Vast Resources Obtain Agreement from Romanian Government for Baita Plai

By Scott Tibballs

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Vast Resources (LSE:VAST) has announced that an agreement has been obtained from the Romanian minister of economy in relation to the association licence agreement with Baita SA, the holder of the Baita Plai head licence.

According to Vast this is a major milestone in the companies goal to be granted mining rights at its Baita Plai copper-silver-zinc-lead-gold-tungsten-molybdenum mine in Romania.

CEO of Vast, Andrew Prelea said:

“Following this agreement from the minister matters now lie with Baita SA and AFCR to make the application for the final seal of approval from ANRM and I am confident that this last item should be dealt with quickly and without issue. The importance of Vast receiving the right to mine at Baita Plai cannot be overstated – simply put, this will allow us to begin mining a 1.8 million tonne orebody with a copper equivalent grade of approximately 6 percent, which would transform our production profile.”

Click here to read the full Vast Resources (LSE:VAST) press release.


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Adriatic Announces Further Extension to Rupice Zone

By Scott Tibballs

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Adriatic Metals (ASX:ADT) has announced that it has received the assay results from the second hole completed in its 15,000m drilling program at Rupice in Bosnia and Herzegovina.

According to Adriatic, the intersection represents an 80m down dip extension from BR-5-17, drilled by the company in 2017. BR-3-18 was collared 30m to the north of BR-2-18. The company is currently drilling BR-5-18 which is collared a further 30m north of BR-3-18. The company’s drilling is testing the northerly extensions of the Rupice North mineralization where there is no historical drilling.

As highlighted in the press release:

  • Drilling returns high grade and thick intercepts north of the current zone of mineralization, and includes
    • 36m at 4.4 grams per tonne (g/t) of gold, 463 g/t silver, 0.5 percent copper, 4.3 percent lead, 5.7 percent zinc, 55 percent barium sulfate from 196m (BR-3-18), and
    • 22m at 4.1 g/t gold, 258 g/t silver, 0.8 percent copper, 7.5 percent lead, 12.8 percent zinc, 56 percent barium sulfate from 244m (BR-3-18).
  • Extends the high-grade northern zone at Rupice and highlights the exceptional growth potential as the mineralization remains open
  • BR-3-18 is 30m north of the high-grade hole BR-2-18
  • Also gives an 80m down-dip extension of thick, high-grade mineralization from BR-5-17

Click here to read the full Adriatic Metals (ASX:ADT) press release.


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Dalradian Agrees to C$537-million Takeover Bid From Orion

By Nicole Rashotte

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Private equity firm Orion Mine Finance will acquire Dalradian Resources (TSX:DNA, LON:DALR) for a recommended cash offer of C$1.47 per share, allowing it to expand ownership of the vast gold deposit of Curraghinalt, the companies announced on Thursday (June 21).

Under the agreement, Curraghinalt will continue to be backed by Osisko Gold Royalties (TSX:OSK), which will also hold onto its shares. This means that the remaining shareholders and Orion would hold a combined 20.4-percent stake in Dalradian.

“We are very pleased to expand our ownership in one of the world’s best undeveloped gold deposits. Curraghinalt gets more exciting as additional exploration and engineering work is completed, the recent positive resource update being just the latest example,” said Oskar Lewnowski, chief investment officer of Orion.


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“The Dalradian team has done an outstanding job of growing the deposit and advancing it through the feasibility stage. We look forward to working with the core Dalradian management team to secure planning permission for a world class mine using best-in-class mining, processing and environmental standards,” he added.

As part of the agreement, each Dalradian shareholder is eligible to receive a cash consideration of C$1.47 for each share held. This amount represents a 62-percent premium to Wednesday’s (June 20) closing price of the company’s stock in Toronto, as well as a 49-percent premium to the volume-weighted average price of its shares across the last 30 trading days.

“The premium cash offer from Orion that we have announced today therefore reflects the results of several years’ diligent, professional work by the entire Dalradian team,” said Jim Rutherford, non-executive chairman of Dalradian.

“In the space of less than 10 years, Dalradian has succeeded in transforming its flagship Curraghinalt project in Northern Ireland from a virtual grassroots discovery into one of the world’s best and highest grade gold deposits,” he also noted.

The Orion offer has reportedly received strong shareholder backing, with Orion and the remaining shareholders in agreement to vote in favor of the transaction.

