Auramex Resource Corp Georgie River Gold-Silver Project Key to Long Term Value
MONTREAL, QUEBEC – MomentumPR ‘s client Auramex Resource Corp. , is listed on the TSX Venture exchange under the symbol: AUX . (TSXV:AUX)
Momentum PR is pleased to have produced an informative and comprehensive report on Auramex Resources Corp o ration, available here – Auramex Resource Corp. Momentum Report .
Auramex Resource Corp. Highlights
- Auramex’ flagship project includes the historic Georgia River Mine, a high-grade gold mine 100% owned by Auramex.
- The high-grade deposit at the Mine, outlined by drilling and past production, confirms the presence of gold in this extremely large hydrothermal system.
- Drilling from 1978 to 2003 was primarily aimed at the area around the past production. Drilling encountered highly encouraging gold values along 400 metres of strike length and throughout the 100 metres of vertical extent probed by the drilling.
- Dr. Metcalfe (who is now Auramex Director and VP Exploration) confirmed the presence of Early Jurassic magmatic intrusions near the mine. Intrusions of that age are closely associated with many large gold deposits in the Golden Triangle.
- Information compiled by Auramex provides compelling evidence of a large gold-bearing geological system.
- Fieldwork by Auramex confirmed the presence of alteration, mineralization and strongly anomalous gold values in other areas of the property as well.
- Other projects for Auramex include American Creek, Bear Pass, Lower Bear and Tide North Project. Auramex has rigorously assembled properties previously explored piecemeal by various operators over the past century.
Auramex Resource Corp (TSXV:AUX) is a Canadian gold junior that creates shareholder value by applying its extensive geological expertise in the quest for large-scale gold discoveries. Advanced scientific work now underway is refining targets for a drill program intended to probe beneath the past-producing high-grade gold mine in the hunt for a multi-million oz. deposit. Georgia River Mine, the Auremex flagship project, is situated in an area known for million-ounce gold deposits; the Golden Triangle. Geological advances and infrastructure developments are turning the under-explored region into what investment analysts describe as the “centre of a new Canadian gold rush”. Georgia Mine, discovered in 1910, faced the challenges of difficult access at that time, as well as limits to the processing technology and was abandoned in 1939. The property laid dormant until the late 1970s. Drilling from 1978 to 2003 was primarily aimed at the area around the past production. Most of the work was conducted by juniors with the intent of re-starting the old mine. The minimal work conducted outside of the mine area found encouraging signs of a larger system, but there was no follow-up until the property was acquired by Auramex.
The geophysics outlined a large VTEM anomaly, interpreted as a conductive zone oriented along a southwest-dipping fault. Gold values in excess of a gram per tonne have been identified over an area in excess of a square kilometer largely co-incident with the geophysical anomaly.
The information compiled by Auramex provides compelling evidence of a large gold-bearing geological system of which the old mine is one small part. The work now underway is aimed at identifying concentrations of gold within that system outside of the known gold-bearing zone at surface.
Considering all 5 of Auramex’s projects, the primary focus now is to advance geological understanding. Auramex’ primary goal is to fund exploration at Georgia River and to seek joint venture funding for its other projects. The larger mining companies are interested in the Golden Triangle and looking for access to large blocks with well-defined geological targets.
Momentum PR is pleased to have produced an informative and comprehensive report on Rio Silver Inc., available here – Auramex Resource Corp. Momentum Report
If you would like more information on Auramex Resource please visit; www.auramex.com/
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About Momentum PR
Momentum PR is a cutting-edge public and investor relations consulting agency, representing companies within the Canadian investment community. Since 2009, Momentum PR has been servicing small and mid-cap Canadian-listed public companies, seeking to increase their exposure across North America. The focus at Momentum PR is on building and driving brand awareness. Momentum PR cultivates new audiences in the media and investment communities by proactively engaging interested parties on behalf of client companies, through online and offline channels.
Disclaimer: “All editorial content contained herein is solely the responsibility of Momentum PR and does not reflect, in any way, the opinions of TheNewswire.ca Inc., its partner newswires and / or associated news services.”
