Juggernaut drills new gold zone at Midas in BC

Juggernaut Exploration (TSXV: JUGR; US-OTC: JUGRF) has discovered a new gold zone on its Midas gold property in northwestern B.C. after drilling 6.85 grams gold per tonne over 9 metres from 35 metres downhole.

The company was following up on results from an induced polarization (IP) survey that identified an anomaly about 125 metres below surface. It believes that anomaly represents a deeper feeder source to the gold zone it just drilled. Highlights from the drill program include 4.8 metres grading 2.24 grams gold, 6.83 grams silver, 0.18% copper 

Juggernaut drilled Midas for the first time in 2018, plunging 1,977 metres across 16 holes and targeting near surface mineralization over an 834 metre strike length. It intersected gold and polymetallic mineralization in every hole it drilled.

Highlights from the drill program include: 4.8 metres grading 2.24 grams gold, 6.83 grams silver, 0.18% copper and 1.04% lead from 3 metres downhole as well as 1.07 metres at 5.21 grams gold, 15.62 grams silver and 3.49% copper from 69 metres downhole.

Midas sits on the 2.1 x 1.6 km King Solomon trend. The company intends to focus future drilling on deeper IP anomalies that it says grow larger to the south of current drilling and remain open.

In mid-December 2018, the company raised $2.2 million across two financing tranches and is now fully funded for 2019 exploration programs at Midas as well as at its Empire, DSM and J2 projects.  All of the company’s projects are in northwestern British Columbia.

This article originally appeared in The Northern Miner. 

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Imperial Metals suspends B.C. copper-gold mine

The Imperial Metals Mt. Polley copper-gold mine in the Cariboo region of south-central British Columbia. Source: Imperial Metals Corp.

Imperial Metals Corp.  [III-TSX; IPMLF-OTC] is suspending operations at its Mount Polley copper-gold mine in south-central British Columbia due to declining copper prices.

The suspension of the mine includes milling of low-grade stockpiles which are expected to extend operations until the end of May. Full operations will resume once the economics of mining at Mount Polley improve, the company said in a press release.

There will be no impact to the mine’s ongoing environmental monitoring and remediation program stemming from a tailings dam breach in August 2014 that released over 21 million cubic metres of water and mine tailings in the surrounding environment and water courses.

According to B.C.’s Chief Inspector of Mines, the spill was due to a structural failure of the Mount Polley tailings storage facility perimeter embankment.

As a result, all mines in B.C. were ordered to conduct accelerated dam safety inspections and assess the safety of their impoundments. Mining operations were suspended in August, 2014 due to the tailings dam breach.

But Mount Polley resumed normal operations in June 2016, following the receipt of authorizations from the B.C. Ministry of Energy and Mines and the B.C. Environment Ministry.  The company says significant progress has been made with the remediation of the areas impacted by the breach in 2014.

The company has said the 2018 production target for Mount Polley is 15.6 million pounds of copper and 39,500 ounces of gold.

Meanwhile, the Mount Polley closure decision means that hundreds of people will lose their jobs, Williams Lake Mayor Walter Cobb told CBC News.

“We’re talking not only a couple of hundred employees at the mine, but we’re talking all the support workers, all the rest that goes along with it,” Cobb told CBC.

The Mount Polley Mine, located 56 km northeast of Williams Lake,  is an open pit copper-gold mine with an underground component. The property covers 20,113 hectares, and consists of seven mining leases.  Imperial Metals, through its subsidiaries, owns the Red Chris, Mount Polley and Huckleberry copper mines in B.C. It also holds a 50% stake in the Ruddock Creek lead-zinc property, located 155 km northeast of Kamloops, B.C.

After reaching a high of $2.03 on January 7, 2018, the day the suspension plan was announced, Imperial Metals shares are off 12.06% or 24 cents to $1.75 today (January 8, 2018). The stock is trading in a 52-week range of $2.19 and 93 cents.

