First Cobalt Files Technical Report for Iron Creek Cobalt Project

First Cobalt Corp. (TSX-V: FCC; ASX: FCC; OTCQX: FTSSF) (the “Company” – http://www.commodity-tv.net/c/search_adv/?v=298244) is pleased to announce the filing of a technical report supporting the maiden resource estimate for its 100% owned Iron Creek Project in Idaho, USA, originally announced September 26, 2018.

Highlights from the Report

  • Inferred mineral resources of 29.6 million tons (26.9 million tonnes) grading 0.11% cobalt equivalent (0.08% cobalt and 0.30% copper) under a base case scenario pit constrained and deeper mineral resource. An alternative underground-only scenario results in 4.9 million tons (4.4 million tonnes) grading 0.30% cobalt equivalent (0.23% cobalt and 0.69% copper)
  • Resource contains 45 million pounds (20,411 tonnes) of cobalt and 175 million pounds (79,379 tonnes) of copper for 62.9 million pounds (28,528 tonnes) of cobalt equivalent
  • Mineralized zones are considered to be open along strike and at depth, with true widths between 10m and 30m
  • Preliminary metallurgical testing concludes that simple flotation methods are applicable, yielding recoveries of 96% for cobalt and 95% for copper in rougher floatation
  • Drilling ongoing for an updated resource estimate planned for early 2019

Trent Mell, President & Chief Executive Officer, commented:

“Our flagship asset in Idaho, USA continues to grow to the east, west and at depth. Primary cobalt deposits are rare worldwide and we have the added benefit of 600 metres of underground development and mining patents across much of our land package. Drilling is ongoing to test mineralization along the strike length from 450 metres to over 900 metres, while also systematically testing depth extensions from 150 metres to over 300 metres. These new drilling results will support an updated resource estimate in early 2019. Unlike most cobalt deposits in North America, cobalt at Iron Creek is associated with pyrite rather than arsenic-bearing minerals, which could offer processing and offtake advantages.

The technical report, entitled "Technical Report and Estimate of Mineral Resources for the Iron Creek Cobalt Project, Lemhi County, Idaho, USA" dated October 15, 2018 and effective September 18, 2018, was prepared in accordance with National Instrument 43-101 – "Standards of Disclosure for Mineral Projects" by Steven J. Ristorcelli, C.P.G., P.G., of Mine Development Associates and Joseph Schlitt, MMSA QP, of McClelland Laboratories Inc., each independent "qualified persons" for the purposes of NI 43-101. A copy of the Technical Report is available under the Company’s profile on www.sedar.com and on the Company’s website at https://www.firstcobalt.com/investors/downloads-and-filings/.

Qualified and Competent Person Statement

Dr. Frank Santaguida, P.Geo., is the Qualified Person who has reviewed and approved this news release. Dr. Santaguida is also a Competent Person (as defined in the JORC Code, 2012 edition) who is a practicing member of the Association of Professional Geologists of Ontario (being a ‘Recognised Professional Organisation’ for the purposes of the ASX Listing Rules). Dr. Santaguida is employed on a full-time basis as Vice President, Exploration for First Cobalt. He has sufficient experience that is relevant to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code. The term “Competent Person” is not recognized by Canadian securities regulatory authorities, and the term is used by the Company with reference to the JORC Code, and to ensure compliance with the ASX Listing Rules and applicable reporting requirements in Australia.

About First Cobalt

First Cobalt a North American pure-play cobalt company with three significant assets: the Iron Creek Project in Idaho, with Inferred mineral resources of 26.9 million tonnes grading 0.11% cobalt equivalent; the Canadian Cobalt Camp exploration project and the only permitted cobalt refinery in North America capable of producing battery materials.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects‘, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for First Cobalt, filed on SEDAR at www.sedar.com. Although First Cobalt believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, First Cobalt disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Cautionary Note to Investors – Resource Estimates

In accordance with applicable Canadian securities regulatory requirements, all mineral resource estimates of the Company disclosed or incorporated by reference in this news release have been prepared in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), classified in accordance with Canadian Institute of Mining Metallurgy and Petroleum’s "CIM Standards on Mineral Resources and Reserves Definitions and Guidelines" (the "CIM Guidelines"). The Company uses the terms "mineral resources", and "inferred mineral resources". While those terms are recognized by Canadian securities regulatory authorities, they are not recognized by the United States Securities and Exchange Commission (the "SEC") and the SEC does not permit U.S. companies to disclose resources in their filings with the SEC. Pursuant to the CIM Guidelines, mineral resources have a higher degree of uncertainty than mineral reserves as to their existence as well as their economic and legal feasibility. Inferred mineral resources, when compared with measured or indicated mineral resources, have the least certainty as to their existence, however, it is reasonable to expect that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Pursuant to NI 43-101, inferred mineral resources may not form the basis of any economic analysis, including any feasibility study. Accordingly, readers are cautioned not to assume that all or any part of a mineral resource exists, will ever be converted into a mineral reserve, or is or will ever be economically or legally mineable or recovered.

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox

Orsu Metals hits high grade gold and silver shoots in the west of Zone 23, Sergeevskoe Gold Project, Russia

Orsu Metals Corporation (TSX-V: OSU) (“Orsu” or the “Company”) is delighted to announce new excellent drilling results from infill holes at Zone 23, as part of the extended 12,500 meters (‘m’) drilling program at its Sergeevskoe Gold Project in Russia. The program is designed to deliver an estimation of a maiden resource in Q4 2018.  

Highlights:

  • The Company received the assay results for drill holes SDH18-65, SDH18-66, SDH18-67 and SDH18-68 in Zone 23 with gold mineralization in all of them
  • Drill hole SDH18-67 returned particularly exceptional intercepts:
    • 81 g/t Au and 167.55 g/t Ag over 17.9 m from 8.5 m (including 4.46 g/t Au and 981.48 g/t Ag over 2.7 m),
    • 62 g/t Au over 0.8 m from 40.2 m,
    • 94 g/t Au over 3.65 m from 82.1 m,
    • 55 g/t Au over 5.65 m from 120.2 m

Dr. Alexander Yakubchuk, Director of Exploration of Orsu commented: “We are extremely pleased with a flow of excellent drill intercepts, confirming high grade gold shoots and adding silver as bi-product at Zone 23. Very high grade silver intercepts demonstrate that some parts of the system are enriched in this important by-product metal, which will be further assayed and explored”.

Dr Sergey V Kurzin, Executive Chairman of Orsu, commented: “It is the first time that we hit some truly high silver grades at Sergeevskoe. We have been systematically assaying, but largely ignoring the potential economic value of silver until now and concentrated on gold. But one can’t ignore 5.5 ounces of silver, a rough equivalent of 2 grams of gold, crossed over almost 18 meters. We need to understand this silver occurrence, conceptualize it and test our emerging understanding of silver at Sergeevskoe while doing the next stage of exploration. I also note that we have already completed some in-fill drilling which means that even in our maiden NI43-101 resource to be prepared later in 2018 we expect to have some resources in measured and indicated categories, not just inferred.”

The license of the Sergeevskoe Gold Project occurs immediately east from the Alexandrovskoe open pit and plant owned by Zapadnaya Gold Mining Ltd and to the west from the Klyuchevskoe license owned by Sun Gold Mining (Figure 1)[1]. The Klyuchevskoe (Klyuchi) gold deposit represents a +6 Moz gold endowment (see Orsu press-release dated September 21, 2016). Orsu owns a 90% interest in the Sergeevskoe Gold Project (see Orsu press-release December 1, 2017).

[1] Business Standard, a leading Indian daily newspaper, reported on 21 September 2018 that “Chinese company China National Gold will invest about $420 million in the development of the Klyuchevskoe gold deposit in Russia, while another $65 million will be invested by India’s SUN Gold. The annual production volume is expected at about 6.5 metric tons of gold per year, the Russian Industry and Trade Ministry reported.”