San Marco Completes Phase 1 Drilling at Buck Property, Central BC
2020-04-08 07:30 ET – News Release
Vancouver, British Columbia–(Newsfile Corp. – April 8, 2020) – San Marco Resources Inc. (TSXV: SMN) (“San Marco”) is pleased to announce that the previously announced Phase I diamond drilling program (March 17, 2020) has been completed at its 100% optioned gold/silver/zinc Buck property in north-central B.C.
The 1,806 metre drill program was centered in an area of historic mineralization and consisted of a total of five holes, with three collared in the Horseshoe Zone and two approximately 300 metres to the northwest in the Adit Zone (see Figure 1).
Highlights of the Phase I drill program include:
- All five holes intersected mineralization from surface.
- Three of the five holes intersected mineralization to depths in excess of 400 metres, which is approximately 150 metres below historic drilling depths.
- Mineralization is hosted in highly altered and fractured volcanic breccias as disseminations, veins/veinlets, and mineralized fractures.
- Initial logging suggests a large, highly altered gold/silver/zinc volcanic breccia system, open in all directions.
Drill hole locations are set out below in Table 1.
Hole ID | Easting | Northing | Azimuth | Dip | Length (m) |
BK20-001 | 654649 | 6019613 | 45o | -55o | 467 |
BK20-002 | 654625 | 6019637 | 30o | -55o | 431 |
BK20-003 | 654596 | 6019937 | 225o | -45o | 164 |
BK20-004 | 654593 | 6019934 | 180o | -65o | 296 |
BK20-005 | 654824 | 6019867 | 215o | -50o | 448 |
Total Length (m) | 1806 |
Table 1. Phase I Drill Hole Locations at the Buck Property
The drill core samples are being processed by ALS Chemex in North Vancouver and results will be announced when available.
San Marco’s Executive Director, Bob Willis, commented “We are very excited to have completed our initial drill program at Buck. We look forward to analyzing the results and receiving assays, which will help guide planning of Phase II exploration. I thank the entire team for diligently completing this drill program ahead of schedule and on budget. During this time of COVID-19 awareness, I especially thank the front-line team of Coast Mountain Geological and JT Thomas Drilling, who operated under strict COVID-19 protocols and completed the program in a safe and healthy manner.”
Industry best practices were used for defining a QA/QC program where 5% of the sampling stream was controlled by industry recognized certified reference material (CRM’s) and blanks. When necessary, an additional 5% of QA/QC in the form of pulp and coarse reject duplicates were selected for laboratory verification. The drill core was mapped and logged in detail by geologists utilizing a logging approach designed by senior technical managers.
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada and Mexico.
The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region that includes many former and current operating mines. In addition, the Company’s portfolio includes the several prospective, early stage exploration properties in Mexico.
San Marco is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.
For further information, contact:
Sharyn Alexander, M.Sc.
VP Technical Services
Nancy Curry
Corporate Communications
info@sanmarcocorp.com
www.sanmarcocorp.com
National Instrument 43-101 Disclosure
This news release has been approved by San Marco’s Executive Director, Robert D. Willis, P. Eng. a “Qualified Person” as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. He has verified the data disclosed, including sampling, analytical and test data, underlying such technical information by reviewing the data and reports from previous exploration of the property which he believes to be accurate and were provided to San Marco by the optionors.
Forward Looking Information
Information set forth in this document may include forward-looking statements. While these statements reflect management’s current plans, projections and intents, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of San Marco Resources Inc. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements. San Marco’s actual results, programs, activities and financial position could differ materially from those expressed in or implied by these forward-looking statements.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54236
- Published in Gold, Mining, News Home, San Marco Resources
VANSTAR ANNOUNCES A TEMPORARY STOP OF THE DRILLING WORK PROGRAM ON NELLIGAN
According to the new directives issued by the Ministere de la Sante et des Services Sociaux (MSSS) of Quebec province, Vanstar Mining Resources Inc.’s partner, Iamgold Corp., has temporarily stopped the diamond drilling work in progress on the Nelligan project, located in the Chapais-Chibougamau region, in northern Quebec.
The work should resume as soon as the situation related to the COVID-19 will be in better control and safer for the workers.
Approximately 5,000 metres were completed before the work stopped. As laboratories are also affected by this mandatory shutdown, the results should take longer than usual.
The company continues to evaluate other gold projects it plans to add to its portfolio, however. It should be noted that current events can also bring certain opportunities for acquiring gold projects at a lower cost.