In the third quarter ended September 30, 2018, Imperial Metals reported a loss of $28.7 million or 24 cents a share on revenue of $70.5 million. That compared to a year earlier loss of $1.9 million or $0.02 on revenue of $90.15 million.

David Erfle – Gold Market Commentary – Tue 8 Jan, 2019

What Has David Optimistic About The Gold Sector?

David Erfle, Founder of The Junior Miner Junky joins me to share the factors that have him optimistic about the metals sector. He is looking mostly at the silver price and the action in some of the juniors as signs that more money is entering the sector.

David Erfle on the strength in gold stocks

Click here to visit David’s site for more information on his newsletter.

White Gold Corp. Makes New Discovery on Betty Property Along the Extension of the Coffee Creek Fault

White Gold Corp. [TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W] is pleased to announce Rotary-Air-Blast (“RAB”) drill results from its Betty property located in Yukon, Canada, with numerous drill holes across several target areas encountering near surface gold mineralization. The gold mineralization was encountered along the eastern extension of the Coffee Creek fault which hosts the adjacent Coffee deposit owned by Goldcorp Inc. (TSX: G, NYSE: GG) currently being developed as an open pit and heap leach gold mine with commercial production anticipated to begin in 2021. These results represent a new discovery on a previously undrilled target, discovered through the Company’s systematic and data driven regional exploration program backed by partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC).

Maps to accompany this news release can be found at http://whitegoldcorp.ca/investors/exploration-highlights/.

Highlights Include:

• At the Betty Ford target, BETFRDRAB18-002 returned 1.08 g/t Au over 50.29m from 4.57m depth, including 2.24 g/t Au over 9.41m from 19.81m depth with the top 25.91m of the hole showing oxidized mineralization and additional shallow mineralization encountered in other holes along trend.

• At Betty White target, gold mineralization was intersected in every hole with individual results ranging from trace to 3.61 g/t Au.

• Gold mineralization encountered across multiple target areas highlights the large-scale potential of the mineralized system, with additional targets remaining undrilled.

• The Betty property is contiguous to the Coffee project owned by Goldcorp and hosted in the same regional structure, with very limited drill testing performed on the Betty property to date.

• Additional results from the JP Ross and White Gold properties are in progress and will be announced in due course.

“The discovery on the Betty Ford target is a very significant finding, intersecting over 50 meters of near surface gold mineralization at grades comparable to the adjacent Coffee project, along trend and with structural similarities. We are also very encouraged with the discovery of gold mineralization encountered on other targets across the Betty property which indicates the presence of a broader gold system,” stated Jodie Gibson, VP Exploration. “The Betty property remains underexplored and we believe that this preliminary shallow drill program has just scratched the surface of the mineral potential along the very prospective Coffee Creek fault. Furthermore, this marks the fourth new discovery by our team this season, further increasing confidence in our exploration methodology and providing greater understanding of the regional geology and the prospects for additional discoveries. We look forward to applying our effective and efficient exploration techniques across our land package which now totals over a million acres in the White Gold District.”

Betty Property

The Betty Property is located 58km SW of the Golden Saddle deposit and 62km SSW of the Vertigo discovery along the continuation of the Coffee Creek fault. 145km SW of Dawson City, the property is contiguous to both Goldcorp’s Coffee and Western Copper and Gold’s Casino properties to the east. The property consists of a 12km trend of anomalous gold in soils (trace to 7,288 ppb Au) associated with both intrusion-related and structurally controlled style gold targets. Historic RC drilling from the property include results(1) of 7.1 g/t Au and 209 g/t Ag over 13.7m from hole BETR12-022, 29.8 g/t Au over 3.1m from hole BETR12-012, and 1.5 g/t Au over 21.3m from hole BETR12-007.

2018 Exploration

The 2018 drill program on the Betty property consisted of 1,827m drilled over 28 holes on 6 target areas. Additional exploration work included the collection of 916 soil samples, 103km2 of LiDAR surveys and geologic mapping and prospecting. Results ranged from trace to 4.59 g/t Au, with the most significant results encountered on the Ford and White target areas.