Orsu previously reported most promising gold mineralization at Zone 23 in the Main, Southern and New stockworks (see Orsu press-release August 22, 2018 and October 1, 2018). The quartz-tourmaline-sulfide stockworks are hosted primarily in the pre-mineral Permian granite intrusion, whereas mineralization appears to be Jurassic in age.

Both Main and Southern stockworks are now continuously drill-proven from sections 9080E to 9620E and only 1-m-intervals were intercepted in drill holes from section 9010E (Figure 2). The New stockwork can be most continuously traced from section 9720E to 9010E in the westernmost drilled section of Zone 23 and remains open westward.

Infill drill holes SDH18-67 and 68 intercepted Main, Southern and New stockworks (Table 1; Figures 2 and 3). Drill hole SDH18-67 intercepted 1.81 g/t Au and 167.55 g/t Ag over 17.9 m from 8.5 m (including 4.46 g/t Au and 981.48 g/t Ag over 2.7 m) in Main stockwork. This drill hole also intercepted 4.62 g/t Au over 0.8 m from 40.2 m, 1.94 g/t Au over 3.65 m from 82.1 m, 0.55 g/t Au over 5.65 m from 120.2 m. High grade silver mineralization is recorded in oxidized material and may be a product of supergene enrichment. 

Drill hole SDH18-68 intercepted weaker mineralization at depth. This correlates with the lower grade parts of stockworks in accordance with the previously recognized eastward plunging higher grade gold shoots in Zone 23 (Figure 4). Infill drill holes SDH18-65 and 66 (Table 1; Figure 4) also returned gold-mineralized intercepts in accordance with the eastward plunging higher grade gold shoots.

The above interpretations are based on selection of the previously and newly-reported mineralized intervals, based on a 0.5 g/t Au cut-off for compositing, with maximum 2 m length of 0.3-0.5 g/t Au mineralization included into a mineralized interval. Composited intervals in drill holes are presented uncapped (Table 1). The assays for some infill drill holes are still pending. No significant intercepts were received for hole SDH18-62.

Quality Assurance – Quality Control (“QA/QC”)

Thorough QA/QC protocols are followed on the project including insertion of duplicate, blank and standard samples in all trenches. Duplicate samples were inserted after every 20 samples. All standard samples were inserted once per 20 samples. Blanks were also inserted once per 20 samples and consisted of the previously assayed barren granitoid rocks.

Drill core samples were submitted directly to the SGS Vostok laboratories in Chita, Russia, which are independent from Orsu, for sample preparation and analysis. Analysis for Au is performed using fire assay method with atomic absorption (“AA”) finish and with a gravimetric finish for samples exceeding 10 g/t Au. Results published are from the gravimetric finish if above 10 g/t Au and from the AA finish if lower than 10 g/t Au.

Qualified Person

This release and the technical data reported have been reviewed and approved by Alexander Yakubchuk, Director of Exploration of the Company, also a Qualified Person as defined in NI 43-101.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement:

This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

For further information, please contact:

Alexander Yakubchuk, Director of Exploration, Orsu Metals Corporation

Doris Meyer, Corporate Secretary, Orsu Metals Corporation

Tel: +1-604-536-2711 ext 6

www.orsumetals.com

In Europe:

Swiss Resource Capital AG

Jochen Staiger

info@resource-capital.ch

www.resource-capital.ch

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox

White Gold Corp. Intersects 3.76 g/t Gold over 66.2m Successfully Extending the Golden Saddle Deposit at Depth and Also Discovers New Mineralized Zone „GS West“ Located 750m Along Trend from the Golden Saddle Deposit

White Gold Corp. (TSX.V: WGO, OTC – Nasdaq Intl: WHGOF, FRA: 29W) (the "Company" – http://www.commodity-tv.net/c/search_adv/?v=298556 ) is pleased to announce that a new shallow zone of gold mineralization has been discovered on trend with the Golden Saddle deposit at the Golden Saddle West (“GS West”) target on its White Gold property, Yukon. The GS West target is located approximately 750m west of the Golden Saddle deposit, along a structural trend containing several other targets, including the high-grade Ryan’s Showing discovery announced September 6, 2018.

Step out and infill drilling at Golden Saddle has also continued to return significant results, expanding the footprint and definition of the deposit. Maps to accompany this news release can be found at http://whitegoldcorp.ca/investors/exploration-highlights/.

The Company is also currently drilling at its JP Ross property to follow up on the high-grade Vertigo discovery as part of its fully funded regional exploration program backed by partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC). Additional results will be released in due course, along with further results from the additional testing performed along trend with the Golden Saddle Deposit on its White Gold property including the Ryan’s Showing discovery.

Highlights Include:

  • WHTGS18D0194 intersected 6.90 g/t over 23.64m from 427.11m depth, within broader mineralization of 3.76 g/t Au over 66.2m from 385.2m depth and 2.32 g/t Au over 115.61m from 346.24m depth extending the GS Main Zone and high-grade core of the Golden Saddle deposit by 60m (14%) down-dip in the area.
  • GS West: A new shallow mineralized zone open at depth and along strike was discovered 750m to the west of the Golden Saddle deposit along the structural trend, intersecting Golden Saddle style mineralization in all three holes, including 1.92 g/t Au over 24m from 117m depth WHTGS18D0184 within broader mineralization of 2.97 g/t Au over 10m from 118m depth.  
  • WHTGS18D0193 intersected 3.95 g/t Au over 68m from 210m depth, including 5.42 g/t Au over 47.3m from 225.7m depth, and 9.55 g/t Au over 11.9m from 256m depth infilling a 70m gap in the GS Main Zone and extending mineralization towards surface. This intercept represents one of the strongest and most consistent intercepts of high-grade (>5 g/t Au) mineralization to date for the Golden Saddle.
  • WHTGS18D0191 extended the projection of the GS Main Zone approximately 200m (69%) down dip in the area, intersecting 4.87 g/t Au over 6.3m from 362m depth within broader mineralization of 1.95 g/t Au over 22.3m from 347.6m depth.
  • The Company continues to test additional targets along trend with the Golden Saddle deposit as part of the program designed to expand the existing resource on the White Gold property, with only limited historical exploration having been performed in these areas.

“We are very pleased with these results from our 2018 program on the White Gold property. Making up approximately half of our 2018 budget, the goal of this program was to grow the Golden Saddle deposit through expansion along strike and down dip as well as through the discovery of new mineralization within close proximity to the deposit.” stated Jodie Gibson, VP Exploration of the Company.  “Our program has done just that – making meaningful step outs to the deposit and also making two significant discoveries this year along trend with Golden Saddle. With only limited exploration performed in the area, we are very optimistic about the potential for additional mineralization in close proximity to the Golden Saddle deposit.”

GS West Target, White Gold Property

The GS West is located approximately 750m west from the western edge of the Golden Saddle. Drilling on the target area consisted of 3 wide spaced holes testing over 350m of strike length. The purpose of the drilling was to evaluate the area for Golden Saddle style mineralization based on a revised geologic interpretation and projection of the Golden Saddle structural system. All three holes hit Golden Saddle style alteration and mineralization with the most significant results from WHTGS18D0184. Individual assays ranged from trace to 9.7 g/t Au.

WHTGS18D0184 returned 1.92 g/t Au over 24m from 117m depth, including 2.97 g/t Au over 10m from 118m depth and 8.12 g/t Au over 1.95m from 121.05m depth. The mineralization is associated with a strongly sericite altered, coarse grained, augen orthogneiss with pyrite and molybdenite filled fractures, quartz veining, and localised brecciation. The zone occurs along the projection of the GS Main structure to the west and highlights the significant potential for additional zones of near surface mineralization in close proximity to the Golden Saddle deposit.

The newly discovered zone was targeted with a revised geologic modeling based on DIGHEM, IP-Resistivity and historic drilling. The holes were targeting the interpreted intercept of the GS Main structure with a favorable felsic gneiss unit that hosts the majority of the resource in the adjacent Golden Saddle deposit. The discovery highlights the potential for additional, new surface, zones of mineralization adjacent to the Golden Saddle. Detailed geological modelling is in progress and will form the basis of follow up drilling in 2019.

