Nouveau Monde (NOU:V) Publishes a Technical Report for the Preliminary Economic Assessment of the West Zone Graphite Deposit
Nouveau Monde Publishes a Technical Report for the Preliminary Economic Assessment of the West Zone Graphite Deposit-Tony Block-Matawinie Property, Quebec
– Momentum Public Relations –
Press Release: August 8, 2016
Nouveau Monde Mining Enterprises Inc. (“Nouveau Monde“) (TSX VENTURE:NOU)(OTC PINK:NMGRF)(FRANKFURT:NM9) is pleased to announce the publication of a technical report for the Preliminary Economic Assessment (PEA) performed for the Tony Claim Block, part of its Matawinie graphite Property. The report, completed in accordance with National Instrument (NI) 43-101 guidelines, details the PEA results announced in the press release dated June 22, 2016. The complete PEA report titled “Preliminary Economic Assessment Report for the Matawinie Graphite Project“, dated August 5, 2016, is available on SEDAR, as well as on the company’s website through this link:
http://nouveaumonde.ca/wp-content/uploads/PEA_NouveauMonde_Matawinie_Graphite_20160805.pdf
Furthermore, the Company wishes to announce that a first phase of exploration drilling for 2016 was completed last week on the West Zone of the Tony Claim Block. The goal of the work was to extend the mineralized zone to the north and to the south, its occurrence there being strongly suggested by airborne geophysical survey results. Twenty-five (25) holes were completed, resulting in 4217 m of drilling. Results will be used to plan a second phase of drilling which is scheduled to start in the fall and whose objective will be to upgrade the already identified mineral resources on the West Zone from the Inferred Category to the Indicated Category. In addition, Nouveau-Monde would like to announce that it has selected SNC-Lavalin, a leading engineering group, to carry out environmental baseline studies for the project. Field measurements and observations started last July and are scheduled to be completed during the summer of 2017.
MATAWINIE GRAPHITE PROJECT
The Tony Claim Block is located in the Saint-Michel-des-Saints area, some 120 km north of Montreal, Québec, Canada. The claim block, including the West Zone, is easily accessible using existing logging roads and is close to quality infrastructure such as paved roads and high-voltage power lines, both necessary for industrial activities. An abundance of skilled workforce is available in the community of Saint-Michel-des-Saint, as well as in surrounding communities, following the recent closing of multiple logging activities. Nouveau Monde is aggressively pursuing its Matawinie graphite project on all fronts including; metallurgical testing, site engineering, environmental and social impact studies, as well as value-added product development.
This news release was reviewed by Antoine Cloutier, P. Geo., chief geologist for Nouveau Monde and a Qualified Person under National Instrument 43-101 guidelines.
- Published in Mining, News Home, Nouveau Monde Mining
Sage Gold Inc. (SGX:V) Clavos Update: Progress in Restarting Production
Sage Gold Inc. – Clavos Update: Progress in Restarting Production
– Momentum Public Relations –
Press Release: August 08, 2016
Sage Gold Inc. (TSX VENTURE:SGX) has made considerable progress in restarting production at the Clavos gold mine site in Timmins, Ontario.
Approximately $35 million was spent on the Clavos underground infrastructure and the mine was briefly in production from 2005 to 2007. Since acquiring an interest, Sage has spent approximately $4 million on compilation and analysis of the deposit, including surface exploration drilling, a new 43-101 Resource Study and Preliminary Economic Assessment. Before production can commence the existing mine workings will be dewatered and rehabilitated. The Company will then undertake underground definition and exploration drilling.
Sage is proceeding with advanced negotiations for project financing of Clavos including working capital needs of the Company as well as arrangements with nearby milling facilities for Clavos ore. The company is preparing the necessary documentation to meet all regulatory requirements including filing with the Ministry of Northern Development and Mines a “Notice of a Change of Status” of the Clavos mine site from inactive to active. The change of status will allow Sage to produce up to 700 tonnes per day of mineralized material from the Clavos mine pursuant to the existing Closure plan of 2004 as amended and accepted November 9, 2012.