Significant drill results from the Betty property included in this release are detailed in the table below.

Interpretation of the results is ongoing and there is not currently enough information to estimate true thickness of the mineralized zones. Holes not listed above contained no significant values.

Ford Target

The Ford target is located in the centre of the Betty property, near the crest of an E-W oriented ridge and consists of a 950m x 200m zone of strongly anomalous gold in soils ranging from trace to 1,962 ppb Au. Drilling on the Ford target consisted of 504m of shallow (<100m) RAB drilling over 6 holes covering a 220m x 160m area within the central portion of the soil anomaly and was designed to follow up on a series of interpreted E-W trending structures in the area. The most significant results were returned from the southern end of the anomaly in drill holes BETFRDRAB18-001 to 003.

BETFRDRAB18-001 – Az: 180, Dip: -60o, Depth: 100.58m

BETFRDRAB18-001 was the eastern most hole drilled in the area and returned 24.39m of 0.94 g/t Au from 19.81m depth; including 10.67m of 1.26 g/t from 19.81m depth. The hole was drilled based on an interpreted E-W oriented structure in the area based on soil geochemistry and historic geophysical surveys.

BETFRDRAB18-002 – Az: 180, Dip: -60o, Depth: 100.58m

BETFRDRAB18-002 was drilled 103m to the west of BETFRDRAB18-001 and was targeting the same interpreted structure. The hole returned 50.29m of 1.08 g/t Au from 4.57m depth; including 19.81m of 1.63 g/t Au from 10.67m depth.

BETFRDRAB18-003 – Az: 000, Dip: -60o, Depth: 100.58m

BETFRDRAB18-003 was drilled to the north from the same drill site as BETFRDRAB18-002. The hole appears to have intersected the edge of the mineralized zone intersected in holes 001 & 002 above, returning 13.72m of 0.75 g/t Au from surface.

Mineralization in all three holes consists of strongly quartz-sericite altered biotite gneiss with quartz veining and is strongly oxidized to approximately 26m depth; transitioning to disseminated pyrite at depth.  The mineralization is currently interpreted to occur along an E-SE trending, steeply dipping, structure that is open along strike in both directions and at depth. Individual assays from the Ford ranged from trace to 4.59 g/t Au, and is “gold only” with no significant geochemical associations.

White Target

The White target is located approximately 730m downhill to the south of the Ford target and consists of a 150m x 2,000m, NE trending zone of strongly anomalous gold in soils ranging from trace to 1,266 ppb Au. Drilling on the White target consisted of 605m of shallow (<100m) RAB drilling over 7 holes covering 670m of strike length within the central portion of the soil anomaly. Anomalous gold mineralization was intersected in every hole with individual results ranging from trace to 3.61 g/t Au.

The mineralization is hosted within quartz-biotite schist and is associated with a NE-SW trending, steeply south dipping, fault zone and adjacent fractures interpreted as a splay of the Coffee Creek Fault; located 800m to the north. Individual structures are associated with silicification, brecciation, and minor quartz veining within a broader halo of pervasive sericite alteration. The gold mineralization correlates with strongly elevated arsenic and antimony; has been traced from surface to 90m depth; and is open along strike and at depth. Strong oxidation is noted up to 50m depth, with partial oxidation extending to over 90m depth.

About White Gold Corp.

The Company owns a portfolio of 21,218 quartz claims across 34 properties covering over 423,000 hectares representing over 40% of the Yukon’s White Gold District. The Company’s flagship White Gold property has a mineral resource of 960,970 ounces Indicated at 2.43 g/t gold and 282,490 ounces Inferred at 1.70 g/t gold as set forth in the technical report entitled “Independent Technical Report for the White Gold Project, Dawson Range, Yukon, Canada”, dated March 5, 2018, filed under the Company’s profile on SEDAR. Mineralization on the Golden Saddle and Arc is also known to extend beyond the limits of the current resource estimate. Regional exploration work has also produced several other prospective targets on the Company’s claim packages which border sizable gold discoveries including the Coffee project owned by Goldcorp Inc. with a M&I gold resource (2) of 3.4M oz and Western Copper and Gold Corporation’s Casino project which has P&P gold reserves(2) of 8.9M oz Au and 4.5B lb Cu. For more information visit www.whitegoldcorp.ca.