Golden Saddle Deposit, White Gold Property

A total of 8,745m of diamond drilling over 18 holes was conducted on the Golden Saddle. The drilling included infill drilling for advanced metallurgical testing; aggressive step-out drilling down dip to assess continuity of the mineralized structures to depth and a series of holes for geologic modelling and to assess the continuity of mineralized zones within the hanging wall of the deposit. Results for the infill/metallurgical holes were previously released and include 6.89 g/t Au over 32.0m from 171m depth, including 11.08 g/t Au over 18.4m from 188m depth. Results for 10 additional holes are presented in the table below. Highlights include holes WHTGS18D0191, WHTGS18D0193 and WHTGS18D0194. Individual assays for the released results range from trace to 37.5 g/t Au and reported intercepts are estimated to range from 65 – >95% true thickness.

WHTGS18D0194

WHTGS18D0194 returned 2.32 g/t Au over 115.61m from 346.24m depth, including 3.76 g/t Au over 66.23m from 385.23m depth, including 6.90 g/t over 23.64m from 427.11m depth, including 14.21 g/t Au over 10.55m of from 440.2m depth. The hole was drilled from the same site as holes 189/190/191, but at an azimuth 80o and -68o dip, and was targeting the down-dip intersection of the GS Main and a cross-cutting thrust fault that hosts lenses of ultramafic rocks (serpentinite) within the core of the Golden Saddle. This intersection appears to be a significant control on high-grade (>3 g/t Au) mineralization within the deposit, and the intercept extended the GS Main, and high-grade core of the deposit, an additional 60m down-dip in the area.

WHTGS18D0193

WHTGS18D0193 is located 360m east of WHTGS18D0194 and was drilled at an azimuth of 225o and -50o dip. The hole was designed to drill across host lithologies in the Golden Saddle, which are oblique to mineralization, for geologic modelling purposes. Additionally, the hole would test for mineralization associated with lithologic contacts in the hanging wall of the deposit and infill the GS Main at depth. The hole returned 3.95 g/t Au over 68m from 210m depth, including 5.42 g/t Au over 47.3m from 225.7m depth and 9.55 g/t Au over 11.9m from 256m depth. The intercept corresponds to the GS Main infilling a 70m gap between holes WD-070 and WHTGS17D0170.

WHTGS18D0191

WHTGS18D0191 is located on the NW portion of the Golden Saddle and was drilled to assess the down dip potential of the GS Main Zone. The hole was drilled at a 160o azimuth and -85o dip and returned 1.95 g/t Au over 22.27m from 347.63m depth, including 4.87 g/t Au over 6.33m from 362m depth. The intercept extends the projection of the GS Main approximately 200m down dip from historic hole WD-053.

Two additional holes were drilled on the same section as WHTGS18D0191, WHTGS18D0189 and 190, at dips of -65o and -75o; respectively. WHTGS18D0189 is a 75m step-out to WD-053 and returned 0.32 g/t Au over 14.6m from 227m depth. While WHTGS18D0189 and WHTGS18D0190 are lower in grade due to the intersection of less favorable schistose lithology, they confirmed the extension of the GS Main structure. WHTGS18D0190 is a 55m step-out to hole 189 and returned 3.07 g/t Au over 7.65m from 309.35m depth, including 5.1 g/t Au over 3.75m from 312.25m depth. WHTGS18D0191, detailed above, was a further 70m step-out to hole 190. Together the GS Main has been traced from surface to 490m down-dip, and is open at depth, in this area of the deposit.

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. (TSX: G, NYSE:GG) with a M&I gold resource(1) of 4.1M oz and Western Copper and Gold Corporation’s Casino project which has P&P gold reserves(1) of 8.9M oz Au and 4.5B lb Cu. The Company has outlined an aggressive exploration plan backed by partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC). For more information visit www.whitegoldcorp.ca.

(1) 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. 

Cautionary Note Regarding Forward Looking Information

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", “proposed”, "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the anticipated benefits to the Company and its shareholders respecting the Company’s objectives, goals and exploration activities conducted and proposed to be conducted at the White Gold properties; future growth potential of the Company, including whether any further mineral resources will be established in accordance with NI 43-101 at any of the Company’s properties; exploration results; and future exploration plans.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the expected benefits to the Company relating to the exploration conducted and proposed to be conducted at the White Gold properties; failure to expand or identify any additional mineral resources; the preliminary nature of metallurgical test results; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the White Gold properties and the Company’s other properties; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mineral exploration and mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are not conclusive evidence of the likelihood of a mineral deposit; title to properties; and those factors described under the heading "Risks and Uncertainties" in the Company’s most recently filed management’s discussion and analysis. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

Neither the TSX Venture Exchange (the “Exchange”) nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information:

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

In Europe:

Swiss Resource Capital AG

Jochen Staiger

info@resource-capital.ch

www.resource-capital.ch

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox

Orsu Metals reports multiple gold-mineralized intercepts in drill holes and trenches at Adit 5, Sergeevskoe Gold Project, Russia

Orsu Metals Corporation (TSX-V: OSU) (“Orsu” or the “Company”) is delighted to announce drilling results from 15 drill holes and 3 trenches at Adit 5, as part of the extended 12,500 meters (‘m’) drilling program at its Sergeevskoe Gold Project in Russia. The program is designed to deliver an estimation of a maiden resource in Q4 2018.  

Highlights:

  • Fifteen drill holes and three trenches within a 450×250 m area at Adit 5 revealed 15 northwest- to northeast-striking gold-mineralized veins
  • The gold grade of mineralized intervals in drill holes at Adit 5 varies from 52 g/t Au to 3.07 g/t Au over a variable drill width of 2 to 21.8 m in primary quartz-sulfide veins, with higher grade mineralization, grading up to 6.49 g/t Au over 11.5 m, intercepted in oxidized material in trenches

Dr. Alexander Yakubchuk, Director of Exploration of Orsu commented: “Instead of finding the historically anticipated presence of 4 to 5 northwest-trending gold-quartz-sulfide veins at Adit 5, Orsu identified gold in 15 closely-spaced fan-shaped northwest to northeast-striking mineralized zones within a 450×250 m area. The vein swarms in the west and east of Adit 5 are grading on average between 0.52 g/t Au and 3.07 g/t Au over a variable drill width of 2 to 21.8 m to a depth of 100-200 m. The combined drill width of some closely spaced gold-mineralized veins, intercepted in individual drill holes varies from 4 to 61 m. In the north, mineralization at Adit 5 almost orthogonally joins the eastern part of Zone 23, therefore occurring on the southeastern flank of Zone 23. Orsu believes that gold mineralization at Adit 5 significantly expands the resource potential for the forthcoming NI43-101 estimate”.

Dr Sergey V Kurzin, Executive Chairman of Orsu, commented: “Results from the Adit 5 zone nicely complement the adjacent Zone 23 area, the backbone of the Sergeevskoe project, and will likely add to Orsu’s maiden mineral resource estimate. Our drilling contractors completed the work last week and are demobilizing now. Our geological team expects to receive all pending assays shortly and, supported by Orsu’s competent person, Wardell Armstrong International will immediately get down to work of estimating the maiden NI43-101 resource.”

The license of the Sergeevskoe Gold Project occurs immediately east from the Alexandrovskoe open pit and gold plant owned by Zapadnaya Gold Mining Ltd and to the west from the +6 Moz Klyuchevskoe gold deposit licensed to Sun Gold Mining (Figure 1)[1]. Orsu owns a 90% interest in the Sergeevskoe Gold Project (see Orsu press-release December 1, 2017).

Orsu has now received assay results for all 2018 drill holes and trenches at Adit 5. The quartz-tourmaline-sulfide veins are hosted primarily in the pre-mineral Permian granite intrusion, often controlled by the contacts of Jurassic diorite porphyry and granodiorite porphyry dykes.