Last month, Dalradian released an updated mineral resource statement for the Curraghinalt gold deposit, which included a 46-percent increase in gold ounces and a 32-percent increase in inferred gold ounces. The project is estimated to hold 1.4 million ounces of gold reserves.

The agreement is subject to approval at a shareholder meeting to be held in August, as well as court and other approvals. Approval will require 66.23 percent of shareholders to vote in favor of the deal and simple majority percentage of shareholders after excluding any votes of Orion, Osisko Gold Royalties and certain other persons.

On Thursday, shares of Dalradian closed up 59.34 percent in Toronto, trading at C$1.45.

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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Lumina, First Quantum Formalize Ecuadorian Excursion

By Scott Tibballs

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Canadian miners Lumina Gold (TSXV:LUM) and First Quantum Minerals (TSX:FM) are now bound together after the two signed an earn-in agreement for Lumina’s Ecuadorian goldcopper concessions.

Lumina announced the news on Thursday (June 21), which will see First Quantum contribute US$1.5 million in the next year for exploration on two concessions, Orquideas and Cascas.

The two concessions are located near Lumina’s Condor project in the Zamora-Chinchipe province of southwest Ecuador.


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According to Lumina, exploration work is already underway at Orquideas and Cascas where it is acting as operator, with First Quantum’s ‘supervision’.

Under the terms of the earn-in agreement, which was first revealed to be in the works last year, First Quantum is to commit US$1.5 million in the first year of the five-year agreement, and has “the option of contributing up to an additional US$37 million over the course of the subsequent four years.” The two companies had said they would work towards formalizing the agreement by the end of 2017.

Included in the US$1.5 million is an immediate payment to Lumina of US$100,000, and the smaller company will be ‘reimbursed’ US$840,000 for work already conducted between September 2017 and May 2018.

If First Quantum decides to continue beyond the first year, for its US$37 million it will acquire 51-percent ownership of the concessions, and will have the right to pursue an additional 19 percent if it solely funds all exploration up to when the partners decide whether to pull the trigger and commence mining operations.

Since the first announcement of the earn-in agreement in October last year, Lumina has been confidently barreling ahead.

“At Orquideas, phase one line-cutting is complete and an induced polarization geophysical survey is well advanced, with approximately 95 percent of the 34 kilometre survey now completed,” said Lumina.

“An additional 12 kilometres of infill induced polarization lines are planned as a follow-up …the induced polarization chargeability results continue to show good correlation with known copper-molybdenum anomalies and mineralized structures at surface.”

The company added that works were so advanced and results so promising that it has requested the Ecuadorian government change the concession to an ‘advanced exploration’ concession that will allow drill testing.

Lumina said that at the other concession, Cascas, it was planning to investigate preciously discovery porphyry copper mineralization based on 1,325 samples. The company believes that the copper-molybdenum footprint covers an area spanning 5 by 2.5 km.

“Adjacent to this anomaly to the southeast is a distinctive gold anomaly spread over an area of 3.0 by 2.5 km. A new geological map has been developed that will guide follow-up exploration efforts.”


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Lumina’s nearby Condor project is 90-percent owned by the Canadian company, and has an indicated resources of 1.4 million ounces of gold, 9.2 million ounces of silver and 43 million pounds of copper, and an inferred resource of 2.5 million ounces of gold, 7.9 million ounces of silver and 260 million pounds of copper.

Lumina also wholly owns another gold-silver-copper project in the South American nation, the Cangrejos project, where a preliminary economic assessment is underway and expected soon.

First Quantum has six operating mines in Africa, Europe and another in Turkey, as well as a seventh mine under care and maintenance in Australia. Primary involved in copper, gold and zinc, the Canadian company has another four projects under development in South America and Africa.

First Quantum had made the news lately when it backed out of negotiations to finance the controversial Pebble project in Alaska in return for a 50-percent interest in the copper-gold project.

On the Toronto Venture Exchange Lumina Gold has not moved an inch with the news, and is trading at C$0.72. First Quantum didn’t move much either, trading at C$20.27 on the TSX, up 0.2 percent.

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

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


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Fortune Minerals on Resource World Magazine

By Hamza Ghaznavi

Fortune Minerals Limited (TSX:FT; OTCQX:FTMDF) got featured on Resource World Magazine. The article talked about a renewed interest in the company’s NICO project after a recent surge in pricing.

