Panoro Reports Positive Preliminary Economic Assessment for Antilla Copper Project Heap Leach & SX/EW Operation

Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) (“Panoro”, the “Company”) is pleased to announce that it has received the results of an independent Preliminary Economic Assessment ("PEA") of the Company’s 100% owned Antilla project in Peru. The Antilla project is a copper-molybdenum porphyry deposit, located 140 km south west of the city of Cuzco, in the Apurimac region in Southern Peru.

Highlights

  • Pre-tax Estimates:
  • NPV (7.5%) of US$ 519.8 million;
  • IRR of 34.7%; and
  • Payback of 2.6 years.
  • After-tax Estimates:
  • NPV (7.5%) of US$ 305.4 million;
  • IRR of 25.9%; and
  • Payback of 3.0 years.
  • Conventional open pit mine focused on supergene copper sulphides;
  • Heap Leach and Solvent Extraction Electrowinning (SX/EW) process;
  • Design throughput of 20,000 tonnes per day with an operational mine life of 17 years
  • Low waste to mill feed ratio of 1.38:1;
  • Average annual payable copper of 46.3 million pounds, as Cathodes;
  • Average direct cash costs (C1) of US$1.51 per pound of payable copper;
  • Initial Project capital costs of US$ 250.4 million, including contingencies; and
  • Good potential for discovery of additional supergene mineralization adjacent to the current mineral resource area.

Having completed the optimization of the Antilla Project, the Company will be completing a strategic review of the development and financing plans to put the Antilla Project on the road to development.

The PEA was prepared by Moose Mountain Technical Services Ltd. (“MMTS”) in accordance with the definitions in Canadian National Instrument 43-101. The PEA is based on a Mineral Resource estimate completed by Tetra Tech Inc. (“Tetra Tech”) in December 2013, based on 2,919 metres of drilling from legacy campaigns (2003-5), 9,130 metres of drilling by Panoro (2008), and 2,242 metres of drilling during a joint venture agreement with Chancadora Centauro SA (CHC) in 2010. The Mineral Resource estimate includes primary and supergene sulphides, as well as mixed hypogene and supergene copper mineralization.

The PEA is considered preliminary in nature. The mine plan of the PEA includes 113.3 million tonnes of Indicated Mineral Resources and 5.4 million tonnes of Inferred Mineral Resources.   Inferred Mineral Resources 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 PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Luquman Shaheen, President & CEO of Panoro Minerals states, “The redesign of the Antilla Project has resulted in significantly improved project economics.  The mine plan has focused on the higher grade, near surface secondary sulphides, which are amenable to processing through heap leaching, solvent extraction, and electrowinning (LIX-SX-EW).  As a result, the initial capital costs have been reduced by 59%, the C1 cash costs reduced by 18%, the C2 cash costs by 23% and the sustaining capital required for a tailings facility has been eliminated. The base case, after tax NPV(7.5) has increased 36%, the IRR has increased 11% and the payback period has been reduced by 27%.  Over 95% of the mineralized material contained in the mine plan is classified as Indicated. The improved Antilla Project is now near the lower quartile of new copper projects in terms of both cash costs and capital intensity.  The much reduced $250 million initial capital cost will facilitate a broader range of strategic financing and/or development approaches to advancing the Antilla Project through feasibility studies and into development and operation.  We are very pleased to have achieved the objective of optimizing the Antilla Project and look forward to advancing our strategic plan. We continue focussing on our Flagship Cotabambas Project where our investment programs for 2018 and 2019 are focussing on enhancing the project economics and growth profile through exploration success.”

Economics

The table below summarizes base case economic metrics for the project as well as its sensitivity to the price of copper

Project economics were estimated on the basis of long-term copper price of US$3.05/lb.  The long-term forecasts were derived from prices periodically published by large banking and financial institutions and were applied to years 4 to 17 of the mine life.  Shorter term copper price estimates were used for Years 1 to 3 of the mine life reflecting higher price forecasts in the shorter term.  For the base case, Years 1 to 3 of the mine life used estimated copper prices of $3.20, $3.15 and $3.10, respectively.  Molybdenum is not included in the proposed process recovery and not included in the project economics.

Mineral Resources

The PEA was based on a Mineral Resource model prepared by Tetra Tech, which is documented in a technical report filed on Sedar, dated December 16, 2013.

Mineral Resources were estimated by Qualified Person Paul Daigle, PGeo. (APGO #1592). A block model was generated with grade estimation constrained by modeled mineralization wireframes. Mineralization is mined from an open pit and treated using a conventional hydrometallurgical flow sheet. Copper equivalent (CuEq) cut-offs were used to report the mineral resource. Metal prices: copper – US$3.25/lb and molybdenum – US$9.00/lb and metallurgical recoveries: copper – 90% and molybdenum – 80% were applied in the equivalency calculation.

Mining and Processing

The PEA incorporates an open pit mining operation using conventional truck and shovel methods delivering mineralized material to the heap leach pad.  Mining will be done using contractors. The estimated 17 year life of mine includes 118.7 million tonnes of mineralized leach pad feed plus 163.4 million tonnes of waste rock resulting in an average waste:process feed ratio of 1.38:1. The average life of mine leach pad head grade is 0.43% copper. The leach material placement is planned at an average rate of 20,000 tonnes per day. The waste rock will be placed in a storage area to the west of the pit, in between the pit and the leach pad.

Of the 118.7 million tonnes of leach material mined from the open pit, 117.1 million tonnes is classified as supergene enriched material with the balance of the 1.6 million tonnes being classified as overburden, leach cap or primary sulphides.

The sub-set of the Mineral Resources contained within the ultimate pit and included in the mine plan is 113.3 million tonnes averaging 0.45% Cu classified as Indicated Resources, and 5.4 million tonnes averaging 0.26% Cu classified as Inferred Resources. The reader is cautioned that the Inferred Resources included in the mine plan are considered too speculative geologically to have economic considerations applied to them that would enable categorization as Mineral Reserves. There is no certainty that Inferred Resources will be upgraded to Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Haul trucks will deliver the run of mine, mineralized material to a two-stage crushing plant. The product from the primary crusher will feed a secondary crushing station whose product will then be stored in a crushed ore stockpile. The crushed material will be loaded to trucks and delivered to the synthetic lined valley-fill heap leach facility for irrigation with sulfuric acid and ferric solutions. The pregnant leach solution (PLS) will be recovered from the heap leach operation and piped to a conventional solvent extraction and electrowinning (SX-EW) plant to produce grade-A copper cathodes. The copper-stripped solution generated in the SX plant (raffinate) will be conditioned with sulfuric acid and fresh water and then recycled to the heap leaching operation to irrigate more mineralized material.

Preliminary metallurgical characterisation testwork was completed on samples of mineralogical materials from the Antilla project in 2017. An extended testwork program was initiated at Aminpro Laboratories in March 2018 under the direction of Tetra Tech Mining and Minerals. Aminpro Laboratories are fully certified under both ISO 9001 and 1400. The testwork program comprises quantitative mineralogical analysis, sulphuric acid and ferric sulphate bottle roll predictor tests and column leach tests aimed at characterising the copper leaching characteristics of supergene mineralogical materials. Results from the predictor tests indicate secondary copper minerals are available for extraction with close to theoretical copper extractions being achieved. The column tests remain under leach and are estimated to be completed by September 2018. The results from the column leach program will be incorporated in subsequent technical studies. No test work has been conducted on the Cover, Cap and Primary Sulphide domains as these constitute only minor portions of the deposit.

Table 4 summarizes the expected recoveries of the four mineralized domains, with the Cover and Leach Cap performance assumed to follow the main domains based on similar copper mineralogy/speciation.