The Northwestern Fault divides the Adit 5 area into western and eastern domains with dextral strike-slip sense of movement between them, interpreted based on truncation and offset of the dykes (Figure 2). Using the dykes as markers, the minimum displacement can be estimated in 100 m at least.

The orientation of the quartz-tourmaline-sulfide veins in the Adit 5 West domain is northwestern to northern, whereas in the Adit 5 East domain their strike is predominantly northeastern. Orsu identified 15 mineralized veins in each domain. Some of them may represent offset continuation of the same veins in the two domains.

Although the mineralization becomes narrow southward, it remains open in that direction and downdip. The gold-mineralized veins are widening to the north towards the eastern part of Zone 23, where veins in both Zone 23 and Adit 5 are truncated by the Shirotnyi Fault. In addition, north of the Shirotnyi fault are the gold-mineralized veins of the southern part of Klyuchi West, already reported for the drill holes SDH18-25, 26, 27, 28 (see Orsu press release July 16, 2018). Orsu drilled additional holes to test the downdip extent of mineralization, with results pending.

In Adit 5 West domain, the veins are steeply-dipping, with the westernmost veins dipping to the southwest (Figure 3). They reveal a propeller-like shape along the strike. There is increase in grade downdip even in comparison with the trenches, although in oxide is the widening of mineralized intervals, which also reveal supergene enrichment and higher gold grade.

In Adit 5 East domain, the veins are also steep (Figure 4), broadly northwest- to north-dipping. There is widening of mineralization in oxide zone, which developed down to 25-30 m from surface. In hypogene mineralization, the drilling demonstrated that the width of veins doubles at deeper levels. The mineralization remains open downdip.

The above interpretations are based on selection of the previously and newly-reported mineralized intervals, based on a 0.5 g/t Au cut-off for compositing, with maximum 2 m length of 0.3-0.5 g/t Au mineralization included into a mineralized interval. Composited intervals in drill holes are presented uncapped (Table 1).

Quality Assurance – Quality Control (“QA/QC”)

Thorough QA/QC protocols are followed on the project including insertion of duplicate, blank and standard samples in all trenches. Duplicate samples were inserted after every 20 samples. All standard samples were inserted once per 20 samples. Blanks were also inserted once per 20 samples and consisted of the previously assayed barren granitoid rocks.

Drill core samples were submitted directly to the SGS Vostok laboratories in Chita, Russia, which are independent from Orsu, for sample preparation and analysis. Analysis for Au is performed using fire assay method with atomic absorption (“AA”) finish and with a gravimetric finish for samples exceeding 10 g/t Au. Results published are from the gravimetric finish if above 10 g/t Au and from the AA finish if lower than 10 g/t Au.

Qualified Person

This release and the technical data reported have been reviewed and approved by Alexander Yakubchuk, Director of Exploration of the Company, also a Qualified Person as defined in NI 43-101.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement:
This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

For further information, please contact:
Alexander Yakubchuk, Director of Exploration, Orsu Metals Corporation
Doris Meyer, Corporate Secretary, Orsu Metals Corporation
Tel: +1-604-536-2711 ext 6
www.orsumetals.com 

[1] Business Standard, a leading Indian daily newspaper, reported on 21 September 2018 that “Chinese company China National Gold will invest about $420 million in the development of the Klyuchevskoye gold deposit in Russia, while another $65 million will be invested by India’s SUN Gold. The annual production volume is expected at about 6.5 metric tons of gold per year, the Russian Industry and Trade Ministry reported.”

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox

Maple Gold Advances Greenfield Targeting with Regional Mapping and Progresses 3D Modeling in the Resource Area

Maple Gold Mines Ltd. (“Maple Gold” or the “Company”) (TSX-V: MGM, OTCQB: MGMLF; Frankfurt: M3G –http://www.commodity-tv.net/c/search_adv/?v=298248) is pleased to provide a general corporate update as the Company enters the final quarter of 2018.

Maple Gold is currently completing a first pass regional mapping and sampling program in the outcrop-rich central third of the property to generate additional greenfield targets, while also working to integrate all of the new drill data from the 2018 campaign into updated sections, plans and 3D models.

The Company completed 22,593 total metres of drilling during the 2018 campaign (see program summary press release dated September 4, 2018), with approximately 16,300 metres focused within the resource area. This is the first drill campaign completed since assembling the new technical committee and exploration team approximately one year ago.

One focus for Maple Gold’s technical team has been establishing cohesive 3D geological and structural models that together will form the foundation for subsequent resource estimations and future drill targeting within the 6km by ~2km known resource area. The new modeling work is underway at site after a year of pouring through project data and logging select historical core and all of the new drill holes from the 2018 campaign. Maple Gold has created and is refining a new set of interpreted geological/analytical cross sections, and possibly for the first time, also the corresponding long sections, level plans and a digital 3D model for the Douay deposit. An updated resource estimate integrating the new models and drill data from 2018 is expected to be initiated in the coming months (Q4).

Maple Gold’s VP, Exploration, Fred Speidel, commented: “We believe that our detailed and methodical approach to modeling the geology, structure and mineralization at Douay is a critical step and one that will help pave the way for future exploration, resource optimization and development.”

Maple Gold’s President and CEO, Matthew Hornor, stated: At the corporate level we have been strategically allocating our spending to focus resources on key milestones, while also reducing overheads by approximately 50% as of July 1. We felt it was prudent to conserve capital to ensure the Company maintains a comfortable financial position should weaker market conditions persist well into 2019. We are working towards an updated resource estimate and exploring potential partnerships with major gold miners as the industry enters another M&A cycle.”

The Company’s approach at the project level has included bringing the majority of exploration functions in-house to ensure continuity in the Company’s knowledge base, with the aim to fully apply best practice geoscience in all of the Company’s exploration activities. The Company is committed to following the discovery model, with 20-30% of exploration and drilling budgets allocated toward new regional greenfield target areas. The current mapping and sampling program and planned induced polarization (IP) lines over greenfield target areas during the upcoming winter season are examples of the Company’s property-wide exploration approach.

About Maple Gold

Maple Gold is an advanced gold exploration and development company focused on defining a district-scale gold project in one of the world’s premier mining jurisdictions. The Company’s 377 km² Douay Gold Project is located along the Casa Berardi Deformation Zone (55 km of strike) within the prolific Abitibi Greenstone Belt in northern Quebec, Canada. The Project benefits from excellent infrastructure and has an established gold resource[1] that remains open in multiple directions. For more information please visit www.maplegoldmines.com.

[1] (Micon 2018) 479,000 ounces at 1.59 g/t Au (Indicated category) and 2,759,000 ounces at 1.02 g/t Au (Inferred category), using a 0.45 g/t Au cut-off grade. Please visit www.maplegoldmines.com or the Company’s SEDAR filings for a copy of the Micon 2018 report.

Forward Looking Statements:

This news release contains “forward-looking information" and “forward-looking statements” (collectively referred to as “forward-looking statements”) within the meaning of applicable Canadian securities legislation in Canada, including statements about the prospective  mineral potential of the Porphyry Zone, the potential for significant mineralization from other drilling in the referenced drill program and the completion of the drill program. Forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding timing and completion of the private placement. When used herein, words such as “anticipate”, “will”, “intend” and similar expressions are intended to identify forward-looking statements.

Forward-looking statements are based on certain estimates, expectations, analysis and opinions that management believed reasonable at the time they were made or in certain cases, on third party expert opinions. Such forward-looking statements involve known and unknown risks, and uncertainties and other factors that may cause our actual events, results, performance or achievements to be materially different from any future events, results, performance, or achievements expressed or implied by such forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Maple Gold Mines Ltd.’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.maplegoldmines.com. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox

Caledonia Mining Corporation Plc – Q3 2018 Production update and earnings downgrade

Caledonia Mining Corporation Plc (“Caledonia” or the “Company” – http://www.commodity-tv.net/c/search_adv/?v=298590) announces quarterly gold production from the Blanket Mine (“Blanket”) in Zimbabwe for the quarter ended September 30, 2018 (“Q3 2018” or the “Quarter”). All production numbers are expressed on a 100 per cent basis and are based on mine production data and are therefore subject to adjustment following final assay at the refiners.

