Vancouver-based Pretium Resources reports that its 2019 deep underground drill program confirmed there is mineralization similar to the Brucejack mine at depth and to the east of the mine workings. The mine is located about 65 km north of Stewart, British Columbia.
Two holes totaling 3,500 metres were drilled – one to the northeast and the other to the southwest – in an area that had not been drilled before. Both holes intersected gold and silver bearing quartz carbonate stockwork similar to mineralization at the Brucejack mine. They also returned anomalous copper and molybdenum mineralization indicative of a porphyry source below the Flow Dome zone.
Hole VU-1787 cut mineralized stockwork between 198 and 305 metres downhole. Visible gold was present in the core. These are the highlights: 5.56 g/t gold over 107.5 metres, including 185.50 g/t over 1.5 metres, 3.05 g/t over 0.5 metre, 6.48 g/t over 8.4 metres (including 28.00 g/t over 1.0 metre, 10.55 g/t over 1.5 metres and 6.16 g/t over 1.6 metres), 6.41 g/t over 19.5 metres (including 8.42 g/t over 4.5 metres and 18.34 g/t over 4.5 metres), 4.75 g/t over 1.5 metres, and 72.80 g/t over 1.5 metres.
Pretium is mounting a 5,000-metre grassroots drilling program. There are several intriguing targets that have the potential to host VMS and high grade epithermal gold systems similar to those at the historic Eskay Creek gold mine. Sampling, regional mapping, prospecting, airborne and ground geophysics, and hyperspectral mapping will also be done.
(This article first appeared in the Canadian Mining Journal)
The post Pretium drills deep, begins regional exploration program appeared first on MINING.com.
Toronto-based Seabridge Gold has signed a definitive agreement to acquire 100% of the Goldstorm project from Mountain View Gold Corp. The sale price will be paid with 25,000 common shares of Seabridge.
The Goldstorm project is located about 3 km east of Seabridge’s 100% owned Snowstorm property. It lies at the intersection of the Northern Nevada Rift, Carlin Trend and Getchell Trend. Little exploration has been done at Goldstorm, however previous operators identified a series of northwest trending veins that showed strong pathfinder geochemistry and anomalous gold. A surface trench yielded 3.0 metres of 9.0 g/t gold and 44.0 g/t silver. Mountain View did limited drilling, the best assay of which was 2.0 metres of 5.50 g/t gold, including 1.1 metre of 9.29 g/t.
Seabridge is also the owner of the massive KSM gold-copper project and the Iskut gold project in British Columbia and the Courageous Lake gold project in the Northwest Territories.
(This article first appeared in the Canadian Mining Journal)
Max Resource Corp. [MXR-TSXV; MAXROF-OTC; M1D1-FSE] shares were active Wednesday June 5 after the company said an initial sampling program has identified anomalous gold and copper on its North Choco property near Medellin, Colombia.
This gold copper zone has been identified within an area of approximately 5 km by 7.5 km and is open in all directions, the company said in a press release.
After trading up to a day high of 12.5 cents, Max shares eased 8.70% or $0.001 to 10.5 cents, Wednesday on volume of almost 1.2 million. The 52-week range is 11.5 cents and 50 cents.
The company said a total of 74 rock chip samples were taken in the area with gold values ranging from five to 80,000 ppb (80 g/t) gold and copper values ranging from 14.5 ppm (1.82%) copper. Average grades were 537 ppb gold and 640 ppm copper. Medians were 25 ppb gold and 171 ppm copper.
Sample widths of the individual chip samples ranged from 0.125 to 1.00 metres with the majority in the 0.30 to 0.40 metre range. Assay results are pending on a further 88 samples, the company said.
Max is acquiring the North Choco Property through the pending acquisition of Anagueda Mining Pty. Ltd. In a May 8, 2019 press release, Max said it has entered into a binding letter of intent with Australian Stock Exchange-listed Noble Metals Ltd. [NMM-ASX] and Buena Fortuna Mining Co. Pty. Under the deal, Max has been granted the option to acquire up to 100% of their interest in Andagueda, which holds an exploration and mining agreement with the Tahami Indigenous Reservation of Alto Andagueda for the North Choco Project.
Through Andagueda’s historic agreement, North Choco encompasses Tahami’s 500 km2 land area and includes exploration and development of economic mineral resources on: Indigenous Communities Mining Zone 8-1704, covering 6535.7 hectares and Mining Concession BAE-112 covering 720 hectares.