“The company has entered into approximately 30 confidentiality agreements with potential strategic partners from diverse business sectors.” – Fortune Minerals CEO Robin Goad commented on the renewed interest.

He further elaborated that a recent rise in interest is related to rising prices of Cobalt.

“With the flexibility of proceeding with, or deferring the downstream process plant in Saskatchewan, Fortune says it would not only have the ability to reduce up-front capital costs, but also to stage the various unit operations as required to reduce commissioning risks.” – The article concluded.

Click here to read the full article

Click here to connect with Fortune Minerals Limited (TSX:FT; OTCQX:FTMDF) and receive an Investors Presentation.

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Sumitomo Buys 5-percent Stake in Yanacocha Gold Mine for U$48 Million

By Nicole Rashotte

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Japan’s Sumitomo (TYO:8053) has purchased a 5-percent stake in the Yanacocha gold mine in Peru for US$48 million in order to boost its metals portfolio, the company announced on Thursday (June 21).

Yanacocha has been in production since 1993 and was once Peru’s largest gold mine. In recent years, production has declined but Sumitomo believes in its growth potential, as the life of mine could possibly be extended to 2039 and it also contains copper deposits.

Yanacocha has substantial future growth options, including development of its extensive sulfide gold and copper deposits located under the oxide deposit currently in production, to extend the mine life through 2039,” the company said in a press release.


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After Sumitomo’s purchase, the mine will be owned by three companies, with US top gold-producing company Newmont Mining (NYSE:NEM) holding 51.35 percent and Peruvian miner Buenaventura (NYSE:BVN, FRA:MBU) claiming 43.65 percent. Newmont and Buenaventura currently own 54.05 percent and 45.95 percent respectively.

Sumitomo noted that the mine’s extensive sulphide gold and copper deposits are located under the oxide gold deposit, which is currently in production.

“The feasibility study for the development of sulphide gold and copper deposits is expected to be completed between 2019 and 2020,” said a Sumitomo spokesman.

Optionally, under some conditions, the company may sell its stake to a joint venture between Newmont and Buenaventura if the sulphide deposits are not developed.

Sumitomo’s investment comes as Japanese trading companies enjoyed their best profit in six years and are now searching for assets to add to their portfolios. Profits have been driven by higher prices for commodities such as coking coal and copper.

Last week, Mitsubishi (TOY:8058) announced that it would be increasing its stake in Anglo American’s (LSE:AAL) Quellaveco copper project in Peru by 21.9 percent for US$600-million, increasing its holding to 40 percent.

While Sumitomo plans to make a payment on June 22, the deal won’t officially be closed until a local administrative registration procedure is completed.

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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Rockhaven Substantially Upgrades Gold and Silver Mineral Resources at its Klaza Project, Yukon

By Hailey Wahlberg

Rockhaven Resources Ltd. (TSXV:RK) (“Rockhaven”) is pleased to announce updated Mineral Resource estimates for the high-grade Western BRX, Central BRX, Central Klaza, and Western Klaza zones at its 100%-owned and road accessible Klaza property, located in the Dawson Range Gold Belt of southern Yukon.

The updated Mineral Resource estimates incorporate results from approximately 13,300 m of in-fill and expansion diamond drilling completed subsequent to the 2015 Mineral Resource estimate, and utilizes results from recent metallurgical test work to revise cut-off grades. Bulk tonnage low-grade mineralization in the Eastern Zones requires additional sampling, drilling and modeling, and is not included in these Mineral Resource estimates.

Highlights from this news release include:

  • Indicated Mineral Resources of 4.5 Mt containing 686,000 oz gold and 14,071,000 oz silver (grading 4.8 g/t gold and 98 g/t silver) or 907,000 oz gold equivalent (grading 6.3 g/t gold equivalent);
  • Inferred Mineral Resources of 5.7 Mt containing 507,000 oz gold and 13,901,000 oz silver (grading 2.8 g/t gold and 76 g/t silver) or 725,000 oz gold equivalent (grading 3.9 g/t gold equivalent); and,
  • Pit-constrained resources significantly increased in tonnes and grade compared to previous Mineral Resource estimates, including the Western BRX Zone with 759 kt at an average grade of 9.5 g/t gold, totaling 232,000 oz gold in the Indicated category.

