Red Pine Exploration Inc. [RPX-TSXV] announced the discovery of a new mineralized gold zone, beneath the Surluga deposit, during its on-going exploration program at its Wawa Gold Project, located 2 km southeast of Wawa, northern Ontario. Hole SD-20-289 successfully intersected the Jubilee Shear Zone (host of the Surluga deposit), 350 metres down-plunge of the current resource boundaries, with a significant intercept of 5.2 g/t gold over 6.31 metres (true width) at a depth of 570 metres that included higher grade assays of 15.7 g/t gold over 1.97 metres, 12.5 g/t gold over 0.78 metres. Hole SD-20-287 intersected 4.1 g/t gold over 0.94 metres (true width) below 450 metres depth.
These new drilling results indicate that high-grade gold mineralization extends at depth, well beyond the footprint of the current resource of the Surluga deposit, and that the resource can be expanded.
The 2020 exploration program is funded and drilling is expected to restart in the next two weeks. Remaining drilling assays from the Winter 2020 program and results of the upcoming down-hole IP survey will be announced as they are received.
Quentin Yarie, CEO of Red Pine stated, “Following the results from holes 285A and 286, today’s results from Hole 289 represent more definitive evidence that the higher-grade core of the Surluga deposit extends well beyond the footprint of the current resource. Finding this extension, early in our exploration program, validates the accuracy of our predictive modelling of the Jubilee Shear Zone. Our next holes will test the area up- and down-plunge of this discovery to quantify the extension and grade of the discovery in Hole 289. Targeting will be supported by the interpretation of the borehole IP geophysical program that is starting this week.”
Holes SD-20-287 and SD-20-289 were targeting the down-plunge extension of the southernmost limit of the Surluga deposit resource.
Hole SD-20-287 intersected a large diabase dyke in the upper 20 metres of the Jubilee Shear Zone. There is evidence of stronger alteration and mineralization at the lower contact of the diabase dyke with the Jubilee Shear suggesting that the dyke could occupy a zone of higher-grade mineralization within the structure. The higher-grade gold results in hole 287 came from a 0.7-metre quartz vein in which specks of visible gold were observed. A 10.28 metre-wide halo of low-grade gold mineralization characterized by spaced quartz veins, disseminated pyrite, and weak-moderate biotite/sericite was also intersected in the Jubilee Shear Zone, further down-hole of the diabase dyke.
Hole SM-20-288 was testing the expected limits of the projected plunge of the Surluga deposit resource. No zones of strong alteration or mineralization were observed in that hole.
Hole SD-20-289 intersected gold 40 metres away from the gold intercept in Hole SD-20-286. In the Jubilee Shear Zone, it hit a 7-metre zone characterized by stronger quartz veining associated with pervasive dissemination of pyrite, locally arsenopyrite, and moderate to strong biotite/sericite alteration. A 12.3 metre-wide halo of low-grade gold mineralization characterized by spaced quartz veins, disseminated pyrite, and weak-moderate biotite/sericite alteration is located below the higher-grade zone in SD-20-289. Below the Jubilee Shear Zone, a new shear zone was intersected with pyrite mineralization and spaced quartz veining. Assays are pending for that shear zone and will be released when received.
Red Pine has a 64.5% interest in the Wawa Gold Project with Citabar LP holding the remaining 35.5% interest. Red Pine is the operating manager of the Project and is focused on expanding the existing gold resource on the property.
Melkior Resources Inc. [MKR-TSXV] as provided results from the first two drill holes on the 100%-owned Carscallen gold project located approximately 25 km southwest of Timmins, northern Ontario. Both holes were drilled to depths of 600 metres with the first drill hole drilled between CAR-61-2010 which intersected 4.85 g/t gold over 13.3 metres from 272.0 to 285.30 metres and CAR-19-03A, which intersected 23.5 g/t gold over 8.0 metres from 426.0 to 434.0 metres (Nov. 28, 2019, press release). The second drill hole was collared 25 metres west of drill hole CAR-19-03A to commence drill testing the strike extent of the gold system encountered in CAR-19-03A.
Highlights
The Carscallen gold project comprises 295 claim units covering 47 km2. The drill program consisted of 1,950 metres with the first two drill holes drilled to depths of 600 metres, and the third drill hole extended from 600 to 750 metres.
Assay results have been returned for the first two drill holes and are pending for the third drill hole with visual indications of mineralization.
CAR-20-05 intersected 25.7 g/t gold over 6.0 metres from 357.0 to 363.0 metres, including 205 g/t gold over 0.7 metres from 360.50 to 361.20 metres within mafic metavolcanics approximately 35 metres below the granodiorite contact and 350 metres vertically below surface.
Drill hole CAR-20-05 has helped to confirm the current interpretation of a significant gold-bearing epigenetic system (minerals forming later than the rocks enclosing it) that continues below the granodiorite and into the mafic metavolcanics rocks below as further verified by an earlier intercept of 51.9 g/t gold over 3.7 metres from 533 to 536.7 metres in CAR-80-2012.
CAR-20-04 intersected 4.2 g/t gold over 4.0 metres from 334.0 to 338.0 metres, including 15.8 g/t gold over 1.0 metre from 337.0 to 338.0 metres. This intercept occurred approximately 100 metres up-dip of the intersection in CAR-19-03A and approximately 60 metres down-dip of the intersection in CAR-61-2010. The intercept occurred within the granodiorite approximately 325 metres vertically below surface and further validates the interpretation.