Approximately 13,978 ounces of gold were produced during the Quarter, 10 per cent above production in the second quarter of 2018 and 3 per cent below production in the third quarter of 2017. Gold produced for the 9 months to September 30, 2018 was 39,559 ounces, marginally behind the 39,710 ounces produced in the corresponding period in 2017. The improvement in production in the Quarter is expected to continue into the fourth quarter. The directors of Caledonia have taken a decision to marginally reduce and narrow the range of 2018 production guidance from 55,000 to 59,000 ounces to a range of between 54,000 and 56,000 ounces. Caledonia remains on track to achieve its production target of 80,000 ounces in 2021.

As a result of the adjusted 2018 production guidance and the recent weakness in the gold price, assuming the current spot gold price is maintained for the rest of 2018 and assuming no material change in the Company’s operating costs, Caledonia expects full year 2018 adjusted earnings to be in the range of 140c to 150c per share. This is a reduction from the previous earnings guidance of 165c to 190c per share but is 3 per cent to 12 per cent higher than the earnings achieved in 2017.

Commenting on the announcement, Steve Curtis, Chief Executive Officer, said:

“Production of 13,978 ounces in the third quarter of 2018 is a welcome improvement on the production levels achieved in the first two quarters of 2018. The Company expects this improvement to be maintained in the fourth quarter of 2018.  Notwithstanding the improved operating performance, we believe it is appropriate to adjust and tighten our production guidance for 2018 from the previous level of 55,000 to 59,000 ounces to a slightly reduced level of 54,000 to 56,000 ounces. Along with this adjustment and in light of the weaker than budgeted gold price in recent months we have issued new earnings guidance for 2018 of between 140 and 150 cents per share.”

“Grade during the quarter continued to be below expected levels and remains a key area of focus for the business. I am pleased with the progress that our technical teams have made with our focus on improved mining practices to minimise dilution and I have confidence that their efforts will continue to deliver results. We remain confident in the underlying geological model for Blanket and that the longer-term potential of the ore body is robust. We expect grade to return to budgeted levels in the fourth quarter of 2018.”

“The sinking of the central shaft continues according to plan and within budget, we look forward to commencing production from the central shaft in 2020 which is expected to deliver the Company’s growth plan to achieve 80,000 ounces by 2021.”

About Caledonia Mining

Caledonia’s primary asset is a 49 per cent interest in an operating gold mine in Zimbabwe, Blanket. In August 2018, Caledonia announced that it had signed a memorandum of understanding to increase its shareholding in Blanket to 64%, subject to the execution of a legally binding sale agreement and regulatory approvals. Caledonia’s shares are listed on the NYSE American (symbol: CMCL) and on the Toronto Stock Exchange (symbol: CAL) and depositary interests representing the shares are traded on London’s AIM (symbol: CMCL).

As at June 30, 2018, Caledonia had net cash of approximately US$5.3 million. The Company plans for Blanket to increase gold production from 56,136 ounces in 2017 to approximately 80,000 ounces by 2021; Blanket’s target production for 2018 is 54,000 to 56,000 ounces. Caledonia expects to publish its results for the quarter to September 30, 2018 on or around November 14, 2018.

Caledonia Mining Corporation Plc
Mark Learmonth Tel: +44 1534 679 802
Maurice Mason Tel: +44 759 078 1139

WH Ireland
Adrian Hadden/Jessica Cave/James Sinclair-Ford Tel: +44 20 7220 1751

Blytheweigh
Tim Blythe/Camilla Horsfall/Megan Ray Tel: +44 207 138 3204

Swiss Resource Capital AG
Jochen Staiger
www.resource-capital.ch
info@resource-capital.ch

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

Cautionary Note Concerning Forward-Looking Information

Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited to Caledonia’s current expectations, intentions, plans, and beliefs.  Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “target”, “intend”, “estimate”, “could”, “should”, “may” and “will” or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include: production guidance, estimates of future/targeted production rates, and our plans and timing regarding further exploration and drilling and development.  This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.  Such factors and assumptions include, but are not limited to: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors.

Security holders, potential security holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements.  Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business, inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations, relationships with and claims by local communities and indigenous populations, political risk, availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occur,; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company’s title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations.  Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information.  By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur.  Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox

Zinc One Reports Drill Results from Mina Grande Centro and Mina Grande Norte, Bongará Zinc Mine Project, Peru

– Zinc One Resources Inc. (TSX-V: Z; OTC Markets: ZZZOF; Frankfurt: RH33 – “Zinc One” or the “Company”- http://www.commodity-tv.net/c/search_adv/?v=298394) is pleased to announce the drill results from 16 of the remaining 35 holes in the Mina Grande Centro zone as well as 8 of the 16 holes drilled in the Mina Grande Norte zone, Bongará Zinc Mine project located in north-central Peru.  At Mina Grande Centro, holes MGC18037 to MGC18046 were condemnation holes located within an area of known mining in the southwest sector.  The other drill holes reported herein are located eastward of this mined area with the best intercept from MGC18036, which drilled 21.7 metres of 22.7% zinc. 

At Mina Grande Norte, drilling was focused on the eastern edge of previous mining and west of the high-grade zinc-oxide mineralization established by the earlier pit sampling and historical drilling to the north and east.  Spectacular intercepts of 37.0 metres of 31.6% zinc from MGN18006, 30.0 metres of 28.3% zinc from MGN18004, and 19.5 metres of 28.0% zinc from MGN18003 were encountered.   

Jim Walchuck, President and CEO of Zinc One commented, “The Mina Grande Norte results are beyond our expectations and we fully expect that this area will make an important contribution to the total project’s resource estimate, which we anticipate will be completed during Q4 2018.  The Mina Grande Centro drill program has clearly shown that there is the potential for high-grade mineralization to be delineated to the northeast and has provided important information regarding mined mineralization, all of which helps with our development planning.”

Discussion of Results

Mina Grande Centro and Norte are a part of one of the three zones of high-grade, near-surface zinc-oxide mineralization along a 1.4 kilometre mineralized trend that was tested by this drill program, which consisted of 264 holes for 7,930 metres. Assay results from the remaining drill holes at Mina Grande Centro and Norte will be released in the coming weeks.

The zinc grades from Mina Grande Norte drill holes reported herein are a testament to the untested potential in and around known mineralization. Earlier pit sampling did not establish the base of mineralization and these drill holes demonstrated extraordinary grades over extraordinary thicknesses of up to 30 vertical metres.  As at Mina Chica, the lengthy intercepts of high-grade mineralization did not outcrop, further substantiating the untested exploration potential between Mina Grande Norte and Mina Chica.

Mina Grande Centro drill holes reported to date have delineated the high-grade, near-surface, zinc-oxide mineralization to the south and southwest.  Most of the area drilled has been remediated by the previous operator so delineation of mined mineralization was vital to the size and geometry of the zinc deposit today.  The mineralization is open to the east and northeast, and the results from the remaining drill holes to be reported are located to the north and northwest.

Currently, an application to delineate the mineralization encountered by this overall drill program as well as explore the untested area is being reviewed by the Ministry of Mines.

The results from drill holes MGC18031 through 046 at Mina Grande Centro can be found below in Table 1.  A detailed map titled “Drilling and Pit/Surface Sampling at Mina Grande Centro” can be found on the Company website at www.zincone.com.

The results from drill holes MGN18001 through 008 at Mina Grande Norte can be found below in Table 2.  A detailed map titled “Drilling and Pit/Surface Sampling at Mina Grande Norte” can be found on the Company website at www.zincone.com.