Capital and Operating Costs

The projected capital and operating costs for Antilla over a 1 ½ year construction period and 17 year operating mine life are summarized in the tables below.

Power will be supplied via a 10 km long power line connected to the existing national grid connecting the Las Bambas mine to the Cotaruse substation in the district of Chalhuanca.  This power line passes by the south part of Antilla property.

Grade-A copper cathodes produced by Antilla Project will be trucked by a contractor from the mine site to the port of Marcona, in Nazca province, along existing road networks.

Opportunities for Project Growth and Enhanced Economics

  • Tetra Tech recommends that further investigation of the Antilla deposit is warranted and necessary. There is potential to add new mineral resources at depth and in the Northeast and Southeast sides of the pit shell. Tetra Tech recommends that additional drilling be carried out to reduce the drill spacing in those zones with copper mineralization, where drill spacing is greater than 100 m.  Additional drilling will determine, with greater confidence, both the continuity and extents of copper mineralization within and outside of the known deposit.
  • Tetra Tech recommends an extension of the current exploration grid to include the West Block, North Block, Middle Block and Chabuca exploration targets.  Tetra Tech recommends continued geochemical sampling and geophysical surveys over these areas located next to the current mineral resources. 
  • Considering the preliminary metallurgical testwork undertaken on the project to date, there is potential to increase recoveries with additional metallurgical testing

Future Work

Further work leading to a Pre-Feasibility or Feasibiilty Study is recommended and will include drilling, mineral resource modeling, metallurgical testwork, engineering, and marketing studies, hydrological and geotechnical analysis, as well as various baseline environmental and archeological studies. In addition, exploration work will be recommended over the other targets in the vicinity of the known deposits.

Environment & Permitting

Existing environmental liabilities associated with the project are restricted to those expected to be associated with an exploration-stage project, and include drill sites and access roads. Additional Environmental Baseline studies should be conducted to collect site data including surface water quality, archeology, aquatic and terrestrial biology, flora, fauna, and additional geochemical characterization of mine waste materials.  This information will inform a comprehensive Environmental Impact Study.

Technical Reporting

The complete technical report documenting the PEA will be filed within 45 days of this news release and will be available on Panoro’s website and on SEDAR. The technical report will be authored by the following Qualified Persons

About Panoro

Panoro Minerals is a uniquely positioned Peru focused copper exploration and development company. The Company is advancing its flagship project, Cotabambas Copper-Gold-Silver Project and its Antilla Copper-Molybdenum Project, both located in the strategically important area of southern Peru. The Company is well financed to expand, enhance and advance its projects in the region where infrastructure such as railway, roads, ports, water supply, power generation and transmission are readily available and expanding quickly.  The region boasts the recent investment of over US$15 billion into the construction or expansion of four large open pit copper mines.

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.

Preliminary Economic Assessments (PEA) have been completed for both the Cotabambas and Antilla Projects, the key results are summarized 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.

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

Zinc One Reports Additional High-Grade Drill Results At Mina Grande Sur, Bongará Zinc Mine Project, Peru

Zinc One Resources Inc. (TSX-V: Z; OTC Markets: ZZOF; Frankfurt: RH33 – “Zinc One” or the “Company” – https://www.youtube.com/watch?v=4D9jgUm6sGA&t=71s ) is pleased to announce additional drill results from the Mina Grande Sur zone at its Bongará Zinc Mine project located in north-central Peru.  To date, 81 drill holes for 1,810.6 metres have been drilled (see map below in Figure 1.), from which assays have been received for 24 holes.  The table below summarizes results from nine holes that are located at the southern end of Mina Grande Sur.  These holes focused on the delineation of mineralization to the south.

Jim Walchuck, President and CEO of Zinc One commented, “While this portion of the Mina Grande Sur drill program was designed to determine the extent of the mineralization, we have been pleasantly surprised to obtain these additional high-grade intersections.  The pit sampling and historic drilling encountered lengthy high-grade zinc intercepts which have been further delineated by the drill program.  The results attest to the robustness of Mina Grande Sur and will contribute to the upcoming resource calculation.”

Mina Grande Sur Drill Results Highlights:

  • Results from 11 holes were reported previously (see news release from March 29, 2018)
  • Significant new intercepts include:
    • MGS18016 – 4.7 metres of 26.1% zinc, from surface
    • MGS18017 – 8.2 metres of 42.7% zinc, from 7.5 metres drill depth
      • True vertical thickness of 5.8 metres from true vertical depth of 5.3 metres
    • MCH18020 – 20.5 metres of 34.3% zinc, from surface
      • True vertical thickness of 14.5 metres
    • Mineralization at Mina Grande Sur includes zinc oxides, carbonates and silicates hosted by soils, highly-weathered carbonates, and fine- to coarse-grained dolomites.

Mina Grande Sur is one of three known zones of high-grade, near-surface zinc-oxide mineralization along a 1.4 kilometre mineralized trend that is being tested by this drill program.  At Bongarita, which lies approximately 1.3 kilometres northwest of Mina Grande Sur, all results from the 36 holes drilled have been reported.  A second drill rig recently completed drilling at Mina Chica, an area where a high-grade zinc deposit was discovered; it lies approximately 1.2 kilometres northwest of Mina Grande Sur.  Results from 30 of 53 holes drilled, for a total of 2,370.9 metres, have been reported to date.

Geology and Discussion of Results

The zinc mineralization at Bongará is hosted by carbonate rocks and is classified as a Mississippi Valley-type deposit.  The mineralization is stratabound and is basically a tabular body with irregular boundaries.  Hydrozincite, smithsonite, hemimorphite, and a zinc-aluminum-iron silicate are the primary zinc minerals that are hosted primarily by soils, heavily-weathered fractured dolomites and dolomite breccias.  Given that the strike and dip of the mineralization is not known, the intercepts do not necessarily represent true thicknesses; moreover, long intercepts, e.g., MGS18-003, most likely drilled subparallel to the dip of the tabular mineralized body.  At Bongarita specifically, mineralization is exclusively hosted by soils. Overall, the mineralization is focused along the axis of a doubly-plunging anticline as well as within the eastern flank of the anticline.

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 (soil and 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 ALS 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 exceeds 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.

Additional Information

Monica Hamm
VP, Investor Relations
Zinc One Resources Inc.
Phone: (604) 683-0911
Email: mhamm@zincone.com
www.zincone.com 

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

TerraX extends Crestaurum zone to 300 meters vertical depth, doubling size of known mineralized structure

TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TX0; OTC Pink: TRXXF – https://www.youtube.com/watch?v=kLSt_VpUzmw&t=4s ) is pleased to announce assay results from the remaining 11 holes drilled at the Yellowknife City Gold project this winter.  Four of these holes (1,170 m) were drilled on the high-grade Crestaurum gold bearing structure to test whether gold mineralization continued to depth.   All four holes hit mineralized structure, with two holes containing visible gold. All holes intersected significant gold with selected intervals of:

  • 84 g/t Au over 2.49 m and 5.38 g/t Au over 0.63 m in hole TCR18-076
  • 08 g/t Au over 2.80m, and 5.57 g/t Au over 2.06 m, in hole TCR18-078
  • 30 g/t Au over 1.24 m, and 4.41 g/t Au over 0.80 m, in hole TCR18-079
  • 86 g/t Au over 0.56 m in hole TCR18-077

The upper portion of the Crestaurum structure has been previously drilled with 187 drill holes over 1.4 kilometers of strike length, from surface down to a depth of approximately 100-150 meters depth, outlining a lode style shear and vein deposit (including 5.00 m @ 62.90 g/t Au, news release October 2, 2013). Although the structure is very continuous the high grade lodes are more discrete and these initial widespread deeper holes were designed to intersect structure to determine whether there was probability of high grade lodes continuing at depth potentially doubling the size of the mineralized zones.  A drill hole location map can be found here and a long section of the Crestaurum main shear are available here.

