‘Rock stars’ recharge the diamond industry
Exciting discoveries by Arctic Star geologists Buddy Doyle and Roy Spencer
Why haven’t we seen a major diamond discovery since the 1990’s? What does it take for the industry to find diamonds in today’s conditions? Truth is, the sector has been slowly dying since the 2008 global financial crisis, with only a limited number of diamond mines around the world still operating.
Many diamond mines have dropped out or are projected to change course because of funding issues. The Argyle Mine in Western Australia, the largest producer of diamonds by volume, is expected to close in 2020. Similarly, Siberia’s Mir mine, one of mankind’s largest excavated holes recently closed – leaving a nice opportunity in the diamond sector.
This unsteady market has created an influx of junior companies rushing to enter the sector with very little capital and limited experience.
Not a good idea. To find diamonds you need know-how coupled with funds. In the diamond industry, that’s almost as rare as finding a diamond in the rough.
The sad reality is that most juniors jump in with high hopes of finding something valuable, convince the fundraisers that they’re are sitting on a good thing, then crash and burn after the money runs out.
The lack of major diamond discoveries in the past three decades has weakened the industry’s confidence and markets. A major world-class discovery is needed to recharge the sector. And Arctic Star Exploration (ADD.V) may have the golden key…and the diamonds!
With a 100% fully paid up property, the company is led by world-class geologists Buddy Doyle and Roy Spencer. This dynamic duo has 68 years’ combined experience under their tool belts, not to mention some major discoveries.
During the mid-90s. Doyle led the team that discovered the Diavik diamond deposits in northern Canada – a mine that produces 7 million carats of diamonds annually. Around the same time, Spencer, a De Beers veteran, helped discover the multi-billion-dollar Grib kimberlites in northwest Russia, one of the world’s largest deposits.
In 2003, he also discovered the Lentiira kimberlite cluster in central Finland, located 450km SE from Arctic Star’s 243-hectare Timantti exploration.
The 3 Wolves – a howling success
Arctic Star Exploration is currently pulling kimberlites and diamonds out of the ground in three areas sitting 300 meters apart (The 3 Wolves). This kimberlite cluster was found by using ground geophysics, then excavator till sampling, which included including 20 samples of 50 metric pounds, approximately 600 meters deep. The find yielded four diamond-bearing kimberlites. Bingo!
Kimberlites are likely to occur in fields, which commonly contain 30 or more separate kimberlites so it is likely there are more kimberlites to come.
This all shows strong possibilities.
The Wolf kimberlites are just the first discoveries in a more extensive cluster. Arctic Star tested the quality of the diamonds as well. They found one of the Wolves (White Wolf) especially exciting, yielding approximately 7 carats/T and 60% white stones (anything over 30% is good). A larger sample is needed for a more accurate result, but these random micro-tests are looking excellent.
On the capital market side, ADD.V closed at .085 cents on March 25th, an extremely fair price for a potential discovery of this calibre. Considering last week’s 27% increase mid-week, it seems that today’s sophisticated diamond investors are finally realizing the potential of this opportunity. If we were in the 1990s, when consumer confidence was high, this stock would surely have been around the $3 mark.
Also impressive is the impact on the stock market of a fully-paid property with a strong discovery potential. That means the mine is ready to pay out now. No debt overhang for the infrastructure, or years of exploring. Plus, of course, 100% owned property means 100% paid property and profits are the next step.
While these discoveries unfold, the stock is not going to stay at .085 cents for long. We may find that we’re not only sitting on a diamond mine, but also a golden stock.
Arctic Star’s discovery is just what the diamond industry needs to bring back investment confidence. Not only could we find amazing rare gems to bring to market, but the way is also open for the next world-class discovery to stimulate the diamond industry.
Thanks Buddy and Roy.
Disclaimer:
*Content found herein is not investment advice. This is a journalistic article and the author is not a registered securities advisor, and opinions expressed should not be considered as investment advice to buy or sell securities, but rather journalistic opinion only. Technical mining terms used by the writer may be used/expressed in simplified layman terms and should not be relied upon as appropriate for making investment decisions unless the reader contacts the company directly for independent verification. *Estimates of potential made by the mining analyst and journal(s) are non 43-101 and not from the Company.