Drill hole CAR-20-04 further intersected 0.103% copper over 18.5 metres from 472.5 to 491.0 metres plus 8.7% copper and 33.9 g/t silver over 0.5 metres from 545.0 to 545.50 metres.
Drill hole CAR-20-05 intersected 0.30% copper over 1.5 metres from 512.50 to 514.0 metres.
The ubiquitous presence of copper in the underlying mafic metavolcanics suggest that this may represent a copper feeder system vectoring to a VMS (volcanogenic massive sulphide) environment.
Exsics Exploration has probed CAR-20-06 utilizing the mise-a-la-masse geophysical system (MALM), which utilizes the conductive mass in the drill hole as one of the current electrodes to aid in determining the geometry and strike extent of the conductive mass. Three significant highly conductive lenses or injection points have been determined by the survey, which is continuing.
In 2012, Dr. Eric Hebert, PhD, PGeo, of GeoVector Management Inc., intersected 3.55% copper over 1.35 metres from 528.0 to 529.35 metres in CAR-79-2012 consisting of “stringers of copper sulphide mineralization within a chlorite-rich alteration zone.” Dr. Hebert went on to note “the texture of sulphides and chloritic alteration suggest a VMS origin (volcanogenic massive sulphides) that may be consistent with a possible stringer zone of copper-rich VMS intersected.” Jonathon Deluce, CEO of Melkior, said: “We believe the potential of the system we are uncovering is significant and could bring increased attention to our project in the West Timmins camp. We look forward to providing the results from CAR-20-06 and the Mise-a-la-Masse survey shortly.”
RJK Explorations Ltd. [RJX.A-TSXV; RJKAF-OTC] announced that the 273-kg kimberlite sample retrieved from the Kon property, located 11 km south of the Town of Cobalt, northeastern Ontario, has arrived at Dr. Charles Fipke’s CF Mineral Research Ltd. laboratory in Kelowna, British Columbia. Processing for diamonds and diamond indicator minerals is underway.
The optioned Kon property is one of several claim groups either optioned or owned by the company in an area south of Cobalt and just west of Lake Temiskaming.
RJK Explorations is seeking the source of the 800-carat yellow diamond that was found in the area sometime between 1903 and 1905. Tiffany & Co. cut the stone. There have been a number of attempts over the years to find the source of the 800-carat diamond.
In February 2019, RJK optioned the Bishop Nipissing diamond properties from Anthony “Tony” Bishop that cover 2,090 hectares. The claims host at least 18 kimberlite pipes in a well-established kimberlite field. The company went on the stake another 4,400 hectares in the area.
On February 5, 2020 RJK announced preliminary drilling results and the discovery of new kimberlite on the Kon property three drill holes were completed to test geophysical magnetic high and low features, following up on drone magnetic surveys flown during January.
The KON 1 target was identified by the RJK Explorations team as a Mag Low anomaly which warranted follow up given its proximity to the known kimberlite dike to the north on the Kon claims.
After completing a preliminary hole on the Kon kimberlite dike, the drill rig was moved 400 metres to the south to test the Kon 1 Mag Low where they intersected kimberlite within 11 metres of surface. Two holes were drilled on the Magnetic Low signature, one was a vertical test hole to determine the composition of the potential kimberlite target and the other was drilled at a minus 50ᵒ angle due west to test width and geometry of the newly identified kimberlite.
At the Bishop Paradis claims, at least 18 natural diamonds, varying in colour, have been recovered in a 22.4 kg (50 lb) drill core sample processed at the CF Mineral Research lab. Four of the stones that appear natural are -0.212+0.150 mm in size. One is light yellow, one is light green and two are white in colour.
Kimberlite indicator minerals (KIMs) were also separated and tested, returning materially important results. A total of 28 KIM grain determinations were identified, that commonly derive from kimberlite sources, originating in the “diamond stability field.”
The kimberlite indicator minerals for the Bishop Paradis drill core, reported in RJK’s news release dated April 1, 2020, have been uploaded to the company website at https://www.rjkexplorations.com/paradis-pond-22-4-kg-drill-core-sample-report/
Glenn Kasner, RJK’s CEO, stated, “Discovering diamonds has been our primary goal for thirteen months, since RJK began working in the Cobalt region on the Bishop and Kon claims. Drilling the Kon 1 kimberlite in late January/early February gave our consultants a valuable visual comparison, which led to the recommendation that we retest the Paradis Pond core for diamonds. At least eighteen diamonds thought to be natural by CFM, is well beyond our expectations. Our working relationship with CFM has given us the confidence we need to expand our exploration program. I am very confident in the personnel we have assembled, and together, we will continue to work to unlock the diamond and mineral potential of the Cobalt region. I would also like to thank Dr. Charles E. Fipke for reviewing and adding technical edits to this news release.”
Peter Hubacheck, P.Geo., Project Manager for RJK and the Qualified Person, said, “Although 22.4 kg is a relatively small sample, the results are quite impressive. To find this unique chemistry including twenty-eight diamond inclusion indicator minerals is encouraging. In addition, the picroilmenites show little resorption conducive for the preservation of higher quality diamonds surviving their transport from the mantle to surface of the Earth’s crust.”