Nigel Lees, President and CEO commented, “We remain very bullish on the future price of gold. The Clavos gold deposit is one of the few gold deposits in Canada with advanced permits situated in one of the most prolific and active gold camps in Canada. The improved investment environment for precious metal companies and the relatively low capital costs required to place Clavos into production has greatly facilitated the Company’s ability to move the project ahead.”
The base case for the preliminary economic assessment (PEA) of the Clavos project was published in March 2013 using a gold price of US$1500 at a time when the exchange ratio was 1:1 with the Canadian dollar. The current gold price in Canadian dollars is over $1750 per ounce.
Highlights of the PEA published in March 2013;
- NET PRESENT VALUE of $23.2MM (pre-tax) and $12.6MM (after-tax) at an 8{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} discount
- INTERNAL RATE OF RETURN of 71{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} (pre-tax) and 47{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} (after-tax) based on US$1500/oz of gold
- ANNUAL AVERAGE PRODUCTION of approximately 20,000 oz. of gold per year
- Initial CAPEX of $14.1 million
- 2 YEAR PAYBACK from start of production with 7 year mine life
- Average HEAD GRADE of gold ranging from 6.45 g/t in Year 1 to 4.37g/t in Year 7
Note – assumes an exchange rate of 1:1 of CDN to US Dollar;
- tax rates are based on a blended rate between Sage and SAS (now Kirkland Lake Gold)
- excludes any financing costs
- contingency on capital expenditures of 30{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}
- CAPEX figures represents 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of financing
The PEA does not indicate the economic viability of the mineral resource and is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and that there is no certainty that the PEA will be realized. Mineral resources that are not mined reserves do not have demonstrated economic viability.
The PEA on the Clavos deposit was prepared by R. Ritchie P.Eng, an Independent Qualified Person. Mr. Ritchie provided overall responsibility for the technical content related to the Clavos PEA which includes the mining study CAPEX and OPEX cost estimates and conceptual economics.
GEOLOGICAL MODELLING
In preparation for definition and exploration drilling of the existing mine workings following the planned dewatering, Sage has successfully completed a 3D modeling exercise in Datamine which incorporates the entire Clavos database including all drilling, assaying, digitised lithological interpretations and the location of the underground workings. The assay data was differentiated between different lithological units and was decluttered to remove the distortion of higher drill densities in certain parts of the deposit. The purpose of this exercise was to analyze the correlation between gold concentrations, lithological host units and structural controls in the deposit.
The technical content of this news release has been reviewed and approved by Sage’s consulting geologist, Peter Hubacheck P.Geo. of Hubacheck Consulting Geologists Inc., who is a qualified person (QP) as defined by NI 43-101.
For further information please refer to our new website www.sagegoldinc.com designed to better inform the shareholders and the public about the Company.
About Sage Gold
The Company is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the Clavos Gold property in Timmins and the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Lynx copper, gold, silver property and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
Mobi724 Global Solutions Inc. (MOS:CSE) Releases Revenues Increase by 800
Mobi724 Global Solutions Inc. (MOS:CSE) Releases Revenues Increase by 800{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} and Net Loss Decrease by 43{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Over 6 Months and Adds New Board Member
– Momentum Public Relations –
Press Release: August 5th, 2016
MOBI724 Global Solutions Inc. (“MOBI724” or the “Company”)(CSE:MOS), a Fintech leader offering all in one fully integrated EMV payment, card link couponing and digital marketing, has filed its Q2 financial results for quarter ending on June 30 2016.
