Enforcer Gold terminates option agreement on the Montalembert Gold Property

By Hamza Ghaznavi

Enforcer Gold Corp. (TSXV:VEIN) announces that it has determined not to proceed with its option to acquire a 100% interest in the Montalembert Property located in Quebec. Pursuant to the Option Agreement dated November 16, 2016, Enforcer has provided ninety (90) days written notice to Globex Mining Enterprises Inc. (“Globex”) (TSX: GMX) to terminate the option, effective November 15, 2018.

Enforcer’s comprehensive 2017-18 exploration program at Montalembert included a 1,711 line- kilometre high-resolution aeromagnetic VLF-EM survey, a 45 line-kilometre induced polarization (“IP”) survey over the historic vein occurrences, stripping and channel sampling along the Galena-No.2-3 veins followed by 45 HQ core holes totalling 5,784 m. Additionally, reconnaissance prospecting lead to the discovery of the OR79 zone, which was further tested by an IP survey and 18 NQ core holes totalling 1,749 m. Overall, assay results from drill testing along each of the vein structures were significantly lower than results obtained from surface sampling and a very strong nugget effect on the distribution of gold is apparent. After a thorough review of the 2017-18 exploration results, the Company has determined that no further exploration is warranted by Enforcer on the Montalembert property.

Enforcer retains a 100% interest in its Waswanipi Gold Project, a 19,352-hectare (47,818-acre) property acquired in 2018 that adjoins to the west and northeast of the Montalembert Property. The land position covers a classic Abitibi greenstone belt sequence of deformed intermediate to mafic volcanics, felsic to mafic intrusive rocks and feldspar porphyry. Based on government assessment files, very limited exploration for gold has been conducted over the project area. Of this land package, Globex retains a 1.5% NSR on all claims acquired within 3 km of the external boundary of the Montalembert Property (see press release dated February 1, 2018).

About Enforcer Gold Corp

Enforcer Gold Corp is a Canadian-based mineral exploration company and is earning a 50% interest in the advanced-stage Roger porphyry gold-copper project from SOQUEM. Roger hosts the Mop-II gold-copper deposit located 5 km from the mining center of Chibougamau, Quebec in the prolific Abitibi greenstone belt.

Enforcer’s VP Exploration, Antoine Fournier, PGeo, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the content of this news release.

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 news release.

Click here to connect with Enforcer Gold Corp. (TSXV:VEIN) for an Investor Presentation.

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From:: Investing News Network

Drilling Results Show Additional near Surface Copper Mineralization – Samalayuca Property, Chihuahua State, MX

By Hamza Ghaznavi

VVC Exploration Corp (TSXV:VVC) today announced assay results from 6 additional diamond drill holes (DDH) from the ongoing drilling program at its Samalayuca Copper Property (the “Property”) in northern Chihuahua State, Mexico. A total of eleven DDH’s have now been completed in the Gloria Extension Zone (GEZ). The results from five of these holes (SC17-22, SC17-23, SC18-24, SC18-25 and SC18-26) have previously been reported. All eleven DDH’s which tested the zone intersected significant copper mineralization as detailed in the table below.

This completes the drill program on the GEZ, with the results defining and extending the copper mineralization in the near surface zone. A total of 1,299.5 meters have been drilled in eleven holes, two in 2017 and nine in 2018. The drill holes, which tested a 200-meter section of a 350-meter strike length zone, all intersected near surface, copper mineralization. The Company commenced drilling in early August in the Gloria Extension East Zone (GEEZ), located 20 meters to the east of the GEZ, separated from it by a fault. The GEEZ is an “on strike” extension of the GEZ with copper mineralization traced by artisanal miners over an 850 m strike length.

Results from the eleven (11) drill holes testing the GEZ, are summarized below, with only values >0.1% Cu shown.

Hole Number From (m) To (m) Length (m) Ag (ppm) Cu (%)
SC17_022 14.5 42.25 27.75 7 0.510
SC17_023 10 61 51 5 0.36
SC18_024 8 38 30 6 0.342
Including 9 23 14 10 0.539
SC18_024 53 59.5 6.5 5 0.223
SC18_025 Sec 1 57.2 65 7.8 7 0.394
SC18_025 Sec 2 69 77.9 8.9 4 0.270
SC18_025 Sec 3 84 115 31 6 0.394
SC18_026 Sec 1 34 59 25 7 0.433
SC18_026 Sec 2 126.4 129.2 2.8 3 0.194
SC18_027 52.5 60.5 8 3 0.214
SC18_028 19.7 51.5 31.8 2 0.376
SC18_029 Sec 1 8.5 26.5 18 1 0.310
SC18_029 Sec 2 68 72 4 19 0.967
SC18_030 36 89 53 6 0.357
SC18_031 84.7 93.7 9 4 0.215
SC18_032 Sec 1 3.95 11 7.05 3 0.195
SC18_032 Sec 2 58 64 6 3 0.462

