5

na

0.5

na

na

YE-5

41.4

54.2

12.8

12.5

na

na

0.7

1.5

YE-8

136.6

139.9

3.3

3.2

na

na

na

11.3

YE-9

80.9

81.5

0.6

0.5

na

na

na

7.2

99.3

100.3

1.0

1.0

na

2.3

na

0.2

YE-11

120.0

124.0

4.0

3.5

10

0.7

na

na

YE-12

43.5

45.5

2.0

2.0

16

na

2.3

3.7

197

YE-13

58.4

59.1

0.7

0.7

na

0.2

0.2

2.3

61.1

62.0

0.9

0.9

na

1.0

na

na

YE-15

66.0

67.0

1.1

1.1

9

0.9

na

19.3

632

YE-17

74.3

77.5

3.2

3.0

27

0.3

3.0

11.4

477

YE-19

86.5

93.6

7.1

7.0

13

0.9

2.4

7.5

388

YE-20

21.4

28.6

7.2

7.0

na

na

0.2

0.6

31.0

34.6

3.6

3.5

12

na

1.5

1.3

100

79.8

85.0

5.3

5.2

14

0.2

0.2

7.3

242

YE-21

65.1

77.4

12.3

12.1

na

na

0.3

0.4

YE-23

91.3

94.8

3.5

3.3

na

na

0.9

1.6

116.2

126.7

10.5

10.0

na

0.6

1.0

5.0

YE-24

55.0

59.7

4.7

4.5

na

na

0.3

1.4

YE-25

50.9

62.1

11.2

11.2

na

na

0.2

0.6

146.8

148.8

2.0

2.0

18

1.0

1.7

10.4

464

YE-26

17.1

32.1

15.0

15.0

na

0.1

0.3

1.0

YE-27

35.4

60.5

25.2

25.0

82

0.5

0.9

0.5

178

YE-28

165.7

168.3

2.6

2.5

na

na

0.4

1.0

171.3

172.9

1.6

1.4

na

na

0.6

2.1

179.2

184.5

5.3

5.0

na

na

0.5

1.2

YE-29

20.4

30.7

10.3

10.0

8

0.1

2.7

1.9

163

YE-30

52.5

61.8

9.3

9.0

10

0.1

1.5

2.0

127

66.1

85.2

19.1

19.0

49

1.8

0.8

1.4

297

223.4

224.3

0.9

0.9

3

5.0

na

na

YE-31

105.5

108.1

2.6

2.5

10

1.0

5.4

1.9

349

134.3

137.0

2.7

2.6

na

0.4

na

2.4

178.7

182.0

3.3

3.2

na

2.4

na

na

YE-32

171.7

174.3

2.6

2.5

na

0.4

na

1.1

182.1

184.4

2.3

2.2

na

na

na

1.4

YE-34

133.9

143.1

9.2

9.0

na

0.6

na

1.1

YE-35

136.2

147.9

11.7

11.5

na

na

na

0.6

150.1

155.9

5.8

5.6

na

na

0.2

0.6

208.6

211.5

2.9

2.7

na

0.2

na

1.1

221.3

223.6

2.3

2.1

na

0.6

na

2.2

YE-36

160.7

166.5

5.8

5.5

na

0.5

na

na

270.4

280.8

10.4

10.0

na

na

na

0.6

*AgEq is based on long term gold, silver, zinc and lead prices of US$1600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc and US$0.95 per pound lead. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb and 70% Zn. “na” = no relevant assays. All numbers are rounded. Results are uncut and undiluted.

The 29 drill holes in this news release were generated by: (a) GR Silver Mining’s core drilling campaign (YES20-01), and (b) historical drill holes completed by Grupo Mexico, which make up part of an extensive surface and underground diamond core drilling database, that the Company continues to consolidate and validate.

Table 2 provides collar coordinates for the drill holes presented in this news release.

Table 2: Drill Hole Locations – News Release November 23, 2020 (Yecora Vein, San Juan Area)

Hole No.

East (m)

North (m)

RL (m)

Az.