“This unfortunate and terrible situation can bring its share of unhappiness without warning. It is therefore strongly recommended that everyone avoid as much contact as possible which could spread this virus. We are very sorry for these circumstances and hope that everything will be back to normal as soon as possible,” mentioned the company’s chief executive officer, Guy Morissette.
This press release was read and approved by Gilles Laverdiere, consulting geologist and qualified person according to the National Instrument 43-101 Canadian standard. Manage Your Subscription
- Published in Gold, Mining, News Home, Vanstar Mining
CRYSTAL LAKE MINING APPOINTS NEW DIRECTOR AND CORPORATE SECRETARY
Crystal Lake Mining Corp.(TSXV:CLM) has appointed David Watkins to the board of directors for the company and Natasha Chapman as corporate secretary.
“On behalf of the Crystal Lake Team, I would like to welcome David to the Board of Directors. David has dedicated over 45 years to his career within our industry, having been a part of over a dozen projects from discovery to economic production in a wide range of commodities and deposit types located throughout the world. There are few individuals in the mining industry with the experience and success that David has. His strong technical background, management expertise, and proven business track record will be an asset in our development of the Company’s flagship Newmont Lake Project in the heart of Northwestern British Columbia’s famed Golden Triangle.” commented Cole Evans, Crystal Lake’s CEO.
Furthermore, the Company is announcing the resignation of Mr. Alphonse Ruggiero from Crystal Lake Mining’s Board of Directors effective March 21st, 2020. The Company would like to thank Mr. Ruggiero for his tenure with the Company and success in his future endeavors.
David Watkins Appointed a Director of the Board
Mr. Watkins is an international mining executive and trained geologist with over 45 years of experience building and managing mining companies. His work throughout the world has resulted in the discovery, development and operation of 15 successful precious and base metal mines throughout North and South America, Australia, and Africa.
Mr. Watkins started his career with Newmont Mining and Noranda as an Exploration Geologist working in Canada, Australia, Mexico, and Ecuador. He became Chief Geologist for mining and exploration at Falconbridge Copper in 1977. By 1986, he was Vice President Exploration of Falconbridge Copper, and later President of Minnova Inc., the successor company to Falconbridge Copper until it’s acquisition by Inmet Mining in 1993. During his tenure Mr. Watkins and his team discovered and built a number of mines that resulted in five operating divisions producing gold, silver, copper, and zinc.From 1993 to 1999, Mr. Watkins served as the Senior Vice President, Exploration for Cyprus Amax Minerals until it’s $1.8 billion purchase by Phelps Dodge, a company later acquired by Freeport-McMoRan to form the world’s largest publicly traded copper company. During Mr. Watkins tenure the company produced copper, gold, molybdenum, lithium, and coal.
From 2000 to 2011, Mr. Watkins served as Chairman and CEO of Atna Resources, a company engaged in exploration, development, and production of gold projects in the Americas. He continued as Chairman from 2011 to 2016.
Mr. Watkins currently serves as Director of Euro Ressources S.A. | Gold Royalties (95% owned IAMGOLD France S.A.S.), Golden Minerals Co., and Commander Resources.
Mr. Watkins graduated with a M.Sc. in Geology from Carleton University in 1970, a B.A. in Geology from Queen’s University in 1967, and is a graduate of the Executive Business Program at the University of Western Ontario. Mr. Watkins is a member of the Canadian Institute of Mining and Metallurgy, Geological Association of Canada, Geological Society of Nevada, and Prospectors and Developers Association of Canada.
This appointment is subject to a TSX Venture Exchange approval.
Natasha Chapman Appointed Corporate Secretary
Ms. Chapman holds a B.A. from Carleton University in Ottawa in 2007 as well as a Project Management Certification from Universite St. Paul in Ottawa. Previously, Natasha held a position within the Policy division of a Crown Corporation in the Nunavut Territory, which provided her an unparalleled experience at the Board level to Corporate Governance.
Natasha replaced Kristine Frost who resigned from the Company effective February 4th, 2020.
About Crystal Lake Mining
Crystal Lake Mining is a junior Canadian mining exploration company focused on exploration and development of it’s 551 km2 Newmont Lake Property in the Golden Triangle of northwest British Columbia, Canada. The Company has an option to earn a 100% interest in the Newmont Lake Project, which is one of the largest land packages in the broader Eskay Creek region of Northwest British Columbia’s Golden Triangle.