GEZ Drilling

The GEZ is a copper mineralized zone, previously discovered and mined by artisanal miners (gambusinos) in the 1950’s and 1960’s, from two shallow open pits. VVC started diamond drilling in November 2017 and completed the last of the eleven DDH, SC-17-022, SC-17-023 and SC-18-024-032 in July. Results from the first five DDH have previously been reported, with the three most recent, SC-18-024-026, reported in a news release dated August 2, 2018.

VVC’s Chairman, Dr. Terrence Martell pointed to the results from the GEZ as further confirmation of the potential of the Company’s Samalayuca Copper Property and added. “We are now focused on drilling the 850-meter strike length of the GEEZ where eight holes have been drilled to date, all intersecting near surface copper mineralization. Assays are pending and will be announced when received.”

A plan map and sections 425E, 475E, 525E, 575E, show the dimensions of the copper mineralization in the GEZ. The maps and sections along with drill locations and results can be viewed on our website at: www.vvcexpl.com.

Exploration Summary – Samalayuca – 2018 Phase III Drilling Program

The Company’s Samalayuca Phase III drilling program, planned for 3000 meters, began in May 2018 and is expected to be completed in September 2018. The drilling is intended to further evaluate the potential of the GEZ and GEEZ areas, and to evaluate mineralized zones in previously mined areas at La Concha and an area which includes the Zorra, Suerte, Juliana and Trinadad artisanal pits, none of which have been drilled by VVC.

The Company’s goal is to define the thickness and grade of the mineralized zones and their structural / lithologic settings using information gained from structural mapping and drilling. The drilling shows the potential of the property to host significant stratiform copper mineralization, which has been traced for over 5 km based on the shallow artisanal mines and VVC’s drilling of the 32 DDH completed to date.

Geology

The Samalayuca property covers copper mineralisation in the Samalayuca Sierra, characterised as Stratiform Copper Deposit type, as recognized by qualified persons, Michel Gauthier and Jocelyn Pelletier (2012), and Jacques Marchand and Michel Boily (2013). Fine disseminated chalcopyrite-bornite and associated oxide copper minerals, common to these deposits, are noted in a wide chloritized zone along the Sierra with mineralized zones from 3 to 36 m wide, true thickness, as defined in the old surface pits. The stratigraphy strikes NW and dips gently, approximately 25 degrees to the NE, although it is variable. Vertical faults can generate supergene copper enrichment when they cut the mineralised strata. The old mining works by the artisanal miners (gambusinos) targeted the higher grade, surface, copper zones, exploiting them by shallow (< 20 m deep) open pits and hand cobbing the ore for direct shipping to the smelter.

Analysis and QA/QC

A total of 1189 core samples were sent to the ALS Chemex laboratory in Chihuahua city, MX for analysis by their ICP61 technique. Mineralisation is mainly oxidized copper minerals such as malachite, azurite, chrysocolla, brochantite, and others with some disseminated copper sulphides, such as chalcopyrite, bornite, and chalcocite.

ALS Chemex 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, then put into sealed bags until delivered by company personnel to the laboratory where the samples are prepared and analyzed. 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. Blanks, duplicates and certified reference material (standards) are inserted to monitor laboratory performance.

This news release has been reviewed for accuracy and compliance under National Instrument 43-101 by Peter M. Dimmell, BSc., P.Geo. (NL, ON), a VVC Director and Qualified Person as defined by NI 43−101, Standards of Disclosure for Mineral Projects. He has approved the scientific and technical disclosure in the news release.

About VVC Exploration Corporation

VVC is a Canadian exploration and mining company focused on the exploration and development of copper and gold deposits in Northern Mexico, specifically the Samalayuca copper …read more

From:: Investing News Network

Nevada: Where the World Goes for Gold

By Investing News Network

Nevada may be one of the most geologically diverse mining jurisdictions in the world. Nearly every type of rock known to geologists can be found in the state’s desert landscape.

Nevada has been an important source of many of the world’s most critical base metals including copper, zinc and molybdenum. Today, Nevada leads the country in the production of lithium and, not surprisingly, the Silver State contains a wealth of precious metals, ranking as one of the top 5 global gold producers.