Six-Month Year-to-Date 2016 Highlights
- Revenue grew 800{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} to $1.283M in 2016 from $161K in 2015
- Net loss decreased by 43{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} to ($1.6M) from ($2.8M) in 2015
Mobi724 Global Solutions Inc. | Six-month period | |||
(in $’000) | 2016 | 2015 | ||
$ | $ | |||
Revenues | 1 283 | 161 | ||
Operating Expenses | 2 716 | 1 876 | ||
Operating Income (Loss) | (1 433) | (1 716) | ||
Other Expenses (Income) | 260 | 1 161 | ||
Income Tax Expense (Recovery) | (68) | (65) | ||
Net Income (Loss) | (1 626) | (2 811) | ||
Loss per share | (0,02) | (0,06) | ||
Weighted Average Number Shares | 99 196 720 | 45 418 190 |
Second Quarter 2016 Highlights
- Revenue grew 30{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}: $725K in Q2 2016 vs $557K in Q1 2016
- Net loss decrease by 31{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}: ($662K) in Q2 2016 vs ($962K) in Q1 2016
“These great results confirms that we have set the stage for value creation of the company. I am very confident with the progress of sales pipeline and customer approval in the targeted markets for our solutions is gaining traction. As well, we are focused on completing the funding with our partners so we can continue our rapid growth in line with our strategic plan” said Marcel Vienneau – CEO
The board is pleased to announce that Andre Halley will join the board. Andre has extensive career as an executive with companies such as Bell Canada – Bell Mobility – Teleglobe Canada as regional VP for Europe and Africa, CEO of TIW Asia of Hong Kong, CEO of Ooreedo Algeria, board member of European Data Communications, Skywave Communications, Chairman of Cassiot, Executive Chairman of Prevtech Mircobia Inc., Chairman of the advisory board of 2KIC INC. “I am very happy that Andre is joining our board and that he will leverage his extensive network in Asia Pacific and Middle East to actively market the licenses of our solutions in those regions. His strategic views will add value to our governance” said CEO – Marcel Vienneau
About Mobi724 Global Solutions
MOBI724 Global Solutions Inc. (CSE:MOS), a Fintech corporation based in Montreal (Canada), offers a unique and fully integrated suite of solutions PAYMENT – COUPONING – DIGITAL MARKETING (all in one), is a leader in the Fintech industry.
Our vision is to enhance the value of commoditized payment transactions to the players in this eco- system (card associations, banks, mobile carriers and retailers) by adding layers of intelligence to these card- linked transactions (i.e. smart transactions) in a seamless manner for all the players in the eco-system.
MOBI724 Global Solutions unleashes the true potential of both payment and card-linked couponing/rewards transactions for both online and offline points of sale (POS).
The Corporation provides its customers with full and comprehensive traceability and enriched consumer data through its offering. Its solutions enables card associations, retailers, manufacturers, offer providers, mobile operators and card issuers to create, manage, deliver and “track and measure” incentive campaigns worldwide to ANY mobile device and allow its redemption at ANY point of sales.
Our credit and debit EMV payment solutions will allow banks to process end to end EMV transactions, focusing on authentication, approved security and quick merchant adoption which allows the users to process payments with a wide range of devices over a secure and seamless transaction.
MOBI724’s PCI and EMV cloud-based switch, with their device agnostic connectivity, simplifies deployment and integration, and introduces new payment and digital incentives solutions to the market enabling multi layered intelligent transactions therefore SMART TRANSACTIONS.
- Published in Financial Technology, Mobi724 Global Solutions, Mobile Technology, News Home, Technology
Namaste Technologies (N:CSE) Announces Third Quarter Financial Results
Namaste Technologies (N:CSE) Announces Third Quarter Financials Results
– Momentum Public Relations –
Press Release: August 3, 2016
Namaste Technologies Inc. (CSE:N)(OTC PINK:NXTTF)(FRANKFURT:M5BQ) (“Namaste” or the “Company”) has reported financial results for the third quarter and nine month period, each ending May 31, 2016. The financial statements and management discussion & analysis for the period can be accessed on SEDAR at www.sedar.com.
During the quarter, the Company focused efforts on transitioning from pay-per-click advertising to inbound organic e-commence growth strategies, which generated Q3 2016 e-commerce revenue of $738,199 and gross profit was $353,361, representing a 47.9{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} gross profit margin. For the nine month period, revenue was $2,611,871 and gross profit was $1,058,154, representing a 40.5{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} gross profit margin. For the 2015 fiscal year, the comparable Q3 revenue was $1,087,256 and the comparable revenue for the nine month period was $3,471,420.