The company is taking this spring breakup-COVID-19 time to do more contract geophysics in the Paradis Pond area to prepare targets for drilling as soon as the weather allows and the company personnel and contractors are allowed back to work.
Brixton Metals Corp. [BBB-TSXV; BBBXF-OTCQB] has released drill results from its wholly owned Langis mine project, located in the Cobalt camp, northeastern Ontario. Sixteen holes were drilled for a total of 992.5 metres.
Highlights of new drill results at the Langis Project:
Drill hole LM20-83 intersected 5 metres of 1,293.34 g/t silver, including 2 metres of 3,205 g/t silver and 0.15% cobalt.
Drill hole LM20-76 intersected 6.0 metres of 250.97 g/t silver, including 2 metres of 702 g/t silver.
Drill hole LM20-87 intersected 9 metres of 374.03 g/t silver, including 2 metres of 1,492.5 g/t silver.
Gary R. Thompson, Chairman and CEO, stated: “The Langis Project continues to deliver exceptional, high-grade and uniquely native silver results. Our objective was to identify minable widths of high-grade silver mineralization. The Cobalt Camp is known for narrow, high-grade silver veins; however, Brixton has demonstrated these remarkably high grades are attainable over considerable widths. After completing this small, low-cost drill program, it is evident that additional silver-rich zones at shallow depths remain at the Langis mine area. The goal here would be to drill enough near-surface material to make economics.”
During 2020, the company drilled 16 NQ-sized core holes for approximately 992.5 metres at the Langis Project. This year’s drilling campaign was designed to identify new silver zones near old workings and to follow up on some of the 2018 high-grade silver drilled intercepts. The drilling campaign has been successful in identifying new high-grade silver mineralization over significant widths.
Drill hole 78 intersected 11 metres of 110.37 g/t silver, including 4 metres of 211.75 g/t silver. The silver mineralization consists of silver arsenides associated with calcite-hematite veins and veinlets to fracture infill or as disseminated hosted in the Huronian conglomerate.Drill holes LM20-75 to LM20-80 were drilled around the western extent of the historic underground workings. Native silver mineralization intersected in hole 76 returned 6 metres of 250.97 g/t silver, including 3 metres of 487.47 g/t silver, including 2 metres of 702 g/t silver. Native silver occurs as fracture fillings, coatings and within veins associated with calcite-hematite, and is hosted in a dark-grey-green Huronian conglomerate.
Drill holes LM20-82 to LM20-90 were drilled at the shaft 3 area and were designed to follow up on 2018 drilling, where hole LM18-42 intersected 6 metres of 4,719.33 g/t silver and 0.33% cobalt. The best silver-mineralized interval intersected in 2020 drilling was intersected in hole 83, which returned 5 metres of 1,293.34 g/t silver, including 2 metres of 3,205 g/t silver and 0.15% cobalt. Mineralization is hosted in a dark-grey-green Huronian conglomerate unit and generally consists of native silver and cobaltite associated with calcite veins and veinlets, and is disseminated throughout the host rock.
Hole 84 assayed 5 metres of 464.06 g/t silver, including 2 metres of 1,116 g/t silver. Mineralization consists of silver arsenide hosted in calcite-hematite veins and disseminated native silver.
Brixton’s wholly owned, past-producing Langis and Hudson Bay mines are located 500 km north of Toronto with excellent infrastructure. Historically, starting in the early 1900s, the combined mines in the Cobalt Camp produced 550 million ounces of silver, with 30 million to 50 million pounds of cobalt as a by-product.
Late last year, when Equinox Gold Corp. [EQX-TSXV; EQXGF-OTC] agreed to merge with Leagold Mining Corp., the plan was to create a leading gold mining company with operations located entirely in the Americas.
By joining forces, the two were aiming for the kind of scale and operational diversity they believe will attract large investment funds, which have been pushing for consolidation in the gold mining sector.
In spite of the obvious challenges associated with having to integrate their operations in the midst of the COVID-19 pandemic, the decision to merge is paying off.
Since the deal was announced in December, 2019, the shares have jumped by almost 50% to $12.14 on May 1, 2019, leaving Equinox with a market cap of $2.74 billion.
The Aurizona Gold Mine in Brazil. Source: Equinox Gold Corp.
“When you look at the two companies, they almost fit together like a glove,” said Equinox CEO Christian Milau, during an interview with Resource World. He was referring to the fact that both had operations in Brazil, offices in Vancouver, and a similar working culture.
The combined company has six operating mines in Mexico, Brazil and the U.S., with forecast production of 540,000 to 600,000 ounces of gold this year and plans to increase that output to one million ounces by 2023.
While the COVID-19 pandemic has resulted in a government-mandated suspension of mining activity at the company’s largest mine – Los Filos in Mexico – Milau said the rising price of gold and a sharp drop in energy prices is giving him reason to feel optimistic.
“In the next months as we get more clarity, we could come out very well at the other end of [the pandemic],” he said.
The following is a list of other companies who can are currently engaged in gold exploration and development.
Alamos Gold Inc. [AGI-TSX, NYSE] is a Canadian-based intermediate gold producer with diversified production from four operating mines in North America, including the Young-Davidson and Island Gold mines in northern Ontario, and the Mulatos and El Chanate mines in Sonora Mexico.