Table 1: Mineral Resource Estimate Summary, June 5, 20181,5

Tonnes Grade Contained Metal
Au Ag Pb Zn AuEQ4 Au Ag Pb Zn AuEQ4
(kt) (g/t) (g/t) (%) (%) (g/t) (koz) (koz) (klb) (klb) (koz)
Indicated3 4,457 4.8 98 0.7 0.9 6.3 686 14,071 73,268 92,107 907
Inferred3 5,714 2.8 76 0.6 0.7 3.9 507 13,901 77,544 89,176 725

1 CIM Definition Standards (2014) were used for reporting the Mineral Resources. Using drilling results to December 31, 2017. The Qualified Persons are Adrienne Ross, P.Geo. of AMC Mining Consultants (Canada) Ltd, and Nicholas Ingvar Kirchner, FAusIMM, MAIG. of AMC Mining Consultants Pty Ltd.
2 Near surface Mineral Resources are constrained by an optimized pit shell at a metal prices of $1,400/oz Au, $19/oz Ag, $1.10/lb Pb, and $1.25/lb Zn.
3 Cut-off grades applied to the pit-constrained and underground resource are 1.0 g/t and 2.3 g/t AuEQ respectively.
4 Gold equivalent values assume $1,400/oz Au, $19/oz Ag, $1.10/lb Pb, and $1.25/lb Zn, and variable recoveries for the different metals.
5 Numbers may not add up due to rounding. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. All metal prices are quoted in US$ at an exchange rate of $0.80 US to $1.00 Canadian.

“The Klaza project hosts high-grade gold and silver resources that are near surface, road accessible and located within one of the safest mining jurisdictions in the world,” stated Matt Turner, CEO of Rockhaven Resources. “We have upgraded much of our Inferred Mineral Resource to the Indicated category for $4 per oz gold or at a rate of 52 oz gold per metre drilled.* Additionally, the conversion of high-grade resources from underground to open pittable should have major economic benefits for the project.”

The following table reports the Mineral Resources by potential mining method.

Table 2: Mineral Resource Estimate by mining method, June 5, 20181,5

Category

Tonnes Grade Contained Metal
Au Ag Pb Zn AuEQ4 Au Ag Pb Zn AuEQ4
(kt) (g/t) (g/t) (%) (%) (g/t) (koz) (koz) (klb) (klb) (koz)
Indicated
Pit-Constrained2,3 2,447 5.3 90 0.7 1.0 6.7 414 7,096 39,143 52,935 529
Underground3 2,010 4.2 108 0.8 0.9 5.8 272 6,974 34,125 39,172 378
Total 4,457 4.8 98 0.7 0.9 6.3 686 14,071 73,268 92,107 907
Inferred
Pit-Constrained2,3 1,754 2.6 43 0.4 0.5 3.3 147 2,429 14,897 18,599 187
Underground3 3,960 2.8 90 0.7 0.8 4.2 359 11,472 62,647 70,578 538
Total 5,714 2.8 76 0.6 0.7 3.9 507 13,901 77,544 89,176 725

* See footnotes under Table 1

About the Klaza Deposit

The Klaza project hosts a large hydrothermal system that is concentrated within a 4 km long by 3 km wide structural corridor. Current Mineral Resource areas have only been systematically explored to about 275 m below surface, but well mineralized intersections occur as deep as 450 m. Eleven known mineralized zones have been identified within the corridor and all are open for expansion along strike and to depth. The deposit model for the Klaza deposit suggest the zones could be well mineralized to depths of 1,000 m or more below surface.

In spring 2016, Rockhaven completed a Preliminary Economic Assessment (PEA) of the Klaza property in order to demonstrate project viability and recognize key economic sensitivities. The PEA identified several opportunities to improve future economics, including:

  • Exploring alternate processing methods that could lower overall processing costs and allow lower-grade mineralization, which was excluded from the PEA, to be effectively processed;
  • Better definition of near surface mineralization in order to maximize the open-pit potential of the Mineral Resources; and,
  • Infill drilling in order to confirm grade continuity within the deposit and increase the grade of the known high-grade veins.

In 2016 and 2017, Rockhaven completed 13,291 m of infill and expansion diamond drilling, within and near to the 2015 Mineral Resources. This drilling successfully demonstrated the continuity of high-grade structures and identified much higher-grade areas within the known vein zones. Examples of these high-grade intersections include 182 g/t gold and 231 g/t silver over 0.61 m in Central Klaza; and, 94 g/t gold and 545 g/t silver over 2.63 m in Western BRX. The drilling also outlined lower-grade mineralization in the hanging wall and footwall of the Central Klaza Zone, and provided material for metallurgical testing.

