Exploration Underway at Historic Gold Mine
Auramex Resource Corp. (the “Company” or “Auramex”) (TSX.V: AUX) reports that exploration is progressing at the past-producing Georgia River gold mine, with the geological team reviewing and analyzing drill core from previous operators. This high-grade gold mine, which last operated in 1939, was explored from the 1970s by several companies with the intent of restarting the mine.
Work by Auramex has generated compelling evidence in support of a large gold target underlying the area of previous work. The present work is aimed at refining drill targets for a first test of that projected gold zone.
The current program includes measurements of rock composition by X-ray fluorescence spectrometry and measurements of spectral reflectance in the visible and short-wave infrared wavelengths. Both sets of measurements are being conducted on samples of historic diamond drill core from the mine area, with the samples selected during 2019 relogging of the core.
Results will be combined with planned petrographic and whole-rock lithochemical analyses and with results from structural mapping of the Mine and Hume Creek areas to assemble a clear picture of the ancient hydrothermal system. It is now recognized that only a small part of that massive system was worked by the past producing mine.
The Georgia River project is closely associated with an Early Jurassic intrusion, a hallmark of large gold deposits in the Golden Triangle. A regional-scale deformation zone provided the “plumbing system” for hydrothermal fluids related to the intrusion. Surface samples spanning more than a square kilometre on surface carry gold values in excess of a gram per tonne, demonstrating the extensive nature of the system. Historic values in the old workings and in the drill core show the potential of that system to host high gold values.
Auramex President and CEO Lawrence Roulston noted: “An enormous amount of work was done by previous operators at the Georgia River gold mine but focused around the old mine. Auramex augmented the prior results with airborne geophysics and other information. There is clear evidence of an extensive geological system with potential for a large gold deposit underlying the previously mined area.”
Results of the work by Auramex geologists suggests that the area of the mine workings is peripheral to the core of the hydrothermal system. The work now underway is aimed at developing vectors toward the most prospective areas within that system as a basis for designing a drill program.
The technical disclosure in this release has been read and approved by Dr. Paul Metcalfe, PhD, P.Geo., a qualified person as defined in National Instrument 43-101.
About Auramex Resource Corp.
Auramex is focused on exploring a large and highly prospective property portfolio in the Stewart camp, at the southern end of the Golden Triangle in British Columbia. The Company’s extensive knowledge in the Golden Triangle aims to maximize shareholder value by deploying a systematic and comprehensive exploration approach, that fuses “traditional” and emerging, cutting-edge exploration techniques.
On behalf of the Board of Directors:
Lawrence Roulston
President & CEO
For further information, contact:
Nancy Curry
Corporate Communications
info@auramex.com
www.auramex.com.
Rio Silver Inc. Completes Modelling of Niñobamba Silver Project, Peru
Rio Silver Inc. (“Rio Silver” or the “Company”) (TSX.V: RYO) discloses a Conceptual Exploration Target for the Company’s Niñobamba Silver Project (“the Niñobamba Model”), located approximately 330 km southeast of Lima, Peru.
The Niñobamba Model was prepared on behalf of the Company by Dahrouge Geological Consulting Ltd. of Edmonton, Alberta in preparation for the planning of future exploration of the property.
Chris Verrico, President and CEO of Rio Silver comments, “We are very pleased to receive this third-party model, which examined the easterly portion of the approximately 8,000 m long trend of anomalous precious metal mineralization between the Jorimina Au-Ag showing in the west and Niñobamba Ag showing in the east.”
Niñobamba Silver Project
The Niñobamba Model was completed on the basis that it would provide further understanding of the project’s ‘Exploration Potential’ and therefore help guide future exploration. The model focused on the “Niñobamba Main Zone” which can be broken down into two subparallel zones (a North and a South zone).
Following a thorough review of historical surface mapping, sampling, trenching and drilling, data utilized in the completion of the model included core from 18 drill holes (out of 44 total) and channel samples from 20 surface trenches. The model incorporated major rock units recorded on the project and the fault structures that constrain the mineralization. Geological trends and variability sensitives were defined using historical sampling and were used to support the Conceptual Exploration Target. Preliminary geostatistical evaluations were used in the generation of the Conceptual Exploration Target.