Looking forward to the last quarter of 2016 and first half of 2017, the Company anticipates revenue and gross profit to increase significantly due to further traction with its current inbound e-commerce market initiatives, commercialization of the Gurutm, acquisition of VaporSeller, and seasonal increase of sales activities during Black Friday, Cyber Monday and the holiday season.
Third Quarter Financial Highlights
- Revenue of $738,199 represents a 32.1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} decline over Q3 2015 and sequential increase of 5.7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} over Q2 2016. The variance in revenue is indicative of the Company’s transition from expensive pay-per-click advertising to inbound organic e-commence growth strategies which should result in stable revenue performance and decreased advertising spending.
- Gross profit of $353,361 represents a 47.9{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} gross profit margin for Q3 2016 versus 42.3{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} for Q3 2015. While gross profit declined versus Q3 2015 by 23.1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}, gross profit sequentially increased by 11.6{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} compared to Q2 2016 and gross profit margin improved from 45.3{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} to 47.9{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}. The sequential improvement in margin is indicative of the Company’s increased focus on price controls and more favorable terms from manufacturers.
- Operating costs of $716,855 represent a 97{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} increase over Q3 2015 and a 19.4{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} sequential decrease over Q2 2016. The majority of the increase in operating costs compared to Q3 2015 is due to nonrecurring costs associated with taking the Company public and share-based compensation.
- Pre-tax loss of $363,494 is reflective of the increased operating costs during the period, being primarily due to listing costs and share-based compensation.
Third Quarter Operational Highlights
- Transitioned from pay-per-click advertising to inbound organic e-commence growth strategies focused on domain authority, best-in-class natural rankings, trust of brand growth, client population expansion, and sales conversion optimization. Organic inbound marketing increases the recurring nature of sales and places less dependence of major search engines.
- Maintained #1 brand trust ranking in the vaporizer space, as ranked by Trust Pilot, and achieved approximately a 3{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} conversion ratio over the period.
- Entered binding letter of intent for the acquisition of VaporSeller, an e-commerce platform for the distribution of vaporizers and accessories with an unaudited revenue of US$3.4 million in 2015. Subsequent to the quarter ended May 31, 2016, the Company closed the acquisition on July 15, 2016.
- Placed commercial order qualities for the Gurutm, the Company’s first proprietary vaporizer capable of seamlessly vaporizing dry herbs, concentrates and liquids.
Mr. Sean Dollinger, President and CEO of Namaste, comments: “The first nine months of the Company’s fiscal 2016 has been transformational. When I reflect back at the accomplishments of our team over this period, including taking our company public, completing our first external capital raises, securing our first acquisition and implementing long term and sustainable e-commerce marketing strategies, my personal sense of optimism and excitement for the future of Namaste is confirmed. As always, I would like to thank all the stakeholders of Namaste for their support as we continue to move forward with our objective of creating the leading international vaporizer and accessories company globally.”
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has over 30 e-commerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Director
Sean Dollinger, Chief Executive Officer
Further information on the company and its products can be accessed through the link below:
- Published in Bio technology, Life Sciences, Namaste Technologies, News Home, Technology
Cell Preservation Research – A New Frontier
CELL PRESERVATION RESEARCH – A NEW FRONTIER
– Momentum Public Relations –
“The planet’s hope and salvation lies in the adoption of revolutionary new knowledge being revealed at the frontiers of science” – Bruce Lipton
Although Dr. Lipton may not be universally revered in mainstream science, his comment is noteworthy. Medical science and technology continue to break new ground. New compounds and techniques are in the testing stage that offer promising treatments to address a variety of life threatening conditions.
Investors are noticing. Investment, specifically in cell preservation research, is growing very rapidly. New breakthroughs are demonstrating that cell storage is achievable in the near term. Advances in cell preservation compounds coupled with new storage protocols have the potential to vastly improve treatment protocols and, ultimately, outcomes for a variety of diseases.
David Juncker, an expert in high-throughput cell analysis from McGill University, in Montreal, Canada, has stated that “cell preservation and manipulation is of great interest”. While it has many variations, cell preservation can be useful in areas as diverse as stem cell storage, reproductive science, transplants, treatment of various cancers and the storage of blood products.