The eastern portion of the Klaza vein system (Eastern Zones) comprises multiple, sub-parallel veins and veinlets, and includes the Eastern Klaza, Eastern BRX, Pika, Stroshein, and part of the AEX zones. All of these zones are open to the east, towards the mostly untested Kelly Porphyry. Previously, these zones were assumed to be similar to the discreet high-grade vein zones to the west (Western and Central portions of the BRX and Klaza) and were sampled, targeted and modeled using this assumption. The recent drilling and metallurgical test work have demonstrated that the mineralization is structurally, mineralogically and metallurgically different from the western zones. This area has bulk tonnage potential and requires additional sampling, drilling and modelling before a Mineral Resource estimate can be finalized.

Metallurgical testwork completed in 2017 demonstrates that dense media separation is effective in the Central Klaza, Western BRX, and Eastern zones (see Rockhaven news release dated April 19, 2018). This test work also showed that the Eastern Zones responded well to direct cyanide leaching. The new processing techniques identified by the test work allow for lower cut-off grades to be applied to the current Mineral Resource estimates. The application of pre-concentration should allow for less selective, lower cost mining methods in both …read more

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Osprey Completes Sampling and Submits Previously Unsampled Core for Analysis, Begins Trenching Program at Caribou Gold Project

By Hamza Ghaznavi

Osprey Gold Development Ltd. (TSXV:OS, OTCQB:OSSPF) is pleased to provide an update on its 2018 exploration, underway at the Caribou Gold Project (“Caribou”) located in Nova Scotia, Canada approximately 80 kilometers northeast of the city of Halifax, Nova Scotia, and 8 kilometers (“km”) north of Atlantic Gold’s Moose River Consolidated mill site.

Caribou is one of 5 key projects controlled by Osprey, and is host to an historical mineral resource estimate. Activity at Caribou is the first systematic program undertaken at Caribou since the Company acquired an option to acquire the property in September 2017.

Exploration activity at Caribou includes:

  • Sampling of historic core in areas prospective for mineralization within host rocks outside previously sampled veins,
  • 5 holes sampled, for a total of 308 samples submitted for analysis,
  • Currently trenching and channel sampling in the Elk Zone, north of the historic resource to test for possible extensions of near surface gold.

Sampling this core is a critical first step to determining Caribou’s potential to host significant zones of potentially bulk mineable, open-pit extractable, gold mineralization in a cost-effective way. The results of this analysis will help the Company fully develop drill targets on the project, and test for disseminated mineralization within the host sediments suggested in historic reports and data. Previous exploration at Caribou, like much of the Meguma Terrane, was focused on high-grade vein-hosted gold, dismissing potentially mineralized surrounding host rocks. Recent exploration successes by other operators in the trend focus on disseminated, bulk mineable zones that encompass both higher grade veins and disseminated gold in the surrounding sediments (chiefly argillite).

“I’m pleased with the progress of our work at the Caribou Gold Project this year,” said Company President Cooper Quinn. “Multiple styles and grades of mineralization at Caribou give Osprey several pathways to build a gold resource and show that the mineralizing events were significant in size, and support the project’s potential to be amenable to open pit extraction. Data gathered during this program will also aid in exploration for additional vein-hosted mineralization, as well as the stockwork or “fissure vein” style mineralization at Caribou, which has historically provided some of the best grades and widths reported in the region.”

Historic exploration reports for Caribou indicate there may be areas with low-grade gold in the host rock between veins.

Osprey has selected a total of five strategically located holes drilled by previous operators along the Dixon-Truro trend and Elk Zone at Caribou, which had previously only been sampled where mineralized quartz veins had been present, and has sampled broader intervals of host sediments.

This previously un-sampled core has been sent to the lab for analysis and results will be reported as they become available. See map below for drill collar locations of these holes.

Osprey is currently trenching within these same two known mineralized zones to test for possible extensions at surface, with a focus on the potential for mineralized sediments near surface. Trenches are being excavated to expose bedrock where Company personnel will map geology, veining, and structures and take channel samples to be submitted for analysis. Osprey will issue regular updates as work progresses and results are received.