Joe Campbell, CEO of TerraX, states “This small program of four holes successfully demonstrated that the Crestaurum zone continues at depth on multiple surfaces, potentially doubling the size of the zone. The 300 meter vertical depth tested with these holes is still considered very shallow for Archean lode gold deposits and mineralization remains open for further expansion, both along strike and at depth.” 

TerraX also tested the Sam Otto west zone, another lode style shear and vein deposit near TerraX’s Sam Otto Main zone (1.90 m @ 13 96 g/t Au, news release May 2, 2017). This drilling included 5 holes totaling 2,081 m testing strike and depth potential (down to 250 meters vertical) on this zone. All holes hit gold mineralized structure with best results of 3.00 g/t Au over 2.69 m in hole TSO18-038, 1.06 g/t Au over 4.00 m in hole TSO18-041, and 1.32 g/t Au over 2.70 m in hole TSO18-036. All holes included intersections of 2.0 to 5.6 meters of 0.71 to 0.81 g/t Au. The continuous presence of the gold mineralized structures that now extend over more than a kilometer of strike and 250 meters of depth, with alteration and mineralization styles like the high grade zones from the nearby Con and Giant mines, makes this a good target for continued exploration.

A single hole (TSO18-039, 430 meters) was drilled approximately 500 m south along strike from the Sam Otto Main zone, and 600 meters north of TSO18-037 (1.92 g/t Au over 11.52 meters, news release Mach 9, 2018). This hole confirmed the continuity of the Sam Otto structure between the known extents of the Sam Otto Main and Sam Otto South zones, intersecting a broad zone of deformation and alteration (0.10 g/t Au over 157.75 m) consistent with the Sam Otto style of mineralization, including multiple 2.50 m – 9.10 m wide zones of 0.35 g/t Au – 0.82 g/t Au.

All holes were drilled approximately normal to projected strike and dip of the zones of mineralization and are interpreted to be approximately 80-95% of true thickness 

TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TX0; OTC Pink: TRXXF – https://www.youtube.com/watch?v=kLSt_VpUzmw&t=4s ) is pleased to announce assay results from the remaining 11 holes drilled at the Yellowknife City Gold project this winter.  Four of these holes (1,170 m) were drilled on the high-grade Crestaurum gold bearing structure to test whether gold mineralization continued to depth.   All four holes hit mineralized structure, with two holes containing visible gold. All holes intersected significant gold with selected intervals of:

  • 84 g/t Au over 2.49 m and 5.38 g/t Au over 0.63 m in hole TCR18-076
  • 08 g/t Au over 2.80m, and 5.57 g/t Au over 2.06 m, in hole TCR18-078
  • 30 g/t Au over 1.24 m, and 4.41 g/t Au over 0.80 m, in hole TCR18-079
  • 86 g/t Au over 0.56 m in hole TCR18-077

The upper portion of the Crestaurum structure has been previously drilled with 187 drill holes over 1.4 kilometers of strike length, from surface down to a depth of approximately 100-150 meters depth, outlining a lode style shear and vein deposit (including 5.00 m @ 62.90 g/t Au, news release October 2, 2013). Although the structure is very continuous the high grade lodes are more discrete and these initial widespread deeper holes were designed to intersect structure to determine whether there was probability of high grade lodes continuing at depth potentially doubling the size of the mineralized zones.  A drill hole location map can be found here and a long section of the Crestaurum main shear are available here.

Joe Campbell, CEO of TerraX, states “This small program of four holes successfully demonstrated that the Crestaurum zone continues at depth on multiple surfaces, potentially doubling the size of the zone. The 300 meter vertical depth tested with these holes is still considered very shallow for Archean lode gold deposits and mineralization remains open for further expansion, both along strike and at depth.” 

TerraX also tested the Sam Otto west zone, another lode style shear and vein deposit near TerraX’s Sam Otto Main zone (1.90 m @ 13 96 g/t Au, news release May 2, 2017). This drilling included 5 holes totaling 2,081 m testing strike and depth potential (down to 250 meters vertical) on this zone. All holes hit gold mineralized structure with best results of 3.00 g/t Au over 2.69 m in hole TSO18-038, 1.06 g/t Au over 4.00 m in hole TSO18-041, and 1.32 g/t Au over 2.70 m in hole TSO18-036. All holes included intersections of 2.0 to 5.6 meters of 0.71 to 0.81 g/t Au. The continuous presence of the gold mineralized structures that now extend over more than a kilometer of strike and 250 meters of depth, with alteration and mineralization styles like the high grade zones from the nearby Con and Giant mines, makes this a good target for continued exploration.

A single hole (TSO18-039, 430 meters) was drilled approximately 500 m south along strike from the Sam Otto Main zone, and 600 meters north of TSO18-037 (1.92 g/t Au over 11.52 meters, news release Mach 9, 2018). This hole confirmed the continuity of the Sam Otto structure between the known extents of the Sam Otto Main and Sam Otto South zones, intersecting a broad zone of deformation and alteration (0.10 g/t Au over 157.75 m) consistent with the Sam Otto style of mineralization, including multiple 2.50 m – 9.10 m wide zones of 0.35 g/t Au – 0.82 g/t Au.

All holes were drilled approximately normal to projected strike and dip of the zones of mineralization and are interpreted to be approximately 80-95% of true thickness 

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.

This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds, the results of financing efforts, the completion of due diligence and the results of exploration activities – that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox

Zinc One Reports High-­Grade Zinc Results from 2018 Drill Program at its Bongará Mine Project, Peru

Zinc One Resources Inc. (TSX‐V: Z; OTC Markets: ZZZOF; Frankfurt: RH33 – “Zinc One” or the “Company” ­‐ https://www.youtube.com/… ) has received the first drill results from the previously announced drill program at its Bongará Zinc Mine project located in north‐central Peru. The drill program commenced at the Mina Grande Sur and Bongarita zones where two portable drill rigs are currently operating. The results of this drill program continue to demonstrate the potential value of the project and will provide valuable information towards advancement of the project going forward.

Initial Drill Results Highlights:

Mina Grande Sur

• A total of 542.9 metres completed from 33 holes (11 platforms x 3 holes each) and results for 11 drill holes reported herein.
• Mineralization at Mina Grande Sur includes zinc oxides, carbonates and silicates.
• 1Significant intercepts include:
o MGS18001 – 5.5 metres of 26.1% zinc, starting at 3.0 metres drill depth
o MGS18003 – 4 metres of 32.5% zinc, starting at surface
o MGS18003 – 15 metres of 21.5% zinc, starting at 15.0 metres drill depth
o MGS18004 – 9.1 metres of 43.6% zinc, starting at surface
o MGS18006 – 14.1 metres of 32.8% zinc, starting at surface

Bongarita

• A total of 587.2 metres completed from 36 holes (12 platforms x 3 three holes each) in an area approximately 100 metres x 150 metres and results from 13 drill holes are reported herein.
• Mineralization at Bongarita includes zinc silicates hosted exclusively by soils.
• 1Significant intercepts include:
o BO18005 ‐ 11.5 metres of 16.0% zinc, starting at surface
o BO18005 – 5.7 metres of 29.2% zinc, starting at 5.8 metres drill depth
o BO18007 – 7.0 metres of 25.3% zinc, starting at surface

Jim Walchuck, President and CEO of Zinc One commented, “The results of the drill program at Bongará are very optimistic and further demonstrate the potential of this project going forward. The Mina Grande Sur drill holes confirm the high­‐grade nature of the Bongará project with many of these intercepts starting at or near surface. Additionally, this is the first time any drilling has been done at Bongarita and the results we have received thus far have been very encouraging.