We seek Safe Harbor.
- Published in Crystal Lake Mining, Gold, Mining, News Home
Northern Lights Resources (CSE:NLR) Growth Metrics Edge Higher After Secret Pass Gold Project Purchase
MONTREAL, QUEBEC – MomentumPR‘s client Northern Lights Resources Corporation, is listed on the CSE exchange under the symbol: NLR(CSE:NLR).
Momentum PR is pleased to have produced an informative and comprehensive report on Northern Lights Resources, available here – Northern Lights Resources Corporation Investor Report.
Northern Lights Resources Corporation Highlights
- Northern Lights Resources has two prospective mining projects that continue to affirm long-term growth prospects; Secret Pass Gold Project in Arizona and Medicine Springs Silver/Lead/Zinc project in Nevada.
- Secret Pass Gold Project is a former gold producing property, 100% owned by NLR with no royalties payable from future production.
- The prospective gold project stands out in part because it features two major fault systems with numerous gold deposits showing. – NLR is progressing with an exploration plan that includes an aeromagnetic survey and an updated NI43-101 project report for the historic Tin Cup open-pit resource area. Tin Cup offers near-term production opportunities and the potential to host high-grade, shallow underground and open pit gold targets.
- Medicine Spring Project is targeting a large scale, high-grade, silver-lead-zinc carbonate replacement sulphide deposit.
- 123 shallow holes were completed to an average depth of only 43 meters. Notable intersections from the historical drilling includes 18% zinc and 36 g/t Ag over 5m and 7% Zn, 4% Pb, and 114 g/t Ag over 8m. – Exploration results defined a strong NE trending lead-zinc-silver soil anomaly that extends >2000 metres in length and 350-500 meters in width that is planned for drilling in 2020.
Northern Lights Resources Corp. (CSE:NLR) is a growth-oriented company committed to increased shareholder value through exploration and development of high-quality resource projects.
Secret Pass located in Mojave County, Arizona just 15 km north of the historic Oatman gold mining district is a region that produced 2 million ounces of gold 1892-1940. The project area’s excellent advantages include power, water, a skilled labor pool, plus epithermal gold mineralization, hosted by steeply dipping regional fault systems. Past exploration drilling completed in 1984-1991 intersected significant high-grade gold mineralization in the Tin Cup Gold Zone, with gold assays ranging as high as 40g/t.
The Medicine Springs property located in Elko County, Nevada is a previous producer with an extensive drilling prospective for high-grade oxide and sulphide silver, zinc and lead mineralization. Northern Lights is earning 100% equity interest in the project.
Backed by an experienced management team, Northern Lights Resources is on its way to becoming a highly valued exploration company in terms of value generation supported by two highly prospective mining projects.
Momentum PR is pleased to have produced an informative and comprehensive report on Northern Lights Resources, available here – Northern Lights Resources Investor Report
If you would like more information on Northern Lights Resource; https://www.northernlightsresources.com/
Momentum PR
+1.450.332.6939 | info@momentumpr.com | https://momentumpr.com/
Investor Inquiries
Mark Turcotte, Senior Client Manager | mark@momentumpr.com
Media Relations
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About Momentum PR
Momentum PR is a cutting-edge public and investor relations consulting agency, representing companies within the Canadian investment community. Since 2009, Momentum PR has been servicing small and mid-cap Canadian-listed public companies, seeking to increase their exposure across North America. The focus at Momentum PR is on building and driving brand awareness. Momentum PR cultivates new audiences in the media and investment communities by proactively engaging interested parties on behalf of client companies, through online and offline channels.
- Published in Gold, Mining, News Home, Northern Lights Resources
Colibri Resource’s Evelyn Gold Project is Gathering Major Attention as Significant New Discovery Potential
MomentumPR‘s client Colibri Resource Corporation, is listed on the TSX Venture exchange under the symbol: CBI(TSXV:CBI) (OTC:CRUCF).
Momentum PR is pleased to have produced an informative and comprehensive report on Colibri Resource Corporation, available here – Momentum Report – Colibri Resource.
