Angkor Signs USD $3.65 Million Earn-In Agreement with Hommy Resources on Banlung Property

By Anwesha Sengupta

Angkor Gold (TSXV:ANK, OTC:ANKOF) (“Angkor” or “the Company”) CEO Stephen Burega is pleased to announce that Angkor has entered into an Earn-In Agreement (the Agreement) with Canadian-based private company, Hommy 5 Resources Inc. (“Hommy Resources”), on Angkor’s wholly-owned Banlung property in northeastern Cambodia. The Banlung property is one of Angkor’s five licenses in Cambodia.

“I am extremely pleased to announce Angkor has concluded a major, long-term funding agreement with Hommy Resources on our Banlung license,” said Angkor’s CEO Stephen Burega. “As the region’s most successful project generator, Angkor has been able to attract such development and funding partners as Japan’s JOGMEC and Australia’s Emerald Resources to our collection of gold and copper assets. The principals behind Hommy Resources are already shareholders of Angkor, and their stable funding of continued exploration on our highly prospective Banlung property will allow us to rapidly advance this asset.”

Angkor’s Banlung property includes two primary prospects – Okalla West and Okalla East with gold mineralization associated with an alkaline intrusive complex. The styles of mineralization and alteration observed during Angkor’s previous exploration are typical of mineralization associated with alkaline systems. Drilling on the property is expected to begin in the coming dry season. Initial drilling at Okalla West will be aimed at prospective structurally-hosted gold anomalies. Gold with associated zinc, arsenic and lead anomalies are top priority.

Approximately USD $1.2 million in work has been done at Banlung since the beginning of 2017, including shallow drilling to investigate and better understand the underlying structure. In addition to drilling, the entire license area has previously been the subject of an aeromagnetic survey, satellite imagery geological interpretation, with reconnaissance field truth mapping and multi-element stream sediment geochemical survey, as well as extensive grab sample, termite mound and auger sampling.

The Company previously reported a high-grade zone in 2011 which included an intercept of high grade gold at Okalla East of 86.0 gpt Au over 1m, at 101m to 102m in drill hole BL11-026 (see Company press release of March 1, 2018). Note that this is a selected interval of mineralization and is not necessarily representative of the mineralization hosted on the property. The link between gold mineralization and alkaline rocks can be found in many cases around the world, including some of the largest gold deposits such as the Cripple Creek deposit in Colorado, Brucejack Gold mine in Canada and Porgera in Papua New Guinea.

“I am particularly pleased that Dr. Adrian Mann is back as a consultant for Hommy Resources,” said Dennis Ouellette, Angkor’s VP of Exploration. “He has years of experience as Angkor’s former VP Exploration and is intimately familiar with the tremendous exploration potential at Okalla West and Okalla East. I look forward to working with him.”

The terms of the Agreement with Hommy Resources include a total investment by Hommy Resources of USD $3.3 million in exploration and development expenditures plus cash payments to Angkor of USD $350,000 over a 3-year period for them to acquire a 51% participating interest in the Banlung license. Upon completion of the initial earn-in option, Hommy Resources has the right to acquire an additional 29% participating interest in the license with the commissioning, and completion of a Feasibility Study. After that, Angkor will maintain a 20% participating interest in the property through to production, or at Angkor’s discretion, can convert to a 3.5% Net Smelter Return (“NSR”) on all metals. Angkor will be the operator on the project until Hommy Resources acquires a 51% participating interest in the Banlung license.

Key Highlights of the Agreement:

  • Angkor has granted to Hommy Resources the sole and exclusive right and option to acquire up to a 80% Participating Interest in Angkor’s Banlung license through the exercise of three milestones.
  • The completion of the first Option will occur when Hommy Resources has spent a total of USD $500,000 in exploration and development expenses within one year on the Banlung license with an additional cash payment to Angkor of USD $150,000, at which point Hommy Resources will have earned a 20% participating interest.
  • After Hommy Resources has fully paid the amounts referred to the First Option, Hommy Resources can elect to acquire a 51% Participating Interest, by incurring additional exploration & development expenditures of USD $2,800,000 plus an additional USD $200,000 cash payment to Angkor. All exploration and development expenditures by Hommy Resources must be completed no later than 720 days following the earning of the First Option.
  • After Hommy Resources has earned the First and Second Options, Hommy Resources can elect to acquire an additional 29% Participating Interest by completing a Definitive Feasibility Study on the property before March 7, 2022.
  • After the exercise of the Third Option, Angkor, in its sole discretion, may choose to continue to hold a 20% Participating Interest or to convert its 20% Participating Interest into a 3.5% NSR. Hommy Resources may also buy back from Angkor up to an undivided 1.5% NSR for an amount to be mutually agreed upon or set by arbitration, reducing Angkor’s NSR to 2.0%.
  • If Angkor chooses to hold its 20% Participating Interest, Hommy Resources will fund Angkor’s share of the cost of exploration and development, which will be repaid by Angkor from future revenue from the property.
  • Should there be a decision to mine, Angkor and Hommy Resources agree to fund the development and operation of any mining property in proportion to their Participating Interests after Hommy Resources has earned its Second Option of 51%. If Hommy Resources has not yet earned its full 51%, Hommy Resources will continue to make the exploration and development and other payments until it reaches its 51% vested interest before Angkor is required to co-fund. Angkor may decline at any time to co-fund the development and operation of the mining property and retain at its option a fixed and free-carried 20% Participating Interest through to production or a 3.5% NSR.
  • Either Hommy Resources or Angkor may choose to convert all of Hommy Resources fully vested Participating Interest to common shares in Angkor at …read more

    From:: Investing News Network

Wallbridge Intersects 122.35 g/t Gold Over 2.95 Metres And 41.02 g/t Gold Over 5.52 Metres In Newly Discovered Habanero Zone

By Ashley Cowell

Wallbridge Mining Company Ltd. (TSX:WM, FWB:WC7) (“Wallbridge” or the “Company”) is pleased to announce continued positive results from its underground drill program and to provide an update on the ongoing development as part of the 35,000-tonne bulk sample and underground exploration program at its 100%-owned Fenelon Gold Property (“Fenelon”).

Wallbridge intersects 122.35 g/t gold over 2.95 metres and 41.02 g/t gold over 5.52 metres in Newly Discovered Habanero zone (CNW Group/Wallbridge Mining Company Limited)


18-0990-006: 36.71 g/t gold over 3.50 metres in the Naga Viper zone
18-0990-007: 122.35 g/t gold over 2.95 metres in the Habanero zone,
204.00 g/t gold over 0.60 metres in the Chipotle zone and
35.21 g/t gold over 4.05 metres in the Naga Viper zone
18-0990-010: 41.02 g/t gold over 5.52 metres in the Habanero zone and
12.42 g/t gold over 4.55 metres in the Paprika zone
18-1075-001: 18.54 g/t gold over 2.27 metres in the Naga Viper zone
  • Assay results from 31 drill holes are pending.
  • Production from the second stope (NV-01) is currently underway and development on the second level (5180 Level) is nearing the CH-02 stope.
  • Over 8,000 tonnes of ore have been shipped to the Camflo mill and processing of the first batch is nearly completed.