The company produced 494,500 ounces of gold last year, meeting its production targets for the fifth year in a row. Alamos has previously said it expects its annual production to increase to 600,000 ounces in 2021. The expected increase in 2021 will reflect a full year of production from the Kirazli project in Turkey. The company recently repurchased a 3% net smelter return (NSR) royalty on its Island Gold mine.
Alamos also has an advanced gold project near Lynn Lake, Manitoba where it is updating a positive feasibility study.
Alio Gold Inc. [ALO-TSX, NYSE American] and Argonaut Gold Inc. [AR-TSX] recently announced a friendly merger deal that they said will create an intermediate gold producer with four operations and annual production of 235,000 ounces of gold equivalent annually.
The combined entity expects to benefit from an enhanced asset portfolio and improved geographical diversification with assets in Mexico, Canada and the United States. Argonaut said the merger deal was driven by its desire to create the next quality mid-tier gold producer in the Americas with a production target this year of 175,000 to 185,000 gold equivalent ounces.
Amex Exploration Inc. [AMX-TSXV; AMXEF-OTCQX] has made a significant gold discovery in Quebec at is 100%-owned, high-grade Perron Gold Project. Since January 2019, Amex has intersected significant gold mineralization in three different zones that stretch over 3.2 km of lateral strike along the Perron Fault Zone. Amex’s project portfolio also includes the 100%-owned Eastmain River gold properties in James Bay, Quebec, and the 100%-owned Lebel-sur-Quevillon gold project in Lebel-sur-Quevillon, about 150 km northeast of Val d’Or, Quebec.
Aura Minerals Inc. [ORA-TEX; ARMZF-OTC] is a mid-tier copper and production company focused on the development and operation of gold and base metal projects in the Americas. The company’s producing assets include the San Andreas gold mine in Honduras, the Ernesto/Pau-a-Pique gold mine in Brazil, the Aranzazu copper-gold-silver mine in Mexico, and one pre-operational gold mine in the U.S., known as Gold Road. In addition, the company has two additional gold projects in Brazil, Almas and Matupa, and one gold project in Colombia, Tolda Fria.
Aurania Resources Ltd. [ARU-TSXV; AUIAF-OTCQB] is a junior exploration company with a focus on gold and copper. Its flagship asset is The Lost Cities – Cutucu Project, which is located in the Jurassic Metallogenic Belt in southeastern Ecuador.
The Lost City Project consists of 208,000 hectares in 42 concessions, occupying the central part of the Cordillera de Cutucu. The concessions extend for roughly 95 km along the Cordillera.
Bonterra Resources Inc. [BTR-TSXV; BONXF-OTCQX; 9BR1-FSE], having acquired Metanor Resources Inc. in September 2018, has said it was planning to create a new gold exploration and development company with a focus on Quebec’s Urban Barry mining camp.
By attaining control of three advanced high-grade gold deposits (Gladiator, Moroy and Barry) and the only permitted gold mill in the region, Bonterra said the combined company would be in an excellent position to rapidly and cost-effectively become a significant Quebec-based gold producer.
Caldas Gold Corp. [CJC-TSXV] was recently spun out by Gran Colombia Gold Corp. [GCM-TSX] to contain Gran Colombia’s Marmato gold assets in the Department of Caldas, Colombia. The Marmato Project contains a mineral resource of 2.0 million ounces of gold in the measured and indicated categories and 3.3 million ounces inferred. In 2019, the Marmato underground mine produced 25,750 ounces of gold. Caldas is currently advancing a pre-feasibility study for a major expansion and modernization of the underground mining operations at Marmato, where production is expected to increase to 150,000 ounces annually between 2024 and 2027.
Corvus Gold Inc. [KOR-TSXV; CORVF-OTCQX] is a North American gold exploration and development company. Its key assets are the wholly-owned North Bullfrog and Motherlode projects in Nevada. As of September 18, 2018, the combined projects contain a measured mineral resource of 9.3 million tonnes averaging 1.59 g/t gold, containing 475,000 ounces of gold. On top of that is an indicated resource for the mill of 18.2 million tonnes at an average grade of 1.68 g/t gold, containing 988,000 ounces.
In addition, the two projects contain a measured mineral resource for oxide, run of mine, heap leach of 34.6 million tonnes at an average grade of 0.27 g/t gold, containing 305,000 ounces.
Eldorado Gold Corp. [ELD-TSX; EGO-NYSE] is a mid-tier gold and base metals producer with an international portfolio that includes mining, development and exploration projects in Turkey, Canada, Greece, Romania and Brazil. Key operations include the Kisladag and Efemcukuru mines in Turkey, the Olympias Mine in Greece, and the Lamaque Mine in Quebec. Together they produced 395,331 ounces of gold last year, including 113,940 ounces from Lamaque.
Evergold Corp. [EVER-TSXV], a British Columbia-focused exploration company, recently completed an initial public offering that raised $3.45 million for exploration drilling at the company’s flagship Snoball and Golden Lion properties, which are located in B.C.’s Golden Triangle and Toodoggone regions respectively.
GT Gold’s Tatogga property in northwest British Columbia’s Golden Triangle region. Source GT Gold Corp.