Colibri Resource Corporation Highlights
- The company currently has five promising exploration properties at various stages of exploration in the Sonora Gold Belt. The Evelyn Project is the Colibri flagship exploration project located in northern Sonora.
- The state’s mineral-rich area is home to miners such as Fresnillo – Mexico’s largest gold producer and the world’s leading silver producer.
- The El Mezquite 180-hectare site has the potential to host low grade/large tonnage deposits with high sulphidation mineralization. Of 321 rock chip samples, 42 showed high values of >0.10 g/t Au and up to 3.41 g/t Au & 198 g/t Ag.
- Pitaya is located on the Caborca Orogenic Belt in northwest Sonora, an area known for its gold-rich quartz veins. Exploration just two kilometres east at Fresnillo’s Tajitos Project has identified a minimum of 400K Oz.
- Colibri has received the required drilling permits and recently contracted Major Drilling for its maiden drilling program at its Evelyn gold project located 60 kilometres northwest of Caborca, Mexico. The drilling may commence as early as next week.
Colibri Resource Corp. (CBI:TSXV) is a Canadian junior formed explicitly “to acquire and explore historical mining districts in Mexico.” Colibri’s five Sonora properties are located in or near a free-trade zone, which facilitates cross-border movement and general business. The properties enjoy ease of access, well-developed infrastructure, an available pool of skilled labour and a large degree of common logistics, owing to the sites’ relative proximity to each other.
The Evelyn Project considered a significant new discovery opportunity, enjoys open pit potential and contains free gold in oxide ore type, with orogenic mineralization. Buoyed by the gold project’s prospects, the Canadian mining company recently engaged the services of Major Drilling for its eminent drilling program.
The mapping study and drilling program comes by virtue of a localized chip sampling survey in which the samples returned as high as 4.81g/t AU and 4.19 g/t Au in an area with high levels of iron oxide staining. A sampling of the main zone returned 43.1 g/t Au, in sample values, early last ear.
Colibri optioning its Pillar and selling its Pitaya gold properties should help minimize stock dilution while also help accelerate their development. The sale of non-core properties should also allow the company to get the much-needed financing to advance their other highly prospective gold projects while, for now, wisely financing Evelyn and El Mezquite Gold Projects and upholding shareholder value.
The Evelyn project is set to be one of the key drivers propelling the company’s underlying value in part because it is one of the last claims of land not held by a major producer in the area and financing is being generated internally rather than through stock dilution. In fact, Mexico’s largest gold mining company dominates the area by holding upwards of 300,000 hectares of claims around the Evelyn property. Steady news is expected from the Company for the foreseeable future as advancements are made and milestones achieved.
Momentum PR is pleased to have produced an informative and comprehensive report on Colibri Resource Corporation, available here – Momentum Report – Colibri Resource
If you would like more information on Colibri Resource; www.colibriresource.com
Momentum PR
+1.450.332.6939 | info@momentumpr.com | https://momentumpr.com/
Investor Inquiries
Mark Turcotte, Senior Client Manager | mark@momentumpr.com
Media Relations
Isabelle Arsenault, Media Relations | isabelle@momentumpr.com
About Momentum PR
Momentum PRis a cutting-edge public and investor relations consulting agency, representing companies within the Canadian investment community. Since 2009, Momentum PR has been servicing small and mid-cap Canadian-listed public companies, seeking to increase their exposure across North America. The focus at Momentum PR is on building and driving brand awareness. Momentum PR cultivates new audiences in the media and investment communities by proactively engaging interested parties on behalf of client companies, through online and offline channels.
Disclaimer:”All editorial content contained herein is solely the responsibility of Momentum PR and does not reflect, in any way, the opinions of TheNewswire.ca Inc., its partner newswires and / or associated news services.”
Copyright (c) 2020 TheNewswire – All rights reserved.
- Published in Colibri Resource Corp, Gold, Mining, News Home
SAN MARCO BEGINS DRILLING AT BUCK PROPERTY, CENTRAL BC
Vancouver, B.C. – March 17, 2020: San Marco Resources Inc. (TSX-V: SMN) (“San Marco” or the “Company”) is pleased to announce that it has commenced drilling at its 100% optioned gold/silver/zinc Buck property in north central B.C.