Project Geology

The zinc mineralization at the Bongará Zinc Mine project is classified as a Mississippi Valley-type deposit and is mostly hosted by strongly dolomitized brecciated limestones that are stratabound.  The mineralization can also occur as tabular bodies with irregular boundaries, which is a characteristic of that mineralization encountered along the periphery of breccias, especially at Mina Chica.  Hydrozincite (zinc oxide mineral), smithsonite (zinc carbonate mineral), hemimorphite (zinc silicate mineral), and a zinc-aluminum-iron silicate are the primary zinc minerals that are hosted by soils, dolomitized breccias, heavily-weathered fractured and vuggy dolomitized limestones, and fine- to coarse-grained dolomitized limestones. 

Sampling and Analytical Protocols

Zinc One follows a systematic and rigorous Quality Control/Quality Assurance program overseen by Dr. Bill Williams, COO and Director of Zinc One.

The sample from each core run is placed in a 60-centimetre long, plastic core box that has five columns.   Core recovery, rock quality designation (“RQD”), and geologic features are logged and sample intervals, which are generally <2 metres, are chosen. Each core box is photographed and then sampled with a spatula, if soil or heavily-weathered rock, or cut with a core saw, 50% of which is placed in a sample bag and stored on site in a secure location. The Company independently inserts certified control standards, blanks, and duplicates, all of which comprise at least 20% of the sample batch, to monitor sample preparation and analytical quality.  The samples are stored in a secure area until such time they are shipped to the CERTIMIN laboratory in Lima (ISO 9001 Certified) for preparation and assay. At the laboratory, samples are dried, crushed, pulverized and then a four-acid digestion is applied.  This is followed by the ICP-AES analytical technique for 33 elements, including lead.  The same method is used to assay zinc for values up to 20%.  If zinc values exceed 20%, it is then analyzed using a titration method.  The laboratory also inserts blanks and standards as well as including duplicate analyses.

Qualified Person

The technical content of this news release has been reviewed, verified and approved by Dr. Bill Williams, COO and Director of Zinc One, a qualified person as defined by NI 43-101.

About Zinc One Resources Inc.

Zinc One is focused on the exploration and development of prospective and advanced zinc projects in mining-friendly jurisdictions.  Zinc One’s key assets are the Bongará Zinc Mine Project and the Charlotte Bongará Zinc Project in north-central Peru.  The Bongará Zinc Mine Project was in production from 2007 to 2008 but was closed due to the global financial crisis and concurrent decrease in the zinc price. Past production included >20% zinc grades and recoveries over 90% from surface and near-surface zinc-oxide mineralization. High-grade, zinc-oxide mineralization is known to outcrop between the mined area and the Charlotte Bongará Project, which is nearly six kilometres to the NNW and where past drilling intercepted various near-surface zones with high-grade zinc.  Zinc One is managed by a proven team of geologists and engineers who have previously constructed and operated successful mining operations.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Zinc One cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to Zinc One’s limited operating history, its proposed exploration and development activities on the Bongará Zinc Oxide Project and the need to comply with environmental and governmental regulations.  Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Zinc One does not undertake to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox

Following in the Footsteps of Idaho’s First Governor

Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the "Company"), a growth-focused gold exploration and development company, announces that drilling has commenced on the Haidee patented claim (“Haidee”) within Revival Gold’s Arnett Gold Project (“Arnett”) located in Lemhi County, Idaho.

Haidee was originally staked in 1887 by individuals including George L. Shoup, the first Governor of the state of Idaho. Arnett neighbours Revival Gold’s flagship Beartrack Gold Project (“Beartrack”) where drilling is already underway. 

Highlights

  • Drilling has commenced on a seven-hole 1,000-meter core drill program on Haidee at Arnett. Three rigs are now drilling for Revival Gold in the Beartrack-Arnett project area
  • Arnett has seen widespread placer mining as well as small scale lode mining at the Haidee and Italian Mine prospects. Patented ground at Haidee was staked in 1887 by some of Idaho’s earliest frontiersmen, including George L. Shoup, the first Governor of the State of Idaho
  • Known mineralization at Arnett occurs in two sub-parallel trends, each measuring over four kilometers in length
  • In 2017 Revival Gold completed a selective rock sampling program from dumps, float and sparse outcrop across Arnett, representative of the mineralization hosted on the property. Of the 107 samples collected, 37 returned gold values exceeding 1 g/t gold

“We are thrilled to be following in the footsteps of Idaho’s first Governor”, said Hugh Agro, President & CEO. “Gold was first discovered in eastern Idaho in the 1860’s at Beartrack-Arnett. With a third drill turning at Beartrack-Arnett we have embraced the spirit of Idaho’s earliest frontiersman and marked another exploration milestone for the benefit of our shareholders, Lemhi County and the State of Idaho”.

Details

Revival Gold received all state and federal permits for a seven-hole 1,000-meter core drill program on its recently acquired patented Haidee claim at Arnett in September 2018.  Titan Drilling commenced drilling on October 1st, 2018. 

Drilling at Arnett will target known mineralization at Haidee and will be integrated with 11 core holes previously drilled by Meridian Gold Inc. (“Meridian”) in 1997.  Drilling is intended to confirm the continuity and tenor of mineralization at Haidee over approximately 300 meters of strike (see press release dated September 19th, 2018 for further details).

Arnett has been the site of widespread placer mining as well as small-scale lode mining at the historical Haidee and Italian Mine prospects.  Placer mining began in the area immediately after the American Civil War in 1866 and has continued sporadically to the present.  The Haidee patented claim was staked in 1887 and patented in 1892 by Messrs. George L. Shoup, M. M. McPherson and A. J. Macnab.  Mr. Shoup served as Idaho’s first governor from July to December of 1890 and was then elected by the State legislature to the U.S. Senate in December 1890 where he remained until March of 1901 (The Spokesman-Review, Spokane, 1904).   

Known mineralization at Arnett occurs in two sub-parallel trends, each measuring over four kilometers in length.  The northern trend, known as the Northern Contact zone, includes the Haidee prospect and a historical resource (the “Arnett Historical Resource Estimate”) described further below.  The southern trend, known as the Arnett trend, includes the Italian Mine prospect and several other prospects.  In 2017 Revival Gold completed a selective rock sampling program from dumps, float and sparse outcrop across Arnett, representative of the mineralization hosted on the property.  Of the 107 samples collected, 37 returned gold values exceeding 1 g/t gold.  

The total gold endowment at Beartrack-Arnett is significant.  Placer gold production was estimated at 475,000 to 600,000 ounces (Johnson et al, 1998) and hard rock gold production was reported as approximately 600,000 ounces (Meridian, 2000).  In addition, the current mineral resource at Beartrack is 33.4 million tonnes Indicated at 1.13 g/t gold containing 1.2 million ounces of gold) and 16.9 million tonnes Inferred at 1.41 g/t gold containing 0.8 million ounces gold (see Revival Gold press release dated May 29, 2018 for further details) and the Arnett Historical Resource Estimate (see below) was estimated at 380,000 ounces of gold.

Arnett Historical Resource Estimate

Arnett is an advanced stage exploration project that was the subject of three historic geologic resource estimates prepared by Pincock, Allan & Holt (“PAH”) in 1991, 1993 and 1994 (the “PAH Reports”).  The most recent historic geological resource estimate encompassing Arnett, titled the

“PAH 1994 Update of Arnett Creek Conceptual Study” (the “PAH 1994 Update”), reported a historical indicated geologic resource of 10.9 million tonnes at 0. 93 grams of gold per tonne (12

million tons at 0.027 ounces of gold per ton) containing approximately 327,000 ounces of gold and a historical inferred geologic resource of 2.6 million tonnes at 0.62 grams of gold per tonne (2.9 million tons at 0.018 ounces of gold per ton) containing approximately 53,000 ounces of gold. Rights to the entire Historical Resource Estimate and all five known mineralized areas referenced in the PAH 1994 Update are now controlled by Revival Gold.  There are no more recent estimates or data available to the Company. It should be noted that the PAH report was prepared prior to the implementation of National Instrument 43-101 and does not conform to this standard.  Resource categories in the Historical Resource Estimate are not used in the in the same sense as stipulated in NI 43-101 and are included for historical purposes only. 