Historic exploration has shown the Niñobamba Main Zone (North) to have a minimum strike length of approximately 400 meters and apparent widths of 100 to 150 meters, and the Niñobamba Main Zone (South) to have a minimum strike length of approximately 400 meters and apparent widths of 50 to 100 meters.
A summary of the Conceptual Exploration Target for the Niñobamba Main Zone is as follows:
Conceptual Exploration Target Range | Cut-off Grade | Tonnes | Silver Grade | Silver Grade | Silver Ounces |
g/t | MT | Av. g/t | Av. opt | Million t. oz | |
Exploration Target – Lower | 50 | 7.9 | 90 | 2.88 | 22.9 |
Exploration Target – Higher | 50 | 11.1 | 86 | 2.78 | 30.9 |
The Company cautions that the Niñobamba Model is not a resource declaration. The potential tonnages and grades are conceptual in nature and are based on previous trench samples and drill results that defined the approximate length, thickness, depth and grade of a portion of the North and South zones mineralized zones at Niñobamba. There has been insufficient exploration to define a current resource and the Company cautions that there is, among other uncertainties, a risk that further exploration may not result in the delineation of a current mineral resource or one that resembles the conceptual model.
Further Exploration Potential
The Niñobamba Model only assessed the silver potential of the eastern most 1,500 m of an approximately 8,000 m long trend of anomalous precious metal mineralization. As such, the Company believes the project to have significant exploration potential separate from the current conceptual model (silver), including:
- Niñobamba Main Zone (extensions), mineralization remains open on trend to both the east and west from the Niñobamba Main Zone (North and South) and constitutes a significant exploration target.
- Gold: as 8 of the historic drill holes were not analyzed for gold, the gold potential of the project is not well understood, however, it is demonstrated by the most recent trenches (ex. TR-01 includes 56 m of 1.03 g/t Au and 98.9 g/t Ag). All future core and rock samples need to be analyzed for both gold and silver.
- Jorimina Zone: approximately 6 km west of Niñobamba, Jorimina was the subject of an in-house exploration model (see company’s website) for gold and silver (Newmont, 2011), which was based on nine drill holes totaling 4,377 m by Newmont.
- Randypata: central to the main mineralized trend at Niñobamba, Newmont completed five drill holes at Randypata that require follow up exploration.
About the Niñobamba Model
The Niñobamba Model consisted of a desktop study of two mineralized trends (North and South) of the Niñobamba Main Zone. The High Sulfidation Epithermal precious metal mineralization at Niñobamba has been the subject of multiple mapping, trench sampling and drilling programs, including multiple exploration programs between 2001 and 2013 by:
- AngloGold Ashanti
- Bear Creek Mining Corporation
- Newmont
- Rio Silver
This compilation includes a total of 44 drillholes and 20 trenches within the entire Niñobamba area. Since the model focus was the Niñobamba Main Zone, it included only 18 of the drillholes and all 20 of the trenches.
Qualified Persons
Brad Ulry, P.Geo., Dahrouge Geological Consulting Ltd., a qualified person as defined in National Instrument 43-101, supervised the preparation and approves the scientific and technical disclosure contained in this news release.
Non-brokered Private Placement
The Company is also pleased to announce a non-brokered private placement of up to 6,000,000 units (“Units”) of the Company at $0.05 per Unit for gross proceeds of up to $300,000 (the “Offering”). Each Unit will consist of one common share of the Company and one common share purchase warrant (each, a “Warrant”) of the Company. Each Warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.10 per share for a period of 2 years from issuance, unless the closing price of the common shares of the Company is $0.20 or higher for fifteen (15) consecutive trading days any time after the date that is four months and a day after issue, in which case the Warrants will expire thirty (30) calendar days after notice to Warrant holders announcing an earlier expiry date. It is anticipated that certain insiders of the Company will participate in the Offering.
The Company may pay certain finders’ fees in connection with a portion of the Offering subject to the policies of the TSX Venture Exchange (the “Exchange”). The securities issued herein will be subject to a four-month statutory hold period. The closing of the Offering is subject to the approval of the Exchange.
For more information contact:
Christopher Verrico, President, CEO
Tel: (604) 762-4448
Email: chris.verrico@riosilverinc.com
Website: www.riosilverinc.com
- Published in Mining, News Home, Rio Silver
Auramex Engages Momentum and Appoints Michael O’Brien as Corporate Secretary
Auramex Resource Corp. (the “Company” or “Auramex”) (TSX.V: AUX) announces that it has retained Momentum Public Relations Inc. (“Momentum”) to assist with strategic business development activities.