Recently, Sirona Biochem Corporation (SBM:tsxv), a development-stage biotechnology company with a market cap of C$29.4 million has entered into a research collaboration with Dr. Caigan Du. http://www.vchri.ca/researchers/caigan-du
The collaboration between Sirona and Dr. Du will evaluate and test the effects of new compounds, produced by Sirona’s subsidiary TFChem, for use in the preservation of red blood cells. Scientists will evaluate the potential for improvement in the quality of red blood cells after hypothermic storage and cryopreservation. Eventually, testing will begin on other cell lines with further research related to tissue preservation for applications such as organ transplant. The initial testing will begin in May with results expected in fourth quarter 2016.
Current typical storage of donated blood is limited to approximately 42 days. If scientists can successfully design a process that prevents the degradation or spoilage of blood products it will have the potential to save lives at times of disaster. It will also allow blood banks to maintain a supply of rare blood types and lessen overall blood inventory losses. Scientists concur that there is a global unmet need when it comes to storage and shelf life of blood products. A process that extends the shelf life would significantly improve the ability to use donated blood.
The use of preservation techniques, both cryopreservation and hypothermic storage, is already widespread both in laboratory and clinical settings. The challenge has been that the specific protocols and process utilized for preserving cells have specific limitations. As such, they tend to provide suboptimal results and often do not incorporate modern day preservation media, which can offer significant improvements over serum/DMSO cocktails. Additionally, many of the techniques commonly applied to assess cryopreservation success are inferior based on modern day standards.
Frontiers are expanding as further research into areas like tissue preservation for applications such as organ transplant is showing promising results. Most experts agree that one of the important keys to success is in the discovery and refinement of the compounds and media that are a limiting factor in current cell preservation processes. Investors should evaluate the various emerging opportunities to take positions in firms that are leading the way.
- Published in Blog, Life Sciences, Sirona Biochem
Fairmont Consolidates Historic Quartzite Resource at Baie-Comeau
Fairmont (FMR.V) Consolidates Historic Quartzite Resource at Baie-Comeau
– Momentum Public Relations – August 2, 2016
Fairmont Resources Inc. (TSX VENTURE:FMR) (“Fairmont”) announces that it has consolidated a historic resource of 12.3 million short tons (11.2 million tonnes) of 99.20{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} SiO2, 0.41{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Al2O3, and 0.36{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Fe2O3 (from GM Report 39387, 1982, page 6) by staking. The two additional claims staked which contain the historic resource and are contiguous to the original Baie-Comeau Quartzite claims that Fairmont Resources announced in a press release on January 23, 2015 (http://goo.gl/y1eR9z)
Map 1 Location of Baie-Comeau Quartzite Property
Table 1 – Historic Resource of Baie-Comeau Quartzite Property
Reserves | Content {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} | |||
Millions of short tons | SiO2 | Al2O3 | Fe2O3 | |
Pit 1 (level 810) | 3.5 | 99.3 | 0.39 | 0.036 |
Pit 2 (level 840) | 3.3 | 99.3 | 0.40 | 0.034 |
Pit 2 (level 810) | 6.1 | 99.3 | 0.40 | 0.034 |
Geological Reserve | 12.3 | 99.2 | 0.41 | 0.036 |
Conversion to metric tonnes | 11.2 | 99.2 | 0.41 | 0.036 |
The Historic Resource was completed by Amtec Inc., of Ste-Foy, P.Q. on July 15, 1982 for their client Steep Rock Iron Mines Ltd.
The historical “estimated or drilled indicated tonnage” cited above is mentioned for historical purposes only and uses terminology not compliant with current NI 43-101 reporting standards. The reliability of these historical estimates is unknown but considered relevant by Fairmont as it represents significant targets for future exploration. The qualified person has done sufficient work to classify the historical estimate as a current mineral resource but Fairmont is not treating this historical estimate as a current mineral resource. Historical “estimated or drill indicated” is not equivalent to mineral reserves or resources as it is not supported by at least a preliminary feasibility study. In order to verify this as a current estimate, Fairmont will need to conduct additional exploration work in the form of diamond drilling to verify the historic data.