  • See Ethos Gold Corp News Release dated June 26, 2012, available on SEDAR
  • Noted mineralization is as disclosed by the owner of each property respectively and is not necessarily indicative of the mineralization hosted on the Company’s property.

QA/QC

The analytical work for the 2018 program has been performed by Bureau Veritas Commodities Canada Ltd., an internationally recognized analytical services provider, at its Vancouver, British Columbia laboratory.  Sample preparation was carried out at its Whitehorse, Yukon facility. All GT Probe, RAB, RC, and diamond core samples were prepared using procedure PRP70-250 (crush, split and pulverize 250 g to 200 mesh) and analyzed by method FA430 (30g fire assay with AAS finish) and AQ200 (0.5g, aqua regia digestion and ICP-MS analysis). Samples containing >10g/t Au were reanalyzed using method FA530 (30g Fire Assay with gravimetric finish). Metallic-screen analysis may also be utilized if coarse gold mineralization is encounter (FS600).

The work was completed using industry standard procedures, including a quality assurance/quality control (QA/QC) program consisting of the regular insertion of certified standards and blanks into the sample stream. The qualified person detected no significant QA/QC issues during review of the data.

Qualified Person

Jodie Gibson, P.Geo. and Vice President of Exploration for the Company is a “qualified person” as defined under National Instrument 43-101 (“NI 43-101”) and has reviewed and approved the content of this news release.

Contact Information:

David D’Onofrio
Chief Executive Officer
White Gold Corp.
(416) 643-3880
ir@whitegoldcorp.ca

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Vancouver miners merge to lead exploration in Mexico

Defiance Silver Corp (TSX-V: DEF) and ValOro Resources (TSX-V: VRO) have just created a combined company that keeps the name Defiance Silver Corp., following a friendly merger under the Business Corporations Act of the Canadian province of British Columbia.

In a media statement, the Vancouver-based miners describe Defiance Silver Corp as “a leading diversified explorer with an advanced portfolio of Mexican silver and gold projects.”

The new firm is trading under the symbol DEF, has approximately 120.07 million common shares outstanding, of which shareholders of Defiance own 86.07% and the former shareholders of ValOro own approximately 13.92%.

From now on, the new company will be in charge of the works ValOro was advancing at its 100%-owned Tepal gold/copper project in the western Mexican state of Michoacán. The property, where ValOro has carried out aggressive exploration, resource expansion, and infill drilling programs, is comprised of five concessions that occupy some 1,400 hectares.

San Acacio deposit in Mexico. Photo by Defiance Silver.

“We are pleased with the closing of the transaction and wish to thank all the participants and shareholders. With two drill-ready projects in Mexico and recent news indicating the new Mexican government will be supportive of mining, we look forward to a dynamic and exciting 2019,” Dunham Craig, former President and CEO of ValOro, said in the media brief.

Previous to the merger, Defiance Silver was also advancing projects in the Latin American country. Its focus has been in expanding the San Acacio deposit, located in the Zacatecas Silver District of central Mexico.

“We look forward with a shared common vision to unlock further exploration potential at the San Acacio silver project and Tepal gold project. Given the rise in precious metal prices and with these two advanced projects, we believe the time is right to unlock their value to shareholders,” Peter J. Hawley, President and CEO of Defiance, said.

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Falcon Gold reports high grades at Argentinian project

Falcon Gold (TSXV: FG) reported that its exploration team in Argentina found high-grade gold mineralization at the ERSA VIII and IX concessions of its Esperanza Resources S.A. project, also known as ERSA.

The project is located in the western La Rioja province and it is comprised of seven mineral concessions covering an aggregate area of 20,461 hectares. The property sits on the Sierra de Las Minas District, which is reported to host several past producing gold and silver mines.