Figure 1 – Caribou Project overview, showing surface expression of veining, and overall anticline structure. The Elk and Dixon-Truro trend will be the focus of near-term exploration.

To view an enhanced version of Figure 1, please visit:
http://orders.newsfilecorp.com/files/5059/35401_a1529563131192_73.jpg

About the Caribou Property

  • Strategically located, 8 kilometres north of Atlantic Gold’s Touquoy Mine and Moose River Consolidated mill site and surrounded by Atlantic Gold claim holdings;
  • Historic drill results in stockwork zones include 11.2 metres grading 10.86 grams per tonne (“g/t”) gold in Hole CM-98-01 and 9.8 metres grading 12.2 g/t gold in Hole SB-88-11;
  • Project area includes broad areas of Halifax Group argillites, which overlie the quartzite/ argillite Goldenville Group, host rock for gold bearing quartz veining, and are largely unexplored at Caribou;
  • Reported past production of over 100,000 gold ounces between 1869 and 1955, as reported in a historical technical report prepared for Scorpio Gold Corporation by Guy Mac Gillivray, P.Geo. of W.G. Shaw and Associates Limited in a report dated October 8, 2008 (the “Historical Report”);
  • An inferred historic resource of 94,763 ounces of gold in 350,305 tonnes grading 8.81 g/t gold, uncut (the “Historic Estimate”); and
  • Using a grade cap for gold of 47.0 g/t (to compensate for nugget effect) the Historical Estimate for the Caribou Gold Property is 350,305 tonnes grading 5.83 g/t gold, or 67,425 ounces of gold;

The reader is cautioned that a qualified person has not done sufficient work to classify this Historical Estimate as current resources and Osprey is not treating this Historical Estimate as a current mineral resource. While this estimate was prepared in accordance with National Instrument 43-101 and the “Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Mineral Reserves Definition Guidelines” in effect at the time, there is no guarantee that it would be consistent with current standards and it should not be regarded as consistent with current standards. The Historical Estimate is relevant to obtain a reference to mineral potential present on the property. The Company has not undertaken any verification of the historical data upon which the historical estimates are based on.

About Goldenville and Osprey

Osprey is focused on exploring five historically producing gold properties in Nova Scotia, Canada. Osprey has the option to earn 100% (subject to certain royalties) in all five properties, including the Goldenville Gold Project, Nova Scotia’s largest historic gold producer. Goldenville hosts a current NI 43-101 Inferred Resource of 2,800,000 tonnes at 3.20 g/t gold for 288,000 ounces of gold (2,800,000 tonnes at 4.96 g/t gold for 447,000 ounces of gold uncapped) near the town of Sherbrooke, NS. All five properties in Osprey’s current portfolio have a history of high-grade gold production. A copy of the Company’s technical report titled “Technical Report on the Goldenville Property, Guysborough County, Nova Scotia Canada” prepared by David G. Thomas, M.Sc., P. Geo. and Neil Pettigrew, M.Sc., P. Geo. is available under the Company’s profile at www.sedar<a target="_blank" …read more

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Nexus Gold to Drill 4000 Meters at Bouboulou-Rakounga and Niangoeula Concessions, Burkina Faso

By Hailey Wahlberg

Nexus Gold Corp. (“Nexus” or the “Company”) (TSXV:NXS, OTC:NXXGF, FSE:N6E) is pleased to announce it is commencing a 4000-meter RC drill program at it’s three Burkina Faso projects. The summer drill program will begin immediately and will consist of approximately 2000 meters of reverse circulation drilling on the Rakounga exploration permit and 1000 meters each on the Bouboulou and Niangouela exploration permits.

Rakounga

At the 250-sq km Rakounga concession the drill program is designed to test the strike extension of the Koaltenga zone, which to date has returned intercepts of 32 meters averaging 1.01 grams per tonne (“g/t”) gold (“Au”) (including 6m of 2.81 g/t Au and 2m of 5.65 g/t Au) from hole RKG-17-RC-002; 34 meters of 1.00 g/t Au (including 4m of 5.57 g/t Au) from hole RKG-17-RC-008; and 26 meters of 0.82 g/t Au (including 2m of 4.11 g/t Au and 4m of 2.60 g/t Au) from hole RKG-17-RC-001 (see Company news release December 13, 2017).