The results from the program will also contribute to the upcoming resource estimate and PEA planned for 2018. Overall, we could not be more pleased with the drill progress and results to date.”

Geology and Discussion of Results

The zinc mineralization at Bongará is hosted by carbonate rocks and is classified as a Mississippi Valley­‐type deposit. The mineralization is stratabound and is basically a tabular body with irregular boundaries. Hydrozincite, smithsonite, hemimorphite, and a zinc­‐aluminum­‐iron silicate, erroneously referred to as baumite in a previous press release, are the primary zinc minerals that are hosted primarily by heavily­‐weathered fractured dolomites and dolomite breccias. At Bongarita specifically, mineralization is exclusively hosted by soils. Overall, the mineralization is focused along the axis of a doubly­‐plunging anticline as well as within the eastern flank of the anticline.

Significant results, including drill­‐hole orientation and total depths for Mina Grande Sur and Bongarita can be found below in Tables 1 and 2, respectively. Although, there was no zinc mineralization found within the carbonate rocks at Bongarita as there was elsewhere along the 1.4 kilometre long trend, much of the soil drilled provided significant high­‐ grade zinc results. Links to two figures pertaining to the drill program are included below. The first is a link to a plan map of Mina Grande Sur showing the current and proposed drill holes and the second is a plan map of Bongarita again showing completed and proposed drill holes. Both maps also include the recent channel and pit sampling locations previously reported.

Figure 1. Bongará Project ­‐ Mina Grande Sur
https://zincone.com/projects/bongara­‐project/drill­‐program/

Figure 2. Bongará Project ‐ Bongarita
https://zincone.com/projects/bongara-­‐project/drill-­‐program/

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 (soil and 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 approximately 30% 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 ALS 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 exceeds 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 National Instrument 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. The Company’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.

1 Given that the strike and dip of the mineralization is not known, the intercepts do not necessarily represent true thicknesses; moreover, long intercepts, e.g., MGS18­‐003, most likely drilled subparallel to the dip of the tabular mineralized body.

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox

First Cobalt Identifies Potential 100 Metre Zone from First Assays in Cobalt North

First Cobalt Corp. (TSX-V: FCC, ASX: FCC, OTCQB: FTSSF) (the “Company” – https://www.youtube.com/watch?v=LY4qXCoWstE&t=3s) is pleased to announce positive assay results from the first drill holes from near the Kerr Mine in the Cobalt North area of the Cobalt Camp in Ontario, Canada. Results from these holes indicate a potential zone of cobalt mineralization that can be tracked across more than 100 metres.

Highlights

  • Two holes, collared over 160m apart, intersected cobalt mineralization considered to be continuous based on oriented core measurements
    • 41m of 0.15% Co and 44 g/t Ag including 0.75% Co and 126 g/t Ag over 0.30m in FCC-18-0023
    • 00m of 0.32% Co and 208 g/t Ag including 3.81% Co and 1,225 g/t Ag over 0.32m in FCC-18-0021
  • Three additional holes have been logged, assays are now pending, and have been interpreted to indicate a possible system that can be tracked across a zone covering more than 100m
  • Significant copper, lead and zinc also intersected indicating a broad mineralized zone more easily targeted for follow-up drilling than individual veins

Trent Mell, President & Chief Executive Officer, commented:

“Cobalt North showed significant promise during the 2017 surface sampling and mapping work. These initial results confirm some of the early ideas we have for the structural setting for this area that make it highly prospective. Indications of both disseminated and vein styles of mineralization across a network for more than 100 metres make this an attractive target for a future bulk tonnage operation. With zones of mineralization now identified in Cobalt South and Cobalt North, we are seeing multiple opportunities in the Cobalt Camp for future primary cobalt sources to supply the North American battery market.”

Results have been received from the first two holes in the Kerr Lake area drill program in Cobalt North identifying a new mineralized zone (Figure 1). Cobalt and silver occur as minerals within both quartz and calcite veins, as well as disseminated in the wallrock. Assays from FCC-18-0023 returned 10.41m of 0.15% Co and 44 g/t Ag, including 0.30m of 0.75% Co and 126 g/t Ag, from approximately 50m below surface. Hole FCC-18-0023 was collared over 160m to the southwest of FCC-18-0021 and intersected mineralization of 2.00m of 0.32% Co and 208 g/t Ag, including 3.81% Co and 1,225 g/t Ag over 0.32m.

Mineralization is interpreted as continuous between these two holes based on core orientation measurements. Both holes were drilled using core orientation tools to accurately measure the strike and dip of veins, lithological contacts and other structures. Individual veins at various orientations have been intersected but the general trend of veining is eastward. An additional three holes have been drilled in between and along strike of the major veining trend with assays now pending. Logging of these holes indicates a potential network of mineralization
across more than 100m.

Figure 1. Bedrock geology and location of drilling stations. Silver-cobalt veins are compiled from historic maps and locations should not be considered exact.

In hole FCC-18-0021, anomalous zinc (>0.4%) occurs as a broad zone, from 64.85 to 73.00m, as a halo around the cobalt-silver mineralization. The occurrence of copper, zinc and lead coincident in both holes with cobalt and silver represents multiple stages of fluids carrying metals that have concentrated along a conduit as a broad zone of mineralization. This broad zone is interpreted to have developed along the limb of an antiform, folding both the Huronian sedimentary rocks and the underlying Archean volcanic and sedimentary rocks. The Nipissing Diabase is also folded along this antiform. The contrast in competency between the Diabase and the surrounding rocks may have allowed this broad mineralization zone to develop. The extensive vein network mined at the Lawson, Kerr, Drummond mines and beneath Kerr Lake is interpreted to comprise the other limb of the antiform, making the geologic setting of this entire area prospective for cobalt-silver and copper-zinc-lead mineralization.

 

Drilling lengths are as recorded downhole and do not necessarily represent true widths of mineralization as multiple vein orientations have been intersected.

For a table of drill hole locations and assay results to date, visit https://firstcobalt.com/projects/greater-cobalt-project.

Historic mining was prolific from several underground operations at Drummond, Kerr, Lawson, Hargrave and Conisil. Mining began in 1905 and the most recent mining occurred at Conisil between 1961 to 1965. Over 37 million ounces silver and more than 900,000 pounds cobalt were produced from these mines. Historic mining in the immediate area of drilling focused on north-south trending veins. Modelling by First Cobalt of historic drilling and regional structural interpretations revealed an eastward trending structure parallel to the main trend of folding. Drill holes were then targeted on this interpreted structural zone where host rocks are folded and locally faulted. The lack of underground mining along this eastward trend may reflect the cobalt-rich content of mineralization.

Cobalt North

First Cobalt’s properties in the Cobalt North area include the past-producing Drummond, Kerr, Silver Banner, Juno, Silverfields, Hamilton, Ophir, Lawson and Conisil mines. Cobalt has not previously been an exploration focus in this area although limited exploration activities in the 1970’s and 1980’s around Kerr Lake focused on Cu-Zn-Pb mineralization within the Archean rocks. Cobalt had not been assayed previously, so the potential for an extensive polymetallic mineralization system remains to be explored.