In a press release, Falcon informed that the mineralization is localized along northwest-southeast striking linear structures.

The Vancouver-based firm highlighted that the nearby Callanas gold area contains several known veins and that its sampling showed results such as from Callana III of 27.03 g/t Au across 50 cm with Ag, Cu, lead and zinc in amounts greater than the analytical detection limits.

The company also assayed the ERSA X concession, which is approximately 6 kilometres south of the Callanas area and contains the historic San Isidro veins. According to the exploration team, visible gold was found in the veins and was noted in three of four samples taken. Two samples respectively returned 23.13 g/t Au with 4.00 ppm Ag and 8,200.40 ppm Cu over a width of 60 cm and 24.75 g/t Au with 19.90 ppm Ag and 6,182.90 ppm Cu over a width of 100 cm.

"Our belief in the Esperanza project has been well substantiated by this highly successful round of exploration. Our Argentine team has delivered strong results and laid the foundation for the 2019 programs," said Stephen Wilkinson, Falcon's CEO, in the media brief.

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Global gold-backed ETF holdings grew 3% in 2018 – World Gold Council

Global gold-backed exchange-traded funds (ETFs) grew by 3% in 2018, and were driven by strong growth in European funds and increased global inflows during December, the World Gold Council’s monthly gold ETF/exchange-traded product (ETP) report, published on Tuesday, shows. This, the report highlighted, was the first time since 2012 that the value of total gold-backed ETF holdings had ended the year above $100-billion.

Kirkland delivers record quarterly gold production

TSX- and NYSE-listed Kirkland Lake Gold on Tuesday announced record production of 230 993 oz of gold production in the fourth quarter of 2018, which is 28% higher than the prior record of 180 155 oz achieved in the third quarter of 2018. The company declared a quarterly dividend of $0.04 apiece, compared with a $0.03 apiece dividend paid in the third quarter.

Kirkland Lake gold production hits record high

Canada’s Kirkland Lake Gold (TSX. NYSE: KL) announced Tuesday record gold production for both 2018 and the fourth quarter of the year, thanks mainly to higher-than-expected output at its Australian Fosterville mine as well as its Ontario-based Macassa and Taylor operations.

The Toronto-based miner produced 723,477 ounces of gold last year, a 21% increase from the 596,405 ounces generated in 2017.

The miner has embarked on a growth plan that could see it generate 1-million ounces of gold a year from 2021.

Production in the last three months of 2018 reached 230,993 ounces, 28% higher than the previous record of 180,155 ounces achieved in the previous quarter. The increase was driven by record quarterly production at both Fosterville (124,307 ounces) and Macassa (69,936 ounces) mines, the company said. Taylor, the company’s newest gold mine, contributed 58,633 ounces.

“2018 was an outstanding year for Kirkland Lake Gold,”  President and Chief Executive Officer Tony Makuch said in the statement. “A key part of our progress has been the continued transformation of Fosterville into one of the world’s greatest gold mining operations.”

Makuch noted his company had embarked on a growth plan that could see the Kirland generate 1-million ounces of gold a year from 2021.

For 2019, the miner expects to produce between 740,000 and 800,000 ounces; 850,000 oz to 910,000 ounces next year; and between 945,000 and 1-million ounces in 2021.

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Updated resource estimate significantly increases Landore’s BAM gold resource tonnages

An updated mineral resource estimate on the BAM gold deposit at London-listed Landore Resources’ Junior Lake Property, in Ontario, Canada, has significantly increased the deposit’s gold resource to 28.83-million tonnes at 1.03 g/t gold for 951 000 oz of gold, including 20.20-million tonnes at 1.08 g/t gold for 701 000 oz of gold in the indicated category. The estimate has also modelled potential mineralised material in target areas adjacent to the current delineated deposits for a possible 14.76-million tonnes at 0.93 g/t gold for a further 441 000 oz of gold, in the “unclassified” material category.