Nevada owes its unique geology and prolific gold production to the complex tectonic history of the northern Great Basin which gave rise to the widespread landscape of fault-dominated mountain ranges and valleys. It is this geological fortune that has shaped Nevada’s economy from the very beginning: the 1859 discovery of silver and gold at the Comstock Lode that would eventually draw enough miners and prospectors from California and elsewhere to earn its statehood five years later.

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Nevada’s gold deposits are primarily found in three major northwest trending belts: the Carlin Trend, the Battle Mountain-Eureka-Cortez Trend, and the Walker Lane Trend. These three trends have given rise to some of the world’s most important gold mining districts. Nevada’s gold endowments are hosted in a variety of deposit types including porphyry and skarn; however the majority of the state’s gold production comes from low-sulphidation epithermal gold and sediment-hosted Carlin-type deposits.

Carlin-type deposits: Unique to Nevada

Nevada is best known for its Carlin-type deposits, named after the town of Carlin, which also gave its name to the Carlin gold mine—first discovered in 1961 by Newmont Mining (NYSE:NEM). These are large sedimentary rock-hosted disseminated gold deposits and are highly attractive targets for mining because they often occur near surface and in clusters with one large deposit (elephants as big as 10+ million ounces) surrounded by a group of smaller satellite deposits with similar geology. Believed to contain up to 180 million ounces, the Carlin Trend is the second-largest gold resource in the world behind South Africa’s Witwatersrand.

The major players in Nevada’s Carlin Trend are Newmont, Barrick Gold (TSX:ABX) and Kinross Gold (TSX:K,NYSE:KGC). Newmont’s operations include the Emigrant, Gold Quarry and Silverstar open-pits as well as underground operations at Leeville, Chukar, Pete Bajo and Exodus. In 2016, Newmont’s Carlin operations produced 944,000 ounces of gold, while reserves as of the end of the year totaled 15 million ounces. Barrick’s biggest Carlin trend producer, Goldstrike, is also one of the world’s top gold mines. The complex includes the Betze-Post open-pit mine, and the Meikle and Rodeo underground mines which together produced more than 1.1 million ounces and host proven and probable gold reserves of 8.1 million ounces.

Kinross Gold purchased the Bald Mountain mine from Barrick in 2016. The mine produced 130,144 gold equivalent ounces in 2016 and has proven and probable reserves of 2.1 million ounces.

Carlin-type deposits are also found in Nevada’s second most important gold belt, the Battle Mountain-Eureka-Cortez trend which hosts various intersecting fault systems from different geological periods extending from SSRM Mining’s (TSX:SSRM) Marigold Mine in Humboldt County to Waterton Global’s Ruby Hill mine at Eureka. The Cortez gold corridor is in the southern portion of the Battle Mountain-Eureka trend, and connects the Goldrush, Cortez/Cortez Hills and Pipeline deposits that together contain current and historical gold resources of approximately 40 million ounces.

Like Newmont, Barrick has been a major force in Nevada’s gold story since the mid-twentieth century. Barrick’s Cortez property, which includes the Pipeline Mine Complex and the Cortez Hills Mine, is one of the world’s largest gold producers. Cortez hosts an estimated reserve of 10 million ounces of gold with an additional measured and indicated resources of 1.9 million ounces.

McEwen Mining’s (TSX:MUX,NYSE:MUX) near-production Gold Bar Mine is 50 miles to the south of Barrick’s Cortez operations and is on track to come online in 2019. The feasibility study for Gold Bar outlines a 63,000 ounce per year open-pit, heap leach operation. The complex includes the Gold Pick, Gold Ridge and Cabin Creek deposits as well as the newly discovered Gold Bar South zone for a combined reserve estimate of 484,000 ounces plus an additional 730,000 ounces of measured and indicated resources.

McEwen’s Gold Bar Mine was once part of the past-producing Gold Bar mine complex which, according to Atlas Precious Metals Inc, between 1986 and 1995 produced a combined 482,815 ounces of gold and at least 3,000 ounces of silver.

Located in the southwest flank of Roberts Mountains, the original Gold Bar mine complex also included the larger Gold Bar deposit and the smaller satellite deposit Gold Canyon, now owned by junior explorer Fremont Gold (TSXV:FRE). Gold Canyon is immediately along strike from the McEwen Gold Ridge pit mine. Fremont’s project also covers an unmined historical resource under the original Gold Bar mine millsite, which amounts to 147,000 ounces at 2.57 g/t gold. Through its current exploration program, Fremont is working to show that the known gold mineralization at Gold Ridge continues onto its project and represents another distinct gold trend in Nevada, the Gold Bar Trend.