Highlights of the fully-funded Phase I drill program include:
- Up to 2,000 metres of HQ diamond drilling
- Investigate potential depth extensions of known mineralized zones
- Step-out drilling in areas of potential new discoveries
- Step-out drilling in areas of potential new discoveries
- Confirm bulk tonnage potential as well as zones of high grade mineralization
Since very little drill core from historical drilling is available for review, this initial drill program will provide fresh drill core for detailed logging and support of what appears to be a large, highly altered gold/silver/zinc breccia system. San Marco’s Vice President of Technical Services, Sharyn Alexander, commented “We are very excited to begin drilling at our Buck property. We have a strong technical team with years of combined experience, and we are eager to test some very interesting targets outlined during our data compilation and review. Data to date indicates the Buck property hosts large areas of surface and near surface mineralization and it is anticipated that the current drilling will confirm this and give indications of depth potential.
The Buck property is thought to be structurally complex, such that the Company has retained Chris Gallagher of Rogue Geoscience, who specializes in 3D geologic and structural modeling, oriented core procedures and integration of field portable analyzers. The drill program is being conducted under the supervision of Coast Mountain Geological Ltd, mineral exploration consultants, of Vancouver B.C. Local operator J.T. Thomas of Smithers, B.C., is carrying out the drilling.
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada and Mexico. The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region that includes many former and current operating mines. In addition, the Company’s portfolio includes the several prospective, early stage exploration properties in Mexico. San Marco is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.
For further information, contact:
Robert Willis, P. Eng. | Executive Director
Sharyn Alexander, M.Sc. | VP Technical Services
info@sanmarcocorp.com
National Instrument 43-101 Disclosure
This news release has been approved by San Marco’s Executive Director, Robert D. Willis, P. Eng. a “Qualified Person” as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. He has verified the data disclosed, including sampling, analytical and test data, underlying such technical information by reviewing the data and reports from previous exploration of the property which he believes to be accurate and were provided to San Marco by the optionors.
Forward Looking Information
Information set forth in this document may include forward-looking statements. While these statements reflect management’s current plans, projections and intents, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of San Marco Resources Inc. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements. San Marco’s actual results, programs, activities and financial position could differ materially from those expressed in or implied by these forward-looking statements.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
- Published in Gold, Mining, News Home, San Marco Resources
RIO SILVER ANNOUNCES CLOSE OF PRIVATE PLACEMENT
Rio Silver Inc. has closed the first tranche of its previously announced non-brokered private placement for gross proceeds of $264,400.
Upon the completion of the first tranche of the financing, the company issued 5,288,000 units at a price of five cents per unit. Each unit consists of one common share and one transferable share purchase warrant. Each whole warrant is exercisable into one additional common share of the company at a price of 10 cents per share until March 11, 2022.
The company paid finders’ fees of $4,000 in cash and issued 80,000 broker warrants, with each such broker warrant entitling the holder thereof to acquire one common share of the company at a price of 10 cents per share until March 11, 2022.
Proceeds from the financing will be used to advance the company’s Ninobamba silver and gold project in Peru by regaining social licence within the local district, for working capital, and to explore potential precious metal projects in Peru that offer near-term revenue potential and other working capital purposes.
The securities issued under the financing will be subject to a statutory hold until July 11, 2020.
About Rio Silver Inc.
Rio Silver is a Canadian-based resource company with a mandate to acquire, explore and develop precious metal deposits in the Americas. Rio Silver’s experienced Peruvian exploration team is instrumental in planning and conducting the work program at its 100-per-cent-owned flagship property, Ninobamba in Peru. Management continues to add shareholder value through effective and efficient exploration, strategic property acquisitions, and sound financial management.
- Published in Gold, Mining, News Home, Rio Silver
British Columbia Golden Triangle Gold/Silver Rush: Stocks To Watch
British Columbia Golden Triangle is home to one of the world’s largest gold/silver mines in the world. Located in Western Canada along the British Columbia and Alberta border, the Golden Triangle first gained prominence in 1988 with the discovery of the Eskay Creek, which has turned out to be one of the most mineralized areas in the world.