The 2018 Cobalt North drill program consists of 17,000 metres with 3,500 metres in the Kerr Lake area designed to test trends in mineralization found in historic drilling and major structures interpreted to be associated with mineralization. Disseminated polymetallic cobalt-silver-copper-zinc-lead mineralization has been recognized in samples from underground material in muckpiles from the Drummond mine showing a wide range of styles occur in this area (October 26, 2017 press release).

Quality Assurance and Quality Control

First Cobalt has implemented a quality control program to comply with common industry best practices for sampling and analysis. Samples are collected from drill core from a range of 30 to 100cm length. Half-core samples are submitted for analysis. Standards and blanks are inserted every 20 samples. Duplicates are made from quarter core splits every 20 samples. Geochemical data were received from SGS Canada in Lakefield, Ontario, Canada. No QA/QC issues have been noted. SGS has used a sodium-peroxide fusion and ICP finish for analyses on all samples. Over-range (>1%) Co, Ni, Cu, Zn, and Pb are determined by a separate fusion and ICP finish. High silver values (>1000 g/t) are determined by gravimetric separation and fire assay finish.

Qualified and Competent Person Statement

Dr. Frank Santaguida, P.Geo., is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the contents of 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.

About First Cobalt

First Cobalt aims to create the largest pure-play cobalt exploration and development company in the world. The Company controls over 10,000 hectares of prospective land covering over 50 historic mines as well as mineral processing facilities in the Cobalt Camp in Ontario, Canada. The First Cobalt Refinery is the only permitted facility in North America capable of producing battery materials.

First Cobalt seeks to build shareholder value through new discovery, mineral processing and growth opportunities, with a focus on North America. On March 14, 2018, the Company proposed a friendly, all-share acquisition of US Cobalt Inc. for its Iron Creek Project in Idaho, U.S. The transaction remains subject to shareholder and regulatory approvals and other closing conditions. This transaction is intended to further enhance First Cobalt’s position as a leading pure-play North American cobalt company.

On behalf of First Cobalt Corp.

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox

TerraX Announces C$3.0 Million Financing

TerraX Minerals Inc. (TSX.V: TXR; Frankfurt: TX0; OTC Pink: TRXXF) (“TerraX” or the “Company” – https://www.youtube.com/…) is pleased to announce that the Company has entered into an agreement with PI Financial Corp. (the “Underwriter”) pursuant to which the Underwriter will purchase, on a bought deal basis, 3,750,000 units of the Company (“Units”) at a price of C$0.40 per Unit and 2,678,572 flow-through units of the Company (“FT Units”) at a price of C$0.56 per FT Unit, to raise aggregate gross proceeds of up to approximately C$3.0 million (the “Offering”). Each Unit shall consist of one common share and one half of one transferable non-flow-through common share purchase warrant (each whole such common share purchase warrant, a “Warrant”).

Each FT Unit shall consist of one flow-through common share and one half of one Warrant (to be issued on a non-flow-through basis). Each Warrant shall be exercisable into one additional non flow-through common share of the Company for a period of three years from closing, subject to an exercise acceleration trigger, at an exercise price of C$0.60.

In addition, the Company has granted the Underwriters an over-allotment option (the “Over-Allotment Option”), exercisable in whole or in part at any time up to two days prior to closing of the Offering, to purchase up to an additional 562,500 Units and 401,786 FT Units on the same terms as the Offering. The Company has agreed to pay the Underwriter a cash commission of 6.0% of the gross proceeds of the Offering, including proceeds received from the exercise of the Over Allotment Option. In addition, the Company will issue on the closing of the Offering to the Underwriter compensation warrants entitling the Underwriter to purchase, at $0.40 per common share, that number of common shares equal to 5.0% of the aggregate number of Units and FT Units issued by the Company under the Offering (including upon exercise of the Over-Allotment Option) for a period of 24 months from closing.

The net proceeds of the Offering are anticipated to be used to fund drilling and exploration expenditures at the Company’s Yellowknife City Gold Project and for working capital purposes. The closing of the Offering is anticipated to occur on or around April 12, 2018 (the “Closing Date”) and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the acceptance of the TSX Venture Exchange.

The Units and FT Units will be offered by way of a private placement pursuant to exemptions from the prospectus requirements to residents of the Provinces of British Columbia, Alberta, Ontario and such other Canadian jurisdictions as may be agreed to by the Company and PI Financial. All securities issued under the Offering will be subject to a statutory hold period in Canada expiring four months and one day from the Closing Date.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About the Yellowknife City Gold Project

The Yellowknife City Gold ("YCG") project encompasses 772 sq km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, TerraX controls one of the six major high-grade gold camps in Canada. Being within 10 km of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydroelectric power and skilled tradespeople.

The YCG lies on the prolific Yellowknife greenstone belt, covering 67 km of strike length along the main mineralized break in the Yellowknife gold district, including the southern and northern extensions of the shear system that hosted the high-grade Con and Giant gold mines. The project area contains multiple shears that are the recognized hosts for gold deposits in the Yellowknife gold district, with innumerable gold showings and recent high-grade drill results that serve to indicate the project’s potential as a world-class gold district.

For more information on the YCG project, please visit our web site at www.terraxminerals.com.

On behalf of the Board of Directors
"JOSEPH CAMPBELL"
Joe Campbell
CEO

For more information, please contact:
Samuel Vella
Manager of Corporate Communications
Phone: 604-689-1749
Toll-Free: 1-855-737-2684
svella@terraxminerals.com

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

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.

This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors including the availability of funds, the results of financing efforts, the completion of due diligence and the results of exploration activities – that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISEMMINATION IN THE UNITED STATES

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox

Fission Hits Six High-Grade Holes; Completes Winter Program

FISSION URANIUM CORP. ("Fission" or “the Company" – https://www.youtube.com/watch?v=MGEAu20HKc4) is pleased to announce results from its final drill holes completed during the winter program at its’ PLS property, in Canada’s Athabasca Basin region. These include six resource-upgrade holes, which intercepted wide, high-grade radioactivity, including PLS18-573 (line 510E), which returned 11.65m of total composite >10,000 cps in 119.0M of total composite mineralization. In addition, nineteen geotechnical holes including three rock mechanic and sixteen overburden holes were completed along with two hydrogeology holes as Fission continues to acquire and evaluate data for the PLS pre-feasibility study “PFS” planned to be completed by the end of 2018.

Ross McElroy, President, COO, and Chief Geologist for Fission, commented,

"The Winter program has been a great success. As previously announced our exploration efforts have resulted in expanding the footprint of the R1515W zone with multiple high-grade step outs (see news release Mar 13, 2018) and now the PFS focused activities are likewise producing encouraging results: six in-fill holes designed to upgrade key areas of the Triple R deposit from inferred to indicated classification all intersected mineralization where projected. In addition, a series of detailed overburden and bedrock geotechnical holes tested their targets successfully and preliminary results indicate that the assumptions made with respect to mine design at the Preliminary Economic Assessment “PEA” level were reasonable, with detailed analysis and implementation into the mine design continuing over the next several months.”