In addition, the company will be testing two newly identified orpaillages, or zones of artisanal mining activity. The first is termed the Porph 2 orpaillage and is located approximately 400 meters south-west of the previously tested Porphyry zone which returned anomalous gold intercepts in drill holes RKG-17-RC-014 (40m of 0.19 g/t Au) and hole RKG-17-RC-015 (42m of 0.26 g/t Au) (see Company news release December 13, 2017).

The second newly found orpaillage, termed BBL-South, is centrally located in the Rakounga permit. The two workings at BBL-South are believed to be the strike extension of the B2 trend previously identified on the adjacent Bouboulou property. The BBL-South area is located some 7800 metres south west of the Bouboulou 1 zone.

“We’re looking to build on the successes we’ve already had at Koaltenga by drill testing the newly discovered areas,” said Vice President, Exploration, Warren Robb. “We are pleased about the BBL-South find as this helps to define the B2 trend over what could be a significant distance,” continued Mr. Robb.

Bouboulou

At the 38-sq km Bouboulou concession the company will drill areas proximal to the previously identified Koala and Pelatanga zones. Drilling in 2017 at Koala returned intercepts of 3m of 5.21 g/t Au (including 1m of 15.50 g/t Au), from drill hole BBL-17-DD-007, and 8.15m of 4.41 g/t Au (including 1m of 23 g/t Au) from drill hole BBL-17-DD-008 (see Company news release dated October 5, 2017). Targeting will test the newly found Rawema South zone which has returned rock samples of 2.40 g/t Au and 5.56 g/t Au (see Company news release February 28, 2018).

Figure 1: Rakounga-Bouboulou with known mineralized zones and area of current soil grid program

Niangouela

At the 176-sq km Niangouela concession the Company will be testing a newly found orpaillage occurring three kilometers to the north east of the primary quartz vein system drilled in January of 2017. The initial drill program at Niangouela produced several mineralized intercepts of note, including 6.20m of 4.00 g/t Au (including 1m of 20.50 g/t Au) from drill hole NGL-17-DD-006, and 4.85m of 26.69 g/t Au (including 1.03m of 132 g/t Au) (see Company news releases dated March 7, 2017 and April 5, 2017).

“This summer drill program, in addition to our current soil grid program, represent significant steps in the development of our Burkina assets,” said president & CEO, Alex Klenman. “One of the primary goals of these programs at the combined Bouboulou-Rakounga concessions is to increase the size of the overall mineralized footprint while generating data to help establish the nature of the proximal relationship of the known gold zones. Niangouela is an earlier stage project, but the high-grade discovery we made there last year makes this a compelling project to pursue. We’re looking forward getting back up there and exploring the new zone,” continued Mr. Klenman.

Figure 2: Burkina Faso map showing established mines/deposits and location of Nexus Gold projects

About the Company

Nexus Gold is a Vancouver-based gold exploration and development company operating primarily in Burkina Faso, West Africa. The company is currently concentrating its efforts on establishing a compliant resource at one or more of it’s three current projects. The 38-square km Bouboulou project comprises no less than five established gold zones contained within three separate 5-km long gold trends. The adjacent 250-square km Rakounga gold concession extends the Bouboulou gold trends and currently contains three drill tested zones of mineralization. The Niangouela gold concession is a 178-square km project featuring high-grade gold occurring in and around a primary quartz vein and associated shear zone approximately one km in length.

Warren Robb P.Geo., Vice-President, Exploration, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for the technical information contained in this release.

On behalf of the Board of Directors of

NEXUS GOLD CORP.

Alex Klenman

President & CEO

604-558-1920

info@nexusgoldcorp.com
www.nexusgoldcorp.com

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 may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.

Click here to connect with Nexus Gold (TSXV:NXS, OTC:NXXGF, FSE:N6E) for an Investor Presentation.

The post Nexus Gold to Drill 4000 Meters at Bouboulou-Rakounga and Niangoeula Concessions, Burkina Faso appeared first on Investing News Network.

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From:: Investing News Network

Firesteel Resources Inc. Appoints Process and Plant Manager, Rounding out the Top Team at Laiva

By Hamza Ghaznavi

Firesteel Resources (TSXV:FTR) (“Firesteel”) today announced that it has appointed Scott Salisbury as Process and Plant Manager at Laiva Mine. Mr. Salisbury will be resident in Finland.

Scott Salisbury brings more than 25 years’ experience in the international mining sector. Scott holds a Bachelor of Engineering from the University of Southern Queensland, Australia.