Low-sulfidation epithermal deposits: Prolific high-grade producers

Often overshadowed by the state’s more famous Carlin-type deposits, Nevada also hosts world-class examples of low-sulphidation epithermal gold deposits. In fact, it was an epithermal type system that kicked off the Nevada gold rush in the mid-1800s with the discovery of the Comstock Lode.

Unlike Carlin-type, epithermal vein-type deposits are not unique to the region but are in fact among the world’s most profitable and prolific precious metals producers, accounting for about one-quarter of global gold production. Although smaller in size than Carlin deposits (with exceptions such as the 20 million-ounce Round Mountain Mine), low-sulphidation epithermal deposits are often higher grade, making them excellent targets for …read more

From:: Investing News Network

Gold Price Steadies Following 19-month Low

By Nicole Rashotte

gold outlook free report

The gold price steadied on Thursday (August 16) after the US dollar slipped following an announcement that the US and China plan to discuss trade issues at some point this month.

Earlier in the session, the yellow metal hit its lowest level in over 19 months when the greenback ticked up thanks to concerns surrounding a potential Turkey crisis and China’s economic health.

“For a significant gold recovery we need to see the dollar lose some of the strength that has built up. The risk to emerging market growth from currency pressures is not going away immediately,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.


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The United States and China plan to meet this month to discuss the ongoing trade tensions, which has created some positivity around the change of progress in resolving the trade conflict that have shaken up the financial and commodity markets in recent weeks.

The current political and economic landscape has sent investors running towards the “safety” of US Treasuries and the US currency, which in-turn makes the dollar-denominated gold more expensive for holders of other currencies, potentially subduing demand.

Despite the new hope surrounding a talk between the two countries, Hanson believes that the sentiment is still negative.

“I’m viewing the news of the talks as arresting the slide, not reversing it. The talks are low level, we are not out of the woods yet, sentiment is still bearish,” he states.

Since mid-February the US dollar has been on a steady increase, gaining about 8 percent and keeping the yellow metal down.

Higher interest rates also make the cost of holding gold more expensive, and between the hikes during the first part of this year and the ones expected to come in the second part of 2018 and next year, investors have been given yet another reason to back away from the precious metal.

Despite the consistent declines, the current currency crisis in Turkey has gold soaring within the country.

With all of the dramatic swings that have been happening with the lira, traders in Turkey are enthusiastically scooping up gold.

In fact, gold futures volumes have surged on the Borsa Istanbul and the 90-day average daily volume more than doubled from about 17,000 contracts in March to the current 40,000 contract. During the same time, the value of an ounce of gold in lira rocketed more than 30 percent.

“It definitely would make sense to own gold now in Turkey given the depreciation of the lira,” said Jonathan Butler, precious metals strategist at Mitsubishi Corp UK.

“This is consistent with gold’s status as a safe haven and will likely be mirrored on the physical market with demand increasing for jewelry and gold bars,” he added.

While it lags behind the world’s two largest buyers of the metal, China and India, Turkey remains a significant source of global demand for gold.

As of 12:20 p.m. EST, gold was trading at US$1,178.60 per ounce.

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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From:: Investing News Network

OZ Minerals Releases Half-Year Report Showing 59 Percent Increase in Net Profit

By Scott Tibballs

gold outlook free report

Auastralian base and precious metals miner OZ Minerals (ASX:OZL) has released its half-year report, detailing its activities over the first half of the year and revealing a huge 59 percent increase in net profit.

As listed in the report, a review of OZ’s financial results:

  • A 59 per cent increase in net profit after tax to AU$127.8 million.
  • Underlying EBITDA of AU$289.9 million, with a strong margin of 55 percent.
  • Cost of goods sold of AU$224.4 million.
  • Net assets of AU$2,862.8 million, with cash of AU$493.4 million and no debt.
  • A TRIFR of 5.91 at the half-year, a reduction of 14 per cent over the comparative period.
  • Copper production of 54,597 tonnes and gold production of 58,994 ounces, both in line with annual guidance.
  • Lowest quartile C1 costs of US85c/lb, in line with annual guidance.

As quoted in the press release:

OZ Minerals expects 2018 to be another strong year at Prominent Hill with mine life currently extended to 2029 and has accordingly retained guidance for contained copper production at 100,000 to 110,000 tonnes.

All financial metrics and copper and gold production are expected to remain within annual guidance as OZ Minerals continues to prioritize higher margin copper production over gold.

Click here to read the full OZ Minerals (ASX:OZL) press release.