North Choco is located 47 km southwest of AngloGold Ashanti Ltd.’s [AU-NYSE; AGG-ASX; ANG-JSE] Nuevo Chaquiro porphyry copper discovery. It hosts an inferred resource of 604 million tonnes at 0.65% copper and 0.32 g/t gold, including contained metal content of 3.95 million tonnes of copper and 6.13 million ounces of gold.
Max is a Canadian exploration company with a focus on exploration of mineral assets in Colombia. The North Choco property significantly expands Max’s Choco landholdings from 2,140 to 2,640 km2, with North Choco contiguous to properties held by AngoGold Ashanti and Continental Gold Inc. [CNL-TSX; CGOF-OTCQX].
The Choco Department is the leading producer of precious metals in Colombia. Small-scale operations in the municipality of Novita and the surrounding communities of Condoto, Tado and Sipi produced 15,317 ounces of platinum and 278,702 ounces of gold in 2011.
Along with Stillwater, U.S.A., Choco is the world’s only significant primary platinum-producing district outside South Africa, Russia and Zimbabwe. Choco was the world’s sixth largest source of platinum in 2012, according to the U.S. Geological Survey.
“Our exploration campaign continues to produce excellent results,” said Max CEO Brett Matich. “We have already identified a large area of anomalous gold copper mineralization and will now focus on expanding mineralization foot print, with further assay results pending,” he said.
Newrange Gold Corp. [NRG-TSXV; NRGOF-OTCQB; X6C-FSE] said Wednesday June 5 that it has negotiated a non-binding agreement to sell its wholly-owned Colombian subsidiary together with its El Dovio and Anori exploration projects in Colombia to privately-owned Australian company Andean Mining Corp. Pty. Ltd.
Newrange said the deal does not include a third project – the Yarumalito gold-porphyry property – which the company said it will retain for the time being.
Subject to due diligence, Andean will pay Newrange US$1 million in staged payments within nine months, together with certain other considerations.
“This agreement provides non-dilutive financing, allows Newrange to focus its resources on the company’s highly prospective Pamlico gold project in Nevada, eliminates the costs of maintaining the Colombian subsidiary and projects, and maintains exposure to the upside in each of these projects through share ownership and retained production royalties,” said Newrange Chairman Robert Carrington.
Newrange shares were unchanged at 13 cents on Wednesday and trade in a 52-week range of $0.07 and 25 cents.
In October 2018, Newrange said it entered into a joint venture deal with Andean Mining, giving the Australian company the option to earn a 65% stake in the El Dovio Project in return for cash and share payments plus exploration work commitments.
The property covers high-grade polymetallic gold-silver-copper-zinc mineralization in a belt of marine volcano-sedimentary rocks known to host other polymetallic and volcanogenic massive sulfide (VMS) prospects and mines. Newrange has said exploration at El Dovio indicates significant potential to discover deposits with high unit value and low metal price sensitivity.
The 100%-owned Yarumalito Project covers 1,456 hectares of a large dominant porphyry complex composed of multiple intrusive centers. It is located 11 air-km north of the famed Marmato District, along with what is commonly termed the “Mid Cauca Belt,” a segment of the Andean Porphyry Belt that stretches through Peru, Ecuador, Colombia and Panama.
Exploration work to date has consisted of property-wide geochemical and geophysical surveys, extensive geological mapping and more than 18,000 metres of diamond drilling. This work has defined a large mineralized zone measuring over 400 metres wide, 1,000 metres in length and open to a depth below 385 metres.
Newrange was focused on gold exploration in Colombia until the opportunity came up in 2016 to acquire the Pamlico property, which is located in one of Nevada’s historic gold districts, not far from the famous Comstock Lode.
Carrington grasped the opportunity because he believed Pamlico offered his company the chance to explore and develop a district-scale, near surface, potentially high-grade gold deposit in multiple target areas.
Under a July 2016, agreement Newrange obtained the option to purchase a 100% interest in the Pamlico property. At that time, only 103 shallow holes had been drilled in the entire property.
Exploration to date has been insufficient to define a mineral resource that would meet NI 43-101 standards of disclosure; however, Carrington believes that could soon change if Newrange can complete enough drilling to produce a gold resource estimate.
Chris Temple sent a note to his subscribers after the market close on Monday telling them to take positions in US markets because he thought a rebound would happen. As the markets bounced on Tuesday now the question is if the rebound will continue or the downtrend continue. Plus a couple comments on the odd couple trade (gold and bonds)
Ed Moya, Senior Market Analysts at OANDA joins me to share his thoughts on the ongoing trade wars as well as Fed rate cut expectations. The G20 is up next for any possible developments between the US and China but anything in terms of tweets could happen before then. As the the Fed, expectations have shifted to a July cut. The question is, will the cut actually help?