“The results released today confirm the exceptional quality of the mineralization discovered in 2017 in the West Extension area. We are especially pleased with the fact that the sort of grades and thicknesses that have been shown in the Chipotle and Naga Viper zones are now also being intersected in the Habanero zone, which is a new structure discovered during last year’s surface drill program,” stated Attila Péntek, Vice-President, Exploration of Wallbridge. “This West Extension area remains to be one of the main focuses of our continued resource expansion drilling both from underground and surface.”

Drilling to date from the 5213 Level has mainly targeted the high-grade shoots down to 5130 Level (~120 m depth), which is the lowermost level that is planned to be developed during the 2018 bulk sample program. In the next few weeks drilling will continue to focus on adding high grade resources in the West and East Extension areas.

A new underground drill station has been developed on the 5180 Level, which will be used to target the main high-grade shoots down-plunge to 200 m depth.

“The successful extraction of the first production stope has shown that our team is well prepared to continue moving this project forward in a safe and efficient manner. Development and production activities continue to progress well with our next production level coming on line. We look forward to demonstrating continued success and providing value for all of our stakeholders.” stated Frank Demers, Vice President, Mining & Projects of Wallbridge.

The bulk sample is expected to produce 19,000 to 26,000 ounces of gold with close to 50% of gold priced at C$1,720per ounce. The expected cash flow upon completion of this bulk sample, net of all bulk sample costs and including the financing costs is expected to be sufficient to cover the budgeted working capital requirements.

The bulk sample program is designed to test a few stopes in several zones. Overall grade from these planned stopes is estimated to average 18 to 25 g/t gold. The geology team has developed an extensive sampling program to characterize the mineralized material during this bulk sample. Chip samples are collected from a sampling line across each development face and muck samples are also taken in a regular pattern on surface.

A 10,000-metre surface drilling program is also starting up this week to follow known mineralized zones and expand resources at depth and further away from the mine workings.

A summary of the drill hole results from the underground drilling are reported in Tables 1 and 2 and also shown on the Figures below.

Table 1. Wallbridge Fenelon Gold Property 2018 Underground Drill Assay Highlights
Drill Hole From To From To Length True


Au Au


VG** Zone Press Release
(m) (m) (m) (m) (m) (m) (g/t) (g/t)
18-1030-006 27.79 30.20 2.41 2.20 15.91 15.91 VG Chipotle July 25, 2018
18-1030-006 Including… 28.50 29.11 0.61 0.56 59.10 59.10 VG Chipotle July 25, 2018
18-1030-007 31.26 32.66 1.40 1.08 16.72 16.72 VG Chipotle July 25, 2018
18-1030-008 34.47 38.06 3.59 2.76 9.27 9.27 VG Chipotle July 25, 2018
18-1030-008 Including… 35.03 36.61 1.58 1.22 17.37 17.37 VG Chipotle July 25, 2018
18-1030-009 77.58 81.00 3.42 2.70 35.91 35.91 VG Paprika July 25, 2018
18-1030-009 Including… 78.90 80.60 1.70 1.34 63.33 63.33 VG Paprika July 25, 2018
18-1030-010 81.00 81.42 0.42 0.32 13.60 13.60 VG Naga Viper July 25, 2018
18-1030-011 80.10 85.50 5.40 4.37 10.05 10.05 Naga Viper Aug 14, 2018
18-1030-012 68.30 71.26 2.96 1.33 10.09 10.09 VG Chipotle Aug 14, 2018
18-1035-002 49.20 54.00 4.80 3.26 29.23 28.35 VG Chipotle Aug 14, 2018
18-1035-002 Including… 49.97 52.95 2.98 2.03 46.30 44.89 VG Chipotle Aug 14, 2018
18-1035-004 24.94 26.02 1.08 0.73 65.70 65.70 VG Fresno Aug 14, 2018
18-1035-004 70.00 74.16 4.16 3.27 9.37 9.37 Naga Viper Current Release
18-1035-005 58.77 64.90 6.13 5.86 48.81 24.35 VG Naga Viper Aug 28, 2018
18-1035-005 78.65 79.31 0.66 0.53 26.90 26.90 Paprika Aug 28, 2018
18-1035-007 84.90 85.50 0.60 0.48 15.60 15.60 Habanero Aug 28, 2018
18-1035-010 30.45 34.08 3.63 2.72 30.47 30.47 VG Chipotle Aug 28, 2018
18-1035-010 Including… 32.90 34.08 1.18 0.89 91.94 91.94 VG Chipotle Aug 28, 2018
18-1035-010 64.40 65.40 1.00 0.75 28.80 28.80 VG Paprika Sept 5, 2018
18-1035-011 27.75 30.00 2.25 1.78 65.76 42.89 VG Chipotle Sept 5, 2018
18-1035-011 56.50 60.50 2.95 2.36 11.09 11.09 Naga Viper Current Release
18-1035-012 28.01 28.56 0.55 0.44 28.30 28.30 VG Chipotle Aug 14, 2018
18-1035-012 56.41 56.71 0.30 0.29 61.10 61.10 VG Naga Viper Aug 14, 2018
18-1035-013 27.36 29.48 2.12 1.77 144.96 78.10 VG Chipotle Sept 5, 2018
18-1035-013 Including… 27.99 29.15 1.16 0.97 262.18 140.00 VG Chipotle Sept 5, 2018
18-1035-013 51.40 58.35 4.28 3.58 40.69 40.09 VG Naga Viper Sept 5, 2018
18-1035-014 85.70 86.45 0.75 0.58 10.23 10.23 Naga Viper Current Release
18-1035-015 63.00 65.05 2.05 1.11 6.63 6.63 VG Chipotle Aug 28, 2018
18-1035-015 72.60 74.34 1.74 1.16 15.74 15.74 Chipotle Sept 5, 2018
18-1035-017† 56.00 66.13 10.13 5.51 50.31 25.18 VG Chipotle Aug 28, 2018
18-1035-018 52.99 56.50 3.51 2.38 12.68 12.68 VG Chipotle Sept 5, 2018
18-1035-018 63.70 69.00 5.30 3.60 9.04 9.04 VG Chipotle Sept 5, 2018
18-1035-018 Including… 66.00 66.96 0.96 0.65 35.79 35.79 VG Chipotle Sept 5, 2018
18-1035-019† 47.00 55.00 8.00 5.56 27.10 24.69 VG Chipotle Sept 5, 2018
18-1035-019 59.30 60.30 1.00 0.69 39.10 39.10 VG Chipotle Sept 5, 2018
18-1035-019 72.50 77.35 4.85 4.10 137.63 88.38 VG Naga Viper Sept 5, 2018
18-1075-001 26.14 28.41 2.27 1.82 18.54 18.54 Naga Viper Current Release
18-1080-001 21.00 21.50 0.50 0.40 611.00 140.00 VG Naga Viper Sept 5, 2018
18-1080-003 35.70 37.20 1.50 1.00 19.24 19.24 VG Naga Viper Sept 5, 2018
18-1080-003 Including… 35.70 36.18 0.48 0.32 58.20 58.20 VG Naga Viper Sept 5, 2018
18-1080-006 19.30 21.00 1.70 1.59 12.80 12.80 VG Naga Viper Sept 5, 2018
18-1080-006 Including… 20.48 21.00 0.52 0.49 39.80 39.80 VG Naga Viper Sept 5, 2018
18-1080-006 36.88 41.23 4.35 4.08 3.05 3.05 Habanero Sept 5, 2018
18-1080-006 Including… 40.52 41.23 0.71 0.67 11.10 11.10 Habanero Sept 5, 2018
18-0990-006 104.52 109.10 3.50 2.33 39.47 23.32 VG Naga Viper Current Release
18-0990-007 101.30 101.90 0.60 0.40 204.00 140.00 VG Chipotle Current Release
18-0990-007 106.95 111.00 4.05 2.70 35.21 31.36 VG Naga Viper Current Release
18-0990-007 132.02 134.97 2.95 2.20 122.35 35.45 VG Habanero Current Release
18-0990-010 94.70 99.25 4.55 3.50 12.42 12.42 VG Paprika Current Release
18-0990-010 111.40 116.92 5.52 4.99 41.02 41.02 VG Habanero Current Release
18-0990-010 Including… 112.6 114.23 1.62 1.46 109.79 109.79 VG Habanero Current Release
*Au capped at 140 g/t following InnovExplo’s 2016 Mineral Resource Estimate.
**Intervals containing visible gold (“VG”).
† Final screen metallic analysis on a subset of samples which had over limit (> 10 g/t) gold concentration in the AA analysis have been received since the latest press release and therefore the intervals have now been updated.

