MacDonald Mines expands Wawa-Holdsworth Project: Acquires Contiguous Claims from Sage Gold
MacDonald Mines expands Wawa-Holdsworth Project: Acquires Contiguous Claims from Sage Gold
Momentum Public Relations
Press Release: July 4, 2017
TORONTO, ONTARIO–(Marketwired – July 4, 2017) – MacDonald Mines Exploration Ltd. (TSX VENTURE:BMK) (“MacDonald Mines”, the “Company”, or “BMK”) and Sage Gold Inc. (TSX VENTURE:SGX) (“Sage”) announce that they have signed a Letter of Intent for MacDonald Mines to purchase Sage’s 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} interest in the Soocana Claims, adjacent to the Holdsworth property, in the Esquega and Corbiere Townships of Northern Ontario (Figure 1).
Quentin Yarie, MacDonald’s President and CEO commented: “We have secured the remainder of the 99-year lease on the Soocana Claims. Work done on the claims in the 1930s and 40s uncovered several quartz veins with varying concentrations of gold, but not much exploration has been conducted there since. We have reason to believe that the Soocana Claims host an extension of the Oxide Sands on the adjacent Holdsworth property – the immediate gold target on our Wawa-Holdsworth Project.”
Nigel Lees, Sage’s President and CEO commented: “We are pleased to sign an agreement with MacDonald Mines on this property. We are focused on our Clavos Gold property in Timmins. The MacDonald team has the knowledge and expertise in the area to successfully develop the property. We look forward to being a partner as a shareholder and royalty holder.”
About the Soocana Claims
The Soocana Claims consist of a contiguous block of 12 claims that cover 437.3 acres. The claims are under a 99-year lease agreement with Josephine Forest Resources Ltd. that expires on July 31, 2039.
The Reed-Booth Showing (Figure 1) forms the largest gold showing recognized to date on the Soocana Claims. The mineralized system, discovered in 1933 by Reed & Booth (who thereafter founded the Soocana Mining Co.) is comprised of two veins, the largest one being named Vein #1. Vein #1 was traced over a strike length of 414 metres in the 1930s by surface mapping and diamond drilling. The best channel sample taken in the 1930s by the Soocana Mining Co. in that vein contains 23.6 g/t gold over 3 metres (OFR5798). Grab samples taken by the Ontario Geological Survey in 1981 and 1990 in the waste rock of the vein system also returned high gold content with an individual grab sample containing up to 124.49 g/t gold and 33.86 g/t silver (OFR5798).
The Golden Goose Shear Zone, where MacDonald Mines collected a grab sample that contains 5.36 g/t gold (see December 13, 2016 news release) is located 875 metres NNW of the Reed-Booth Showing and falls along Vein #1’s NNW strike.
To view Figure 1, please visit the following link: https://media3.marketwire.com/docs/bmk0704fig1.pdf.
Acquisition Terms
In consideration for the acquisition of the claims, MacDonald Mines will issue 4,000,000 units of its Class A common shares and warrants to Sage and issue a 1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} NSR (net smelter return) royalty on the property. Closing is subject to TSX Venture Exchange approval and certain other customary closing conditions.
Wawa-Holdsworth Project Highlights
- Approximately 285 hectares, 20 kilometres northeast of the town of Wawa
- 18 fee simple absolute patented claims, includes surface and mining rights
- Neighbouring Argonaut’s Magino Gold Project & Richmont’s Island Gold Mine
- Numerous gold showings with diversified mineralization styles occurring in a 500 metres-wide deformation corridor
- Year-long road access and easy access to rail, road, electrical power, labour force and suppliers
Overview of the Wawa-Holdsworth Project
Historic work by previous operators defined three gold targets on the Wawa-Holdsworth Project:
- Greenstone-hosted quartz-carbonate vein deposit (Soocana Vein System);
- BIF-hosted gold deposits (gold-bearing pyrite zones in an Algoma-type iron formation);
- Gold-bearing Oxide Sands developed from the weathering of the auriferous Pyrite Zones.
MacDonald Mines is focusing its near-term exploration program on the Oxide Sands. These appear to extend for more than 2 kilometres on the property as corroborated by MacDonald’s recent airborne magnetics results (see June 1, 2017 News Release) and reach a depth of at least 8 metres.