Gold Terra Resource Corp. [YGT-TSXV] says it has assembled a highly prospective district-scale land position on the doorstep of the City of Yellowknife in the Northwest Territories. The company is currently focused on expanding and delineating gold resources at its Yellowknife City Gold Project which covers 790 km2 of contiguous land. In November 2019, the company announced an inferred mineral resource estimate of 735,000 ounces of gold.
Gran Colombia Gold Corp. [GCM-TSX] is a Canadian gold and silver producer with a focus on Colombia, where it is currently the largest underground gold and silver producer, with several underground mines in operation at its Segovia and Marmato operations. The majority of the company’s production comes from the Segovia Operations, which are located in the Segovia-Remedios mining district in Antioquia, roughly 180 km east of Medellin, northwest Colombia. Segovia produced 214,241 ounces of gold in 2019.
The company met its 2019 production guidance by producing 240,000 ounces of gold, an increase of 10% over 2018. That figure includes production from the Marmato assets which were recently spun out into a new publicly listed vehicle named Caldas Gold Corp. as noted above.
GT Gold Corp. [GTT-TSXV; GTGDF-OTC] is focused on B.C.’s Golden Triangle area and is backed by Newmont Goldcorp. Corp. [NGT-TSX; NEM-NYSE], which recently increased its stake in GT Gold to 14.9%.
GT’s flagship asset is the Tatogga property located in the Stikine region of northwestern B.C., 14 km west of the Imperial Metals Red Chris copper-gold mine and less than 1 km from the town of Iskut. Tatogga contains a high-grade gold discovery known as the Saddle prospect. It consists of two parts: a high-grade, near surface epithermal gold-silver vein system at Saddle South and, close by at Saddle North, a largely covered, porphyry copper-gold-silver mineralized system.
GT Gold’s exploration vice-president Charles Greig agreed to vend four properties into the company in exchange for shares and a small royalty.
The Snoball and Golden Lion properties are subject to a 0.5% net smelter return royalty (NSR) on any minerals that are extracted from the properties The royalty is payable to C.J. Greig Holdings (a company owned by Charles Greig), with no buyout option.
Liberty Gold Corp. [LGD-TSX; LGDTF-OTC] is focused on advancing a pipeline of Carlin-style gold deposits in the Great Basin region, which covers parts of Nevada, Utah and Idaho. The company recently announced the start of the 2020 exploration season at its Carlin-style Black Pine oxide property in southern Idaho. Drilling in 2019 resulted in two discoveries of high-grade oxide gold mineralization beneath the limit of shallow historical drilling.
Orla Mining Ltd. [OLA-TSX; ORRLF-OTC] is funding exploration and development at its Camino Rojo Oxide gold project in Zacatecas, Mexico. The Camino Rojo Oxide Gold Project is an advanced gold and silver open-pit heap leach project. The project is 100%-owned by Orla and covers over 200,000 hectares.
Hosting 1.03 million ounces of gold and 20.1 million ounces of silver reserves Camino Rojo will be Orla’s first mine. It is expected to produce 97,000 ounces of gold annually at an all-in-sustaining cost of US$575/oz.
Orla acquired Camino Rojo from Newmont Goldcorp Corp. which now owns a 19.9% stake in Orla.
Roxgold Inc.’s [ROXG-TSX; ROGFF-OTCQX] key asset is the high-grade Yaramoko gold mine located in the province of Bale, southwestern Burkina Faso, about 200 km southwest of Ouagadougou.
After completing a feasibility study in 2014, Roxgold has developed a significant high-grade gold discovery at Yaramoko’s 55 Zone, which is expected to produce 652,000 ounces over the next seven years, at a life-of-mine average of 11.5 grams per tonne.
Roxgold has also outlined an inferred resource of 220,000 ounces gold in the Bagassi South Zone, a satellite discovery located 1.8 km south of Zone 55. The company produced 142,204 ounces of gold in 2019.
Skeena Resources Ltd. [SLE-TSXV; SKREF-OTCQX] is bidding to revive two of Canada’s most successful high-grade precious metal mines – Snip and Eskay Creek. Both are located in northwest British Columbia in the Golden Triangle.
Skeena acquired a 100% interest in the former Snip mine in July 2017 from Barrick Gold Corp. [ABX-TSX; GOLD-NYSE]. Six months later, it secured an option to acquire a 100% stake in Eskay Creek from Barrick. Skeena recently released the results of an initial preliminary economic assessment (PEA) for Eskay Creek, which produced 3.3 million ounces of gold and 160 million ounces of silver from 1994 until closure in 2008.
Teranga Gold Corp. [TGZ-TSX; TGCDF-OTCQX] holds a 90% interest in the Massawa Gold Project in Senegal. It acquired the asset last year from Barrick Gold Corp. and Barrick’s Senegalese partner for an upfront payment of US$380 million.
Massawa is one of the highest-grade undeveloped open pit reserves in Africa, hosting 2.6 million ounces of gold or 20.9 million tonnes at 3.94 g/t gold. Those “historical” reserves are located within trucking distance of Teranga’s flagship Sabodala Gold Mine in Senegal, a scenario that creates the opportunity for significant capital and operating synergies, Teranga has said
The Government of Senegal holds the remaining 10% stake in the project.