Dip

Depth (m)

YES20-01

447753

2550717

821

270

70

118.5

YE-1

447834

2550460

783

235

75

136.1

YE-2

447834

2550460

783

235

45

107.6

YE-3

447834

2550460

783

0

90

118.8

YE-4

447815

2550485

786

238

77

144.3

YE-5

447815

2550484

786

0

90

150.9

YE-8

447815

2550484

786

238

55

139.8

YE-9

447855

2550513

796

238

71

143.8

YE-11

447855

2550513

796

0

90

172.7

YE-12

447814

2550478

783

235

66

207.1

YE-13

447797

2550550

793

235

73

129.3

YE-15

447797

2550592

798

235

60

184.1

YE-17

447797

2550592

798

235

78

205.2

YE-19

447797

2550592

798

0

90

207.5

YE-20

447715

2550631

818

0

90

209.5

YE-21

447765

2550629

796

0

90

167.3

YE-23

447839

2550615

816

235

75

169.6

YE-24

447765

2550629

796

235

75

127.2

YE-25

447839

2550615

816

0

90

212.3

YE-26

447715

2550631

818

270

75

236.3

YE-27

447746

2550686

811

270

70

210.7

YE-28

447839

2550615

816

55

78

220.8

YE-29

447715

2550631

818

270

65

205.3

YE-30

447746

2550686

811

0

90

247.0

YE-31

447893

2550463

795

0

90

204.5

YE-32

447893

2550463

795

235

55

190.6

YE-34

447856

2550365

793

270

65

208.3

YE-35

447876

2550225

821

0

90

233.3

YE-36

447857

2550365

793

0

90

280.7

All numbers are rounded.

The Company believes that the San Juan Area represents a large, low sulphidation epithermal system. Our investigations to date have identified evidence of multiple events of mineralization, including a combination of precious and/or base metals in veins, veinlets, stockworks and hydrothermal breccias. This represents an opportunity for the definition of a resource in this area with the shallow surface drilling program to continue discovering new mineralized zones close to the surface.

Qualified Person

The scientific and technical data contained in this News Release related to the Plomosas Project was reviewed and/or prepared under the supervision of Marcio Fonseca, P.Geo. He has approved the disclosure herein.

Quality Assurance Program and Quality Control Procedures (“QA/QC”)

The Company has implemented QA/QC procedures which include insertion of blank and standard samples in all sample lots sent to SGS de México, S.A. de C.V laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above Ag >100 ppm (over limits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc at Burnaby, BC. The analytical methods are 4-acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay with gravimetric finish for silver above over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above over limits.

GR Silver Mining has not received information related to the Grupo Mexico QA/QC and assay protocols and at this stage is considering the information historic for news release purposes.

About GR Silver Mining Ltd.

GR Silver Mining Ltd. is a Mexico-focused company engaged in cost-effective silver-gold resource expansion on its key assets which lie on the eastern edge of the Rosario Mining District, Sinaloa, Mexico.

PLOMOSAS SILVER PROJECT

GR Silver Mining owns 100% of the Plomosas Silver Project located near the historic mining village of La Rastra, within the Rosario Mining District. The Project is a past-producing asset where only one mine, the Plomosas silver-gold-lead-zinc underground mine, operated from 1986 to 2001. The Project has an 8,515-hectare property position and is strategically located within 5 km of the Company’s San Marcial Silver Project in the southeast of Sinaloa State, Mexico. The Plomosas Project comprises six areas with an average of 100 surface and underground drill holes in each area, geophysical and geochemical data covering most of the concession, 16 new exploration targets from which 11 have high priority for future exploration programs.

The 100%-owned assets include all facilities and infrastructure including: access roads, surface rights agreement, water use permit, 8,000 m of underground workings, water access, 60 km – 33 KV power line, offices, shops, 120-person camp, infirmary, warehouses and assay lab representing approximately US$30m of previous capital investments. The previous owners invested approximately US$18 million in exploration.

The silver and gold mineralization on this Project display the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal vein/breccia mineralized system. Previous exploration was focused on Pb-Zn-Ag-Au polymetallic shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas mine. The E-W portion of the mineralization and extensions for the main N-S Plomosas fault remains under-explored. The Plomosas Silver Project has more than 500 recent and historical drill holes in six areas – Plomosas Mine, San JuanLa ColoradaYecoraSan Francisco and El Saltito. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future.

SAN MARCIAL PROJECT

San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. GR Silver Mining is currently drilling at the San Marcial Project, which contains 36 Moz AgEq (Indicated) and 11 Moz AgEq (Inferred), exploring recently defined new high-grade gold and silver targets along the project’s 6 km mineralized trend. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years. The NI 43-101 resource estimate (San Marcial Project – Resource Estimation and Technical Report) was completed by WSP Canada Inc. on March 18, 2019 and amended on June 10, 2020.

Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas Mining District which has historically produced more than 600 Moz silver and 11 Moz gold over a period of more than 100 years.

OTHER PROJECTS

GR Silver Mining’s other projects are situated in areas attractive for future discoveries and development in the same vicinity of Plomosas and San Marcial in the Rosario Mining District.

Mr. Marcio Fonseca
P. Geo, President & CEO
GR Silver Mining Ltd.

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

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

SOURCE GR Silver Mining Ltd.

For further information: +1 (604) 202 3155, Email: info@grsilvermining.com

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Lucky Identifies Multiple Gold Zones with Bulk Tonnage Potential at the Sherman Prospect

goldLucky Minerals Inc. (TSXV:LKY)(OTC PINK:LKMNF)(FRA:LKY) (“Lucky” or the “Company“) is pleased to announce that it has identified an area with good potential for a large tonnage low grade type target at the Sherman Prospect. This area is characterized by 1 mm wide sheeted type quartz veins hosted in schists (up to 1.66 g/t gold), and two stockwork quartz vein zones comprised of less than 1 mm up to 3 cm wide quartz veins hosted in a meta-granite (up to 0.477 g/t gold). (Refer to map of sample & assay locations).

Lucky’s CEO, Mr. Francois Perron stated: “The discovery of three zones with bulk tonnage potential at the Sherman prospect is exciting. While still early in the exploration program, it is encouraging to discover this type of mineralization. Part of the upcoming field work will focus in this area”.

Sherman Prospect – Quartz veins in schists and stockwork quartz veins in meta-granites

The Sherman prospect was initially explored based on regional features, namely quartz veins, identified as trending northeast and northwest. The current area of interest lies at the intersection of these two regional trends. This area of Sherman lies within the intersection of quartz veins (0.20 m – 1.0 m wide) that trend northwest, and a system of quartz veins (1.0 m – 3.0 m wide) that trend northeast. It appears that within the area of vein intersections (Sherman Prospect), the meta-granites have been subjected to strong brittle fracturing, thus allowing hydrothermal fluids to migrate and deposit quartz-pyrite as narrow veins within fractures in the meta-granite.

Lucky has now received all the remaining analytical results from rock chip samples taken from the northwestern section of the Sherman Prospect (Fortuna 4 concession).

Please click here to view table of gold sample results (in ranges) from the total number of rock chip samples taken at Sherman. Note: 1 ppm = 1 gram.

Though still early stage, Lucky is very excited about this significant area, as it may have potential for a large tonnage low grade type target. Of interest is that the rivers and creeks at the Sherman Prospect flow into the Shincata River, where alluvial gold operations have occurred for over 300 years and continue to the present day.

Please click her to view the Sample & Assay Map showing the locations of anomalous zones 1,2 & 3 on the Sherman Prospect.

Geological field work has identified three zones with significant potential for large tonnage mineralization at Sherman. Zones 1 and 2 are characterized by stockwork quartz veins (1 mm to 3 cm wide) with disseminated pyrite and iron oxides, hosted in a meta-granites (up to 0.477 g/t gold), and zone 3 is characterized by narrow quartz veins hosted in schists. At this time, macroscopic examination of the meta-granites shows no alteration.

Next Steps

Current compilation efforts will include completing the analysis of multi-element rock geochemistry and a more detailed review of the structural geology of the area explored. More detailed field work, such as mapping, and sampling is needed between zones 1 and 2. These two zones are separated by approximately 1.7 km. Zone 3 lies approximately 1.5 km southwest from zone 2. The next step will include detailed field reconnaissance, trenching and sampling. This work will help to understand and define the size of the area, the behaviour of the quartz vein stockwork and its gold content. Permitting for hand trenching is currently underway.

All rock samples were submitted to ALS Chemex laboratories in Quito for prep work, and the analytical work was completed at their lab facility in Lima, Peru. ALS Chemex is an ISO certified and accredited laboratory. QA/QC protocols were in place and included the insertion of a coarse blank, a standard and a duplicate sample on every batch of 25 samples.

Qualified Person

Victor Jaramillo, M.Sc.A., P.Geo., Lucky’s Exploration Manager and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the exploration program at the Fortuna Project for Lucky Minerals and has reviewed and approved the technical information contained in this news release.

About Lucky

Lucky is an exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world class deposits. Lucky owns a 100% interest in the Fortuna and Emigrant Projects.