Winter Program PFS Work Highlights

  • A total of six in-fill holes (1,915m) targeted key high-grade areas of the R780E zone, which are presently classified as inferred, with the intent to upgrade those areas to indicated. It is anticipated that upgrading key areas of the resource from inferred to indicated would have a positive impact on the resource used for the PFS.
  • All six resource upgrade holes hit wide, high-grade mineralization, including hole PLS18-573 (line 510E)
    • 0m total composite mineralization over a 177.0m interval (between 59.5m – 236.5m), including
      • 65m of total composite mineralization >10,000 cps
    • Geotechnical drilling and analysis of rock mechanics in bedrock (3 holes totaling ~703m) in the proposed R780E open pit area
    • Geotechnical drilling of overburden where a proposed ring dike surrounding the open-pit perimeter would be located (16 holes totaling 1,028m)
    • Re-drill hydrogeological holes required for long-term ground-water analysis (2 holes totaling 240m)
    • Continuation of the Phase 2 metallurgical study
    • Continuation of data collection and analysis of the Baseline Environmental Study
    • Continuation of engagement with First Nations, community and government

The geotechnical program is important because any mine design contemplated at the “PEA” level (as completed 2015) is to a great degree, conceptual in nature. The winter 2018 geotechnical program has acquired data needed to confirm important assumptions, which, in turn, will further de-risk the project. All aspects of the winter geotechnical program were successfully completed, and preliminary results support the assumptions made for the PEA, particularly regarding physical properties of the overburden and low incidence of boulders within the glacial till. Analysis will continue during 2018. 

Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a hand held RS-121 Scintillometer manufactured by Radiation Solutions, which is capable of discriminating readings up to 65,535 cps. Natural gamma radiation in the drill hole survey that is reported in this news release was measured in counts per second (cps) using a Mount Sopris 2GHF-1000 Triple Gamma probe, which allows for more accurate measurements in high grade mineralized zones.  The Triple Gamma probe is preferred in zones of high grade mineralization.  The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials. The degree of radioactivity within the mineralized intervals is highly variable and associated with visible pitchblende mineralization. All intersections are down-hole.  All depths reported of core interval measurements including radioactivity and mineralization intervals widths are not always representative of true thickness.  The orientation of the mineralized intervals tend to follow that of lithologic contacts, and generally dip steeply to the south. Within the Triple R deposit, individual zone wireframe models constructed from assay data and used in the resource estimate indicate that all 5 zones have a complex geometry controlled by and parallel to steeply south-dipping lithological boundaries as well as a preferential sub-horizontal orientation. 

PLS Mineralized Trend & Triple R Deposit Summary

Uranium mineralization of the Triple R deposit at PLS occurs within the Patterson Lake Conductive Corridor and has been traced by core drilling over ~3.18km of east-west strike length in five separated mineralized "zones" which collectively make up the Triple R deposit. From west to east, these zones are: R1515W, R840W, R00E, R780E and R1620E. Through successful exploration programs completed to date, Triple R has evolved into a large, near surface, basement hosted, structurally controlled high-grade uranium deposit.  The discovery hole was announced on November 05, 2012 with drill hole PLS12-022, from what is now referred to as the R00E zone. 

The R1515W, R840W and R00E zones make up the western region of the Triple R deposit and are located on land, where overburden thickness is generally between 55m to 100m.  R1515W is the western-most of the zones and is drill defined to ~90m in strike-length, ~68m across strike and ~220m vertical and where mineralization remains open in several directions.  R840W is located ~515m to the east along strike of R1515W and has a drill defined strike length of ~430m.  R00E is located ~485m to the east along strike of R840W and is drill defined to ~115m in strike length.  The R780E zone and R1620E zones make up the eastern region of the Triple R deposit.  Both zones are located beneath Patterson Lake where water depth is generally less than six metres and overburden thickness is generally about 50m.  R780E is located ~225m to the east of R00E and has a drill defined strike length of ~945m.  R1620E is located ~210m along strike to the east of R780E, and is drill defined to ~185m in strike length.

Mineralization along the Patterson Lake Corridor trend remains prospective along strike in both the western and eastern directions. Basement rocks within the mineralized trend are identified primarily as mafic volcanic rocks with varying degrees of alteration.  Mineralization is both located within and associated with mafic volcanic intrusives with varying degrees of silicification, metasomatic mineral assemblages and hydrothermal graphite. The graphitic sequences are associated with the PL-3B basement Electro-Magnetic (EM) conductor.

Patterson Lake South Property

The 31,039 hectare PLS project is 100% owned and operated by Fission Uranium Corp. PLS is accessible by road with primary access from all-weather Highway 955, which runs north to the former Cluff Lake mine and passes through the nearby UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, P.Geol., President and COO for Fission Uranium Corp., a qualified person.

About Fission Uranium Corp.

Fission Uranium Corp. is a Canadian based resource company specializing in the strategic exploration and development of the Patterson Lake South uranium property – host to the class-leading Triple R uranium deposit – and is headquartered in Kelowna, British Columbia.  Fission’s common shares are listed on the TSX Exchange under the symbol "FCU" and trade on the OTCQX marketplace in the U.S. under the symbol "FCUUF."

Cautionary Statement:

Certain information contained in this press release constitutes “forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", “forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or “has the potential to”.  Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Fission and Fission Uranium which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Company and Fission Uranium disclaim 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 expressly required by applicable securities legislation.

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox

TerraX stakes 337.5 square kilometers of contiguous ground in the highly prospective Yellowknife Gold District

TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TX0; OTC Pink: TRXXF – https://www.youtube.com/watch?v=eOxsJLlBowM&t=15s&list=PLBpDlKjdv3yoX1N3x4RmnEyhecw5EVhv9&index=2 ) is pleased to announce that it has expanded its land position at its wholly-owned Yellowknife City Gold (“YCG”) project through the staking of an additional 337.5 square kilometers immediately to the north of its current properties. These additional 47 claims were staked based on extensive field exploration completed on the YCG during the summer and fall of 2017 and bring our total holdings adjacent to the City of Yellowknife to 771.6 sq km covering approximately 70 km of strike. The map indicating the newly acquired lands can be accessed here

Joseph Campbell, the CEO of TerraX, stated "I believe this is a land position unmatched in gold potential by any other junior mining company in Canada. Our 2017 exploration and our compilation of regional geological data from the Slave Geological Province confirms that the deep crustal structure (the “Main Break”) for the Yellowknife gold camp extends north from our Northbelt claims. The consolidation of the most prospective 70 kilometers of gold bearing strike length on this belt reinforces TerraX’s dominant control of this major gold district. TerraX will continue to comprehensively explore this entire land package in the coming campaigns.”  

The technical information contained in this news release has been approved by Joseph Campbell, the Chief Executive Officer of TerraX, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

About the Yellowknife City Gold Project

The Yellowknife City Gold ("YCG") project encompasses 771.6 sq km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, TerraX controls one of the six major high-grade gold camps in Canada. Being within 10 km of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power and skilled tradespeople.

The YCG lies on the prolific Yellowknife greenstone belt, covering 70 km of strike length along the main mineralized break in the Yellowknife gold district, including the southern and northern extensions of the shear system that hosted the high-grade Con and Giant gold mines. The project area contains multiple shears that are the recognized hosts for gold deposits in the Yellowknife gold district, with innumerable gold showings and recent high-grade drill results that serve to indicate the project’s potential as a world-class gold district. 

For more information on the YCG project, please visit our web site at www.terraxminerals.com.

This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds, the results of financing efforts, the completion of due diligence and the results of exploration activities – that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Originalmeldung direkt auf PresseBox lesen
Mehr von Firma PresseBox

Zinc One Reports Final High-Grade Zinc Results from Sampling Program at Bongará Zinc Mine Project, Peru

Vancouver, BC – February 21, 2018 – Zinc One Resources Inc. (TSX-V: Z; OTC Markets: ZZOF; Frankfurt: RH33 – “Zinc One” or the “Company” – https://www.youtube.com/… ) has received results from the final batch of surface and pit samples at its Bongará Zinc Mine Project in north-central Peru. The program included a total of 446 samples from historic pits and surface channel samples from the Bongarita, Mina Chica, Mina Grande Sur, and Mina Grande Norte areas of known mineralization.