<td …read more

From:: Investing News Network

Algold Reports High-Grade Drill Results at Salma – Eleonore East

By Anwesha Sengupta

Algold Resources Ltd. (TSXV:ALG) today announced preliminary assay results from drilling carried out in July and August, 2018 on the high-grade Salma-Eleonore East Vein System (“SVS” or “Salma”) located at the Corporation’s Tijirit Project in Mauritania.


  • 20.9 g/t Au over 2 meters (hole T18RC149), approximately eight meters below the surface, some 60 meters southwest of hole T18RC004, which intersected 12.3 g/t Au over 3 meters.
  • 2.22 g/t Au over 17 meters (hole T18RC151), including 3.90 g/t Au over 7 meters and 11.0 g/t Au over 2 meters, approximately 50 meters below the surface, some 100 meters north of hole T12RC137 (historical result – Gryphon Minerals), which intersected 3.16 g/t Au over 2 meters at Eleonore East.
  • 3.4 g/t Au over 9 meters (hole T18RD154), including 9.24 g/t Au over 3 meters, approximately nine meters below the surface and 2.7 g/t Au over 8 meters, 20 meters below the surface, some 130 meters west of hole T18RC151, indicating at least two mineralized veins at the southern end of the Eleonore East area. Assay results received to date for hole T18RD154 are only to a depth of 30 meters and therefore partial; additional results representing drilling that was carried out to 159.35 meters deep remain pending.

The SVS, discovered in mid-2017 (see Algold PR dated June 7, 2017) extends over a ten-kilometer northerly corridor. SVS’s southern tip, labelled Eleonore East, is located only 2.4 kilometers east of the Eleonore zone, within the prospective granite-greenstone contact zone.

“The latest assay results exceed expectations, indicating a wide zone of shallow, economic gold mineralization, adding to the higher-grade intervals described in our previous Press Release” (see PR dated April 11, 2018) said Algold Executive Vice-President, Exploration, Francois Auclair. “These near-surface assay results continue to demonstrate the high prospectivity of the project, further validating the potential to add high-grade ounces and grow Tijirit ‘s resource base.”

Drilling conducted at Salma – Eleonore East in July and August, as part of the Phase IV 25,000-meter drilling program, consisted of 42 reverse-circulation (“RC”) holes (11 of which were pre-collar) totalling 3,829 meters and 17 diamond drill (“DDH”) holes (11 of which were diamond [?tail)] totalling 1,774 meters. The drilling targeted mineralization identified from rock chip panel and channel sampling and RC drilling conducted in February and March of 2018 on fifteen fences, widely spaced over SVS’s entire ten-kilometer strike corridor.

To date, Algold has identified four large mineralized zones at Tijirit namely Eleonore, Lily, Sophie and SVS, all of which are in close proximity to each other.

Table 1: Salma & Eleonore East Drilling Program Assay Result Highlights

Table 2. Wallbridge Fenelon Gold Property 2018 Underground drill hole information*
Drill Hole ID UTM E UTM N Elevation Length


Azimuth Dip VG** Note
18-1035-011 10571 10997 5214 85 185 -11 VG Further Assays pending
18-1035-012 10572 10996 5214 69 203 -6 VG Further Assays pending
18-1035-013 10572 10996 5214 65 194 -8 VG Further Assays pending
18-1035-014 10571 10997 5214 115 184 -43
18-1035-015 10571 10997 5214 115 205 -44 VG
18-1035-016 10571 10997 5214 105 185 -39
18-1035-017 10571 10997 5214 105 198 -41 VG
18-1035-018 10571 10997 5214 100 185 -36 VG
18-1035-019 10571 10997 5214 100 193 -36 VG Further Assays pending
18-1075-001 10592 10955 5214 42 227 -12
18-1075-002 10592 10955 5214 41 208 -8
18-1075-003 10592 10955 5214 48 208 -25 Further Assays pending
18-1080-001 10598 10949 5214 42 208 -25 VG
18-1080-002 10598 10949 5214 48 208 -38
18-1080-003 10598 10949 5214 42 208 -48 VG
18-1080-004 10598 10949 5214
Hole ID Prospect East
Average Grade **
(g/t Au)
T18RC145 Eleonore East 1367 11378 98.00 99.00 75.46 3.20 1.00
T18RC149 Eleonore East 1266 10639 10.00 12.00 8.43 20.90 2.00
T18RD149 Eleonore East 58.35 61.10 46.0 7.35 2.75
T18RC150 Eleonore East 1296 11375 11.00 14.00 9.58 1.60 3.00
and 21.00 23.00 16.79 1.40 2.00
T18RC151 Eleonore East 1296 11526 20.00 22.00 15.68 1.70 2.00
32.00 49.00 25.00 2.22 17.00
Including 32.00 37.00 25.68 1.80 5.00
Including 38.00 40.00 29.03 0.40 2.00
Including 42.00 49.00 33.87 3.90 7.00
Including 42.00 44.00 31.00 11.00 2.00
T18RC154 Eleonore East 1447 11577 8.00 17.00 9.56 3.40 9.00
Including 14.00 17.00 9.24 3.00
and 22.00 30.00 19.91 2.70 8.00
Including 22.00 24.00 5.85 2.00
T18RC155 Eleonore East 1439 11778 108.00 110.00 79.47 4.10 2.00
T18RC157 Eleonore East 1296 11766 90.00 92.00 69.85 4.52 2.00
T18RC158 Eleonore East 1395 11594 43.00 44.00 33.17 1.34 1.00
T18RC168 Eleonore East 1077 10435 39.00 41.00 31.0 5.87 2.00

*Vertical depth of intersection below RL collar.
**Weighted average grade, composite based on a minimum grade of 0.3 g/t Au with an internal dilution of 0.005 g/t Au over 2 meters and an edge grade of 0.25 g/t Au permitted.
***Width believed to be close to true width.
No capping of higher values has been applied.