His extensive experience covers project development, operations and maintenance management throughout Australia, Africa, the Central Asian Republics and Asia.

Scott has held critical positions in countries with challenging business environments on major projects in Algeria, Mauritania, Sierra Leone, Uganda, Kyrgyzstan and Indonesia.

Scott’s project experience encompasses a range of mineral commodities including gold, iron ore, cobalt, chrome, copper, zinc and lead. His expertise in gold processing and specifically CIL recovery systems further strengthens the Firesteel team.

In addition to operational roles Scott has helped develop and implement operation and maintenance business systems and ERP software packages for major mining houses including BHP, Barrick and Normandy Mining.

The Laiva Mine is expected to start mine production in late August 2018 and gold production in October 2018.

Michael Hepworth President and CEO of FTR said; “Scott’s appointment rounds out the top team at Laiva. Scott’s extensive gold processing experience completes the skills inventory necessary for a smooth return to production. Fortunately the mill is in very good shape and only requires a minimal amount of capex before it is once again operational. Scott is the person to lead this activity.”

About the Company

Firesteel is a junior mining company with a near production gold mine in Finland. The mine is fully built, fully permitted and financed to production via a gold forward sale. Production is scheduled to start in the 4th quarter of 2018.

A recently released PEA was conducted by John T. Boyd Company of Denver, Colorado (“Boyd”).

Summary of the PEA results include:

Model IRR NPV 5 Payback (Yrs)
Pre Tax 44.6% $91,540,000 1.7
After Tax 36.5% $68,965,000 2.1

Other Highlights include:

-Pre-production capex $7,115,103

-75,981 ounces of average annual gold production at a cash cost of $863 per ounce and AISC of $974 per ounce

-Measured mineral resources of 355,000 tonnes at 1.132 g/t Au and Indicated mineral resources of 3,442,000 tonnes at 1.248 g/t Au1

-Inferred mineral resources of 9,030,000 tonnes at 1.531 g/t Au1

-Mill grade of 1.45 grams per tonne with a recovery of 90.4%

-Life of Mine production of 456,600 ounces gold over a 6-year mine life

The PEA is preliminary in nature and includes Inferred Mineral Resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that PEA results will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

1. See press release dated August 21, 2017. “NI-43-101 Technical Report, Mineral Resource Estimate, Laiva Gold Mine Project, Raahe, Finland” dated August 9th, 2017.

Disclosure: Companies typically rely on comprehensive feasibility reports on mineral reserve estimates to reduce the risks and uncertainties associated with a production decision. The Company has not completed a feasibility study on, nor has the Company completed a mineral reserve estimate at the Laiva Mine and as such the financial and technical viability is deemed to have higher risk than if this work had been completed. Based on historical engineering and geological reports, historical production data and current engineering work completed or in process by Firesteel, the Company intends to move forward with the development of this asset.

The Company further cautions that it is not basing any production decision on a feasibility study of mineral reserves demonstrating economic and technical viability, and therefore there is a much greater risk of failure associated with its production decision. In addition, readers are cautioned that inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves.

Firesteel currently has one highly prospective property in British Colombia.

The Star property is currently operated under a Joint Venture agreement between Firesteel (49%) and Prosper Gold. (TSX-V: PGX) (51%).

About Pandion Mine Finance, LP

Pandion is an affiliate of PFL Raahe Holdings LP and is a mining-focused investment firm backed by MKS PAMP Group and Ospraie Management, LLC that provides flexible financing solutions to developing mining companies.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Paul Sarjeant, P.Geo., a Qualified Person under National Instrument 43-101 and a director of the Company.

For a detailed overview of Firesteel Resources Inc. please visit:

www.FiresteelResources.com

For further information, please contact:

Michael Hepworth

President and Chief Executive Officer

(416) 419 5192

mhepworth@firesteelresources.com

www.firesteelresources.com

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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) accepts responsibility for the adequacy or accuracy of this release

Advisory Regarding Forward Looking Statements

This news release contains forward-looking statements. Users of forward-looking statements are cautioned that actual results may vary from forward-looking statements contained herein. Forward-looking statements include, but are not limited to: expectations, opinions, forecasts, projections and other similar statements concerning anticipated future events, conditions or results that are not historical facts. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. While the Company has based these forward-looking statements on its expectations about future events as at the date those statements were prepared, the statements are not a guarantee of the Company’s future performance. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such …read more

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