—
Isabelle Arsenault
Media Relations
MomentumPR
- Published in Arctic Star Exploration, Diamond Discovery, Mining
CROP’s Tenant Hempire Acquires Interest in California Cannabis Distribution & Packaging Company with On Site Extraction
Momentum Public Relations
Press Release: March 22, 2019
CROP INFRASTRUCTURE CORP. (CSE: CROP) (OTC: CRXPF) (Frankfurt: 2FR) announced today that its Humboldt Holdings Tenant Hempire has acquired a 25% interest in a licensed distribution company, with on site non-volatile commercial cannabis manufacturing in California in return for purchasing additional required extraction equipment for the facility. As with all CROP tenant licencees the company’s subsidiary, in this case Humboldt Holdings, will have the right to acquire the licence interest should federal law change in favour of cannabis-THC.
This will allow the Evolution and Hempire to access turn-key equipment to process cannabis flower, cannabis trim and biomass into high-value distillate oil containing tetrahydrocannabinol (THC). The manufacturer will carry the cost of processing cannabis flower, cannabis trim and biomass, getting 40% of the resulting oil sales and CROP and its tenant 60%. The facility is capable of not only processing Hempire’s material but will also be utilized to bring in third party material for processing to develop further SKUS to be sold under the CROP brand portfolio.
CROP brands are expecting to have the 100,000 premium Moon Rock Cones to be ready for the market in short order, with the 50 liters of THC oil being extracted to fill the company’s vape cartridges under the Hempire, Evolution Cannabis and Tiff CBD brands.
Furthermore, the facility will act as the company’s packaging and distribution for all California operations outside of its previously announced distribution agreement giving the company brands exposure to hundreds of potential dispensaries and streamlining its manufacturing and sales process.
CROP CEO, Michael Yorke, stated: “This further vertically integrates CROP’s tenant Hempire in preparation for continued sales in the California market, this will streamline the manufacturing, packaging and distribution of the brands reducing touch points and thus profitability and logistics of production for the California farms.”
About CROP
Crop is publicly listed company trading under symbol CROP.CSE. The company is focused on cannabis branding and real estate assets. CROP’s portfolio of projects includes cultivation properties in California, two in Washington State, a 1,000-acre Nevada cannabis farm, 2,115 acres of Hemp CBD farms, and a growing portfolio of common share equity in upcoming listings within the cannabis space.
CROP has developed a portfolio of assets including Canna Drink, a cannabis infused functional beverage line and 16 Cannabis brands.
Company Contact
Michael Yorke – CEO and Director
E-mail: info@cropcorp.com
Website: www.cropcorp.com
Phone: (604) 484-4206
- Published in Cannabis, CROP Infrastructure, Marijuana, News Home
Arctic Star Announces Status of Private Placement and Grant of Stock Options
Momentum Public Relations
Press Release: March 21, 2019
Arctic Star Exploration Corp. (“Arctic Star” or the “Company”) announces that further to its News Releases of January 24, 2019, January 25, 2019, January 30, 2019 and March 11, 2019, that its Private Placement of $850,000 has been over-subscribed and the second tranche is anticipated to close in the next few days.
The Company previously closed a first tranche of the Private Placement whereby the Company issued 5,840,000 units (the “Units”) for aggregate gross proceeds of $292,000.
The terms of the Private Placement provide for the issuance of up to 17,000,000 Units at a price of $0.05 per Unit, for gross proceeds of up to $850,000. Each Unit is comprised of one common share in the capital of the Company (each, a “Share”) and one non-transferable share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder to purchase one additional Share in the capital of the Company (each, a “Warrant Share”) for a period of 24 months from the closing date at an exercise price of $0.08.
The Company intends to use the proceeds from the Private Placement for development of the Company’s Timantti Diamond project in Finland and for general working capital.
The Company also announces that it has granted an aggregate of 3,450,000 stock options to its directors, employees and consultants for the purchase of up to 3,450,000 common shares of the Company pursuant to its Stock Option Plan. Each option is exercisable for a period of 5 years at a price of $0.08 per common share.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR EXPLORATION CORP.