The sample results reported herein are from the Mina Grande Norte area. Highlights from the program include 5.0 metres of 43.9% zinc from exploration pit P185-17 and 5 metres of 29.5% zinc from exploration pit P009-17. Mineralization is open at depth in both pits. All samples were located in the central part of a 1.4-kilometre long trend of surface and near-surface zinc mineralization in the area referred to as Mina Grande Norte (formerly Fase B).

Jim Walchuck, President and CEO of Zinc One stated, “The results received to date from the pit and surface-sampling program remain consistent with much of the legacy data we have. Bongará continues to reveal high-grade zinc results throughout the 1.4-kilometre long trend of surface and near-surface zinc mineralization. In addition, the current drill program will establish thicknesses of the mineralization at Bongarita, Mina Chica, and Mina Grande and better delineate the known mineralization.”
Geology and Discussion of Results

The Bongará zinc-oxide mineralization is stratabound and hosted within carbonate rocks. The carbonate host rock at Mina Grande Norte is fractured dolomite and dolomite breccia. This mineralization is located along the steep-dipping, eastern flank of the anticline.
The sampling program commenced at the northern end of the trend of known high-grade, zinc-oxide mineralization. The results reported include sampling from the Mina Grande Norte area in the central part of the trend.

Table 1 provides a summary of select pit samples from the same area; the base of mineralization in all cases was never reached. Since the true strike and dip of the stratabound mineralization is not known, the sample thicknesses from the pits do not necessarily represent the true thickness of the mineralized body. A complete summary of all results and related maps are available on the Company website at www.zincone.com.

Table 1: Mina Grande Norte – Pit Samples
Pit ID From (m) To (m) Length (m) Zn, % Pb, % Thickness, (m) Zn, %
MP06-18 1.00 0.00 1.00 30.65 0.08
MP06-18 1.00 1.00 2.00 16.10 0.01 2.0* 23.38
P0009.94-18 0.00 1.00 1.00 2.02 0.01
P0009.94-18 1.00 2.00 1.00 29.70 0.03
P0009.94-18 2.00 3.00 1.00 23.50 0.01
P0009.94-18 3.00 4.00 1.00 36.59 0.01
P0009.94-18 4.00 5.00 1.00 27.18 0.02
P0009.94-18 5.00 6.00 1.00 30.45 0.20 5.0* 29.48**
P0006.94-18 0.00 1.00 1.00 1.19 0.55
P0006.94-18 1.00 2.00 1.00 20.60 0.14
P0006.94-18 2.00 3.00 1.00 32.45 0.01
P0006.94-18 3.00 4.00 1.00 32.25 0.01 3.0* 28.43
P0004.94-18 0.00 1.00 1.00 9.74 0.06
P0004.94-18 1.00 2.00 1.00 37.58 0.02 2.0* 23.66
P0185.94-18 0.00 1.00 1.00 1.43 1.58
P0185.94-18 1.00 2.00 1.00 1.45 1.98
P0185.94-18 2.00 3.00 1.00 2.84 10.00
P0185.94-18 3.00 4.00 1.00 5.70 10.00
P0185.94-18 4.00 5.00 1.00 40.47 0.63
P0185.94-18 5.00 6.00 1.00 44.34 0.32
P0185.94-18 6.00 7.00 1.00 43.08 0.28
P0185.94-18 7.00 8.00 1.00 45.39 0.13
P0185.94-18 8.00 9.00 1.00 46.24 0.10 5.0* 43.90**
P0279.95-18 0.00 1.00 1.00 20.80 0.09
P0279.95-18 1.00 2.00 1.00 2.69 0.01
P0279.95-18 2.00 3.00 1.00 16.00 0.03 3.0* 13.16
P0268.95-18 0.00 1.00 1.00 31.40 0.06
P0268.95-18 1.00 2.00 1.00 25.50 0.04 2.0* 28.45
P0256.95-18 0.00 1.00 1.00 40.42 0.03
P0256.95-18 1.00 2.00 1.00 27.50 0.13 2.0* 33.96
P0255.95-18 0.00 1.00 1.00 45.13 0.03
P0255.95-18 1.00 2.00 1.00 37.04 0.03
P0255.95-18 2.00 3.00 1.00 44.07 0.08 3.0* 42.08
P0266.95-18 0.00 1.00 1.00 1.03 0.22
P0266.95-18 1.00 2.00 1.00 6.50 0.45
P0266.95-18 2.00 3.00 1.00 39.66 0.20
P0266.95-18 3.00 4.00 1.00 11.10 1.35 2.0* 25.38
P0273.95-18 0.00 1.00 1.00 16.70 0.11
P0273.95-18 1.00 2.00 1.00 17.30 0.12 2.0* 17.00
P0194.94-18 0.00 1.00 1.00 17.15 0.07
P0194.94-18 1.00 2.00 1.00 38.43 0.05
P0194.94-18 2.00 3.00 1.00 35.39 0.03 3.0* 30.32

*Mineralization open at depth.
**Associated minerals are hydrozincite, smithsonite and minor hemimorphite.

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.
Surface sampling in outcrops is a manually collected channel sample. In the case of pits, the sample is channeled vertically. The sample is photographed, placed into a pre-labeled plastic bag, properly sealed, and identified with a unique sample number. At the project site, Zinc One independently inserts certified control standards, blanks, and duplicates, all of which comprise approximately 30% 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 ALS 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 exceeds 20%, it is then analyzed using a titration method. The laboratory also inserts blanks and standards as well as including duplicate analyses.
Drill Program Update

In December 2017, the Peruvian Ministry of Energy and Mines approved 124 drill platforms, with up to three drill holes per platform, along a 1.4-kilometre trend that includes the Bongarita, Mina Chica, and Mina Grande high-grade zinc mineralization at or near the surface. The Bongarita and Mina Chica areas have never been drilled. Two portable drill rigs operated by Energold Drilling Group are currently located on the site. To date, 15 drill holes have been completed at Bongarita. The second rig is expected to start operating at Mina Grande Sur this week. Once drilling at Bongarita and Mina Grande Sur is completed, the rigs will be moved to the Mina Chica and Mina Grande Centro areas, respectively.

Results of the drill program at Bongarita, Mina Chica, and Mina Grande Sur will be used to better define the thickness and lateral extent of the mineralization that has not been previously delineated by the surface channel and pit sampling nor by previous drilling. Results from the drill program at Bongará will continue to form the basis for advancement of the development timeline.

Certification of Quality Assurance and Quality Control (QA/QC) Program

Mr. Al Workman, an independent Qualified Person under National Instrument 43-101 (“NI 43-101”), recently visited the Bongará project site in February 2018. A review of QA/QC procedures was performed including analytical checks, and procedures followed in the field and the core handling facility. It was concluded that all protocols are within the realm of best industry practices. Additionally, check samples were collected and will be sent to a laboratory chosen by Watts, Griffis and McOuat Limited (“WGM”) for independent analysis. The recent surface- and pit-sampling program verified and validated historic analytical results which can now be used for future resource estimates. Mr. Workman is VP Operations with WGM and has been retained by the Company to provide a resource estimate upon completion of the current drill program.
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 acquisition, 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 shut down 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.