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From:: Investing News Network

Macarthur Minerals Private Placement Up to $1.1 Million

By Anwesha Sengupta

Macarthur Minerals Ltd (TSXV:MMS) (the “Company” or “Macarthur Minerals”) is pleased to announce a non-brokered private placement (the “Offering”) of up to 44,000,000 units (each, a “Unit”) at a price of CAD$0.025 per Unit (“Unit Price”) for aggregate gross proceeds of up to CAD$1,100,000. The Unit Price is equal to the closing price of the Company’s TSX Venture Exchange listed shares on August 15, 2018.

Each Unit shall be comprised of one common share in the capital of the Company (each, a “Common Share”) and one whole warrant to acquire a Common Share (each, a “Warrant”) at an exercise price of CAD$0.10 per Common Share for a period of twelve months from the date of issuance.

The Company has obtained approval from the TSX Venture Exchange to waive the CAD$0.05 minimum pricing requirement in accordance with TSX Venture Exchange bulletin dated April 7, 2014 “Discretionary Waivers of $0.05 Minimum Pricing Requirement”.

The closing of the Offering will occur as soon as possible after and subject to receipt of all necessary regulatory approvals including that of the TSX Venture Exchange. The net proceeds from the Offering will be used for working capital purposes, in particular rents and rates for Macarthur’s projects, salaries for project staff and other project related costs. No part of the proceeds will be used to pay management fees or to pay related parties. The securities issued pursuant to the Offering will be subject to a statutory 4 month plus one day hold period from the date of issuance.

The Company anticipates that insiders will subscribe for Units in the Offering. The issuance of Units to insiders pursuant to the Offering is considered to be a related party transaction subject to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. Macarthur Minerals intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(b) and 5.7(b) of Multilateral Instrument 61-101 on the basis that Macarthur Minerals is not listed on a specified market and neither the fair market value of the securities to be distributed in the Offering nor the consideration to be received for those securities, insofar as the transaction involved related parties, exceeds CAD$2.5 million.

ABOUT MACARTHUR MINERALS LIMITED (TSX-V: MMS)

Macarthur Minerals Limited is an exploration company that is focused on identifying high grade gold and lithium. Macarthur Minerals has significant gold, lithium and iron ore exploration interests in Australia and Nevada. Macarthur Minerals has three iron ore projects in Western Australia; the Ularring hematite project, the Moonshine magnetite project and the Treppo Grande iron ore project.

On behalf of the Board of Directors,
MACARTHUR MINERALS LIMITED

“Cameron McCall”
Cameron McCall, Executive Chairman

Company Contact:
Joe Phillips, CEO and Director
jphillips@macarthurminerals.com
Tel: +61 448899247

www.macarthurminerals.com

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

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.

Caution Regarding Forward Looking Statements
Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. With respect to forward-looking statements contained in this press release, assumptions have been made regarding, among other things, the timely receipt of required approvals, the reliability of information, including historical mineral resource or mineral reserve estimates, prepared and/or published by third parties that are referenced in this press release or was otherwise relied upon by the Company in preparing this press release. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include fluctuations in exchange rates and certain commodity prices, uncertainties related to mineral title in the project, unforeseen technology changes that results in a reduction in iron ore demand or substitution by other metals or materials, the discovery of new large low cost deposits of iron ore, uncertainty in successfully returning the project into full operation, and the general level of global economic activity. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Click here to connect with Macarthur Minerals Ltd (TSXV:MMS) for an Investor Presentation.

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From:: Investing News Network

Goldplay Announces Significant Silver Values of up to 1,285 gpt AgEq Over 1.5 Meter Intersection from Sampling Program on Historical Core, Supporting the High-Grade Nature of the San Marcial Project, and Upside Potential for Resource Expansion

By Hailey Wahlberg

Figure 1: Drill Hole Location Map San Marcial Project (CNW Group/Goldplay Exploration Ltd)

Goldplay Exploration Ltd. (TSXV:GPLY, OTCQB:GLYXF – the “Company” or “Goldplay”) is pleased to announce initial results from sampling of the first of 22 historical core drill holes completed in 2010, on the Company’s San Marcial Project in Mexico. These drill holes were not incorporated in the historical NI 43-101 resource completed in 2008 (“historical resource”) and thus represent an opportunity for resource expansion. The results to date have successfully demonstrated continuity of the silver, lead, zinc and gold mineralization down dip and revealed new geological features, supporting upside opportunity for the discovery of new mineralized zones at San Marcial. The core sampling program has successfully identified a high-grade mineralized zone hosted in hydrothermal breccias close to major geological structures cross cutting a highly altered volcanic sequence. Highlights of results for the sampling of drill hole SM10-22 include:

Figure 1: Drill Hole Location Map San Marcial Project
Figure 2: San Marcial Long Section (CNW Group/Goldplay Exploration Ltd)
Figure 2: San Marcial Long Section
  • 19.5 Meters @ 157 gpt AgEq

Including 1.5 Metres @ 1,285 gpt AgEq

The following table summarizes the most significant drill results (uncut) from SM10-22 for this news release.

Hole No. From

(m)

To

(m)

Interval

(m)

True

Width

Ag

g/t

Pb

%

Zn % Au

g/t

AgEq*

g/t

SM10-22 245.7 259.2 19.5 19.5 143 0.1 0.2 0.2 157
Including 256.7 257.1 0.4 0.4 221 0.1 0.1 2.3 404
Including 257.5 258.2 0.7 0.7 1940 0.2 0.9 0.1 2000
Including 256.7 259.2 1.5 1.5 1197 0.2 0.9 0.1 1285
Note : all numbers are rounded.

AgEq (silver equivalent) is calculated from gpt data. AgEq g/t = Ag g/t + Au g/t x (Ag Price per oz/ Au price per oz) + (Pb grade x ((Pb price per lb./Ag price per oz) x 0.0685714 lbs. per Troy Ounce x 10000 g per %)) +(Zn grade x ((Zn price per lb./Ag price per oz) x 0.0685714 lbs. per Troy Ounce x 10000 g per %)). Ag price per oz (US$16.50), Au price per oz (US$1250/oz), Pb price per lb. (US$0.95) and Zn price per lb. (US$1.15) and 100% Metallurgical Recovery.

Goldplay President and CEO Marcio Fonseca commented, “Goldplay’s systematic sampling of 22 existing core drill holes (previously only partially sampled) is aimed at expanding resources and delineating mineralized zones to support a high-grade bulk mineable open pit target at the San Marcial Project. We also expect to complete a detailed 3D geological and silver mineralization model. The core reviewed to date reveals a structurally controlled mineralized system, with silver mineralization associated with significant concentrations of lead, zinc and gold, hosted by hydrothermal breccias and fault zones. There is evidence of more than one mineralized event and epithermal features, which are common in the historic Rosario Mining District. The wide hydrothermal breccias hosting the mineralization are closely associated with faults and suggest a large orebody geometry favorable for low strip ratio open pit exploration targets.

The location of drill holes completed prior to the historical resource and the location of sampled drill hole SM10-22 are illustrated as follows (Figure 1).

The following table highlights historical results from previous drill programs incorporated in the historical resource.

Hole From(m) To (m) Interval

(m)

True

Width (m)

Ag Eq.

g/t

Ag g/t Lead

ppm

Zinc

ppm

Au

g/t

SM-1 36 42 6 5.71 111 100 0.08 0.18 na
SM-2 0.4 12 11.61 11.61 382 350 0.21 0.50 na
SM-3 0.2 15 14.8 10.59 252 227 0.15 0.40 na
SM-4 6 63 57 53.95 270 235 0.31 0.47 na
SM-5 1.4 21 19.6 17.16 300 282 0.17 0.23 na
SM-7 105 111 6 4.39 120 91 0.35 0.32 na
SM-9 30 44.5 14.5 12.68 565 540 0.19 0.36 na
SM-9 30 36 6 5.25 1,253 1,226 0.24 0.34 0.03
SM-11 114 132 18 11.75 467 419 0.37 0.69 na
SM-11 114 123 9 5.88 1,012 939 0.56 0.89 0.12
SM-12 33.3 52.5 19.2 12.64 144 130 0.08 0.22 na
SM-12 99.3 100.3 1 0.66 3,685 3,600 0.03 0.63 0.72
SM-12 97.5 100.3 2.8 1.85 933 862 0.02 0.17 0.83
SM-13 50 73.2 23.2 17.50 681 621 0.49 0.85 na
SM-13 54 69.75 15.75 11.88 926 868 0.47 0.84 na
SM-15 78.07 119.7 41.63 39.36 153 80 0.51 1.11 na
SM-16 27 48.57 21.57 15.27 136 76 0.34 0.98 na
SM-16 43 45.57 2.57 1.82 449 210 0.33 4.73 na
SM-17 169.47 172.52 3.05 1.98 249 215 0.20 0.32 0.15
SM-18A 38.82 47.83 9.01 7.77 351 314 0.34 0.50 na
SM-18A 68.34 81.7 13.36 11.45 84 41 0.42 0.56 na
SM-20 143.9 178.37 34.47 23.55 211 101 0.48 1.40 0.32
SM-20 148.9 153.22 4.32 2.95 369 245 0.20 0.37 1.31
SM08-04 153.4 258.75 105.35 105.35 23 5 0.12 0.28 na
SM08-05 135.5 242.5 107 107.00 47 7 0.32 0.57 na
SM08-08 93 186.3 93.3 93.30 165 104 0.47 0.79 0.06
SM08-08 99.8 110 10.2 10.20 508 324 0.07 1.73 1.31
SM08-10 224.2 259.65 35.45 35.45 64 38 0.21 0.34 0.03
SM08-10 225.8 228.85 3.05 3.05 297 195 0.82 1.38 0.05
SM08-12 17.4 61 43.6 43.60 164 140 0.14 0.35 0.03
SM08-12 21.95 26.75 4.8 4.80 414 346 0.53 0.93 0.03
SM08-13 214.25 245.6 31.35 31.35 76 50 0.09 0.41 0.03
Note : all numbers are rounded.