The PAH 1994 Update utilized a rock-type model.  Compositing of assay data was done on ten-foot lengths, and high-grade outlier composite grades were capped by rock type.  PAH ran geological resources for both the capped and uncapped model and found there to be negligible difference in total ounces between the two models. 

Using omni-directional and vertical variograms constructed within the main mineralized zones, PAH selected a search radius of 110 feet in plan and 150 feet vertically.  A minimum of three composites were required for a block to be estimated by ordinary kriging. For a resource to be classified as indicated, at least one composite had to be within 80 feet of the estimated block or within a mineralized zone.  Blocks outside a mineralized zone, and further than 80 feet from a composite, were classified as inferred. 

The Company notes that the PAH 1994 Update was based on reverse-circulation drilling conducted by American Gold Resources Inc. Subsequent geological work conducted by Meridian in 1997 consisted of eleven diamond drill holes, three of which were twins of previous reverse-circulation holes. While these twin holes confirm the presence of gold from earlier drilling, they also demonstrate the high variability of gold grades over the short distances between twined holes and suggest that the results from reverse-circulation drilling below the water table may not always be reliable. 

The Company believes that the historic drilling and the PAH 1994 Update support the existence of a significant mineralized system. However, any future resource estimates by the Company will be based on a larger component of core drilling and will use specific gravity measured from drill core samples.

In early 1998, Meridian submitted a two‐year proposal to the U.S. Forest Service for exploration at Arnett Creek and area.  However, in mid-1998, Meridian terminated its involvement in the

project, returning the claims to their original owners.  No major exploration activities have been recorded since. The Company cautions that the PAH Reports were prepared prior to the

implementation of National Instrument 43-101.  Accordingly, the PAH 1994 Update does not constitute a mineral resource, or a mineral reserve as defined by National Instrument 43-101.  The Project will require considerable further evaluation to verify the PAH 1994 Update.  As of the date of this news release, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the Company is not treating the historical estimate as a current mineral resource or mineral reserve.

Arnett Plan of Operations

In October 2017 Revival Gold submitted a Plan of Operations (“Plan of Operations”) permit application to the United States Forest Service to drill from 52 drill-pad locations on the Company’s unpatented claims at Arnett. A public comment period was completed in February 2018. Permitting is progressing and a permit for drilling on Revival Gold’s unpatented claims at Arnett is expected to be received by year end. 

When approved, the Plan of Operations will allow Revival Gold to expand drilling from the Haidee patented claim onto unpatented ground, and to explore other targets on the property. 

Arnett adjoins Beartrack. Haidee is located approximately ten kilometers by road from the legacy mine facilities at Beartrack and benefits from its proximity to this existing infrastructure.

Steven T. Priesmeyer, C.P.G., Vice-President Exploration, Revival Gold Inc., is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved its scientific and technical content.

About Revival Gold Inc.

Revival Gold Inc. is a growth-focused gold exploration and development company. The Company has the right to acquire a 100% interest in Meridian Beartrack Co., owner of the former producing Beartrack Gold Project located in Lemhi County, Idaho. Revival also owns rights to a 100% interest in the neighbouring Arnett Gold Project.

In addition to its interests in Beartrack and Arnett, the Company is pursuing other gold exploration and development opportunities and holds a 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah.

Revival Gold has approximately 42 million shares outstanding and had a working capital balance of approximately $5.2 million as at June 30th, 2018. Additional disclosure of the Company’s      financial statements, technical reports, material change reports, news releases and other information can be obtained at www.revival-gold.com or on SEDAR at www.sedar.com.

Cautionary Statement

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.

This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals  or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox

Panoro Announces Joint Venture with JOGMEC for Humamantata Project, Peru

Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) (“Panoro”, the “Company” – http://www.commodity-tv.net/c/search_adv/?v=298467) is pleased to announce execution of a joint venture agreement with Japan Oil, Gas and Metals National Corporation ("JOGMEC") on its Humamantata Property the (“Property”), located in Peru. JOGMEC will have an option to earn up to 60% indirect beneficial interest with the investment of US$8.0 Million.

Luquman Shaheen, President & CEO of Panoro Minerals states “Panoro is pleased to complete this agreement with JOGMEC whereby the Company has financed another of its attractive early stage projects.  Earlier in 2018, the Company earned a 2% NSR royalty on its Kusiorcco Project by securing an investment commitment by Hudbay.  These two early stage projects complement the Company’s two advanced stage projects; Cotabambas and Antilla, highlighting Panoro’s unique pipeline of Peru focussed copper exploration and development projects.  We look forward to continuing to identify creative financing alternatives to move our significant pipeline of projects through exploration, engineering, permitting and into development”.

The terms of the Option are as follows:

1. JOGMEC will contribute US$1.0 Million each year for the first three years to earn a 49% interest in the Property.

2. JOGMEC has an option to earn a further 11% participating interest in the Property; for a total participating interest of 60% by making a further capital contribution to the Property of US$5.0 Million.

3. Investment in the Property will be on a pro-rata basis after JOGMEC has fulfilled its funding obligation.

4. If any party’s participating Interest is diluted to less than ten percent its participating interest shall be converted to a two percent Net Smelter Return Royalty interest from the properties. The other party may purchase one-half of such royalty with a cash payment in an amount of US$2.0 million following the creation of the royalty.

5. A management committee shall make all strategic decisions and to oversee exploration activities.

6. The Company will act as the operator responsible for implementing programs and budgets.

Humamantata Project

The Humamantata Property is located in Southern Peru, together with Panoro’s portfolio of projects in the region including the Antilla and Cotabambas Projects.  The project is located approximately 10 km to the southwest of Hudbay Minerals’ Constancia Copper mine and the Kusiorcco Project. The Kusiorcco Project was sold to Hudbay by Panoro Minerals where the Company received cash payments and a 2% NSR.

The Huamamantata Property covers an area of 3,600 hectares.  The Company completed exploration in 2014 and 2015, which included:

  • geologic mapping in 1:10,000 scale, covering an area of 2,000 hectares;
  • a geochemical survey with the collection 326 surface rock chip samples; and
  • Airborne K-Th spectral, Analitic Signal and Magnetic field, over an area of 3,600 ha.

The Humamantata Property contains a few different types of mineralization, including:

  • Cu-Au Skarn/porphyry type mineralization at the northern part of the property, where a porphyry of quartzmonzonite composition is in contact with limestones of the Ferrobamba formation. The copper hypogene mineralization is composed by chalcopyrite and bornite;
  • Hydrothermal breccias and mantos with Pb-Ag & Zn anomalies in limestones in the central part of the property; and
  • Extensive silicification/stockwork and advanced argillic alteration with anomalies of Cu, Mo, Au, Ag, into sandstone layers of the Mara formation.

The altered limestones and sandstones are dipping to the contact with the Andahuaylas-Yauri Batholite, striking 9 km in North-South direction. The Company and JOGMEC are planning an exploration drill program to test the continuity of the mineralized Cu-Au-Mo Porphyry that outcrops in the north part of the property, along the contact and below the supergene alteration of the southern area.

About Panoro

Panoro Minerals is a uniquely positioned Peru focused copper exploration and development company.  The Company is advancing its two advanced stage copper projects;

  • Cotabambas Copper-Gold-Silver Project; and
  • Antilla Copper-Molybdenum Project.

The Company also has two early stage projects being funded and/or advanced with partners;

  • Kusiorcco Copper Project, funded by Hudbay Minerals; and
  • Humamantata Copper Project, funded by JOGMEC.