After being deserted for decades, the Golden Triangle is yet again buzzing with exploration and mining activities thanks to geological and economic changes that have come to play in recent years. The Golden Triangle is once again a hotbed for exploration activities having emerged as the new Canadian gold rush epicenter. Researchers believe that gold endowment at the golden triangle could equal that of Nevada’s Golden Trend believed to be the host of the largest accumulation of gold in the Western Hemisphere.
The current rush is attributed to the fact that the Golden Triangle has the potential to host some of the world’s most profitable deposits made up of high-grade gold as well as silver veins. Mining companies have also discovered large scale porphyries as well as volcanogenic sulfide also known for possible large-scale gold deposits.
In light of the price of gold surging to a six-year high alongside signs of an edging silver hike, the Golden Triangle is looking highly attractive to gold investors. With more than 130 million ounces of gold and 800 million ounces of silver, as well as 40 million pounds of copper discovered, now may be the best time for mining companies to pump money into the highly mineralized area.
Exploration in the Golden Triangle is also cost effective thanks to new infrastructure made up of roads as well as shipping facilities and electricity generation. Likewise, the golden triangle has a connection to a high voltage line that continues to provide a reliable source of energy for mining operations. The new geological model, as well as first nation relationships, has also opened the door for mining companies to explore the area.
Stocks To Watch
Crystal Lake Mining Corp (TSX.V: CLM) is one of the companies that are conducting meaningful exploration and mining activities at the British Columbia Golden Triangle. The company owns significant prospective land in the triangle totaling 436 square kilometers as part of its Newmont Lake Project, mostly in and around the Eskay region.
The Newmont Lake project has already exhibited solid potential affirming Crystal Lake’s position as one of the elite players in the Golden Triangle. The company’s geologist has already discovered a copper-rich porphyry system that has the potential to generate significant returns when fully mined. Backed by a solid balance sheet, the company remains well-positioned to bring the Newmont project to fruition and generate significant returns for shareholders.
Auramex Resource Corp. (TSX.V: AUX) is another Canadian exploration and mining company sending shockwaves in the Golden Triangle. The company owns a 6,400-hectare property located on Highway 37A at the Stewart camp. Modern explorers have overlooked this region choosing to focus further north uncovering mines such as Brucejack, producing nearly 400,000 oz of gold per year. Also, Premier Mine, approximately 29km north/west of Stewart, is also known to be one of the most important mines in BC.
Consequently, the company has consolidated a significant land position on which it plans to deploy its geological expertise in the quest for large mineral discoveries.
Some of the properties that the company has acquired have a well-documented historic production with solid evidence of gold/silver mineralization.
- Published in Auramex, Crystal Lake Mining, Gold, Mining, News Home
GOLD DEPOSITS: in search of the Motherlode
Gold is one of the most valuable, rare and sought-after elements on Earth. Finding it is certainly a very challenging task, yet, there are always clues that lead the careful expert to the mother lode. To simplify things, geologists have drawn lines to categorize the various types of gold deposits. This classification is based on many aspects of the deposit, from the processes that formed it, to the type of minerals it bears, and helps anticipate where such a deposit could be found. Globally, the richest regions in gold, are N. America, S. Africa and Australia.
Broadly, gold deposits are divided into Primary and Secondary deposits. Primary, or hard-rock deposits, are concentrations of gold, in various forms, occurring within the bedrock. They are further divided into categories according to the geological events (or model) that produced them. Secondary, or placer deposits, are created when bedrock deposits are eroded: their material is carried by water and redeposited.
Some of the major and most economically significant gold deposits can be summed up in these categories:
Genesis, Geology and Gold
Primary Deposits
Orogenic deposits are associated with the geological process of mountain formation and its accompanying metamorphic rocks, known as greenstones and meta-sediments. Gold is mainly found in dykes and veins, or lodes, the richest of which are the “motherlodes”. Also, typical to this is usually metallic gold more than 90% pure. Mining them often requires precision and multiple access paths to follow the vein and dyke structures. The beloved Scrooge McDuck made his fortune in the orogenic deposits of the Klondike district back in the early 20th century. Today it is estimated that this type accounts for 70% of the global production, with mines such as the Gold Fields’ (JSE: GFI, NYSE: GFI) Victory-Defiance in Australia, El Dorado Gold’s (TSE: ELD) Sigma-Lamaque in Quebec and the historic, retired, Goldcorp’s (TSX: G, NYSE: GG) Dome in Ontario, CA.Intrusion and Volcanic related deposits are formed by volcanic activity and magmas cooling in shallow depths. They are found beneath ceased volcanoes, in cracks called diatremes or close to shallow domes of solidified magma. Gold is spotted in veins and breccias, as metallic gold, more than 90% pure, or gold tellurides. These deposits may be huge in size, with more than 40 known deposits containing more than 50M oz of gold. This type features some extraordinary cases and is highly sought-after in exploration, with projects such as San Marco Resources’ (TSX-V: SMN) Buck Project in British Columbia announcing new drillings following positive survey results. These huge deposits are justified given the prosperity of mines like the Eastern Resources’ (OTC: ESRIE) flagship Montana Tunnels in the US and Newmont Corp.’s (NYSE: NEM) pride, the Yanachoca in Peru, which reported producing more than 270,000 oz in 2018.