Recent preliminary sampling of the Oxide Sands by MacDonald Mines returned an average grade of 5.45 g/t gold (seeMay 16, 2017 News Release).
Preliminary metallurgical testing conducted by previous operators on composite samples recovered, without crushing, between 69{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} and 98.7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} gold. Earlier this year, MacDonald Mines initiated in depth metallurgical testing of the Oxide Sands to achieve the highest possible gold and silver recovery. Results are expected this Fall.
The soft and relatively unconsolidated Oxide Sands material can be extracted like an aggregate. The Company is working to better define the Oxide Sands as continues to prepare for their potential extraction.
Qualified Person
Quentin Yarie, P Geo. is the qualified person responsible for preparing, supervising and approving the scientific and technical content of this news release.
About MacDonald Mines Exploration Ltd.
MacDonald Mines Exploration Ltd. is a mineral exploration company headquartered in Toronto, Ontario focused on gold and silica exploration in Canada. The Company has built a portfolio of safe-jurisdiction, infrastructure-rich projects that demonstrate the greatest market potential for return. The Company is aggressively advancing its highly prospective Wawa-Holdsworth Project.
The Company’s common shares trade on the TSX Venture Exchange under the symbol “BMK”.
To learn more about MacDonald Mines, please visit www.macdonaldmines.com.
Cautionary Statement:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. The foregoing information may contain forward-looking statements relating to the future performance of the Company. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company’s plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. MacDonald Mines does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
MacDonald Mines Exploration Ltd.
Quentin Yarie
President & CEO
(416) 364-4986
qyarie@macdonaldmines.com
MacDonald Mines Exploration Ltd.
Mia Boiridy
Investor Relations
(416) 364-4986
mboiridy@macdonaldmines.com
www.macdonaldmines.com
Sage Gold Announces Private Placement of Flow-Through Shares
Sage Gold Announces Private Placement of Flow-Through Shares
Momentum Public Relations
Press Release: June 13, 2017
TORONTO, ONTARIO–(Marketwired – June 13, 2017) – Sage Gold Inc. (“Sage Gold” or the “Corporation”) (TSX VENTURE:SGX) is pleased to announce that it intends to complete a non-brokered private placement (the “Offering”), subject to regulatory approval. The Offering will consist of the sale of 4.2 million common shares of the Corporation, on a Flow-Through share basis (“FT shares“) for gross proceeds of approximately $1.0 million. Eligible finders may receive in cash of up to 7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} and compensation share purchase warrants of up to 7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the Offering. Each share purchase warrant entitles the holder to purchase its holder to purchase one common share at an exercise price of $0.30 per share for a period of 36 months following the closing date, whereupon the warrants will expire.
The Corporation may at its discretion sell additional FT shares to raise additional proceeds of up to twenty-five per cent (25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) of the Offering.
Securities issued pursuant to the Offering shall be subject to a four-month hold period commencing on the Closing Date under applicable Canadian securities laws. The Corporation intends to use the net proceeds from the Offering to incur Canadian Exploration Expenses (CEE) on its Clavos and Onaman properties.
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.
About Sage Gold
The Company is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Clavos Gold property (“Clavos Project“) in Timmins and the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Onaman property including the Lynx copper, gold, silver property and other exploration properties in the Beardmore-Geraldton Gold Camp.
Sage Gold currently plans to complete a reserve estimate and a prefeasibility study regarding the Clavos Project. In the event that a production decision is made that is not based on a feasibility study of mineral reserves demonstrating economic and technical viability prepared in accordance with National Instrument 43-101, readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions.
Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
CAUTIONARY STATEMENT
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 release.