Momentum, a Montreal, Quebec based public relations firm, will assist the Company in increasing public awareness by managing the Company’s corporate communications and marketing activities and facilitating dialogue with the Company’s shareholders, finance professionals, analysts and media contacts within the North American investment community. The agreement with Momentum has a term of 6 months at $9,500 month.
The agreement with Momentum is subject to approval by the TSX Venture Exchange.
The Company also announces that Ms. Janice Davies has stepped down as Auramex’s Corporate Secretary and Mr. Michael O’Brien, Auramex’s CFO will also assume the role. The Company would like to thank Ms. Davies for her professionalism and work on behalf of the Auramex and wish her well in her future endeavours.
About Momentum
Momentum assists public companies in distributing their messaging to target audiences within the North American investment community. Through a national network of institutional investors, analysts and financial media relationships, the team may communicate the clients’ value drivers, growth potential and development vision clearly and efficiently. The experienced team of communications specialists work closely with senior management to build campaign objectives and market activity while executing on a long-term investor relations strategy and respond to immediate changes.
About Auramex Resource Corp.
Auramex is focused on exploring a large and highly prospective property portfolio in the Stewart camp, at the southern end of the Golden Triangle in British Columbia. The Company’s extensive knowledge in the Golden Triangle aims to maximize shareholder value by deploying a systematic and comprehensive exploration approach, that fuses “traditional” and emerging, cutting-edge exploration techniques.
On behalf of the Board of Directors:
Lawrence Roulston
President & CEO
For further information, contact:
Nancy Curry
Corporate Communications
info@auramex.com
www.auramex.com.
Silver Spruce Resources New Flagship Project, Melchett Lake, Boast Historic Sample Grades up to 28.8 g/t Gold, 560 g/t Silver, and 19% Zinc
MomentumPR ‘s client Silver Spruce , is listed on the TSX Venture exchange under the symbol: SSE .
Momentum PR is pleased to have produced an informative and comprehensive report on Silver Spruce, available here – Silver Spruce Corporation Report .
Silver Spruce Highlights
– Silver Spruce has signed a definitive option agreement to acquire 100% of the 2,124-hectare Melchett Lake project located within an historically active region including Copper Lake’s Marshall Lake VMS project, Centerra and Premier Gold’s Hardrock Greenstone Au project and past-producing Anaconda-Dofasco iron mine.
– Surface samples at Melchett Lake yielded up to 28.8 g/t Gold, 560 g/t Silver and 19% Zinc.
– Silver Spruce has signed a definitive option agreement to acquire 100% of the Pino de Plata project, 15 km west from the Coeur Mining’s flagship mine at Palmarejo, Chihuahua, that produced 7.5 million ounces of silver and 122,722 ounces of gold in 2018.
– Surface sampling at Pino de Plata yielded silver grades over 1,100 g/t Ag with highly anomalous grades of lead, zinc and gold.
Silver Spruce Resources (TSXV: SSE) is a prospective junior exploration company based in Nova Scotia, Canada. Company activities include the exploration of two promising sites in Canada and Mexico: Melchett Lake VMS project in northwestern Ontario, and the Pino de Plata epithermal silver/base metal/gold project located in the prolific Sierra Madre Occidental region of western Chihuahua.
Silver Spruce recently optioned 100% of the 2,124-hectare Melchett Lake project . The expansive VMS silver, gold, lead, zinc and copper property is located in northwestern Ontario, within the historically-active Thunder Bay Mining District.
The Canadian company trades on the TSX Venture Exchange under the symbol SSE, with 91 MM shares outstanding. The mining junior’s management team offers many years of expert experience in the areas of exploration, discovery, prospect development and corporate finance. Their international acquisition potential is backed by Spanish and Chinese language expertise in legal and technical matters. The company signed an MOU with China University of Mining & Technology (CUMT) in October, 2019, to engage in joint geological research, field work, and educational studies on Silver Spruce properties.
Momentum PR is pleased to have produced an informative and comprehensive report on Silver Spruce Resources, available here – Silver Spruce Corporation Report
If you would like more information on Silver Spruce ; www.silverspruceresources.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 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.
- Published in Mining, News Home, Silver Spruce Resources
San Marco Closes Over-Subscribed $785,000 Private Placement
San Marco Resources Inc. (TSXV: SMN) announces that it has closed its over-subscribed non-brokered private placement by raising C$ 784,849.91 from the issuance of 5,813,703 units at a price of $0.135 per unit. Each unit consisted of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share for $0.20 until February 19, 2023. If, after June 19, 2020, the closing price of San Marco’s shares is at least $0.40 per share for 10 trading days, San Marco may accelerate the expiry of the warrants to 30 calendar days after the expiry of that 10 trading day period.
The Company paid finders fees of 7% and issued finder warrants (each exercisable to purchase one share for $0.135 until February 19, 2021) of 7% to Haywood Securities Inc. ($32,848.20 and 243,320 finder warrants), Canaccord Genuity Corp. ($1,417.50 and 10,500 finder warrants) and T-Bone Ventures Inc. ($2,835 and 21,000 finder warrants).
The shares issued and issuable under the private placement are subject to a four month hold period expiring on June 20, 2020.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirement is available.
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.
For further information, contact:
Robert Willis, P. Eng.
Executive Director
- Published in Mining, News Home, San Marco Resources
Crystal Lake Mining Corporation Announces Closing of Plan of Arrangement with Sassy Resources Corporation
Crystal Lake Mining Corporation (TSXV: CLM / OTC: SIOCF / FSE: SOG-FF) (“Crystal Lake” or the “Company“) is pleased to announce that, further to its news releases dated January 13, 2020, January 28th, 2020 and February 11th, 2020, the statutory arrangement under a plan of arrangement (the “Arrangement“) with Sassy Resources Corporation (“Sassy Resources“) has closed effective February 18th, 2020 (the “Effective Date“).
Completion of the Arrangement, as set forth in the arrangement agreement and plan of arrangement dated July 25th, 2019 (the “Arrangement Agreement“), entered into between the Company and Sassy Resources, was approved by the shareholders of Crystal Lake (the “CLM Shareholders“) on September 30th, 2019, by a Final Order granted by the Supreme Court of British Columbia on October 3th, 2019, in accordance with Part 9 of the Business CorporationsAct (British Columbia), and accepted by the TSX Venture Exchange (the “TSXV“).
Pursuant to the Arrangement Agreement and on the Effective Date, the following occurred:
- Crystal Lake distributed 10,000,000 common shares of Sassy Resources (the “SpincoShares“) to the CLM Shareholders on a pro rata basis. The CLM Shareholders received 0.066708 Spinco Shares for every one common share of Crystal Lake held as at February 10th, 2020, being the share distribution record date;
- Crystal Lake transferred the assets to Sassy Resources, which assets are described in the Company’s management information circular dated August 23rd, 2019, which was filed on SEDAR at www.sedar.com on September 3th, 2019 under the Company’s SEDAR profile;
- Sassy Resources became a reporting issuer in the Provinces of British Columbia and Alberta; and
- Crystal Lake retained its working capital for its assets, and remains listed on the TSXV and continues to trade under the trading symbol, CLM, as a junior exploration company.
About Crystal Lake
Crystal Lake is a Canadian-based junior exploration company focused on building shareholder value through high-grade discovery opportunities in British Columbia and Ontario. The Company has an option to earn a 100% interest in the Newmont Lake Project, one of the largest land packages among juniors in the broader Eskay region in the heart of Northwest B.C.’s Golden Triangle.
On Behalf of the Board of Directors of Crystal Lake:
CRYSTAL LAKE MINING CORPORATION
“Wally E. Boguski”
COO and Director
Email: web@crystallakeminingcorp.com
www.crystallakemining.com
- Published in Crystal Lake Mining, Mining, News Home
Colibri Announces That Permits for Maiden Drill Program at Evelyn Gold Project Have Been Received
Colibri Resource Corporation (TSXV: CBI) (“Colibri” or the “Company”) is pleased to announce that it has received the required drilling permits from SEMERNAT (Mexico Secretariat of Environment and Natural Resources) for its maiden drilling program at its Evelyn Gold Project located 60 km NW of Caborca Mexico.
Drill pad construction and other required infrastructure preparation will begin immediately and the drilling will then begin upon completion. A press release will be issued when drilling has commenced. The drilling program should take approximately 3 weeks to complete with assay results to be subsequently disclosed in due course.
Ron Goguen, President & CEO states: “We have been looking forward to beginning drill testing at Evelyn. Exploration activities to date have identified strong orogenic related gold mineralization. The “Caborca Gold Belt” is a globally significant producing gold trend and the Evelyn displays many of the same structural geological and mineralization features as several of the producing deposits.”
The “Caborca Gold Belt” hosts many gold mines and deposits including La Herradura, Mexico’s largest gold mine which produced 474,168 ounces of gold in 2018 at an average grade of 0.80 g/t Au (25km west of Evelyn) and Noche Buena mine which produced 167,208 oz Au at an average grade of 0.52 g/t Au in 2018 (9km south west of Evelyn). (www.fresnilloplc.com)
The initial 5-hole diamond drilling program will focus on testing two areas recommended by Aurometallum Geology Consulting Services and Colibri geologists in late 2019 as a result of their geological, geochemical, and structural mapping study at Evelyn. The two mineralized corridors of strong initial interest have been named “Cerro Rojo” and “El Sahuaro” (See CBI news release dated: December 3rd, 2019).
Qualified Person and NI 43-101 Disclosure
Jackie E. Stephens, P. Geo for Colibri, is the Qualified Person, (as defined in NI 43-101), who has reviewed and approved the technical information in this press release.
About Colibri Resource Corporation:
Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) focused on acquiring and exploring properties in Mexico. The Company currently has five active exploration properties at various stages of exploration.
For more information about all of our projects please visit: www.colibriresource.com.
We seek safe harbour.
For further information: Ronald J. Goguen, President, Chairperson and Director, Tel:(506) 383-4274, rongoguen@colibriresource.com
- Published in Colibri Resource Corp, Mining, News Home
Vanstar Announces the Appointment of Freeform Communications Inc. as Investor Relations and Online Marketing for Western Canada
Vanstar Mining Resources has appointed Freeform Communications Inc. as Investor Relations in Western Canada as well as their Online Marketing services.
Freeform Communications Inc. is a Vancouver based Investor Relations and Online Marketing Firm. With over ninety years of combined experience, specializing in a full range of investor relations and capital market services, Freeform has represented a wide array of public and private clients along the way and has assisted many in achieving their targeted goals.
Robert Ferguson, President of Freeform Communications states: “We are delighted to be working with Vanstar and their team of professionals. We are impressed with the Company’s fundamentals and with the opportunities that lie within. We look forward to introducing the Company to a wider audience within the investment community and in assisting the Company broaden in it’s shareholder base”.
“Freeform’s appointment will increase the company’s visibility and the audience in the Western Canada. Robert has lots of experience in that field and he sees a huge potential of Vanstar which can only be positive for improving the shareholders value”, commented Mr. Guy Morrissette, President and CEO of the Company.
Under the terms of the agreement, Freeform Communications Inc. will receive 250,000 stock options that can be exercised on or before February 9, 2021 at a price of $0.50 per share. The Company is also granting 800,000 stock options to two directors that can be exercised on or before February 9, 2025 at a price of $0.50 per share and 300,000 stock options to consultants that can be exercised on or before February 9, 2021 at a price of $0.50 per share.
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) assume no responsibility for the adequacy or accuracy of this release.
Sources:
Sébastien Plouffe, VP – Public Relations 514-947-2272
Gary Claytens, VP – Western Corporate Development 604-761-3233
Robert Ferguson, IR – Western Canada 604-999-5546
- Published in Mining, News Home, Vanstar Mining
Northern Lights Commences Exploration Work at Secret Pass Gold Project
Northern Lights Resources Corp. (the “Company” or “Northern Lights”) (CNSX:NLR.CN) is pleased to announce the commencement of exploration work at the Company’s 100% owned Secret Pass Gold Project (“Secret Pass” of the “Project”) located in Mohave County, northwestern Arizona.
Secret Pass 2020 Exploration Program
The Tin Cup Gold Zone is an initial priority for the Company’s exploration work in 2020 at Secret Pass. The Tin Cup zone accounts for less than 10% of the total license area (See Figure 1). Only the area between Tin Cup and FM gold zones has been drill tested over a strike length of 1.2 km. and very limited surface exploration was conducted on the structures located outside of Tin Cup and FM gold zones.