“Patrick Power”
Patrick Power, President & CEO
+1 (604) 218-8772
ppower@arcticstar.ca
- Published in Arctic Star Exploration, Mining, News Home
Step-Out Drill Hole Intercepts 201.4 g/t Au and 2,139 g/t Ag Over 1 meter at Cerro Blanco – 20 meters Outside of Current Resource Envelope
Momentum Public Relations
Press Release: March 21, 2019
Bluestone Resources Inc. (TSXV: BSR) (OTCQB: BBSRF) (“Bluestone” or the “Company”) is pleased to announce additional high-grade intercepts from the infill resource drill program at its Cerro Blanco Gold Project. The primary focus of the program is to upgrade Inferred Resources identified during the previous drill program completed in 2018. In addition, this program is designed to define new resources along known veins in the mine plan that extend outside of the current resource envelope.
The Cerro Blanco Feasibility Study (see press release January 29th, 2019) highlighted some 360,000 ounces of Inferred Resources that could be potentially converted to Measured and Indicated Resources through infill drilling. Two LM-75 diamond drill rigs are currently situated within the North Zone of the Cerro Blanco underground workings and are targeting key veins in the upper part of the Cerro Blanco resource.
David Cass, Bluestone’s Vice President of Exploration, stated, “Results from our drilling continue to validate our belief in the exploration and growth potential of Cerro Blanco. Of special note is that the 201 g/t Au high-grade assay intercepted in drill hole UGCB19-119 is approximately 20 meters outside the current resource model and is a good example of the potential to define additional resources by drill definition of the extensions to known veins, in addition to the conversion of the Inferred Resources. Additionally, new parallel structures not yet classified as in the above table and therefore not included in the current resource model represent further potential.”
Table 1. Significant Intercepts (this Press Release)
HOLE ID
|
FROM
|
TO
|
CORE INT.
|
TRUE WIDTH
|
Au g/t
|
Ag g/t
|
Vein ID
|
UGCB19-116
|
14.9
|
15.8
|
0.9
|
0.9
|
13.1
|
29
|
–
|
21.6
|
22.6
|
1.0
|
1.0
|
7.2
|
7
|
–
|
|
58.9
|
60.3
|
1.4
|
1.4
|
18.0
|
27
|
VN_02
|
|
UGCB19-117
|
44.1
|
44.7
|
0.6
|
0.6
|
4.8
|
21
|
VN_02
|
50.9
|
51.9
|
1.0
|
1.0
|
6.6
|
60
|
VN_03
|
|
UGCB19-118
|
45.3
|
48.8
|
3.5
|
3.5
|
8.5
|
7
|
–
|
79.0
|
80.0
|
1.0
|
1.0
|
5.6
|
11
|
VN_01
|
|
82.6
|
83.6
|
1.0
|
1.0
|
3.7
|
6
|
–
|
|
UGCB19-119
|
38.7
|
39.7
|
1.0
|
1.0
|
4.3
|
28
|
VN_02
|
42.7
|
45.1
|
2.4
|
2.4
|
86.1
|
963
|
VN_03
|
|
including
|
42.7
|
44.1
|
1.4
|
1.4
|
4.8
|
135
|
“
|
and
|
44.1
|
45.1
|
1.0
|
1.0
|
201.4
|
2,139
|
“
|
Notes: Intervals in bold are cited in the text of the news release. Hole coordinates and azimuth/dip information accompany the plan view attached to this release.
Drill holes UGCB18-116, 117 and 119 were all drilled at positive angles from Platform 04-N in the North Ramp to target veins VN_01, VN_02 and VN_03 in the upper parts of the Cerro Blanco deposit. Drill hole UGCB18-118 was drilled from Platform 01-N also within the North Ramp of the underground workings and designed to intercept VN_02 at depth, a primary vein with a total of 46,800 ounces in the Inferred Resource category as per the current resource estimate (154,500 tonnes grading 9.4 g/t Au).
Hole UGCB18-119 intercepted vein VN_03 as anticipated which assayed 86.1 g/t Au and 963 g/t Ag over 2.4 meters, which included a one-meter interval that assayed 201.4 g/t Au and 2,139 g/t Ag(229 g/t Au Eq.*, true width) representing some of the highest grades encountered in the infill drill program to date. At Cerro Blanco, exceptionally high grades are characteristically associated with fine colloform-banded quartz-adularia veins with silver sulphides as ginguro bands along with visible gold and electrum. Of special note is that this intercept is approximately 20 meters outside the current resource model and is a good example of the potential to add resources by drill definition of the extensions to known veins, in addition to the conversion of Inferred Resources. Additionally, new parallel structures not yet classified as in the above table and therefore not included in the current resource model represent further potential.
Drilling is ongoing and further results will be reported as received. A plan view showing drill hole locations, sections, and core photos can be accessed by clicking HERE.
*Gold Equivalent (AuEq) calculated via the formula: Au (g/t) + [Ag (g/t) / 78 and assumes 100% metal recoveries.
Quality Analysis and Quality Control
Assay results listed within this release were performed by Inspectorate Laboratories (“Inspectorate”), a division of Bureau Veritas, which are ISO 17025 accredited laboratories. Logging and sampling are undertaken on site at Cerro Blanco by Company personnel under a QA/QC protocol developed by Bluestone. Samples are transported in security-sealed bags to Inspectorate, Guatemala City, Guatemala, for sample preparation. Sample pulps are shipped to Inspectorate Laboratories in Vancouver, BC, Canada or Reno, NV, USA, and assayed using industry-standard assay techniques for gold and silver. Gold and silver were analyzed by a 30-gram charge with atomic absorption and/or gravimetric finish for values exceeding 5 g/t Au and 100 g/t Ag. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material, and replicate samples. Quality control is further assured by Bluestone’s QA/QC program, which involves the insertion of blind certified reference materials (standards) and field duplicates into the sample stream to independently assess analytical precision and accuracy of each batch of samples as they are received from the laboratory. A selection of samples is submitted to ALS Chemex Laboratories in Vancouver for check analysis and additional quality control.
Qualified Person
David Cass, P.Geo., Vice President Exploration, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 and has reviewed and verified that the technical information set out above in this news release is accurate and therefore approves this written disclosure of the technical information.
About Bluestone Resources
Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100%-owned Cerro Blanco Gold and Mita Geothermal projects located in Guatemala. A Feasibility Study on Cerro Blanco returned robust economics with a quick pay back. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration costs). The Company trades under the symbol “BSR” on the TSX Venture Exchange and “BBSRF” on the OTCQB.
On Behalf of Bluestone Resources Inc.
“Darren Klinck”
Darren Klinck | President, Chief Executive Officer & Director
For further information, please contact:
Bluestone Resources Inc.
Stephen Williams | VP Corporate Development & Investor Relations
Phone: +1 604 646 4534
info@bluestoneresources.ca
www.bluestoneresources.ca
- Published in Bluestone Resources, Mining, News Home
CROP Nevada Development Update
Momentum Public Relations
Press Release: March 20, 2019
CROP INFRASTRUCTURE CORP. (CSE: CROP) (OTC: CRXPF) (Frankfurt: 2FR) announced today the following updates on its Esmeralda County THC and Nye County CBD projects.
Esmeralda Cannabis THC
Trenching is underway with the first shipments of building blocks delivered on site for the construction of the 40-acre perimeter wall for the 2019 outdoor cannabis growing season.
Nye County Hemp CBD
The ground development for the 50,000 square feet of propagation greenhouses is underway and is expected to be completed within the next two weeks. The Micropropagation Team, on site, has begun tissue culturing for task of completing 4,500,000 hemp starters. The company has placed a deposit on 2,000,000 hemp farm bill compliant feminized seeds with delivery expected next month. Nutrients and highly composted fertile soils have been layered over the projects entire 1,350 acres of planned 2019 cultivation. The company also received additional licensing permissions to operate a hemp nursery.
Nevada Extraction
The company has been working with a PhD in Chemistry / Post-Doctorate in molecular pharmacology and biophysics and several engineers to scale CROP’s own solvent-free commercial scale extraction to handle the large amount of hemp biomass and cannabis forecast for the 2019 season. CROP has finalized designs and tender for a ~10 ton per 8-hour shift extraction equipment for its Nevada and Country wide labs.
CROP CEO, Michael Yorke, stated: “These updates represent major progress towards achieving our goal of what will be a very substantial Nevada operation, producing very large quantities of high value product.”
About CROP
Crop is publicly listed company trading under symbol CROP.CSE. The company is focused on cannabis branding and real estate assets. CROP’s portfolio of projects includes cultivation properties in California, two in Washington State, a 1,000-acre Nevada cannabis farm, 2,115 acres of Hemp CBD farms, and a growing portfolio of common share equity in upcoming listings within the cannabis space.
CROP has developed a portfolio of assets including Canna Drink, a cannabis infused functional beverage line and 16 Cannabis brands.
Company Contact
Michael Yorke – CEO and Director
E-mail: info@cropcorp.comWebsite: www.cropcorp.comPhone: (604) 484-4206
- Published in Cannabis, CROP Infrastructure, Marijuana, News Home
Nelligan: A Gold Project Full of Potential
Momentum Public Relations
Press Release: March 20, 2019
The management of Vanstar Mining Resources Inc. (« Vanstar ») provides a new update in the development of the Nelligan gold project, located in the area of Chapais-Chibougamau, Northern Quebec.
The winter 15,000-meter drilling program performed by our partner IAMGOLD Corporation is running its course with a total to date of 7,336 metres drilled over 21 completed drill holes and 2 in progress. The Company expects that 35 drill holes should be completed by the end of this winter program.
The current drill holes intersected large mineralized and silicified zones that correspond to the expected targets and the results from these drill holes combined with previous ones will allow us to produce an initial gold resource estimate of the Renard Zone.
Assay results will be released as soon as they are available
« We are very happy with the progression of the works so far. The summary description of the completed drill holes show for the most parts, that the targets were hit as expected. We remain confident to obtain more significant results within this vast hydrothermal gold system that will allow us to refine our first gold deposit model. » mentioned Mr. Guy Morissette, CEO of Vanstar.
Summary of holes targeting mainly the upper area of Renard Zone.
NE-19-100
This hole ended at 447.00m in a wacke unit hosting 3% of disseminated pyrite. The Renard Zone, that comprises several silicified and well mineralized areas (3-7% pyrite), was intersected on 76.70 m core length from 102.20 m.
NE-19-101
Ended at 300.00 m. This hole exposed wacke to mudrock units, interbedded with silicified intervals mostly from 48 to 66m & from 96 to 118 m.
NE-19-102
Completed at 375 m in a wacke unit. The Renard zone was intercepted at 74.85m and exposed wacke to mudrock units, interbedded with several well mineralized silicified intervals (5-15m).
NE-19-103
This hole ended at 280 m, intersected units of wacke interbedded with a major silicified area (Renard Zone) from 52.3 to 155.6 m hosting 3-7% pyrite.
NE-19-104
This hole ended at 330 m in a mudrock unit. It was targeting the upper area of Renard Zone close to the fault area. This hole intersected several strongly sheared and folded units associated with 1-5% pyrite. Silicified and well mineralized units are reported from 48 to 55.5 m and from 140.8 to 151 m.
NE-19-105
The Renard Zone is reported from 98 to 140 m, with silicified unit hosting 3-4% pyrite, interbedded with metric phlogopite areas from 101 to 102.2 m and from 133.5 m to 140 m. This hole ended at 252 m in a unit of wacke and mudrock.
NE-19-106
Completed at 225 m in a gabbro, a silicified area is reported from 40 to 51.1m (beginning of the hole), hosting 3-5% pyrite and associated to a strong weathering.
NE-19-107
This hole ended at 285.00 m in a wacke unit. Several strongly sheared areas are reported thus far, strongly fractured, hosting 1-3% pyrite – a major area of 8.2 m CNR is reported from 66.8 m.
NE-19-108
This hole ended at 330.00 m in a wacke unit. A wide interval from 42 to 214.20 m reported several well silicified units hosting 5% to 10% pyrite from 145.5 to 179.9 m, interbedded with 5-10m sedimentary units usually well mineralized and deformed.
NE-19-109
Ended at 177.00 m, this hole reported from 44.00 to 49.70m a silicified unit hosting 3% pyrite, then 127.30 m of wacke and mudrock units.
NE-19-110
This hole ended at 222.00 m in a mudrock unit. No silicified area is reported, only wacke and mudrock units are reported.
NE-19-111
An interval from 63.00 to 113.80 m reported several silicified units hosting 3-5% pyrite, interbedded with 5-10m wacke and mudrock units mineralized and deformed. This hole ended at 168.00 m in a mudrock unit.
NE-19-112
This hole ended at 174.00 m in a wacke-mudrock unit. The hole intersected from 47.70 to 55.90 m a silicified unit hosting 3% pyrite cut by 1m of CNR, then 118.10 m of wacke and mudrock units.
NE-19-113
This hole ended at 312.00 m. After several deformed and brecciated sedimentary unit, the hole reported from 95.50 to 143.40 m a silicified unit hosting 10% pyrite cut by 4.00m of mudrock unit. Then 58.80 m of phlogopite area hosting disseminated 1-3%Py reported just before a new silicified area.
NE-19-114
This hole ended at 552.00 m in a wacke unit. Two silicified area are reported from 239.00 to 255.70 m (hosting 5-10% Py) and from 309.70 at 390.10m (hosting 5-7%Py). Those two zones are interbedded with sedimentary unit, iron formation and breccia unit.
NE-19-115
Ended at 279.00 m, the hole reported several silicified units mainly from 125.00 to 165.70 m hosting 5-7% pyrite, interbedded with sedimentary units.
NE-19-116
This hole ended at 252.00 m. The hole reported several sedimentary and iron formation units. One silicified area is reported from 128.60 to 166.00 m hosting 5% pyrite.
NE-19-117
Completed at 402.00 m , this drill hole started in a strongly weathered unit, moderately mineralized, followed by wacke and mudrock units interbedded with some tectonic breccia occurences. The Renard Zone was intercepted from 209.85 to 279.70 with a strongly silicified unit (different kind of protolith) and the phlogopite zone at footwall.
NE-19-118
Ended at 372.00 m in a wacke, this hole started in a tectonic breccia followed with by a mylonite at 121.20 and a major silicified zone from 125.00 to 157.37 m. A second silicified unit was intercepted from 213.90 to 281.30 m, merging with the phlogopite zone and some dyke occurrences.
NE-19-119
This hole ended at 381.00 m. The hole started with magnetic mudrock interbedded with wacke and tectonic breccia units, moderately to strongly hematized. The Renard Zone was intercepted from 148.45 to 230.15 m with a silicified unit and the phlogopite zone at footwall.
NE-19-120
This hole ended at 552.00 m in an iron formation. It was targeting the extension west of Renard zone at the surface. The hole reported several sedimentary units (mudrock, wacke, conglomerate and iron formation). One silicified area is reported from 230.50 to 272.50 m hosting 7-10% disseminated pyrite.
NE-19-121
This hole ended at 300.00 m in a basalt unit. The Renard Zone was intercepted from 127.90 to 193.50m with a silicified unit and the phlogopite zone at footwall.
NE-19-122 and NE-19-123
These holes are under progress.
Miron Block
Our partner IAMGOLD Corporation also completed an aerial geophysics survey on the east part of the property (Miron Block). This block that was integrated to the Nelligan project has been covered by an heli-borne High Resolution magnetic survey carried out by Geo Data Solutions. The results are of high quality. ( see attached map )
IMG- VSR Agreement
According to the 2018 amended agreement, IAMGOLD Corporation can acquire a 75 % interest in the Nelligan project in exchange for providing a 43-101 resource estimate and cash payments for a total of $2,750,000 comprising of 3 annual payments of $400,000 and a residual payment of $1,550,000 on or before 2022. IMG can also acquire an additional 5% interest by delivering a feasibility study. Vanstar would then own a non-contributary 20 % undivided interest (Net Carried Interest), despite the sums to be invested in an eventual production phase.
When a production decision is achieved, IAMGOLD Corporation (IMG) would pay for all the expenses required to complete this ultimate phase. Although, Vanstar would have to participate, prorated to its auto-generated revenues from the Nelligan project, to the reimbursement of the portion of the production phase cost relative to its undivided 20 % interest in the project. In addition, Vanstar owns a 1% NSR royalty on some mining cells that are part of the main gold showings. This royalty was acquired from the original owners.
Also, if Vanstar would sell its 20 % undivided interest to IMG in exchange for an offer based on 2 independent evaluations, Vanstar would obtain, in addition of the sale proceeds of its 20% interest, a 1.5 % NSR royalty on the whole property and a 2.5% NSR royalty for the portion from the original owners.
Vanstar has also received from its partner IAMGOLD a cash payment of $400,000 earlier this month, as part of the 2018 agreement. Since January 1st, 2019, stock options were exercised for proceeds of $104,240 and warrants were exercised for proceeds of $172,500 for Vanstar. The company has more than $2,600,000 in cash.