All of Panoro’s Projects are located in the strategically important area of southern Peru.  The region boasts the recent investment of over US$15 billion into the construction or expansion of four large open pit copper mines (Las Bambas, Constancia, Antapaccay and Cerro Verde) and another $US 3 billion being invested currently into two additional open pit copper mines (Mina Justa and Quelleveco).

Since 2007, the Company has completed over 80,000 meters of exploration drilling at these two key projects leading to substantial increases in the mineral resource base for each, as summarized in the table below.

The PEAs are considered preliminary in nature and include Inferred Mineral Resources that are considered too speculative to have the economic considerations applied that would enable classification as Mineral Reserves. There is no certainty that the conclusions within the updated PEA will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Luis Vela, a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

On behalf of the Board of Panoro Minerals Ltd.

Luquman Shaheen. PEng, PE, MBA
President & CEO

FOR FURTHER INFORMATION, CONTACT:

Panoro Minerals Ltd.
Luquman Shaheen, President & CEO
Phone: 604.684.4246      Fax: 604.684.4200
Email: info@panoro.com
Web: www.panoro.com

Renmark Financial Communications Inc.
Laura Welsh
Tel.: (416) 644-2020 or (416) 939-3989
blwelsh@renmarkfinancial.com
www.renmarkfinancial.com

In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch

CAUTION REGARDING FORWARD LOOKING STATEMENTS:  Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable Canadian securities legislation and involve risks and uncertainties.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation:

  • risks relating to metal price fluctuations;
  • risks relating to estimates of mineral resources, production, capital and operating costs, decommissioning or reclamation expenses, proving to be inaccurate;
  • the inherent operational risks associated with mining and mineral exploration, development, mine construction and operating activities, many of which are beyond Panoro’s control;
  • risks relating to Panoro’s ability to enforce Panoro’s legal rights under permits or licenses or risk that Panoro’s will become subject to litigation or arbitration that has an adverse outcome;
  • risks relating to Panoro’s projects being in Peru, including political, economic and regulatory instability;
  • risks relating to the uncertainty of applications to obtain, extend or renew licenses and permits;
  • risks relating to potential challenges to Panoro’s right to explore and/or develop its projects;
  • risks relating to mineral resource estimates being based on interpretations and assumptions which may result in less mineral production under actual circumstances;
  • risks relating to Panoro’s operations being subject to environmental and remediation requirements, which may increase the cost of doing business and restrict Panoro’s operations;
  • risks relating to being adversely affected by environmental, safety and regulatory risks, including increased regulatory burdens or delays and changes of law;
  • risks relating to inadequate insurance or inability to obtain insurance;
  • risks relating to the fact that Panoro’s properties are not yet in commercial production;
  • risks relating to fluctuations in foreign currency exchange rates, interest rates and tax rates; and
  • risks relating to Panoro’s ability to raise funding to continue its exploration, development and mining activities.

This list is not exhaustive of the factors that may affect the forward-looking information and statements contained in this news release.  Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward‑looking information.  The forward‑looking information contained in this news release is based on beliefs, expectations and opinions as of the date of this news release.  For the reasons set forth above, readers are cautioned not to place undue reliance on forward-looking information.  Panoro does not undertake to update any forward-looking information and statements included herein, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox

Auryn Trenches 30 meters of 1.93% Cu Equivalent at Sombrero

Auryn Resources Inc. (TSX: AUG, NYSE AMERICAN: AUG, “Auryn” or the “Company” – http://www.commodity-tv.net/c/search_adv/?v=298204 ) is pleased to announce results from additional trenching work at its Sombrero copper-gold skarn project in southern Peru. In particular, Trench 18 includes 30 meters of 1.93% CuEq, 24 meters of 0.73% CuEq and 54 meters of 0.34% CuEq (Table 1).

A Message from Ivan Bebek, Executive Chairman & Director:

“These are the highest-grade trenches we have seen to date from Sombrero, a project that continues to have impressive surface mineralization peripheral to a large-scale 3.5-kilometer-long target.

“We are very excited to put the first drill holes into Sombrero, which we are anticipating in Q1 of next year, pending permitting. As for the two projects we drilled this summer, Committee Bay and Homestake Ridge, we are looking forward to results in the coming weeks.”

These results conclude Auryn’s successful trenching program on the southern half of the project and identified a 1.3-kilometer-long zone of copper-gold mineralization hosted within endoskarn intrusive bodies. The encountered mineralization is peripheral to the target area, which is defined by the contact zone between the intrusives and the Ferrobamba limestone. This area is characterized by a 3.5-kilometer-long chargeability anomaly (Figure 2). Trench 18 is approximately 100 meters from Trench 08 (99 meters of 0.46% CuEq) and 1.2 kilometers from Trench 09 (105 meters of 0.3% CuEq) (see press release from June 19, 2018).

Importantly, the encountered mineralized intervals in Trench 18 are separated by an interval where the trench was unable to reach bedrock (Table 1). If we composite the intervals of copper-gold mineralization together with the area where no bedrock was encountered, using values of zero for both the copper and gold grades in the unsampled part of the trench, Trench 18 has a result of 109 meters at 0.7% CuEq (Figure 2).  

Michael Henrichsen, P.Geo, COO of Auryn, is the Qualified Person who assumes responsibility for the technical disclosures in this press release.

About Auryn

Auryn Resources is a technically driven junior mining exploration company focused on delivering shareholder value through project acquisition and development. The Company’s management team is highly experienced with an impressive track record of success and has assembled an extensive technical team as well as a premier gold exploration portfolio. Auryn is focused on scalable high-grade gold deposits in established mining jurisdictions, which include the Committee Bay and Gibson MacQuoid gold projects located in Nunavut, the Homestake Ridge gold project in British Columbia and a portfolio of gold projects in southern Peru, through Corisur Peru SAC.

About Sombrero

This project consists of the North Sombrero and South Sombrero properties, comprising approximately 100,000 mineral claims owned or optioned by Auryn Resources. The copper-gold Sombrero mining concessions are located 340 kilometers SE of Lima in southern Peru and are hosted in the Andahuaylas-Yauri belt. This belt is interpreted to be on the north-western margins of this Eocene-Oligocene aged copper-gold porphyry and skarn belt that hosts the Las Bambas, Haquira, Los Chancas, Cotambambas, Constancia, Antapaccay and Tintaya deposits. The project is characterized by a strong structural control and significant copper and gold values from historical surface samples. The principle targets at Sombrero are copper-gold skarn and porphyry systems and precious metal epithermal deposits.

Trenches 2018 (Sombrero, Peru)

Analytical samples were taken from each 2-meter interval of trench floor resulting in approximately 2-3kg of rock chips material per sample. Collected samples were sent to ALS Lab in Lima, Peru for preparation and analysis. All samples are assayed using 30g nominal weight fire assay with atomic absorption finish (Au-AA25) and multi-element four acid digest ICP-AES/ICP-MS method (ME-MS61). Where MS61 results were greater or near 10,000 ppm Cu, Zn or Pb the assay was repeated with ore grade four acid digest method (OG62). QA/QC programs for 2018 trench grab samples using internal standard and blank samples; field and lab duplicates indicate good overall accuracy and precision.

Intervals were calculated using a minimum of a 0.1% Cu cut-off at beginning and end of the interval and allowing for no more than five consecutive meters of less than 0.1% Cu with a minimum length of the resulting composite of 5m.

Copper and gold equivalent grades (CuEq and AuEq) were calculated using gold price of $1300/oz and copper price of $3.28/lb. 

Forward Looking Information and Additional Cautionary Language

This release includes certain statements that may be deemed “forward-looking statements”. Forward-looking information is information that includes implied future performance and/or forecast information including information relating to or associated with the acquisition and title to mineral concessions. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different (either positively or negatively) from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers should refer to the risks discussed in the Company’s Annual Information Form and MD&A for the year ended December 31, 2017 and subsequent continuous disclosure filings with the Canadian Securities Administrators available at www.sedar.com and the Company’s registration statement on Form 40-F filed with the United States Securities and Exchange Commission and available at www.sec.gov.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox