Natan Resources (NRL:tsxv) Announce Channel Samples Assay up to 438.23 gpt Gold
Montalembert: Channel Samples Assay up to 438.23 gpt Gold
– Momentum Public Relations –
Press Release: January 20, 2017
ROUYN-NORANDA, QUÉBEC–(Marketwired – Jan. 20, 2017) -NATAN RESOURCES LTD (TSX VENTURE:NRL)(FRANKFURT:N071) and GLOBEX MINING ENTERPRISES INC.(TSX:GMX)(FRANKFURT:G1M)(STUTTGART:G1M)(BERLIN:G1M)(MUNICH:G1M)(XETRA:G1M)(OTCQX:GLBXF) are pleased to provide shareholders with an update as regards channel sampling undertaken on the Montalembert Gold Property located near Waswanipi, Quebec.
In October 2016, a total of 208 channel samples were collected ranging from 0.5 m to 1.35 m in length, averaging 0.97 metre.
- 122 samples were taken in 25 channel lines on the Number 2 vein system with channels being spaced 3 metres apart;
- 64 samples were taken in 16 channel lines on the Galena vein system with channels being spaced 10 metres apart;
- 11 samples were taken on a stripped area between the Number 2 vein system and the Galena vein system as were 11 samples on a similar stripped area 60 m to the south.
The mineralization on the Montalembert gold property consists of coarse free gold in or near quartz vein systems. The veins were stripped and power washed to facilitate detailed mapping and subsequent channel sampling. Channel sampling of free gold occurrences is a hit or miss process due to the erratic distribution of coarse free gold in quartz vein systems.
Numerous anomalous gold values were received from the vein systems with the best assays listed below.
Vein System # 2
Four out of five channel samples over a 12 m strike length assayed as follows:
Sample # | Au gpt | Ag gpt | Width |
D109955 | 8.88 | 2.6 | 0.75 |
D109952 | 39.35 | 14.4 | 1.10 |
D109580 | 5.07 | July 2016 channel not analysed for silver | 0.95 |
D109891 | 4.56 | 1.8 | 0.9 |
Previous grab samples in the area assayed 84.04 gpt Au (ID# D107317), 36.26 gpt Au (ID# D107315) and 17.26 gpt Au (ID# D107311).
Grab sample, ID# D107447, taken 27 m north of the grouping of gold values reported above, assayed 64.48 gpt Au. Of the Vein #2 channel samples, 16.3{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} returned assays over 0.1 gpt Au.
Galena Vein System
The Galena Vein is where historical trenching over a near continuous strike of 123 m, an average width of 0.65 m and an average depth of 0.6 m in 78 samples weighing approximately 3.6 kg each averaged 20.8 gpt Au(28.9 gpt Au uncut) were reported by Rochelom Mines Ltd. in 1974.
A channel sample, ID# 110059, taken where Globex grab samples previously showed coarse visible gold, assayed 119.94 gpt Au and 14.5 gpt Ag over a width of 1 m. With the two adjoining samples, the three continuous samples averaged assayed 40.32 gpt Au and 5.02 gpt Ag over 3 m.
A channel sample, ID# D110069, taken 18 m to the south of the 40.32 gpt Au over 3 m contained coarse visible gold and assayed 438.23 gpt Au and 145.2 gpt Ag over 1 m, the highest single assay in the current sampling program.
Two consecutive channel samples, ID# D110102 and D110103, taken 62 m further to the south averaged 4.64 gpt Au over 1.65 m. Near the south end of the Galena stripping, channel sample, ID# D110122, assayed 1.58 gpt Au over 0.9 m. The Galena vein has a high gold background with 40.6{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the samples averaging over 0.1 gpt Au.
Other
No high grade gold assays were reported from the two stripped areas that cover a portion of the ground between the two gold bearing vein systems. Only a portion of the exposed rock was channel sampled.
Conclusion
Considering the erratic distribution of the coarse gold mineralization observed on surface, the channel sampling succeeded in confirming a significant set of gold bearing vein systems (Galena and Number 2). Typically in such vein systems, the preferred and more definitive manner to define the average gold grade and the economic potential is to do a bulk sample which would provide a large enough volume to more closely reflect the grade and potential of the vein systems.
Natan is studying the channel results along with the recent grab sampling, historical trenching, detail mapping and geophysical surveys in order to design the next phase of exploration. Natan is well financed recently having raised $4 million.
The channel samples were assayed at Laboratoire Expert in Rouyn-Noranda, Quebec using standard fire assay methods. A strict quality assurance/quality control program was applied to all samples, which includes insertion of mineralized reference materials or blank samples or duplicates for each batch of 20 samples. The gold analyses were completed by fire assay with an atomic absorption finish on 30 grams of materials. Repeats were carried out by fire assay followed by gravimetric testing on each sample containing one gpt gold or more.
Note: Grab samples are selective by nature and are unlikely to represent average grades. Channel samples, on the other hand, are not selective by nature, the same as drill holes are not selective.
The Montalembert property was optioned to Natan by Globex. (See Natan and Globex press releases dated November 17, 2016 for details)
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.
We Seek Safe Harbour.
Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Natan Resources Ltd (Natan) and Globex Mining Enterprises Inc. (“Globex”). No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex and Natan will derive therefrom. A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
info@globexmining.com
Steve Roebuck,P.Geo
President & CEO
Natan Resources Ltd
info@natanresources.ca
- Published in Enforcer Gold Corp, Mining, News Home
Natan Resources Announces Option Agreement with Globex Mining Enterprises to Acquire the Montalembert Gold Project
Kelowna, British Columbia (FSCwire) – Natan Resources Ltd. (“Natan” or the “Company”) (TSX-V:NRL) is pleased to announce that it has entered into an Option Agreement (the “Agreement”) with Globex Mining Enterprises Inc. (“Globex”) (TSX: GMX, G1M- Frankfurt, GLBXF-OTCQX International), a company listed on the Toronto Stock Exchange. The Agreement grants Natan the right to acquire a 100 percent interest in the 58 cell, 3,183 hectare Montalembert Gold Property, located approximately 100 kilometres southwest of Chibougamau in the Abitibi mining district of Quebec. The Agreement is subject to acceptance by the TSX Venture Exchange.
Steve Roebuck, President and CEO of Natan comments,
“The Montalembert property is a high-quality gold project that will immediately become the cornerstone asset for Natan Resources. Our recent site visit confirmed the presence of visible gold in multiple locations along the well-exposed parallel vein structures named the Galena vein and Vein No. 2. This is a rare find; an under-explored gold-rich project within 5 kilometres of a paved highway in Quebec. The location has significant logistical advantages as year-round road access to the Project will ensure cost efficiency at the exploration phase. We plan to aggressively explore the project beginning in the spring of 2017.”
The Montalembert Gold Property has historical and recently reported high grade gold visible in outcrop on surface and reported in historical shallow drill holes. Recent stripping completed by Globex has exposed the gold bearing quartz vein systems along with occurrences of coarse native gold. See Globex press releases dated September 9, 2015, November 12, 2015 and October 24, 2016 for information on historical and some more recent exploration on the property.
Terms of the Option
Pursuant to the Agreement, Natan shall have the option to earn an undivided 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} right, title, and interest in the Property (the “Option”), subject to the Gross Metal Royalty, by making aggregate cash payments to Globex of $2,700,000, issuing an aggregate of 8,500,000 common shares and incurring aggregate exploration expenditures of $15,000,000 on the Property as follows:
- Paying $2,700,000 in cash to Globex as follows:
$300,000 on or before December 31, 2016;
$300,000 on or before December 31, 2017;
$600,000 on or before December 31, 2018;
$1,500,000 on or before December 31, 2019;
- Issuing 8,500,000 common shares of Natan to Globex as follows:
1,500,000 common shares on or before the tenth business day after TSX Venture Exchange
acceptance of this Option Agreement but no later than December 31, 2016;
2,000,000 common shares on or before December 31, 2017;
2,000,000 common shares of on or before December 31, 2018;
3,000,000 common shares of on or before December 31, 2019;
- Incurring aggregate exploration expenditures of $15,000,000 on the Property as follows:
$1,000,000 in exploration expenditures to be completed on or before December 31, 2017;
An additional $1,000,000 in exploration expenditures to be completed on or before December 31, 2018;
an additional $4,000,000 in exploration expenditures to be completed on or before December 31, 2019;
an additional $4,000,000 in exploration expenditures to be completed on or before December 31, 2020;
an additional $5,000,000 in exploration expenditures to be completed on or before December 31, 2021;
The cash and share payments to be made by Natan prior to December 31, 2017 and the exploration expenditure to be incurred prior to December 31, 2018, are firm commitments and must be made even in the event that Natan terminates this Option Agreement and chooses not to exercise the Option.
Notwithstanding the foregoing, at any time following the 2nd anniversary of the Effective Date of this Option Agreement, the exploration expenditures may be deferred for up to 12 months (resulting in all subsequent exploration expenditure requirements to be deferred 12 months) in the event that both: (i) the London spot price for Au is less than $1200 US per troy ounce for 30 consecutive days, and (ii) Natan has less than $1 million CDN funds in its treasury. In the event that exploration expenditures are deferred as contemplated hereby, Natan shall be obligated to pay to Globex a penalty of $150,000 in cash and issue to Globex 1,000,000 common shares of Natan within 10 business days of providing notice to Globex of such deferral of exploration expenditures.
Due to the high grade nature of the potential ore from the Property, Globex shall retain a three and one-half percent (3.5{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) Gross Metal Royalty (GMR) on all recovered metals and minerals produced from the Property, with a six percent (6{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) GMR on the first 150,000 ounces of each of gold and silver recovered from the Property.
In connection with signing of the Agreement, the Company has entered into a finder’s fee agreement which provides for a fee payable on any transaction completed between the Company and Globex. The payment of the finder’s fee on this transaction is subject to acceptance by the TSX Venture Exchange.
The technical information within this document has been reviewed and approved by Mr. Steve Roebuck, P. Geo. and CEO of Natan Resources. Mr. Roebuck is a qualified person as defined in NI 43-101.
For further information regarding this news release contact:
Steve Roebuck, CEO
Tel: (905) 741-5458 or by email at geostever@hotmail.com
On behalf of the Board of Directors
Natan Resources Ltd.
This news release contains certain statements that may be deemed “forward-looking” statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although we believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of our management on the date the statements are made. Natan Resources Ltd.. undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transactions and has neither approved nor disapproved the contents of this press release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATED SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/NatanNov172016.pdf
Source: Natan Resources Ltd. (TSX Venture:NRL)
- Published in Enforcer Gold Corp, Mining, News Home