This news release may contain forward looking information and the Company cautions readers that forward-looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the Company included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements with respect to the Company’s future plans, objectives or goals, to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, metallurgical processing, project development, reclamation and capital costs of the Company’s mineral properties, and the Company’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as, but are not limited to: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets, inflation, changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR. This list is not exhaustive of the factors that may affect any of the Company’s forward- looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Shares 68,486,783
Nigel Lees
President and CEO
416-204-3170
nlees@sagegoldinc.com
www.sagegoldinc.com
Sage Gold Grade Thickness Model-High Grade Zones-Clavos
Sage Gold Grade Thickness Model-High Grade Zones-Clavos
TORONTO, ONTARIO–(Marketwired – May 3, 2017) – Sage Gold Inc. (the “Company”) (TSX VENTURE:SGX) has completed a Grade times Thickness model for the Clavos gold deposit located 32 kms east north east in the prolific East Timmins Gold Camp. The purpose of this analysis is to determine plunge trends for the higher grade gold mineralization within the Clavos gold system. An outcome of this work is that a number of high grade intersections are proximal to primary structures below the 300 metre level controlling the lens geometry. These uncut assays in these intersections were drilled by Kinross and previously reported by United Tex Sol Mines Inc. and include the following as reported in press releases:
KC 99-131- 94.6g/t over 9.6 metres uncut – (press release September 21, 1999)
KC 99-137- 61.59g/t over 3 metres uncut (press release November 17, 1999)
KC 99- 155W- 85.15g/t over 3.2 metres uncut (press release March 2, 2000)
These holes are assumed to be reported as drill core lengths.
The development of the grade thickness model as detailed below has led to a re-interpretation of the potential plunge directions and controls on the gold mineralization at Clavos. The majority of the higher grade composites occur below the 300 meter level below and adjacent to the mine infrastructure. The intersection of the high angle back thrust faults with the low angle imbricate thrust faults are within reach of drill stations on the 225, 285 and 300 levels. The model also provides vectors to potential new gold plunge directions higher in the Clavos deposit such as at the 100 metre east level. Underground definition drilling will commence on May 7th on the 100 metre east level. Further underground drilling will follow from the 225 level to fill in up plunge from KC99-137 and from the 285 and 300 levels to test up plunge from KC99-131 and 155W.
Nigel Lees, President and CEO commented, “This modeling will provide Sage with the analytical framework to more precisely target underground definition, exploration and resource drilling. The exercise of plotting grade times width across the Clavos deposit has yielded higher grade plunge trends that will potentially outline additional resources. We are looking forward to the commencement of our underground drill program and expect to be drilling these higher grade zones next month.”
Sage has recently completed a compilation of the surface and diamond drilling assay database focusing on the gold mineralization by computing composite weighted average grades over core lengths for the major gold zones specified in the 2012 NI 43-101 resource estimation report as well as sub-zones not included in this report. The drill database includes holes which have been previously disclosed by previous operators such as those quoted above and holes which are in the drill database. This data comprised 569 surface diamond drill holes for all of the Clavos area drilling totalling 126,894 m for an average drill hole length of 225 m. A total of 837 underground drill holes with a combined length of 64,225 m and an average length of 77 m were also provided. The Clavos area drilling spans a strike length of 3.3 km covered by 171 geological cross-sections spaced from 15 metres to 30 metres apart. A total of 30,836 surface drilling assays and 13,912 underground drilling assays.
GRADE / THICKNESS CALCULATIONS
Composite intervals were based on a minimum cut-off grade of 2.75 g/t over a minimum true width of 1.2 metres. Grade capping was set at 90 g/t affecting 29 assays. An allowance of 2 metres for internal dilution was employed factoring in the stockwork and replacement veining style of gold mineralization. True widths were calculated by applying a 30{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} correction factor to the assay core lengths.
A total of 499 grade (grams) / true width (m) composites were manually calculated from the surface drilling database. The composites having a grams x m product greater than 30 total 46.
A typical example of some of the high grade composites are the historic holes KC99-131, 155W, KC00-176 and 159 which were drilled by Kinross exploring the property in 1999 and 2000. Please note that drill holes KC99-131,137,155W as originally reported above have been cut to 90g/t and are reported as true widths.
The table below is a sampling of some of the higher grade composites.
TABLE: SELECTED COMPOSITES CUT TO 90 GRAMS
HOLE_ID | FROM | TO | GRADE (G) CUT 90 G |
TRUE WIDTH (M) | G X M | |||||
CL_KC99-131 | 341 | 350.6 | 30.5 | 7.38 | 225 | |||||
CL_KC00-176 | 327.2 | 333.95 | 34.78 | 5.19 | 181 | |||||
CL_KC00-159 | 298.5 | 306.5 | 24.26 | 6.15 | 149 | |||||
CL_KC99-137 | 409.13 | 411.13 | 30.83 | 2.31 | 71 | |||||
CL_KC99-155W | 650.8 | 655 | 17.91 | 3.23 | 58 |
A total of 515 grade (grams) / true width (m) composites were manually calculated from the underground drilling database. The composites having a grams x m product greater than 30 total 70. Refer to the Sage website – www.sagegoldinc.com – longitudinal plot of the grade thickness model.