Map 2 Location of Historic Resource on Baie-Comeau Quartzite Property
Test work by Union Carbide Canada demonstrated that the quartzite from Baie-Comeau was acceptable for ferro-silicon production. In report GM 31179, a letter and results from Union Carbide Canada Limited are reported. Quoting from the letter “although the Al2O3 values tend to be on the high side, the quartz is of acceptable quality for ferro-silicon production”
In the recently filed Silicon Ridge Mineral Resource Estimate NI 43-101 Technical Report, dated July 20, 2016 by Rogue Resources, the optimized pit economic parameters included Ferro Silicon Grade quartz sales pricing at CDN$100 per tonne.
Table 2 Test Results from Union Carbide on Baie-Comeau Quartzite Property
Content {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} | {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} | ||||
Hole and Intersection | SiO2 | Al2O3 | Fe2O3 | Cao | Loss on Ignition |
H1 75-80 | 99.05 | 0.12 | 0.25 | 0.01 | 0.3 |
H2 47-53.5 | 98.67 | 0.55 | 0.2 | 0.01 | 0.32 |
H2 94-100 | 98.8 | 0.55 | 0.16 | 0.01 | 0.23 |
H2 134-187 | 98.88 | 0.47 | 0.16 | 0.01 | 0.23 |
H2 189-190 | 98.87 | 0.56 | 0.14 | 0.01 | 0.17 |
H2 419-420 | 99.1 | 0.4 | 0.11 | 0.04 | 0.1 |
H2 947.5-950 | 99.07 | 0.37 | 0.13 | 0.06 | 0.12 |
H2 965-970 | 98.76 | 0.6 | 0.19 | 0.07 | 0.13 |
H4 125-150 | 99.05 | 0.4 | 0.12 | 0.06 | 0.12 |
H4 355-360 | 98.84 | 0.59 | 0.14 | 0.03 | 0.15 |
In GM30063, Watts, Griffis and McOuat Limited (‘WGM’) issued a report to Universal Minerals Corporation on the Baie-Comeau Silica Deposit, dated June 3, 1970. This is an earlier report based on less drilling and testing than the Amtec report of 1982. This earlier report calculated an ore reserved based upon a theoretical open pit with reserves of 3,500,000 tons grading approximately 98.5{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Sio2, with waste rock of 100,000 tons and an estimated average overburden thickness of 1.5 feet. This report also stated that “Potential reserves on the property are many times this figure and could amount into the hundreds of millions of tons” and that “it is recommended that a decision be made to bring the property into production, providing other factors beyond the scope of this report are favourable”.
The Company advises a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves as such the Company is not treating the historical estimate as current mineral resources or mineral reserves. The resource calculation was part of a Feasibility Report on the Baie-Comeau Silica Deposit of Universal Minerals Corporation, by Surveyer, Nenniger and Chenevery Inc., within the section Report To Universal Minerals Corporation on The Baie-Comeau Silica Deposit, Completed by Watt, Griffis and McOuat Limited date June 3rd, 1970. The historic estimate was based on five diamond drill holes total 3,309 feet and two trenches. The resource was not prepared under current CIM definitions of mineral resources.
Within GM30063 results and conclusions of test work using a 3 stage magnetic separator to increase the SiO2 purity. In the first stage of magnetic separation – free iron and iron bearing particles were liberated. In the second stage biotite and muscovite were separated. And in the third stage muscovite and stained silica particle with inclusions were separated. There was nearly a 7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} loss of ore through this process, but the iron within the silica was reduced to 0.02{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Fe2O3 with the recommended feed rate.
In GM30063 crushing and grinding testing was completed with Nordberg Manufacturing. Positive crushing and results at a rate of 50 tons per hour were achieved.
Testing by Lakefield Laboratories, also in GM30063, being able to increase silica grade to 99.16{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} SiO2 from 98.36{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} SiO2 head grade in test one, and 99.20{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} SiO2 from a head grade of 98.78{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} SiO2.