Porphyry deposits are well known for Copper and Gold. Their genesis, like the previous, is associated with large volumes of magma cooling close to the surface (around 2-3 Km). Although most of them produce gold only as a biproduct, porphyries in total contain huge amounts of gold. This gold is usually dispersed over equally huge amounts of rock, but still, the sheer volume of gold in porphyries makes them significant sources of the yellow metal. This is better understood when looking at properties like Newcrest Mining Ltd. ‘s (ASX: NCM) Red Chris Mine in British Columbia, which the company claims to hold up to 20 million ounces of gold. Canada and Australia seem to have the advantage in this type with mines such as Saracen Minerals’ (ASX: SAR) Porphyry Gold Mine and Skeena Resources’ (CVE: SKE) GJ Property.
Secondary Deposits
Placers are formed by the erosion of older, hard-rock deposits. Gold is commonly found in grains or nuggets, dispersed within sediments in modern or old riverbanks. The metal is usually easy to spot and extract by hand and these locations are well known for decades or centuries, so these deposits are usually already exhausted and of little economic value to major mining companies and operations.
PLANNING FOR PROFIT?
Look at your model
When an exploration program is realized, one of its major goals in the early stages is to find the type of ‘possible deposit’. This is because the type provides the geological model of the ore, which intern plays a crucial role in its potential value and the plan that will be needed to mine it.
A high-sulfidation diatreme or a high-grade lode for example, will likely be much richer in terms of gr/tonne than a porphyry.
Apart from the ore quality, the final profitability of a project also depends on the mining and extraction methods that will be used. Those are also determined by the deposit type: a shallow deposit allows for open-pit mining while one that lies deep often requires underground tunnels. After it is mined, the ore will be processed to extract the gold: the optimal method to do so depends on the minerals that make up the deposit. Most minerals are dissolved (leaching) to extract the gold, while some need even more treatment. On the other hand, native gold can be crushed and separated from the host-rock by its own weight.
A project involving a satisfying ore quality and cost-efficient mining and extraction methods is the ideal setting for profit and viability. Hence, the deposit type is a key element taken into consideration when assessing potential gold mines. Of course, no deposit is identical to another, and the only way to find it is to dive right in and start looking for the motherlode.
References
Australian miner completes copper-gold porphyry mine acquisition. (n.d.). Retrieved from https://www.miningmetalnews.com/20190823/1265/australian-miner-completes-copper-gold-porphyry-mine-acquisition
El Dorado Gold Lamaque. (n.d.). Retrieved from http://www.eldoradogoldlamaque.com/English/lamaque-project/overview/
Kongolo, K., Mwema, M. D. (1998, December). The exctractive Mettalurgy of Gold. Hyperfine Interactions(111), pp. 281-289. doi:10.1023/A:101267830633
McKinsey & Co. (n.d.). Retrieved from https://www.mckinsey.com/industries/metals-and-mining/our-insights/
Montana Tunnels. (n.d.). Retrieved from https://easternresourcesinc.com/montana-tunnels/
Operations and Projects. (n.d.). Retrieved from https://www.newmont.com/operations-projects/
Robert, F. B. (2007). Models and Exploration Methods for Major Gold Deposit Types. 691-711. (B. Mikereit, Ed.) Proceedings of Exploration 07: Fifth Decennial International Conference on Mineral Explora.
The World Gold Council. (n.d.). Retrieved from https://www.gold.org/