Visible gold was encountered in the New Discovery area in drill hole BL 18-12. Photo courtesy Galway Metals Ltd.
Galway Metals Inc. [GWM-TSXV] has been expanding the George Murphy (GMZ) and Richard Zone discoveries at its 100%-optioned Clarence Stream gold project 70 km south of Fredericton, New Brunswick. Recent drill results from hole 88 at the GMZ returned 6.5 g/t gold over 14.05 metres, 9.7 g/t over 2.0 m, 1.2 g/t over 11.0 m, 4.9 g/t over 2.35 m, and 1.3 g/t over 3.95 m– extending the zone by 230 metres to the west and represents the deepest hole vertically to date. Other drill results have been encouraging with many assays still pending.
A September 2017 resource estimate totaled M&I at 390,000 ounces plus 277,000 ounces Inferred that did not include the GMZ, Jubilee and Richard Zones. More drilling is planned.
The company also has the 100%-owned Estrades polymetallic (gold-zinc-copper-silver) project in the Abitibi region of Quebec which has strong gold credits.
Great Bear Resources Ltd. [GBR-TSXV; GTBDF-OTCQX] has released results from its continuing fully financed $21-million exploration program at its flagship Dixie Project in the Red Lake district of northwestern Ontario.
Chris Taylor, President and CEO, said: “As we approach the one-year anniversary of the discovery of the LP fault and our 100th drill hole into this target, our sense of enthusiasm continues to build as the LP fault continues to deliver robust gold results with more detailed drilling. New drill hole BR-118 returned one of the longest high-grade gold intervals to date and was completed in the middle of a 150-metre gap in drilling. Mineralization begins immediately at the bedrock surface, with consistent geology and mineralization styles observed in both neighbouring drill sections. Importantly, all other drill holes reported in this release also continue to successfully intersect gold mineralization at all points tested along the LP fault to date.”
The company has completed 99 of approximately 300 planned drill holes into the LP fault target, as part of its 5km-long-by-500-metre-deep grid drill program. An updated long section of the LP fault drilling is provided in an image on the company’s website.
Drill results highlights:
Drill hole BR-118 on drill Section 20650 was completed in the middle of a 150-metre gap in drilling. The drill hole contained two significant mineralized intervals: 10.17 g/t gold over 6.80 metres, within a broader interval of 3.18 g/t gold over 56.95 metres, beginning at the bedrock surface at 30.20 metres as well as 18.57 g/t gold over 13.00 metres, including 132.00 g/t gold over 0.50 metres, within a broader interval of 2.67 g/t over 104.15 metres beginning at 127.15 metres.
Continuity of gold mineralization is suggested by similar results on both adjacent drill sections:
Drill Section 20750, located 75 to 100 metres to the northwest of BR-118, includes previously reported drill hole BR-068, which returned 10.58 g/t gold over 21.10 metres.
Drill Section 20600, located 50 to 75 metres to the southeast of BR-118, includes previously reported drill hole BR-037, which returned 16.60 g/t gold over 6.0 metres and 5.60 g/t gold over 25.25 metres.
Other new drill highlights include drill hole BR-089 on Section 21100, located 450 metres northwest of BR-118. Assays include 18.06 g/t gold over 4.75 metres, which includes 156.00 g/t gold over 0.50 metres, and 11.03 g/t gold over 6.95 metres, which includes 112.00 g/t gold over 0.5 metre. This occurs within a broader interval of 1.93 g/t gold over 52.15 metres.
Drill hole BR-088 on Section 22000, located 900 metres to the northwest of BR-089 and 1.35 kilometres to the northwest of BR-118, intersected 0.71 g/t gold over 100.95 metres.
The company also relogged and assayed historical drill hole DC-13-07, which was completed in 2007 in the immediate footwall south of the LP fault by a previous explorer. New assays include 7.87 g/t gold over 2.00 metres, collected from unsampled, mineralized historic drill core.
Approximately 200 drill holes remain to be completed as part of the company’s ongoing 2020 LP fault drill program. Additional drill holes are also planned into the Dixie Limb and Hinge zones, in additional to other regional targets. The company remains fully financed for this work.
Great Bear has received final TSX Venture Exchange approval of the previously announced plan of arrangement to reorganize its business, including the spinoff of its wholly owned subsidiary, Great Bear Royalties Corp. The arrangement is expected to close as of 12:01 a.m. on May 5, 2020. Existing common shares of Great Bear are expected to be delisted on the TSX Venture Exchange effective on the close of business on May 4, 2020. New common shares of Great Bear are expected to commence trading on the TSX-V at the market opening on May 5, 2020.
The Dixie Project comprises 9,140 hectares of contiguous claims extending over 22 km, and is located approximately 25 km southeast of the Town of Red Lake.
The Dixie Project hosts two principle styles of gold mineralization: High-grade gold in quartz veins and silica-sulphide replacement zones (Dixie Limb and Hinge). Hosted by mafic volcanic rocks and localized near regional-scale D2 fold axes, these mineralization styles are also typical of the significant mined deposits of the Red Lake district. Second, high-grade disseminated gold with broad moderate to lower-grade envelopes (LP fault).
Great Bear Resources controls over 300 km2 of prospective tenure across four projects: the flagship Dixie project (100% owned), the Pakwash property (earning a 100% interest), the Dedee property (earning a 100% interest) and the Sobel property (earning a 100% interest), all of which are accessible year-round through existing roads.