Following the discovery of the SVS in May 2017, Algold successfully completed a limited drilling program of 28 drill holes in March 2018. All drill holes intersected anomalous mineralization (>0.1 g/t Au), with seven of the 28 holes intersecting >1 g/t Au mineralization. This first-pass drilling program established the validity of the target and confirmed the ability to prospect the zone effectively. [which results, March 2017 referred to or the July August ones discussed above. This is confusing] Results will be used to help determine where to focus future exploration and resource development on the Tijirit Mining License, complementing the successful resource drilling at Eleonore, Lily and Sophie.

Several targets remain untested throughout SVS’s ten-kilometer-long corridor. Drilling and trenching results from Salma and Eleonore East (formerly known as the Pressure Shadow zone) have yet to be included in Algold’s resource estimates.

Quality Assurance / Quality Control (QA/QC)

Analytical work for drill core and chips, geochemical samples and rock chip samples is carried out at the independent SGS Laboratories Ltd. in Bamako, Mali. The 50-gram fire assay with ASS finish analytical services are accredited by SANAS and are carried out with a quality assurance protocol in line with ISO 17025:2005. Samples are stored at the Corporation’s field camps and put into sealed bags until delivered by a geologist on behalf of Algold to the laboratory in Bamako, Mali, where samples are prepared and analyzed. Until the end of 2016, samples were analyzed at ALS’s facility in Loughrea, Ireland. Beginning in 2017, samples are analyzed at SGS Laboratory, Bamako. Samples are logged in the tracking system, weighed, dried and finely crushed to better than 70%, passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of up to 1,000 g is taken and pulverized to better than 85%, passing a 75-micron (Tyler 200 mesh) screen, and a 50-gram split is analyzed by fire assay with an AA finish. Anomalous samples greater than 5 g/t Au are re-analyzed by 50-gram fire assay with gravimetric finish. Selected samples may be re-analyzed using a one-kilogram cyanide leach (Bottle Roll) using “LeachWELL” or the one-kilogram screen fire assay method. Blanks, duplicates and certified reference material (standards) are routinely inserted to monitor laboratory performance during the analysis. The independently inserted Quality Control samples have been reviewed on receipt of the assay results and fall within the acceptable limits as defined by Algold’s Standard Operating Procedure.

This press release has been reviewed for accuracy and compliance under National Instrument 43-101 by André Ciesielski, DSc., Geo., Algold Resources Ltd Lead Consulting Geologist and Qualified Person, and Alastair Gallaugher, C.Geo. (Chartered Geologist and Fellow of the Geological Society of London), BSc. Geology, Algold’s Exploration Manager in Mauritania, Qualified Persons as defined by NI 43−101 Standards of Disclosure for Mineral Projects. André Ciesielski has further approved the scientific and technical disclosure in the news release.


Algold Resources Ltd is focused on the exploration and development of gold deposits in West Africa. …read more

From:: Investing News Network

HOUSING ALERT: Florence To Topple Home Prices!

By Zach Scheidt


This post HOUSING ALERT: Florence To Topple Home Prices! appeared first on Daily Reckoning.

If your home were to be destroyed, where would you live?

That’s the question that too many families are grappling with today following the devastation of Hurricane Florence.

Homes in Wilmington, Columbia, Charleston and Myrtle Beach have been destroyed in the wake of the latest hurricane to hit the U.S. And today, there simply aren’t enough homes for displaced families to move into.

Unfortunately, the homes that Florence destroyed simply adds insult to injury when it comes to the housing shortage in the U.S. For months here at The Daily Edge we’ve been talking about the sad state of the home building industry and how something has to change.

If there’s a silver lining to the losses Florence brought, it’s that something will finally be done about this housing crisis. And we have an opportunity to profit as America finally focuses on rebuilding the overall U.S. housing market…

The U.S. Home Shortage Was Already a Crisis

If you think that Florence created a housing crisis for families that need a place to live, you’re only half right.

Because even before Florence hit, we already had a big problem.

Home building in the U.S. has been under siege, with banks tightening standards for mortgage lending and builders exercising extreme caution when developing new neighborhoods.

After the financial crisis, builders just stopped putting up new spec homes. And now that the millennial generation is finally able and willing to move into new homes, there just aren’t enough homes available for buyers to purchase.

That’s why we’ve seen home prices move sharply higher in recent months. Because there aren’t enough homes available. And Economics 101 tells us that when supplies are low, prices must increase.

Some say housing costs have risen so fast, that homes are becoming unaffordable for buyers. But what are new families to do?

When my own son decided to “strike out on his own,” he wound up moving into a basement apartment owned by another family nearby. He’s paying rent, but couldn’t find a full freestanding home for him and his roommates to rent.

With the housing market so tight, there just aren’t enough choices available!

But now with Hurricane Florence destroying a large portion of homes on the east coast, the shortage is becoming even worse.

That’s making the housing crisis worse. But it’s also causing companies to finally focus on this crisis and do something about it!

Ready to Build, With Plenty of Buyers

Home construction companies operating in the U.S. now have absolutely no excuse to sit idly by.

After all, home prices have moved steadily higher. Demand is exceptionally strong. And now there are even more displaced families looking for places to live.

Construction companies with operations on the east coast should do particularly well, but the overall U.S. housing market is all fair game. Because the majority of major U.S. metropolitan cities — and the surrounding suburbs — are all facing supply shortages and significant demand.

Keep in mind, many families will likely move out of the affected Hurricane areas and into surrounding states. This will allow the families to rebuild more quickly instead of waiting for contractors and repair teams that will be swamped with demand in their hometowns.

That’s great news for homebuilding stocks as profits should soar in the quarters ahead.

This area has been under pressure for several months as investors have worried that rising interest rates would curtail demand for new homes. But the opposite has been true as the wealth effect spreads across America, leaving buyers with more cash and higher incomes to spend on new homes.

Right now is a great time to take advantage of lower prices for homebuilder stocks. Some of the best names in the area include Pulte Homes (PHM), Lennar Corp. (LEN) and D.R. Horton (DHI).

I encourage you to consider these stocks as part of your balanced investment approach. And as you accumulate profits from these stocks, I’d also encourage you to donate some of your gains to help those who have been affected by this massive storm.

Here’s to growing and protecting your wealth!

Zach Scheidt

Zach Scheidt
Editor, The Daily Edge

The post HOUSING ALERT: Florence To Topple Home Prices! appeared first on Daily Reckoning.

…read more

From:: Daily Reckoning

Golden Predator Intercepts 8.5 meters of 5 g/t Gold at Brewery Creek Project; Drilling Extends Known Gold Mineralization over 200 m

By Anwesha Sengupta

Golden Predator Mining Corp. (TSXV:GPY) (the “Company”) is pleased to announce the successful completion of a 22 hole exploration and metallurgical drilling program at its 100% owned Brewery Creek Project in Canada’s Yukon, and reports today on the results of the exploration drill program designed to expand the current resource. Significant gold mineralization was encountered in 8 of the 9 exploration holes increasing known gold mineralization around five zones including Schooner, Sleeman, Lucky, Bohemian and Lone Star.