The work completed by Surveyer, Nenniger & Chenevert Consulting Engineers of Montreal, Quebec in GM 30063 added that “One of the prime advantages of the deposit is its nearby location to the Baie-Comeau all year round deep sea harbor, giving easy access to the Canadian and United States East Coast markets. The central portion of the deposit is located only 10 miles from the harbor.”
In GM20143 titled Baie-Comeau Quartzite Deposits Geological Report, received by Natural Resources Quebec on June 20, 1967, the author Laurier Juteau, Eng, states that “the quartzite is too massive and homogenous to reflect structure. Some irregular jointing is present, but no pattern was determined.” Juteau also states in the report “it is impractical to calculate the available tonnage which could exceed any anticipated requirements of local markets which may develop. The exposures are extensive and have heights ranging to 500 feet, which would assist any quarrying operations.”
In GM10368, in the Geological Report of Quartzite Deposit Baie-Comeau PQ by C.P. Robertson dated August 31, 1960 early test work demonstrated high grade SiO2 results. In an one set of results, a total of 112 surface samples of approximately 50 lbs each were blasted at five-foot intervals and the average assay of these was 99.0{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} SiO2, 0.77{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Al2O3 and 0.22{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Fe2O3. An additional 21 samples of approximately 10 lbs each were collected and analyzed as two composite samples which returned an average grade of 99.0{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} SiO2, and 0.58{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Al2O3. From diamond drill holes, eleven 10-foot samples were selected of typical quartzite with an average grade of 98.64{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} SiO2, 0.58{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Al2O3 and 0.16{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Fe2O3. From this work it was concluded that the average grade of quartzite that could be produced was in above 98.5{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} SiO2.
Table 3 General Specifications for Different Uses Of Silica
(Source – Sidex (www.sidex.ca) Exploring for silica in Quebec)
The historical “estimated or drilled indicated tonnage” and metallurgical, market studies, and other test work cited above is mentioned for historical purposes only and uses terminology not compliant with current NI 43-101 reporting standards. The reliability of these historical estimates is unknown but considered relevant by Fairmont as it represents significant targets for future exploration. The qualified person has done sufficient work to classify the historical estimate as a current mineral resource but Fairmont is not treating this historical estimate as a current mineral resource. Historical “estimated or drill indicated” is not equivalent to mineral reserves or resources as it is not supported by at least a preliminary feasibility study. In order to verify this as a current estimate, Fairmont will need to conduct additional exploration work in the form of diamond drilling to verify the historic data.
All of the GM reports referenced to in this release are available: http://sigeom.mines.gouv.qc.ca/
Granitos de Badajoz (GRABASA)
Fairmont Resources is still in discussions with funding groups in the UK, Canada and USA with respect to the acquisition of Grabasa. Fairmont will provide an update on funding when agreements are in place.
Roger Ouellet, P. Geo, a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this press release.
About Ferrosilicon
Ferrosilicon (FeSi) is used to remove oxygen from the steel and as alloying element to improve the final quality of the steel. Silicon increases namely strength and wear resistance, elasticity (spring steels), scale resistance (heat resistant steels), and lowers electrical conductivity and magnetostriction (electrical steels). Special FeSi like low Al, High Purity and low C ferrosilicon are used in the production of special steel qualities for transformers/motors, ball bearings and shock absorbers, tire cord steel and in stainless steel.
About Fairmont
Fairmont Resources Inc. is a rapidly growing industrial mineral and dimensional stone company trading on the Toronto Venture Exchange symbol FMR.
Fairmont’s Quebec properties cover numerous occurrences of high-grade titaniferous magnetite with vanadium, with the Buttercup property having a permit to quarry dense aggregate. Where these occurrences have been tested they have displayed exceptional uniformity with respect to grade. Fairmont also controls three quartz/quartzite properties, with the Forestville property having independent end user testing confirming the suitability of quartzite from Forestville for Ferro Silicon production. Fairmont is also in the process of acquiring the assets of Granitos de Badajoz (GRABASA) in Spain which includes 23 quarries and a 40,000 square metre granite finishing facility that has produced finished granite installed across Europe.
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