First Cobalt Corp. [FCC-TSXV; FTSSF-OTCQX] has released positive results from an independent feasibility study conducted on its permitted cobalt refinery in Ontario, Canada. The study contemplates expanding the existing facility and adapting it to be North America’s first producer of cobalt sulphate, an essential component in the manufacturing of batteries for electric vehicles.
The feasibility study demonstrates that the First Cobalt refinery project can become a viable, globally competitive player in the North American and European electric vehicle (EV) supply chain. The study reinforces the strength of First Cobalt’s business strategy for a rapidly evolving EV (electric vehicle) market that is heavily dependent on supply from China.
Feasibility study highlights include annual production of 25,000 tonnes of battery-grade cobalt sulphate from third party feed, representing 5% of the total global refined cobalt market and 100% of North American cobalt sulphate supply. Initial capital estimate is $56-million and an operating cost estimate of $2.72/lb of cobalt produced, which is competitive with global markets. There would be a $37-million in undiscounted pre-tax free cash flow to the project forecasted during the first full year of production and a $139-million after-tax net present value (NPV) using an 8% discount and 53% after-tax internal rate of return (IRR), representing a payback period of only 1.8 years. (All figures in US$ with cobalt price at $25/lb)
Discussions under way with Glencore on commercial arrangements, financing and allocation of project economics; third party and government funding opportunities also under review;
Several EV manufacturers have expressed an interest in purchasing a North American cobalt sulphate;
Several opportunities will be evaluated over the coming months that could enhance project economics further, including alternative approaches to managing elevated sodium concentrations prior to returning process water to the environment.
Prefeasibility-level study also completed on an early ramp-up scenario using existing permits and equipment to conduct trial runs processing a different type of feedstock.
Trent Mell, First Cobalt President and CEO, commented: “This is an important milestone in our efforts to disrupt the existing cobalt supply chain. The study shows strong asset-level economics that position the refinery to be competitive globally and provide attractive investment returns. The outlook for electric vehicles and the push by automakers to develop shorter supply chains creates an excellent opportunity. With most of the world’s cobalt refining capacity located in China, there is strong demand for a North American alternative. Our focus will now turn to working with Glencore, our strategic partner, on implementing a new, ethical and transparent supply chain.”
Nico Paraskevas, Glencore’s head of copper and cobalt marketing, added: “I would like to congratulate the First Cobalt team on a positive feasibility study. As the world transitions to a low-carbon economy, cobalt will play an essential role in the growth of mobility electrification. We look forward to working with First Cobalt to bring a sustainable source of cobalt to the North American market.”
Project overview
The First Cobalt refinery was permitted in 1996 with a nominal throughput of 12 tonnes per day (tpd) and operated intermittently until 2015, producing a cobalt carbonate product along with nickel carbonate and silver precipitate. The facility is located on 120 acres, with two settling ponds and an autoclave pond. The current footprint also includes a large warehouse building that once housed a conventional mill.
Testing of third party cobalt hydroxide in 2019 using the refinery flow sheet confirmed suitability of cobalt hydroxide as a source of feed to produce a high-purity, battery-grade cobalt sulphate.
In July, 2019, First Cobalt and Glencore AG agreed to a partnership framework providing for a non-dilutive, fully financed, phased approach to recommission the refinery. Subject to certain conditions, including the completion of a positive feasibility study and agreement upon commercial terms, the framework agreement contemplates that First Cobalt will treat cobalt feed material supplied from Glencore’s DRC operations for an initial term of up to 4-1/2 years on a tolling basis, with Glencore providing up to 100% of the capital required to recommission and expand the facility. The objective is to produce approximately 25,000 tonnes of cobalt sulphate per annum for the electric vehicle market.
Refer to First Cobalt press release for more details.
1911 Gold Corp. [AUMB-TSXV] has released new results from the phase 1 exploration drilling program at its 100%-owned Rice Lake gold properties. This district-scale land package is located along the crustal-scale Wanipigow fault in the Archean Rice Lake greenstone belt of southeastern Manitoba, part of the prolific West Uchi geological domain, which hosts the greater-than-three-million-ounce Rice Lake gold camp in Manitoba and the greater-than-30-million-ounce Red Lake gold camp in adjacent Ontario.
This report includes results from an additional 2,539 metres of drilling in nine drill holes, completed in the first quarter of 2020 to test two new targets in the Tinney project area, and to continue testing two targets within the Bidou Project area. The Tinney and Bidou projects are located approximately 35 km southeast of the True North mine and mill complex via an all-weather provincial road.
Dr. Scott Anderson, vice-president, exploration, commented: “We continue to be strongly encouraged by results from the Phase 1 exploration drilling program, given that every drill hole completed to date on our previously untested targets has produced gold intercepts, many including high-grade gold. These results provide considerable scope for follow-up during the 2020 field season and Phase 2 drilling, presently in planning for 2020/2021.”
Due to the suspension of activities at the True North site as of March 23, 2020, as a precaution relating to the COVID-19 pandemic, results from the remaining drill holes completed during the Phase 1 exploration drilling program have been delayed, but are anticipated to be released in the coming weeks.