Drill hole SM10-22 intercepted a wide mineralized zone comprising hydrothermal breccias and fault zones, 100 meters down dip from the closest historical resource intersection at SM08-10 (Figure 2 – below).

The sampling of SM10-22 consisted of an extensive multi element dataset allowing Goldplay to enhance the understanding of the geological environment further and provide guidance for planned additional drilling and exploration activities in the San Marcial Project.

Results of sampling of SM10-22 have confirmed the continuity of high grade silver mineralization and anomalous values for lead, zinc and gold down dip outside of the historical resource. The high-grade interval from this hole represents the deepest intersection outside of the historical resource to date in the San Marcial Project. As a result of the success of sampling of SM10-22, Goldplay has commenced the sampling of the remaining 21 holes that were not included in the historical resource, and will complete a new detailed 3D model, in anticipation of a new resource estimate in the December quarter, 2018.

In addition to the successful sampling of historical drill core, the Company anticipates approval of new drilling permits for the San Marcial Project in Q3, 2018. Goldplay has also received “Ejido” (community) approvals to carry out its planned exploration activities in the San Marcial Project.

Geological Background San Marcial Project

The geological setting at the San Marcial Project, consists of a volcaniclastic package with intercalations of agglomerates, andesites, tuffs and rhyolites, deposited in an epiclastic environment and locally cut by diorite dykes. The silver mineralization is controlled by northwesterly trending faults dipping to the northeast, where hydrothermal breccias occur along the footwall. The highest silver values are related to these hydrothermal breccias and fault zones. The mineralization is also impacted in a number of locations by regional scale north-northwest trending faults.

The high-grade silver mineralized zones at San Marcial vary from a couple of meters up to tens of meters in width, outcropping at surface, as defined by mapping, trenching and sampling. The hydrothermal breccias indicate intense hydrofracturing, with transport and rounding of fragments, as well as cementing by a clay or silica matrix in multiphase mineralized events. The mineralization is largely oxidized, and geochemical distribution indicates that the metalliferous hydrothermal solutions carried high-grade silver and anomalous lead, zinc and gold. The localized gold values provide opportunities for new exploration discoveries at the San Marcial Project.

San Marcial Project Ongoing Exploration

In addition to the work completed to date reviewing the San Marcial historical resource, the existing …read more

From:: Investing News Network

Gold Fields Announces Half-year Results

By Nicole Rashotte

Gold Fields Limited (NYSE:GFI, JSE:GFI) announced it’s half-year results with losses attributable to owners of the parent from continuing operations for the six months to 30 June 2018 of US$367 million.

As quoted in the press release:

Profit of US$54 million for the six months to 30 June 2017. Normalized profit from continuing operations of US$43m for the six months to 30 June 2018 compared with US$78m for the six months to 30 June 2017.

The international operations continued to perform well for the six months ended June 2018 generating US$190m in net cash flow (before project capex) for the group.

Gold Fields is in a strong financial position, with the integrity of the balance sheet remaining intact after funding cumulative project expenditure (Damang and Gruyere) of US$330 million over the past 18 months.

As reported in the recent trading statement, attributable gold equivalent production from continuing operations, for the six months ended 30 June 2018, was 994koz (for the six months ended June 2017: 1,022 thousand ounces). All-in sustaining costs for the period were US$965 per ounce (for the six months ended June 2017: US$967 per ounces), with all-in costs of US$1,169 per ounce (for the six months ended June 2017: US$1,092 per ounce) as a result of the higher project capital, as was planned.

Normalized profit from continuing operations for the six months ended June 2018 was US$43 million or US$0.05 per share, compared with US$78 million or US$0.09 per share in for the six months ended June 2017. Normalized profit was impacted by higher exploration expenditure this half year particularly as activities at Salares Norte have increased to complete the feasibility study by year end.