Further Information
Monica Hamm
VP, Investor Relations
Zinc One Resources Inc.
Phone: (604) 683-0911
Email: mhamm@zincone.com

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

Maple Gold updates Douay Resource Estimate containing more ounces

Maple Gold Mines Ltd. (“Maple Gold” or the “Company”) (TSX-V: MGM, OTCQB: MGMLF; Frankfurt: M3G – http://www.commodity-tv.net/… ) is pleased to announce an updated Mineral Resource Estimate (the “updated estimate”) for the Company’s Douay Gold Project (“Douay”), as prepared by Micon International Limited (“Micon”). The updated estimate includes additional drilling and assays from work completed during 2017 (see press release January 25, 2018), with updated block model wireframes, modified search ellipses and modified geologic interpretations, all of which targeted a more refined and constrained model.

The updated estimate successfully converts a significant proportion of Inferred Resources to the Indicated Resource category, which were absent from the 2017 Micon estimate. Mineral Resources at Douay are now estimated as 9,383,000 tonnes grading 1.59 g/t Au (0.48 million ounces) in the Indicated category, plus 84,152,000 tonnes grading 1.02 g/t Au (2.76 million ounces) in the Inferred category, using a 0.45 g/t cut-off grade (updated base-case) as highlighted below:
Table 1: Douay Gold Project Pit-Constrained Indicated & Inferred Resource Summary (Base-case)
CUT-OFF GRADE
(G/T AU) CATEGORY TONNES GOLD GRADE
(G/T) CONTAINED GOLD
(OUNCES)
0.45 INDICATED 9,383,000 1.59 479,000
INFERRED 84,152,000 1.02 2,759,000
*See Table 2 for additional cut-off grades & see disclosure notes appended to this press release

At a 0.5 g/t Au cut-off (same as Micon 2017), the updated 2018 estimate shows increased average grade of Inferred Resources (1.09 versus 1.05 g/t Au), increased level of confidence (addition of 467,000 contained ounces in the Indicated category) and increased contained ounces compared to the previous estimate (see Table 2 below). However, using a 0.45 g/t cut-off grade is currently believed to be the most optimal for currently contemplated conceptual pit-scenarios, and therefore has been selected as the base-case for the updated estimate. The Company will continue examining different scenarios as part of the ongoing evaluation process as new data is added and geological and economic models are updated.

Indicated Resources are present in the more closely drilled Douay West Zone (3,693,000 tonnes at 2.47 g/t Au, 294,000 ounces), and there are also four such areas within the Porphyry Zone (5,690,000 tonnes at 1.01 g/t Au, 185,000 ounces). The Indicated and Inferred Resources at various cut-off grades are summarized below in Table 2 below.

Maple Gold’s President & CEO, Matthew Hornor, stated: “We are pleased to enter the winter drilling season with an updated resource base that improves on the previous estimate in multiple ways, including a material increase in the number of contained ounces and upgrading a portion of the previously reported inferred resource to indicated resources of more than 450,000 ounces. We expect additional drill rigs to arrive at site very shortly and look forward to testing further infill, step-out and new discovery targets this winter.”
Table 2: Douay Gold Project Pit-Constrained Indicated & Inferred Resource Summary (Various Cut-Off Grades)
CUT-OFF GRADE
(G/T AU) CATEGORY TONNES GOLD GRADE
(G/T) CONTAINED GOLD
(OUNCES)
0.50* INDICATED 8,615,000 1.69 467,000
INFERRED 74,286,000 1.09 2,610,000
0.45** INDICATED 9,383,000 1.59 479,000
INFERRED 84,152,000 1.02 2,759,000
0.40 INDICATED 10,162,000 1.50 489,000
INFERRED 95,388,000 0.95 2,914,000
0.30 INDICATED 12,046,000 1.32 510,000
INFERRED 124,278,000 0.81 3,235,000
*For Comparison purposes: Micon 2017 estimate was all Inferred Resources of 83,327,000 tonnes grading 1.05 g/t Au for 2,813,000 contained ounces, using a 0.50 g/t cut-off grade. **Base-case. See disclosure notes appended to this press release.

The modelling changes, additional drilling and assay data, and updated interpretations have variably impacted contained ounces at each of the zones at Douay. A number of the zones appear to be merging into a larger unified system and a portion of the Company’s current and future drilling campaigns will continue to test targets that support this thesis. Figure 1 highlights the updated resource areas and conceptual pit shells.

Figure 1: Plan view of Micon 2018 Resource Areas
For comparison purposes, click here to view the conceptual pit-constrained plan view used in the Micon 2017 resource estimate.
Further information about assumptions, parameters, methods and risks in respect of the updated estimate will be available in a NI 43-101 technical report filed by Maple Gold on Sedar within 45 days following the date of this press release.
Notes:

1. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Micon does not believe that mineral resources estimate is materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
2. The quantity and grade reported includes both indicated and inferred resources for the Douay West and Porphyry zones and inferred resources for the remaining zones in the deposit. The inferred resources in this estimation are conceptual in nature and there has been insufficient exploration data to define these resources as an indicated category and it is uncertain if further exploration will result in upgrading them to an Indicated mineral resource category. There are no measured resources currently for the mineral zones comprising the Douay Project.
3. The mineral resource estimate has been prepared without reference to surface rights or the presence of overlying public infrastructure.
4. Figures may not total due to rounding.
5. A gold price of US $1,400 per ounce was used for the purposes of demonstrating economics.
6. The mineralized envelopes were re-modelled in GEMS at 0.3 g/t Au cut-off assuming an anastomosing style of mineralization with some inclusion of lower grade material for modelling purposes.
7. Although the Douay West, Porphyry Zones were able to produce supporting variograms, all zones within the entire deposit were estimated using Inverse Distance Cubed.
8. Search ellipses range from 50 m to 300 m using 3 passes to fill the model. The search ellipses were also optimized to reflect the anastomosing nature and different directions and dips within the mineralized zones.
9. Block size of 10 m x 2 m x 5 m was used.
10. The effective date of the mineral resource estimate is February 9, 2018.

Qualified Persons
The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc., P. Geo., Vice-President Exploration, of Maple Gold Mines. The technical contents of this press release have also been reviewed and approved by Mr. William Lewis, B.Sc., P. Geo., of Micon, who is independent of Maple Gold and who is responsible for the Updated Pit-Constrained Mineral Resource Estimate. Both individuals are Qualified Persons under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About Micon International Limited
Micon International Limited (Micon), mineral industry consultants, is an independent firm of senior geological, mining, metallurgical and environmental consultants. The firm operates from integrated offices in Toronto and Vancouver, Canada and Norwich and Cornwall, United Kingdom. The professionals of Micon have extensive experience in the mining industry with both mining companies and leading consultancy firms.

About Maple Gold

Maple Gold is a well-funded gold exploration company focused on advancing a district-scale gold project in one of the world’s premier mining jurisdictions. The Company’s 370 km² Douay Gold Project is located along the Casa Berardi Deformation Zone within the prolific Abitibi Greenstone Belt in northern Quebec, Canada. The Project has an established gold resource that remains open in multiple directions, with excellent infrastructure and several large scale operating mines within this prolific mining district. Maple Gold has a significant drill campaign under way to expand on the known Resource Areas and test new discovery targets within the Company’s 55 km of strike along the Casa Berardi Deformation Zone. For more information, please visit www.maplegoldmines.com.

ON BEHALF OF MAPLE GOLD MINES LTD.

“Matthew Hornor”

B. Matthew Hornor, President & CEO

For Further Information, Please Contact:

Mr. Joness Lang
VP, Corporate Development
Office: +1 416.306.8124
Email: jlang@maplegoldmines.com

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 PRESS RELEASE.

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. 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 with respect to the mineral resource estimate, including statements regarding contained ounces, optimal cut-off grade and average gold grade, as well as statements regarding upcoming exploration programs. 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