Highlights of the drill program include:

  • Lucky Zone-Hole BC 18-604 intersected 8.5 m of 5.05 g/t gold from a depth of 29.00 m including 4.0 m of 9.66 g/t gold from a depth of 33.0 m.
  • Schooner Zone-Hole BC 18-597 intersected 6.55 m of 3.03 g/t gold from a depth of 35.75 m and 39.20 m of 1.64 g/t gold from a depth of 52.90 m.
  • Lone Star Zone-Hole BC 18-605 intersected 6.0 m of 0.8 g/t gold from a depth of 50.0 m and 2 m of 21.0 g/t gold from a depth of 86.0 m.

To view Brewery Creek property and drill location maps:

“We are very pleased with the success of the targeted exploration program which illustrates the untapped exploration potential of Brewery Creek,” said Janet Lee-Sheriff, Chief Executive Officer. “To have hit mineralization away from known holes in a number of different zones and extend the Sleeman Zone for more than 200m along strike establishes a foundation that expands our exploration program to additional targets identified across this large claim block.”

Brewery Creek 2018 Exploration Drilling Program

Prior to drilling the Company identified several new high priority exploration targets that were not previously drilled. The exploration drill program successfully confirmed potential extension of mineralization including:

  • Follow-up drilling on a higher-grade zone from the Lucky pit through the Bohemian Zone where a number of 10.0 g/t gold or higher intervals aligned along an east-west trend;
  • Extension of the Sleeman Zone as suggested by geochemistry;
  • Up-dip, near surface projections of the deeper Lone Star Zone mineralization.

The metallurgical drill program included an additional 13 holes and generated large diameter core (PQ) for metallurgical testing to assess alternate processing technology to enhance economics of the project. The metallurgical PQ core has been received by SGS Lakefield where it will undergo amenability testing for Vat Leaching. These tests are expected to be completed and announced by the end of the calendar year.

2018 Brewery Creek Diamond Drill Significant Results

Hole ID1 Zone From (m) To (m) Thickness2 Gold g/t3
BC18-597 Schooner 35.75 42.30 6.55 3.03
and 52.90 92.10 39.20 1.64
including 72.50 87.15 14.65 2.75
BC18-598 Sleeman 34.70 42.70 8.00 0.61
and 49.60 53.60 4.00 0.58
and 59.55 61.55 2.00 0.71
BC18-599 Sleeman 8.00 12.00 4.00 0.42
and 43.00 50.50 7.50 0.93
BC18-600 Sleeman 28.00 31.00 3.00 0.52
and 40.00 44.00 4.00 0.41
and 58.00 60.00 2.00 1.93
and 82.00 84.00 2.00 0.51
BC18-602 Bohemian 44.00 52.00 8.00 1.72
BC18-603 Lucky 52.00 56.00 4.00 0.45
including 78.00 90.00 12.00 1.13
BC18-604 Lucky 29.00 37.50 8.50 5.05
including 33.00 37.00 4.00 9.66
and 48.00 49.50 1.50 0.62
BC18-605 Lone Star 50.00 56.00 6.00 0.80
and 86.00 88.00 2.00 21.00
and 98.00 101.00* 3.00 1.86
1Significant intervals are chosen based on continuity of mineralization and gold grade; all drilled samples assaying ≥0.4 g/t gold are included. All holes were HQ core holes cut in half for sample submission
2All intervals are reported as drilled thicknesses; true thicknesses are estimated to be 70-100% of drilled thicknesses.
3Reported Au assay grade sourced from SGS using SGS_GO_FAA 505 method.

2018 Exploration Drilling Results

A total of 880 m of exploration drilling was conducted in the Schooner, Sleeman, Lucky, Bohemian and Lone Star Zones.

Sleeman – Three holes extending the known mineralization by over 200 m;

Schooner – Mineralization extended in a sparsely drilled area located 30 and 50 m from previously known mineralization.

Lucky – Drilling was located on the eastern margin of the resource model approximately 25 m from the nearest mineralized hole.

Lone Star – Drilling is located 25 m from the nearest block above cutoff grade in the resource model.

All of these zones remain open to extension. The Company intends to conduct additional exploration drilling at Brewery Creek to follow up on these successful results and drill test several additional untested targets.

Brewery Creek Project, Yukon

The Brewery Creek Project is a past producing heap leach gold mining operation with approximately 280,000 oz Gold produced from seven near-surface oxide deposits along the property’s Reserve Trend from 1996 through 2002. The mine (operated by Viceroy Resource Corporation) shut down primarily due to low gold prices. The 186 km2 property is located 55 km due east of Dawson City, accessible by road.

The 2014 Preliminary Economic Assessment (PEA) resource estimation indicates Indicated oxide resources of 577,000 troy ounces of gold in 14.2 million tonnes at 1.27 g/t gold and Inferred oxide resources of 279,000 troy ounces of gold in 9.3 million tonnes at 0.93 g/t gold. In addition, the resource estimate contains Indicated sulfide resources of 142,000 troy ounces of gold in 3.5 million tonnes at 1.28 g/t gold and Inferred sulfide resources totaling 546,000 troy ounces of gold in 12.4 million tonnes at 1.37 g/t gold(1).

The project is in receipt of all necessary permits required to conduct additional exploration. The Brewery Creek Project holds a Type A Water License and a Quartz Mining License (QML) and a Socio Economic Accord with the Tr’ondek Hwech’in.

Sampling Methodology, Quality Control and Assurance

All analyses for the drill samples from the program were performed by SGS Mineral Services, with sample preparation in Whitehorse, Yukon and final assaying in Burnaby, BC. Drill samples were analyzed using a 50 g fire assay with atomic absorption (AA) finish. (Au-FAA505)

At the project site a total of 70 samples of cut drill core are combined as a single submission batch. Included with the 70 samples are 6 QA/QC samples, comprised of lab certified standards, blanks and field duplicates, (where the two halves of the core interval are sent to lab for separate, comparative analysis). The sample bags of cut core are placed into labelled rice bags, 5 per bag, the last rice bag containing the 6 QA/QC samples. Each rice bag is zip tied closed and a security tag is attached. The sealed rice bags are then placed into a wooden box and the lid secured. The entire sample shipment is tracked with chain of custody protocols that require each new handler of samples to sign and acknowledge receipt of entire sample shipment.

The technical content of this news release has been reviewed and approved by Mark Shutty, …read more

From:: Investing News Network

New High-Grade Zone Located North of Gladiator near Surface with 27.4 g/t Au over 7.0 m

By Ashley Cowell

VIDEO: Bonterra Resources CEO Update

Bonterra Resources (TSXV:BTR; OTCQX:BONXF, FWB:9BR1) (the “Company” or “Bonterra”) is pleased to announce the discovery of a new high grade gold zone near surface to the north of the Gladiator Gold Deposit with an intersection of 27.4 g/t Au over 7.0 m. This new high-grade mineralization is located approximately 200 m north of the most northerly Gladiator zone (North Zone) and was located by drill hole BA-18-60 above 100 m in depth. The mineralization and characteristics of this zone are very similar to the Gladiator Deposit and are similar to the Company’s current geological model. The model consists of parallel veins or zones and is open along strike and at depth. The recently optioned “Duke” property boundary areas have allowed the Company access for exploration into these areas of interest. This high-grade intersection occurs on Bonterra’s 100% owned Gladiator property. Follow up drilling is underway in order to test down dip and strike continuity.

VIDEO: Bonterra Resources CEO Update
Gladiator Deposit - Level Plan (CNW Group/Bonterra Resources Inc.)
Gladiator Deposit – Level Plan (CNW Group/Bonterra Resources Inc.)
Gladitaor Deposit - South Zone (CNW Group/Bonterra Resources Inc.)
Gladitaor Deposit – South Zone (CNW Group/Bonterra Resources Inc.)
Gladiator Deposit - Main Zone (CNW Group/Bonterra Resources Inc.)
Gladiator Deposit – Main Zone (CNW Group/Bonterra Resources Inc.)

VIDEO: Bonterra Resources CEO Update

Gladiator Deposit - Level Plan (CNW Group/Bonterra Resources Inc.)Gladitaor Deposit - South Zone (CNW Group/Bonterra Resources Inc.)Gladiator Deposit - Main Zone (CNW Group/Bonterra Resources Inc.)

“Our geological model continues to produce results with this new high-grade zone that appears to project nicely from our established pattern of veining within the multi-zone Gladiator Deposit. Our recent option to earn interest in the Duke claims has allowed us to now step out northeast and southwest with drilling in order to locate new parallel zones. We are extremely encouraged with our first results in stepping away from the Gladiator to the northeast and look forward to extending the new zone further,” commented Nav Dhaliwal, President and CEO.

Highlights and Observations:

  • BA-18-60 intersected a new high-grade zone located 200 m north of the North Zone with 27.4 g/t Au over 7.0 m. The intersection occurred between 96.0 m and 103.0 m down hole and contained numerous fine specks of visible gold within smoky quartz veining with pyrite and minor sphalerite mineralization, typical of the Gladiator Deposit. Follow-up holes are ongoing in order to validate continuity.
  • BA-18-60 intersected the Main Zone at 600 m below surface with 14.8 g/t Au over 7.0 m. This intersection adds to continuity of high-grade mineralization at depth with shallow intersections along an easterly plunge.

The ongoing resource development program continues to expand and define the Gladiator Gold Deposit ahead of the updated mineral resource estimate scheduled for Q4 2018. Drilling to be included in the upcoming mineral resource estimate has now been completed. Drilling continues with three drills at the deposit focused on extension drilling along strike to the northeast and southwest.

Hole From







(g/t Au)

BA-18-60 96.0 103.0 7.0 27.4 New
BA-18-60 777.2 784.2 7.0 14.8 Main
BA-18-60 851.0 852.0 1.0 7.1 Other
BA-18-60 904.2 905.9 1.7 7.0 South
*Stated lengths are core width as drilled, true widths vary and average between 60 and 80 percent of drilled
widths. Core axis angles of the intersection contacts and surrounding rock units average 55 to 70 degrees

Please see for updated maps including long sections and cross sections.

Bonterra Resources Quick Facts:

  • Well financed with approximately $65 million raised since 2017.
  • Strong shareholder base including: Eric Sprott, Van Eck, Kirkland Lake Gold.
  • Gladiator Gold Deposit:
    • Deposit extension and resource expansion underway with 60,000 m completed in 2017 and 70,000 m planned for 2018.
    • Advancing to the completion of an updated NI 43-101 Mineral Resource Estimate in the Q4 2018.
    • Drilled dimensions of the Gladiator Gold Deposit are currently outlined to a depth of over 1,000 m below surface and a strike length of 1,300 m.
    • Gladiator remains open in all directions, where at least six distinct sub-parallel zones or mineralized horizons have been identified.
    • Drilling is currently focused on the continued expansion of Gladiator Gold Deposit and exploration targets within the 10,541-hectare Urban-Barry property.
  • Larder Lake Gold Property:
    • 100% controlled 2,221-hectare in the Cadillac-Larder Break camp in Ontario (refer to March 17, 2016 news release highlighting historical gold resource).
    • Excellent access to three high grade gold deposits between Kirkland Lake and Virginiatown.

Robert Gagnon, P.Geo., has approved the information contained in this release. Mr. Gagnon is a director of Bonterra and is a Qualified Person as defined by NI 43-101.


Nav Dhaliwal, President & CEO
Bonterra Resources Inc.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility …read more

From:: Investing News Network

Enforcer Gold and SOQUEM Announce Amended & Restated Mineral Resource Estimate for the Roger Project

By Ashley Cowell

Enforcer Gold Corp. (TSXV:VEIN) (“Enforcer” or the “Company”) along with SOQUEM today announce the results of an amended and restated mineral resource estimate on the Mop-II gold-copper deposit at the Company’s Roger project. Enforcer is earning a 50% interest in the Roger project from project operator, SOQUEM.

Enforcer and SOQUEM were informed by Qualified Person, Christian D’Amours of GéoPointCom, that an error had been discovered within the drill hole database utilized in the mineral resource estimate reported on August 28, 2018. The error affected the data for several drill holes at the western ends of the North and Main zones and lead to a misestimating of the resource and induced an oversized conceptual pit shell. The effect and scale of the error on the resource could not be determined without a complete re-estimation; hence, Enforcer and SOQUEM requested GéoPointCom to immediately correct the database and recalculate the mineral resource.

The revised mineral resource estimate prepared by GéoPointCom using a 0.45 g/t gold equivalent (“AuEq”) cut off is 333,000 AuEq oz in the Indicated category and 202,000 AuEq oz in the Inferred category (Table 1). The impact of the amendment is a 12% decrease in the total Indicated resources and a 45% decrease in the total Inferred resources announced on August 28, 2018. Over 60% of the amended global resource is in the higher confidence Indicated category.

Enforcer Gold President and CEO, Steve Roebuck, comments:

“This is a very unfortunate situation but one that is not of Enforcer Gold’s making. The database error that lead to the amendment and restatement of the mineral resource is highly regrettable, but fortunately, the reduction to the Inferred resources is largely confined to the North Zone where drilling coverage is limited. There is little impact on the Mop-II Main Zone and the bulk of the Indicated resources. This restatement has no impact on Enforcer and SOQUEM’s commitment to advancing the Roger project and building the mineral resource on the Mop-II deposit. The Phase 2 drilling campaign is set to commence shortly and will focus on increasing and upgrading the current resource base.”

SOQUEM President, Olivier Grondin, comments:

“It is an unfortunate situation that is out of SOQUEM’s control, since the database that was transmitted by SOQUEM to GéoPointCom was in good standing. All parties involved are working together to identify the reason for the error. The matter is taken very seriously.”

Table 1. Pit-Constrained Mineral Resource Estimate on the Mop-II Gold-Copper Deposit

Category AuEq

Cut-off (g/t)

Tonnes AuEq


Contained AuEq




Contained Au


Indicated 0.45 10,900,000 0.95 333, 000 0.85 297,000
Inferred 0.45 6,569,000 0.96 202, 000 0.75 159,000
Notes to Table 1:
1. The mineral resource estimate was prepared with reference to the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards and the 2003 CIM Best Practice Guidelines.
2. The effective date of the mineral resource estimate is July 4, 2018.
3. The Qualified Person for the estimate is Christian D’Amours, PGeo, of GéoPointCom.
4. Gold Equivalent (“AuEq”) cut-off grade is based on 3-year average metal prices (to July 2018) of US$1,240/oz gold, US$16.50/oz silver and US$3.00/lb copper, USD/CAD exchange rate of 1.3129 using an open pit constrained model.
5. The resource is supported by statistical analysis with good reproducibility of the values and geostatistical validation of the coefficient of variation and probability curves. High-grade values were not capped but their numbers and area of influence was limited.
6. A minimum thickness of 10m was used for all sub-vertical zones and assays were composited to 1.0m true width.
7. A bulk density of 2.70 g/cm3 was used for the current estimate.
8. Mineral resources are reported as in-situ without dilution and material loss.
9. Rounding may result in apparent differences between tonnes, grade and contained metal content.
10. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Block model plans and sections are available in the Roger Map Gallery.

Table 2. Pit-Constrained Indicated Mineral Resource Sensitivity by Cut-Off Grades




















0.25 22,047 0.55 0.73 0.05 392,000 517,000 23,065,000 454,000
0.3 18,130 0.63 0.75 0.05 365,000 437,000 19,807,000 419,000
0.35 15,208 0.70 0.77 0.05 341,000 376,000 17,448,000 388,000
0.4 12,758 0.77 0.79 0.05 317,000 325,000 15,171,000 358,000
0.45 10,900 0.85 0.80 0.06 297,000 281,000 13,286,000 333,000
0.5 9,345 0.92 0.81 0.06 277,000 245,000 11,720,000 309,000
0.6 6,956 1.08 0.85 0.06 242,000 189,000 9,099,000 267,000
0.7 5,363 1.24 0.87 0.06 214,000 150,000 7,254,000 234,000

Table 3. Pit-Constrained Inferred Mineral Resource Sensitivity by Cut-Off Grades




















0.25 14,917 0.48 1.03 0.08 230,000 492,000 25,608,000 298,000
0.3 12,757 0.53 1.05 0.08 216,000 429,000 23,512,000 278,000
0.35 10,751 0.58 1.05 0.09 200,000 361,000 21,500,000 256,000
0.4 8,196 0.67 1.08 0.11 175,000 284,000 18,949,000 224,000
0.45 6,569 0.75 1.18 0.11 159,000 250,000 16,551,000 202,000
0.5 5,501 0.83 1.17 0.12 147,000 207,000 14,851,000 185,000
0.6 3,723 1.02 1.10 0.15 122,000 131,000 12,250,000 153,000
0.7 2,629 1.24 1.13 0.17 105,000 95,000 10,107,000 130,000
Notes to Tables 2 and 3:
1. Gold Equivalent (“AuEq”) cut-off grade is based on 3-year average metal prices (to July 2018) of US$1,240/oz gold, US$16.50/oz silver and US$3.00/lb copper, USD/CAD exchange rate of 1.3129 using an open pit constrained model.

Gold mineralization at the Mop-II deposit correlates with broad alteration zones of sericitization and silicification that are largely contained within a 2.2 km long by 0.4 km wide quartz-feldspar porphyry intrusion. The mineralization is homogenous, generally low grade and occurs over broad intervals. In addition to the 58,000 m of diamond drilling now completed on the Roger property, underground exploration undertaken in 1988 included 1,177 m of development and over 1,000 m of chip sampling. In 2006, a NI 43-101 mineral resource estimate on the Mop-II deposit outlined 3.24 Mt of Inferred Resources at an average grade of 1.61 g/t Au and 0.04% Cu for a total 167,200 ounces of gold (Enforcer press release dated March 5, 2018). Enforcer considers the 2006 estimate as a historical resource estimate that has relevance to the project; however, a qualified person for the Company has not done sufficient work to classify the historical estimate as a current mineral resource.

The 2018 mineral resource estimate was prepared by GéoPointCom of Val-d’Or, Quebec utilizing GeoticMine software and geostatistical analysis by Isatis software. The estimate was calculated using ordinary kriging (OK) methodology and the block model was constructed using block dimensions of 10 x 10 x 10 meters. The estimate incorporates information from 260 surface diamond drill holes and 23 underground diamond drill holes for a total of 38,554 m of split/sawn and assayed core. The wireframes solids were created using a 3D Delaunay triangulation process instead of lines and tie lines projected on section. A total of 13 sub-vertical wire frames were constructed considering a minimum true thickness of 10 m and a minimum grade of 0.35 g/t …read more

From:: Investing News Network

Kirkland Lake Gold almost doubles stake in Osisko Mining

By Cecilia Jamasmie

Kirkland Lake Gold (TSX, NYSE:KL) has almost doubled its stake in fellow Canadian precious metals explorer Osisko Mining (TSX:OSK) by acquiring about 15 million common shares for around C$25 million ($19m) in cash.

With the investment, the Toronto-based miner increased its interest from the existing 8.58% to 13.61%, while its shareholding in Osisko now stands at 32,627,632 shares.

The move also expands Kirkland’s ownership of interest in the Urban Barry area of northwestern Quebec, which the company believes to be “highly prospective mining camp in the prolific Abitibi-Greenstone belt.”

“The investment is complementary to our existing interests in Metanor Resources Inc. and Bonterra Resources Inc., both of which have high-potential exploration holdings in the same area,” president and chief executive Tony Makuch said in the statement.

Kirkland is now targeting about 635,000 ounces of gold production for the year coming from both its Australian and Canadian mines.

The post Kirkland Lake Gold almost doubles stake in Osisko Mining appeared first on

…read more


Top Zimbabwe Miner May Pay Suppliers in Gold

By Nicole Rashotte

gold outlook free report

Metallon has evaluated Zimbabwe’s current economic climate and has begun looking at paying its mining equipment suppliers in gold.

Zimbabwe abandoned its currency in 2009 because of hyperinflation, and now faces a cash shortage.

Metallon, the country’s largest gold miner, requires US$400 million to buy new machinery and upgrade existing equipment as it moves to increase its production.

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CEO Mzi Khumalo said on Tuesday (September 18) that the move would allow the company to sidestep the country’s cash quandary and continue with plans to expand.

The miner has begun talks with equipment suppliers in South Africa and Canada, among other countries, to discuss using gold as payment.

“We can then enter agreements with banks, various financiers on the basis of gold-backed transactions,” Khumalo stated. He added, “[suppliers] will get their payment in gold.”

The company is proposing this idea because Zimbabwean law enables Metallon to convert leases on claims around its four mines into special mining leases that can then be used to secure financing for equipment purchases.

Despite this law, gold is not considered legal tender in Zimbabwe — if this transaction were to come to fruition, it would be the first of its kind for the African country.