As part of its operations, the company continues to evaluate different projects and opportunities to improve shareholder value.
This press release was read and approved by Gilles Laverdière, Vanstar’s Geologist and Qualified Person under NI-43-101.
Forward Looking Statement
This news release contains forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding expected, estimated or planned gold production, cash costs, margin expansion, capital expenditures and exploration expenditures and statements regarding the estimation of mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “to earn”, “to have’, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to meet expected, estimated or planned gold production, cash costs, margin expansion, capital expenditures and exploration expenditures and failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company’s expectations, changes in world gold markets and other risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
Neither 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 IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
Source :
Guy Morissette
CEO Vanstar Mining Resources Inc.
gmvanstar@gmail.com
819-763-5096
www.vanstarmining.com
The map associated with this press release is available at the following address:
http://ml.globenewswire.com/Resource/Download/a817d935-7a7f-47f1-821c-437661e2fed1
- Published in Mining, News Home, Vanstar Mining
Bluestone Closes Upsized $22 Million Bought Deal Financing
Momentum Public Relations
Press Release: March 19, 2019
Bluestone Resources Inc. (TSXV: BSR) (OTCQB: BBSRF) (“Bluestone” or the “Company”) is pleased to announce that that it has closed its previously announced increased bought deal financing (the “Offering”). The Offering was comprised of 12,800,000 units of the Company (the “Units”) at C$1.25 per Unit as well as an over-allotment of 5,141,321 Units for total gross proceeds of C$22,426,651.
Each Unit consisted of one common share of the Company (each, a “Share”) and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant entitles the holder to acquire one Share for 24 months from the closing of the Offering at a price of C$1.65.
The Units issued pursuant to the Offering are subject to a statutory hold period in Canada expiring on July 20, 2019.
The Company plans to use the net proceeds from the Offering towards advancing the Company’s Cerro Blanco Gold project and for general corporate purposes.
The Offering was made through a syndicate of underwriters led by Cormark Securities Inc. and included Haywood Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., Macquarie Capital Markets Canada Ltd., National Bank Financial Inc., and PI Financial Corp. (collectively, the “Underwriters”). The Corporation paid to the Underwriters a cash commission equal to 6.0% of the aggregate gross proceeds of the Offering and a reduced a cash commission of 3.0% on Units sold to certain insiders of the Company (collectively, the “Underwriting Fee”). The Company paid no Underwriting Fee to the Underwriters on orders from certain retail groups designated by the Company.
Insiders of the Company purchased an aggregate of 6,164,221 Units pursuant to the Offering. Zebra Holdings and Investments S.à.r.l (“Zebra”), CD Capital Natural Resources Fund III LP (“CD”) and Lorito Holdings S.à.r.l (“Lorito” and together with Zebra and CD, the “Significant Shareholders”), held 23.70%, 16.71% and 12.53%, respectively, of the issued and outstanding common shares in the capital of the Company, on a non-diluted basis, prior to the closing of the Offering. Pursuant to the Offering, Zebra subscribed for 2,845,262 Shares, CD subscribed for 1,320,000 Shares and Lorito subscribed for 1,503,959 Shares. Following completion of the Offering, Zebra, CD and Lorito hold 17,976,262, 11,986,333 and 9,501,959 Shares, respectively, representing 21.98%, 14.65% and 11.62%, respectively, of the issued and outstanding Shares. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) contained in sections 5.5(b) and 5.7(a) of MI 61-101 in respect of such insider participation. The Company did not file a material change report 21 days prior to closing of the Offering as the participation of insiders of the Company in the Offering had not been confirmed at that time.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the Unites States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
About Bluestone Resources
Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100%-owned Cerro Blanco Gold and Mita Geothermal projects located in Guatemala. A Feasibility Study on Cerro Blanco returned robust economics with a quick pay back. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration costs). The Company trades under the symbol “BSR” on the TSX Venture Exchange and “BBSRF” on the OTCQB.
On Behalf of Bluestone Resources Inc.
“Darren Klinck“
Darren Klinck | President, Chief Executive Officer & Director
For further information, please contact:
Bluestone Resources Inc.
Stephen Williams | VP Corporate Development & Investor Relations
Phone: +1 604 646 4534
info@bluestoneresources.ca
www.bluestoneresources.ca
- Published in Bluestone Resources, Mining, News Home