In line with our dividend policy of paying out between 25 percent and 35 percent of normalized profit as dividends, we have declared an interim dividend of 20 SA cents per share which compared with the 2017 interim dividend of 40 SA cents per share.

Net cash flow for continuing operations from operating activities less net capital expenditure and environmental payments was an outflow of US$79 million, compared with an outflow of US$102 million for the six months ended June 2017, mainly due to the growth capital spent at Gruyere, Damang and Salares Norte. We previously indicated that we expected to be cash negative in 2017and 2018 as a consequence of building two new mines in the Group and our ongoing study at Salares Norte. Excluding the project capital of US$179m for the half year, the net cash flow would have been an inflow of US$100 million for the six months ended June 2018.

The net debt balance increased by US$90 million to US$1,393 million from US$1,303 million at the end of FY 2017, with the net debt to EBITDA ratio marginally higher at 1.07x (December 2017: 1.03x) but still well below the debt covenant level of 2.5x.

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Inca One Announces Q2 Results

By Nicole Rashotte

Inca One Gold Corp. (TSXV: IO, Frankfurt: SU9.F, SSEV: IOCL) announced gold production in July 2018 reached approximately 1,291 ounces as compared to 844 ounces in July 2017, an increase of 53 percent year-over-year.

As quoted in the press release:

Material processed in July 2018 also increased on a year-on-year basis as processing in July reached 2,989 tonnes, an increase of 53 percent year-on-year, but slightly off last month’s record numbers of 3,167 tonnes, a decrease of 6 percent, on a month-over-month basis, averaging 96 tonnes per day (TPD).

The company’s supply of gold-bearing material for processing hit a new watermark as mineral received in July 2018 was 3,950 tonnes, representing an increase of 86 percent on a year-on-year basis, and an increase of 38 percent from the prior month June 2018, (2,871 tonnes).

Edward Kelly, president and CEO, commented:

We continue to see operations at Chala One maintaining 96 percent to 100 percent of its permitted capacity during the past several months. Though our grade was below previous averages, it is encouraging to see positive year-over-year results as our team efficiently executes our goal.

It is also pleasing to see a significant bump up in deliveries, reaffirming our well-known belief of ample supply of quality material for processing. Looking forward, our goal is to maintain our current output which will allow us to hit our production targets again for this quarter, while seeking higher grade material. Additionally, we will work to close the Koricancha transaction, bringing it online to achieve the synergies and operating efficiencies that will fuel growth as we scale the business in the second half of this calendar year.

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Monarques Gold Announces Fourth Quarter Results

By Nicole Rashotte

Monarques Gold Corporation (TSXV:MQR, OTCMKTS:MRQRF, FRANKFURT: MR7) reported its production results and other highlights for the fourth quarter ended June 30, 2018.

Highlights are as follows:

  • Monarques produced 4,695 ounces of gold in its fourth quarter, down 5 percent from 4,932 ounces the previous quarter.
  • The corporation recorded revenues of US$10 million in the fourth quarter, from the sale of 4,589 ounces of gold at an average price of US$1,609 per ounce (US$1,246), combined with revenue from custom milling, which was up 31 percent for the quarter.
  • Monarques reported an initial set of results for its 2018 drilling program at the Beaufor mine. The results were for nine holes totalling 2,047 metres of drilling on the QF1 and 1700 projects
  • Strong growth in revenue from custom milling operations, which rose more than 31 percent.
  • Feasibility study ongoing for the Wasamac gold deposit (measured and indicated resources of 2,587,900 ounces of gold), based on proven Rail-Veyor material transport technology.
  • Results of resource estimates for the McKenzie Break and Swanson deposits bring Monarques’ total combined measured and indicated resource to more than 3.15 million ounces of gold

Jean-Marc Lacoste, president and CEO, commented:

The highlights of the quarter were the strong growth in our custom milling operations and the start of our feasibility study on the Wasamac deposit. Our custom milling operations at the Camflo mill grew significantly, enabling us to offset some of the decline in production at the Beaufor Mine and generate fourth quarter revenues of US$10 million.

We expect to maintain the production rate at Camflo in the coming quarters. We also started several projects during the quarter, including the Wasamac feasibility study, which is based on the proven Rail-Veyor system, a material transport technology that has led to dramatically lower operating costs at other major mines. Given the current gold market, we will obviously be boosting our efforts to assess the options and technologies that allow us to advance the world-class Wasamac project and put the deposit into production at the lowest possible cost.

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From:: Investing News Network