The mineralized zone has a strike length of approximately 245 metres and a drill-indicated depth of up to 180 metres, both open along strike and depth. High-grade mineralization greater than 3 g/t Au, is localized in a 3.0 to 7.6 metres wide, steeply northeast-dipping structure that occurs within a much wider mineralized fault zone that ranges from 30 to 45 metres in width. The mineralization has a northwest plunge and is open at depth.
The historic Tin Cup mine reportedly produced several hundred tons of mineralized material grading 15 g/t (0.5 oz/t) to 31 g/t (1 oz/t) of gold. Historic workings from the 1930’s included an open pit and an inclined shaft to a depth of 21 metres (70 ft) with minor underground level workings. There has been no known production from the Tin Cup Mine since the 1930’s.
Exploration drilling completed by Santa Fe Pacific Mining and Fisher-Watt Gold Company during the period from 1984 to 1991 intersected significant high grade gold mineralization in the Tin Cup Gold Zone with gold assays ranging as high as 40g/t.
Selected historic intersections from the Tin Cup Zone include:
TC-01 From/To 22.9 – 30.5 metres depth 7.6 meters at Average 7.6 g/t Au
TC-10 From/To 89.9 – 121.9 metres depth 32.0 meters at Average 13.6 g/t Au
Including 12.2 metres at Average 20.8 g/t Au
TC-15 From/To 111.2 – 115.8 metres depth 4.6 meters at Average 13.1 g/t Au
TC-30 From/To 88.4 – 97.5 metres depth 9.1 meters at Average 17.7 g/t Au
Note, these results are historical in nature and a qualified person has not done sufficient work to verify these previous drilling intersections.
Northern Lights’ initial goals for the Project are to confirm high grade historic drilling results, generate a NI43-101 compliant resource estimate for the Tin Cup Zone, and to establish additional exploration targets over the rest of the 868 hectare license area.
The 2020 exploration program will be conducted in two phases.
Phase 1 Exploration Program:
- 1. Evaluation and compilation of historic drilling and surface geology into a modern digital format to be used in the GIS and geological modeling – in progress.
- 2. Completion of drone aeromagnetic and photogrammetry mapping survey over the Tin Cup and FM Zones.
The Company has appointed MWH Geo-Surveys International Inc. to conduct an UAV Orthophoto-digital mapping survey which will generate a high resolution surface model of the entire license area plus a UAV magnetic survey to produce high resolution geological map used to identify structure and mineralized target areas. The UAV surveys are planned to be flown in early March, 2020.
- 3. Geochemical sampling over target areas to include multiple element as well as low-level gold background survey. For areas of anomalous gold results, additional samples will be taken to determine the extent of a halo of gold mineralization.
- 4. Geological mapping to identify structure and alteration to extend known mineralization.
- 5. Three-dimensional modeling of historical data and aeromagnetic survey results to allow Northern Lights to refine the Phase 2 exploration targets and confirm the historical surface and underground mineralization at Tin Cup for resource and mine planning purposes.
The Phase 1 exploration program has an estimated cost of US$150,000 and is expected to be completed over the next two months.
Phase 2 Exploration Program:
The Phase 2 exploration program for the Project will focus on confirmatory and infill drilling of the high grade mineralization at the historic Tin Cup Zone leading to a resource estimate. Northern Lights plans to commence this drilling immediately following the completion of the Phase 1 exploration program.
The Tin Cup drilling will be followed by selective drilling of the additional target areas identified in Phase 1.
Click Image To View Full Size
Figure 1: Secret Pass Project Geology and Historic Mine Workings
The scientific and technical data contained in this news release was reviewed and approved by Gary Artmont (Fellow Member AUSIMM #312718), Head of Geology and qualified person to Northern Lights Resources, who is responsible for ensuring that the geologic information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Or
Jason Bahnsen, Chief Executive Office
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
- Published in Mining, News Home, Northern Lights Resources
Vanstar develops a geological model based on the Nelligan gold deposit and embarks on the acquisition of multiple mining properties
In response to the findings of mining and exploration consultants InnovExplo, Vanstar (TSX-V. VSR) is pleased to announce the launch of a selection process to acquire a number of mining exploration projects in Quebec. The focus will be on areas deemed highly favorable, with similar characteristics to the notable Nelligan gold deposit located in the Chapais-Chibougamau region.