MODELING PARAMETERS
Since the four major mineralized vein systems are stratabound in nature and located proximal to the steeply dipping Pipestone Thrust Fault, a longitudinal projection of the centroids of the composite intervals for each hole was projected to a vertical WEST/ EAST plane. The grade estimation parameters employed a search radius of 60 metres selecting 13 nearest grade composite by Inverse Distance Squared method in 3D, then plotting and contouring the values on a 2D longitudinal section where the drill holes pierce the section. The G X M product was contoured in colour ranges set at 5 to 8; 8 to 13; 13 to 21; 21 to 34; 34 to 55; 55 to 89; > 89.
INTERPRETATION
The grade / thickness geological model reveals six major structures cross-cutting the main mine stratigraphy and the Pipestone Thrust Fault. The orientation and arrangement of these structures also displays a remarkable symmetry with structural lineaments interpreted from airborne magnetics. In a regional context, four of these arcuate structures exhibit the habit of imbricate thrust faults facing to the southeast. They conform with right lateral strike-slip deformation during the later stages of the D2 deformation compressional juxtaposing the Kidd-Munro ultramafic assemblage with the Davidson-Tisdale felsic volcanics. The imbricate thrust faults have orientations varying from 55 degrees to 70 degrees and transect the grade / thickness model at shallow angles to the west. A conjugate series of four back thrust faults with orientations at Az 150 degrees steeply crosscut the longitudinal section facing to the east. These faults served as important fluid corridors enhancing gold enrichment processes.
The geological, modeling computations and interpretations of this news release has been reviewed and approved by Sage’s consulting geologist, Peter Hubacheck, P. Geo, who is a Qualified Person (“QP”) as defined in National Instrument 43-101. Len MacKenzie, P.Geo. guided the geologic modeling of the grade / thickness exercise.
About Sage Gold
The Company is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the Clavos Gold property, 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned, in Timmins and the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Onaman property and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
Sage currently plans to complete a reserve estimate and a pre-feasibility study on the Clavos property. In the event that a production decision is made that is not based on a feasibility study of mineral reserves demonstrating economic and technical viability prepared in accordance with National Instrument 43-101, readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such a production decision.
CAUTIONARY STATEMENT: 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 release. This news release may contain forward looking information and the Company cautions readers that forward looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the Company included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements with respect to the Company’s future plans, objectives or goals, to the effect that the Company or management expects a stated condition or result to occur.
Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, metallurgical processing, project development, reclamation and capital costs of the Company’s mineral properties, and the Company’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as, but are not limited to: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets, inflation, changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Shares 68,486,783
CONTACT INFORMATION
Sage (SGX:tsxv) Commencing 9,200 Metre Clavos Drill Program
Sage Commencing 9,200 Metre Clavos Drill Program, Appoints New Director and Grants Options
Momentum Public Relations
Press Release: April 20, 2017
Sage Gold Inc. (the “Company”) (TSX VENTURE:SGX) is pleased to announce the commencement of an underground diamond drill program at its Clavos gold property located 32 kms east north east of Timmins, Ontario in the prolific East Timmins Gold Camp. The Company has awarded the drilling contract to Cabo Drilling Corp. and they are expected to mobilize from their Kirkland Lake base of operations during the fourth week of April.
The 9,200 metre program will consist of three phases of work outlined as follows: Phase 1: Stope Definition Drilling – 5,300 metres; Phase 2: Resource Upgrade Drilling – 2,400 metres; Phase 3: Exploration Drilling – 1,500 metres.
Stope Definition Drilling (Phase 1) will initially start on the 100 metre level East, then proceed to the 150 metre East level, the 150 metre West level and 175 metre level as the dewatering and rehabilitation work permits. This work will guide the planning of stopes for mining of the “Main Mine Trend” of the Clavos deposit hosting significant mineralization in the Contact, Hangingwall (HW), Footwall (FW) and Sediment Zones.