Khumalo stated that last week that he met with Mines Minister Winston Chitando who told him that he would support Metallon’s efforts to boost output.

Similarly, President Emmerson Mnangagwa has pledged to revive mining and agriculture as part of a plan to achieve middle-income status within the next five years.

“In the past we operated under a government that has been very hostile to business,” he said. Mnangagwa added, “[t]he amount of money that is going to be made in Zimbabwe in the next five to ten years, measured against other emerging markets, Zimbabwe will be number one.”

Metallon currently has four mines in Zimbabwe, one of which has suspended underground mining to allow for redevelopment. The company produced 77,568 ounces of gold last year and plans to increase that to 550,000 ounces by 2023, after new equipment has been acquired.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.

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The post Top Zimbabwe Miner May Pay Suppliers in Gold appeared first on Investing News Network.

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From:: Investing News Network

Ryan Ko elaborates on recent news from Corvus Gold – Tue 18 Sep, 2018

By Big Al

Figure 1 â€

Ryan Ko and Big Al elaborate on the Maiden Resource announced today for the Mother Lode Deposit

Download audio file (Ryan-use-1.mp3)

Corvus Gold Announces Maiden Resource for Mother Lode Deposit, Nevada

September 18, 2018


  • Total of 1.16Mozs of gold in the Measured and Indicated Mineral Resource categories, with 0.24Mozs gold in the Inferred Mineral Resource category. 83% of Mineral Resource is Measured and Indicated (M&I)
  • Total M&I Mill Mineral Resource of 733,000 ounces gold at avg. grade of 1.72 g/t gold in 13.2Mt & Inferred Mill Mineral Resource of 112,000 ounces gold at avg. grade of 1.6 g/t gold in 2.17Mt
  • Total M&I, oxide, Run of Mine, Heap Leach Mineral Resource of 427,000 ounces gold at avg. grade of 0.33 g/t gold in 40Mt & Inferred Mineral Resource of 129,000 ounces gold at avg. grade of 0.29 g/t gold in 14.1Mt
  • Pit constrained deposit has an overall strip ratio of 2.68-1
  • Ongoing exploration drilling continues to show potential to expand deposit to the west, north, east and at depth

Vancouver, B.C. – Corvus Gold Inc. (TSX: KOR, OTCQX: CORVF) (“Corvus” or the “Company”) announces the maiden Mineral Resource estimations incorporating all drill results from the Phase I & II drill programs at its 100% owned Mother Lode Project (“MLP”). This initial Mineral Resource remains open in several directions and Corvus is currently engaged in its Phase III drill program that is targeting Mineral Resource growth beyond this initial estimate. The Mineral Resources estimations (Measured, Indicated and Inferred) were based on economic constraints using Whittle TM software and assuming open pit mining and USD $1,250 per ounce gold price (Table 1). Figure 1 & 2 shows a plan view and a north-south long-section through the resource block model.

Table 2 illustrates the robustness of the current project at lower gold prices with a Mineral Resource estimate using a USD $1,000 per ounce gold price which still captures a measured and indicated Mineral Resource of over one million ounces.

Jeff Pontius, the Company’s President & CEO states, “The Mother Lode Deposit has delivered a robust maiden Mineral Resource that exceeded our initial expectations and enlarges the overall Corvus Gold Nevada asset base. The grade and low strip ratio of this deposit makes it an excellent addition to the North Bullfrog project (NBP) and will add to the combined NBP & MLP initial PEA study expected next month. The Mother Lode deposit remains open and continues to grow with our ongoing Phase III drill campaign building toward the next multi-million-ounce Nevada discovery. Additionally, the critical mass provided by the Mother Lode deposit for a sulfide circuit opens the door for the large, high-grade sulfide potential at the North Bullfrog project which has yet to be explored.

Table 1
Mother Lode, Measured, Indicated, and Inferred Mineral Resource Estimations constrained by Whittle TM pit at a gold price of USD $1,250 per ounce

Resource Category Mill-Sulfide
@ 0.63 g/t COG
ROM Heap Leach
@ 0.06 g/t COG
Kt Au g/t Kozs Kt Au g/t Kozs Kt Au g/t Kozs
Measured 3,292 1.41 149 20,035 0.29 185 23,327 0.45 334
Indicated 9,934 1.83 583 20,123 0.37 242 30,057 0.85 825
Total M & I 13,226 1.72 733 40,158 0.33 427 53,383 0.68 1,159
Inferred 2,168 1.60 112 14,073 0.29 129 16,241 0.46 241


  • See Cautionary Note to US Investors below
  • The Mineral Resources above are effective as of September 18, 2018
  • Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
  • Silver resources have not been included in the initial Mother Lode estimate
  • There are no known legal, political, environmental, or other risks that could materially affect the potential development of the Mineral Resources

Table 2
Sensitivity of Mother Lode, Measured, Indicated, and Inferred Mineralization Estimations constrained by Whittle TM pit at a gold price of USD $1,000 per ounce

Resource Category Mill-Sulfide
@ 0.78 g/t COG
ROM Heap Leach
@ 0.07 g/t COG
Kt Au g/t Kozs Kt Au g/t Kozs Kt Au g/t Kozs
Measured 2,133 1.79 123 17,441 0.31 174 19,574 0.47 297
Indicated 8,650 1.96 545 14,702 0.45 213 23,352 1.01 758
Total M & I 10,783 1.93 668 32,143 0.37 387 42,926 0.76 1,054
Inferred 941 1.82 55 5,966 0.34 65 6,907 0.54 120


The Mineral Resource estimation is based on 267 drill holes with 8,296 gold composites. Geologic volumes were defined by geologic interpretations and used to define the estimation.

The resource was characterized by a high-grade core surrounded by lower grade mineralization. The high-grade core was estimated using Inverse Distance Squared. The surrounding mineralized portion of the deposit was estimated with Ordinary Kriging. To estimate the reasonable prospects of eventual economic extraction, Resource Development Associates Inc. confined the resources to mining volumes defined by Whittle TM analysis using the input parameters defined in Table 3. There are no known legal, political or environmental risks that could materially affect the potential development of the Mineral Resources.

Table 3
WhittleTM Input Parameters used for the MLP Mineral Resource Estimation (USD)

Parameter Unit MLP-Mill MLP-Heap Leach
Mining Cost total tonne $1.40 $1.40
Au Cut-Off g/t 0.63 0.06
ProcessingCost process tonne $19.50 $1.20
Au Recovery % 80.0 74.0
Ag Recovery % 0.0 0.0
Admin Cost process tonne $0.50 $0.50
Refining & Sales $/Au oz $5.00 $5.00
Au Selling Price oz $1,250 $1,250
Slope Angle Degrees 60 60
  • assumes heap leach processing of disseminated oxidized mineralization
  • assumes Pressure Oxidation mill processing of MLP sulfide mineralization
  • Au Cut-Off – break-even grade derived from Whittle input parameters at USD $1,250 per ounce gold price

Figure 1 – Plan View of Mother Lode resource block model at 970 m elevation (UTm NAD27 Z11)

Figure 2 – Long-section through Mother Lode resource block model at 531,055 m east, …read more

From:: The Korelin Economic Report