In 2019, the Nelligan gold deposit was the subject of an initial mineral resource estimate and a joint IAMGOLD – Vanstar NI 43-101 Technical Report documenting inferred resources totaling nearly 3.2 million ounces of gold for almost 100 million metric tons (see news release dated October 22, 2019). The current work on Nelligan aims to reclassify the resource as the specified category and to verify the depth extensions and extensions to the west of the deposit.
Following the NI 43-101 report, Vanstar commissioned InnovExplo to target favorable regions across the Abitibi geological subprovince for disseminated gold deposits hosted by metasedimentary rocks (Nelligan-type gold mineralization).
Nelligan gold mineralization is clearly distinct from most Abitibi tardi-orogenic gold deposits (i.e. distinct from conventional shear zones and quartz-carbonate veins). Nelligan is characterized by widespread and pervasive silica alteration and disseminated gold mineralization with a low pyrite content (1–5%) hosted in the metasedimentary rocks of the Archean Caopatina Formation. Nelligan’s geological context and mineralization style is unusual when compared with other Abitibi gold deposits, but has several similarities (and some differences) with the Canadian Malartic style or even with Carlin-type mineralized systems.
In order to select potential new sectors at a regional level, the approach used also drew on key features such as:
- geological characteristics specific to the Nelligan deposit;
- the presence of large sedimentary basins;
- local and regional structural elements;
- the spatial relationship with syntectonic intrusions;
- the metamorphic gradient;
- the metal association;
- the magnetic signatures.
Based on these specifications, Vanstar has map-staked an initial group of 35 cells over an area of approximately 1982 hectares—the Félix Project—and another block of 40 cells in an area of approximately 2264 hectares — the Amanda Project. The latter was purchased from three independent prospectors for a total of $60,000 and the issuance of 470,000 common shares. The sellers did not receive any royalties (NSR or otherwise). The company plans to use map staking to increase the number of cells for each of these projects.
The Félix Project
The Félix Project is based in the Chicobi Basin, northeast of the municipality of La Sarre, Abitibi. To date, very few boreholes have been made for this project. The majority of those that have been completed are in the northern part of the project to test iron formation. However, borehole 728-06-01 (GM 33270) intersected a sedimentary sequence in contact with the iron formation that contained several anomalous gold values.
The company plans to carry out a geological and geophysical survey here early next spring.
The Amanda Project
The Amanda Project is based in Jamésie and contains several gold showings. Historic data has made it possible to trace several gold showings for this project, including the Arianne, Ti-Beu, Rock’n Hammer, La Mire and Kog-1 showings. Some drilling conducted by Virginia Mines in the late 1990s also allowed for the cross-cutting of different gold structures containing significant gold values. This included the AC-97-31 drill hole, which revealed 2.42 g/t Au over 4 meters and 5.40 g/t Au over 7 meters with 12.1 g/t Au over 3 meters (GM 55430).
The geology of the Amanda sector can be summarized as a sedimentary stack located in the heart of a large fold, bordered by volcanic rocks. The sedimentary sequence consists of wackes, iron formations and local conglomerates. There are also shear zones, major flaws and folds in this environment.
The Amanda Project rocks have undergone two major stages of deformation. This project is also characterized by the presence of a large fold forming a complex structural pattern. The combined effect of these two folding stages is to multiply the different lithostratigraphic units.
A combined geological and geophysical mandate will be awarded to an external consultant in order to determine the various targets for next summer.
Several other proposed targets are currently under consideration. Some of these targets will be map staked over the next few weeks. The company’s management prioritizes sectors in regions with as few constraints as possible.
The company intends to join forces with potential partners seeking new ideas and/or create a subsidiary that could test this new conceptual approach.
Stéphane Faure, Senior Geologist and Qualified Person under Canadian National Instrument 43-101 has read and approved this news release.
The TSX Venture Exchange and its regulator (as defined in the TSX Venture Exchange policies) accept no responsibility for the adequacy or accuracy of its content.
Sources: | Sébastien Plouffe, VP – Investor Relations |
splouffe@vanstarmining.com 514-947-2272 | |
Gary Claytens, VP – Western Corporate Development 604-761-3233 | |
info@rvanstar.com | |
(www.vanstarmining.com) |
- Published in Mining, News Home, Vanstar Mining