The Company’s Fortuna Project is a royalty-free 550 km2 (55,000 Ha, or 136,000 Acres) exploration concession. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador. Lucky has a memorandum of understanding on Fortuna with First Quantum Minerals Ltd. (“First Quantum”) whereby First Quantum is able to earn up to 70% of copper targets.

The Emigrant Creek Project covers a 15 km2 area in an intensely altered and mineralized porphyry copper-gold-molybdenum system in southern Montana.

ON BEHALF OF THE BOARD

“Francois Perron”
Chief Executive Officer

Further information on Lucky can be found on the Company’s website at www.luckyminerals.com and at www.sedar.com, or by contacting Francois Perron, President and CEO, by email at investors@luckyminerals.com or by telephone at (866) 924 6484.

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

Cautionary Statement Regarding Adjacent Properties and Forward-Looking Information

This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters. This list is not exhaustive of the factors that may affect the Company’s forward-looking information. Important factors that could cause actual results to differ materially from the Company’s expectations also include risks detailed from time to time in the filings made by the Company with securities regulators.

SOURCE: Lucky Minerals Inc.

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Newlox Gold: COVID reset

Junior resource companies have been struggling to adapt their businesses to COVID-19. It is pretty tough to socially distance in a four seat helicopter and “camp” arrangements have to be reconsidered. In Ryan Jackson’s Newlox Gold’s (C.LUX)case, its milling operation in Costa Rica had to be suspended entirely.

Jackson was delighted to finally be able to report on November 13, 2020 that Newlox had re-commenced production. “It’s going really well,” said Jackson. “We took advantage of the shutdown to upgrade and actually move the plant. We got a lot of things done.”

Newlox has a unique business model. Jackson located numerous historical and current tailings piles in Costa Rica. This material is essentially waste rock from artisanal gold mining operations. The artisanal miners chased high grade veins and then processed the mineralized rock in fairly low tech ways. Which means there is a good deal of gold left in the “waste” rock. Newlox designed and built a plant which would reprocess the waste rock and extract the remaining gold using more modern methods while also undertaking environmental remediation of the tailings

The potential gold recovery is significant. Newlox’s first plant is rated to 80 tonnes a day with an average grade of 9 grams per tonne.

“We’re ramping up,” said Jackson. “We are starting at a modest rate of throughput and testing all the systems. Going through commissioning.”

Getting plant #1 up to full production will be staged. “Month over month we’ll increase productivity. We hope to be at full capacity by the second quarter 2021,” said Jackson.  Back of the envelope calculations tell me that 80 tonnes at 9 grams is 720 grams of gold per day. At the moment gold is trading at around $60 a gram which would make the value of Newlox’s daily production on the order of $43,000. Of course, Newlox has to pay the artisanal miners for the right to reprocess their material and there is the CAPEX of the machinery and the costs of running it and the labour costs; but at full capacity Plant #1 should be a money-spinner.

“When we hit full production at Plant #1 it’s time for Plant #2,” said Jackson. And Plant #2 is in development. “We are looking at the Boston project. This is a fully permitted situation in an area which has been mined since the 1920’s. The material here is already being mined. We’re looking at the metallurgy and we expect we will actually build Plant #2 over the next six months.”

Plant #3 is in the planning stages. “We will need to make a decision on which project will be plant #3,” said Jackson. “We focus on nice, high margin, projects. The idea is to find small, low CAPEX, fast commissioning situations.”

“Our opportunities are really determined by geology,” said Jackson. “We want to find high-grade vein projects.”

As Newlox progresses Jackson is not ruling out projects in other jurisdictions. “Costa Rica is a great place to work. But there are other deposits in other places.”

Newlox is also looking at the possibility of creating plants with greater throughput. “There are projects available to us that are several orders of magnitude larger than what we are currently working on. So far, we have done economics on projects up to500 tonnes a day max,” said Jackson. “But 250 tonnes a day could be the sweet spot in the near term.”

Jackson points out that the demand for processing capacity tailored to the needs of artisanal miners is enormous. “People usually see the huge, “formal” gold industry,” said Jackson. “Most people don’t know that 20% of the world’s gold production is artisanal. It is a 27 billion dollar a year industry that is operating inefficiently with poor access to capital and modern technology.”

Newlox is addressing the need for remediation of historical and currently generated tailings as well as environmentally and socially responsible efficient milling small scale newly mined material.

We’re looking forward to more Newlox news as it moves up Plant #1’s production curve. The market is beginning to catch on to the Newlox potential with the shares currently trading at $0.15. Once Newlox has achieved full production that price will look insignificant.

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