Resource Upgrade Drilling (Phase 2) and Exploration Drilling (Phase 3) are optimized from the 225 metre level and 285 metre levels respectively. These levels are expected to be serviced such that electric hydraulic diamond drills capable of drilling holes up to 400 metres deep can be mobilized by early summer. The prime target area for the Phase 3 drilling exists below the 300 metre level is supported by a grade/thickness geological model. This new model will be upgraded with results and interpretations from the 2017 surface drilling program and disclosed in a separate press release.
Nigel Lees, President and CEO commented, “We are making good progress dewatering and rehabilitating the underground workings at Clavos. Currently we have dewatered 140 metres and are on budget and on time. Drill results from the surface exploration program recently completed are expected shortly.”
The technical content of this news release has been reviewed and approved by Sage Gold’s consulting geologist, Peter Hubacheck, P.Geo, who is a Qualified Person (“QP”) as defined in National Instrument 43-101.
New Director
We are pleased to announce that Thomas Puppendahl has been appointed as a director of the Company as a nominee of Cartesian Royalty Holdings PTE Ltd. (CRH), a gold streaming & royalty investment company pursuant to the nomination right under the gold pre-payment agreement. Mr. Puppendahl is an investment professional with 25 years of experience in global capital markets as a portfolio manager, strategist, investment banker and analyst in London, India and Singapore. He has been focused on the gold and silver sector for more than 12 years, and is a co-founder of Singapore based CRH.
Options
The Company wishes to announce that it has granted options to acquire a total of 4.95 million shares to directors, management and consultants at 25 cents per share. The term is 5 years. Vesting will be on each anniversary date and will fully vest on the third anniversary of the grant date.
About Sage Gold
The Company is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the Clavos Gold property in Timmins and the Onaman polymetallic property. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
Sage currently plans to complete a reserve estimate and a pre-feasibility study on the Clavos property. In the event that a production decision is made that is not based on a feasibility study of mineral reserves demonstrating economic and technical viability prepared in accordance with National Instrument 43-101, readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such a production decision.
Sage Receives Second Tranche of Clavos Financing
Sage Receives Second Tranche of Clavos Financing
– Momentum Public Relations –
Press Release: March 03, 2017
Sage Gold Inc. (“Sage” or the “Company”) (TSX VENTURE:SGX) has drawn down the second tranche funding of the gold prepayment facility, from Cartesian Royalty Holdings Pte. Ltd. (“CRH”), to fund the ongoing re-opening of its Clavos Project (“Clavos”). The second tranche draw down of $2.0 million was subject to certain conditions which have been fully satisfied.
CRH has provided $9.65 million in gold prepayment financing to Sage. Of this amount, $7.22 million is allocated to the Clavos project. To date, $3.96 million has been received and a third and final tranche of $3.26 million is expected to be drawn down mid-2017 subject to certain conditions.
The Company has now dewatered to the 100 m level of the Clavos underground workings. A definition drill program will soon commence to delineate potential mining stopes at the 100 m level. Further pumping will expose additional potential mining stopes both deeper and to the west of the 100 m level. Surface drilling continues between the 960 zone and the Main mine zone in order to establish continuity along strike and also to potentially delineate additional resources to the east. This surface drill program is expected to be completed in approximately 2 weeks.
Nigel Lees, President and CEO commented, “The current program at Clavos is on time and budget. Historical expenditures by the previous owner and ourselves have exceeded $70 million. Sage is permitted for a 700 tonnes a day operation and has a life-of-mine toll mill contract at the Stock Mill, 10 kilometres away by private road.”
Sage currently plans to complete a reserve estimate and a pre-feasibility study on the Clavos. In the event that a production decision is made that is not based on a feasibility study of mineral reserves demonstrating economic and technical viability prepared in accordance with National Instrument 43-101, readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such a production decision.
Robert Ritchie P.Eng. is a qualified person under 43-101 (“QP”) and has reviewed and accepts the technical content of this news release.
About Sage Gold
The Company is a mineral exploration and development company with primary interests in advanced exploration properties in Ontario. Its main properties are the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}-owned Clavos Gold property in Timmins, the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}-owned Onaman property, and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
Sage (SGX:tsxv) Drills Onaman and Clavos
Sage Drills Onaman and Clavos
– Momentum Public Relations –
Press Release: February 8, 2017
Sage Gold Inc. (the “Company”) (TSX VENTURE:SGX) is pleased to announce the commencement of a drilling program at Sage’s Onaman property in northwestern Ontario. This program is being carried out simultaneously with that underway on the Clavos gold property in Timmins announced on January 19, 2017.