Highlights:
Drillhole TS-20-003 intersected a shear-hosted quartz vein with visible gold at the previously-untested Tinney Shear target, yielding 26.42 g/t gold over 2.03 metres, including 50.85 g/t gold over 1.03 metres.
Drillhole TS-20-004, collared 290 metres along strike from TS-20-003 on the Tinney Shear, intersected multiple zones of gold mineralization, highlighted by a shear-hosted vein with visible gold in strongly altered felsic porphyry, which yielded 43.27 g/t gold over 0.65 metres.
Drilling at the Cougar target (also previously-untested) intersected gold mineralization associated with shear-hosted quartz veins in two drill holes, highlighted by 9.29 g/t gold over 2.55 metres (including 18.80 g/t gold over 1.05 metres) in drill hole CG-20-001, and 37.65 g/t gold over 0.5 metres in drill hole CG-20-002.
Drilling at the Bidou South target intersected several zones of gold mineralization, highlighted by 2.17 g/t gold over 12.22 metres (including 3.70 g/t gold over 3.13 metres and 10.70 g/t gold over 0.84 metres) in drill hole BL-20-002, associated with shear and extension veins in strongly sulphidized gabbro.
Field crews have begun mobilizing for the 2020 field exploration program, with plans to further advance five projects from the 2019 program, and initiate fieldwork on three new, high-priority, greenfield projects located along the crustal-scale Wanipigow fault.
In its first drill program at its 100%-owned Raney gold project, 110 km southwest of Timmins, Rockridge Resources (TSXV: ROCK; US-OTC: RRRLF) cut 6 metres...
Kirkland Lake Gold Ltd. [KL-TSX, NYSE; KLA-ASX] reported new drill results from 19 holes (9,522 m) of underground exploration drilling as well as 15 holes (29,085 m) of previously drilled (not reported) and re-interpreted holes from the Macassa Mine in Kirkland Lake, Ontario. All the new holes were collared within two platforms located on the east portion of the 5300 Level, with 18 of the 19 new holes (8,760 m) being focused on confirmation and extension of the South Mine Complex (SMC) to the east.
Results from the drilling included 43.1 g/t gold over 2.1 metres from hole 53-4016, 31.0 g/t over 2.3 metres from hole 53-4052 and 16.4 g/t over 2.1 metres from hole 53-4088 which define a minimum 75-metre extension of the SMC complex east of the current resource as well as 19.3 g/t over 4.2 metres from hole 53-4086 located 25 metres to the south.
One of the new holes (762 m) was designed to test the Main Break below the Kirkland Minerals shaft near the east limit of previous drilling. The hole (53-4052) was highly successful, intersecting 141.1 g/t gold over 2.4 metres and 9.7 g/t over 2.0 metres near the 6,850 Level, 300 metres below the deepest level off the Kirkland Minerals shaft and 50 metres east of previous drilling .
Very importantly, the high-grade intersection is located within 650 metres of the company’s new #4 Shaft location (currently under development) and is believed to be part of a newly-identified corridor of high-grade mineralization 700 metres long and 300 metres high along the Main Break. The new corridor has been identified based on the results of new drilling as well as the interpretation of previously drilled but not reported holes along the Main Break on the Kirkland Minerals property, which is wholly owned by Kirkland Lake Gold. The corridor is located below the 5,850 Levels and extends between the new #4 Shaft location and hole 53-4052.
Additional key intercepts from the results being announced today include: 27.7 g/t gold over 2.1 metres from AB17-07W3, 19.7 g/t over 2.0 metres from hole AB15-130 and 18.5 g/t over 2.4 metres from hole 53- 3350. The corridor remains open along strike and to depth.
A new exploration drift being developed off the 5700 Level to provide access to the SMC East will be extended into the high-grade corridor in support of further exploration of this high-potential target area.
Tony Makuch, President and CEO of Kirkland Lake Gold, said, “We are extremely encouraged by the exploration results being announced today, which include the continued expansion of the SMC as well as the identification of a large area of high-grade mineralization along the historic Main Break located in close proximity to the location of our new #4 Shaft (currently under development). We have a truly unique and very exciting opportunity at Macassa to add substantial new mineral resources and, ultimately, mineral reserves through the continued growth of the SMC, the identification of high-grade mineralization along the largely unexplored Amalgamated Break, and also by drilling along the Main Break, which accounts for most of the 25 million ounces of historic production in the Kirkland Lake camp.
“While the resurgence of mining in Kirkland Lake over the last 10 – 15 years has been driven by the discovery and growth of the SMC, we have always recognized that the Main Break remains a highly-prospective target for additional exploration success and mineral resource growth. The fact that the new corridor of high-grade mineralization along the Main Break is located close to planned infrastructure adds significantly to the value creating potential of today’s results.” Exploration drilling at Macassa has temporarily ceased as part of the company’s COVID-19 health and safety protocols, which include the suspension of non-essential work. Upon the resumption of full operations at Macassa, exploration drilling will resume with up to six underground and surface drills.
Kirkland Lake Gold had production for the first quarter of 2020 of 330,864 ounces, an increase of 98,985 ounces or 43% from 231,879 ounces for the first quarter of 2019. Q1 2020 production included 91,555 ounces related to production in Q1 2020 from Detour Lake Mine following the company’s acquisition of Detour Gold Corp. on January 31, 2020.