With a history of episodic exploration activity dating back several decades, the Onaman property hosts numerous historical mineralized zones and occurrences that have been partly delineated to date. Hosted in a sequence of hydrothermally altered and tectonized mafic through felsic volcanics and derived volcaniclastics, the Onaman property displays the main features of a typical volcanogenic massive sulphide (“VMS”) system, and is consequently considered to host significant exploration potential. Sage will complete a preliminary program comprising 1,000 meters, drilled into the historical Headway zinc-silver-lead±gold deposit.
As discussed in the Company’s recent Onaman news release, a reassessment of the Lynx deposit – the historical focus of Sage’s exploration efforts on the property, has established that it is a “footwall feeder zone” of the type typically found underlying VMS deposits. The fact that the Headway lies immediately above it where the main mineralized body in a VMS system is typically found renders this historical mineralized zone significant from an exploration perspective.
Nigel Lees, President and CEO, commented: “The Headway and Lynx deposits, hosting a combination of base and precious metals between them, are two important parts of the as yet incomplete Onaman story. This current drilling program will help to further unravel it. It nicely compliments Sage’s ongoing drilling program at the company’s Clavos gold deposit where two holes have been completed between the main mine trend and the 960 zone.”
The juxtaposition of the Lynx deposit in the underlying footwall mafic volcanics, and the Headway deposit in the overlying mixed volcanic sequence (named the “In Between Zone” or “IBZ”), is suggestive of the typical mineralogical zoning seen in VMS systems where copper-dominant mineralization is found lower in the system and zinc-dominant mineralization is found in the upper parts of the system. Both deposits feature a hydrothermal alteration assemblage typical of VMS systems. Whereas both the Lynx and Headway are limited in size and grade to the extent that they have been drilled, to date, the exploration potential of the immediate area given the juxtaposition of these features is considered to be significant.
As a first step toward vectoring in on previously untested targets in this area, Sage is drilling a number of holes into the Headway deposit at and near holes drilled by Headvue Mines in 1951. Historical drilling over a strike lengthy approaching 1 kilometre intersected numerous, mostly narrow intervals of zinc-silver-lead±gold mineralization – up to a few meters wide and ranging mostly in the single digits for zinc and lead and up to and exceeding 100 g/t silver, along with wider intervals up to and exceeding ten meters or more of lower grade zinc-silver-lead±gold mineralization averaging in one-tenth the grade range. Sage geologists believe that this zone may be near a zone of focused hydrothermal discharge and associated metal concentration, and that the lithological, alteration, mineralogical and geochemical data derived from detailed analyses of fresh drill core may provide critical clues enabling them to vector in on previously undetected VMS targets in the immediate area.
The Company will provide additional information and updates regarding its progress at the Onaman and Clavos properties on a timely basis.
The technical content of this news release has been reviewed and approved by Sage’s consulting geologist, Avrom E. Howard, MSc, PGeo, who is a Qualified Person (“QP”) as defined in National Instrument 43-101.
About Sage Gold
The Company is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the Clavos Gold property, 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned, in Timmins and the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Onaman property and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
Sage Gold (SGX:tsxv) to Conduct Surface Drill Program at Clavos
Sage to Conduct Surface Drill Program at Clavos
– Momentum Public Relations –
Press Release: January 19th, 2017
Sage Gold Inc. (TSX VENTURE:SGX) ‘Sage’ is planning to commence drilling at its Clavos gold property located 32 kms east north east of Timmins, Ontario in the prolific East Timmins Gold Camp.
The program will consist of 1,500 metres of surface drilling involving 7 drill holes commencing next week. Drilling will initially start on the eastern portion of the “Main Mine Trend” of the Clavos deposit hosting significant mineralization in the Contact, Hangingwall (HW) and Footwall (FW) and Sediment Zones.
The current program’s objective is to test a 235 metre gap between the existing underground infrastructure and the 960 Zone from section 514525E and 514765E. Five holes are planned in this area targeting a shallow plunging flexure controlling gold, arsenopyrite, pyrite, quartz vein mineralization located in the altered ultramafics and porphyries flanking the Porcupine Group sediments demarked by the Pipestone Fault structure. The vertical and horizontal continuity of four gold bearing zones will be evaluated between the 1150m elevation and 1080m elevation (mine reference elevations). A systematic drill hole spacing of 60 metres may further define the plunge orientation of some of the high-grade shoots identified within the existing mine infrastructure.
In addition, 2 drill holes are planned on the western end of the Clavos deposit between section 512800E and 512830E. These holes are intended to in-fill gaps in the historic surface and underground drilling beyond the limits of the existing underground workings at the 1125 elevation order to better define new stoping blocks.
Nigel Lees, President and CEO commented: “Sage announced the closing of a $11.5 million financing commitment in November 2016, of which approximately $7.2 million is allocated to fund the development and restart of the Clavos mine. Historical expenditures by St Andrew Goldfields and Sage on the property have exceeded $70.0 million excluding prior expenditures by United Tex-sol, Kinross and Canamax. Dewatering of the Clavos deposit underground workings has commenced and is on time and on budget. Rehabilitation will follow the dewatering process to define the stope blocks and provide underground drill stations to test the down plunge extensions of the existing zones. Sage is permitted to produce 700 tonnes per day and has secured a life of mine milling agreement with Primero Mining’s Stock mill 10 kilometres away.”
The technical content of this news release has been reviewed and approved by Sage’s consulting geologist, Peter Hubacheck, PGeo, who is a Qualified Person (“QP”) as defined in National Instrument 43-101.
Sage currently plans to complete a reserve estimate and a prefeasibility study regarding the Clavos project. In the event that a production decision is made that is not based on a feasibility study of mineral reserves demonstrating economic and technical viability prepared in accordance with National Instrument 43-101, readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions.
About Sage Gold
The Company is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the Clavos Gold property, 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned, in Timmins and the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Onaman property and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
Sage Gold Inc. (SGX:tsxv) Amends Terms of Hard Dollar Private Placement
Sage Gold Inc. Amends Terms of Hard Dollar Private Placement
– Momentum Public Relations –
Press Release: December 21, 2016
Sage Gold Inc. (the “Corporation”) (TSX VENTURE:SGX) announces that it has amended the terms of the Hard Dollar unit as previously announced on December 6th, 2016. The Hard Dollar unit will be priced at $0.11 per Unit versus the previous price of $0.12 per unit. The terms of the half warrant associated with the Hard Dollar unit and the flow through shares remain unchanged. Refer to the press release of December 6th.
Securities issued pursuant to the Offering shall be subject to a four-month hold period commencing on the Closing Date under applicable Canadian securities laws. The Corporation intends to use the net proceeds from the flow through share Offering to incur Canadian Exploration Expenses (CEE) on its eligible projects and the proceeds of the Hard Dollar Units for general working capital purposes.
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.
The Company is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Clavos Gold property in Timmins and the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Onaman property including the Lynx copper, gold, silver property and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
Sage Gold Inc. Announces Non-Brokered Private Placement
Sage Gold Inc. Announces Non-Brokered Private Placement
– Momentum Public Relations –
Press Release: December 06, 2016
Sage Gold Inc. (the “Corporation”) (TSX VENTURE:SGX) is pleased to announce that it intends to complete a non-brokered private placement (the “Offering”), subject to regulatory approval. The Offering will consist of the sale of 8 million Hard Dollar Units (“HD Units”) at $0.12 per HD Unit and 6 million Flow-Through shares (“FT shares”) at $0.14 per FT share. Each HD Unit includes one Common Share of the Corporation plus one half (1/2) of one Common Share purchase warrant (each whole warrant, a “Warrant”) for gross proceeds of Cdn$960,000. Each full Warrant entitles its holder to purchase one Common Share (a “Warrant Share”) at an exercise price of $0.24 for a period of 24 months following the Closing Date, whereupon the Warrants will expire. Each Flow-Thorough common share will be issued on a flow-through basis. Total proceeds of the FT shares will be Cdn$840,000. Eligible finders may receive cash and / or compensation shares up to 10{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the Offering.
If the Corporation’s shares trade at or above $0.35 per share for 20 consecutive trading days, the Corporation may, at any time after the expiry of the statutory hold period, accelerate the expiration of the Warrants upon not less than 30 days written notice by the Corporation, and thereafter repurchase any unexercised Warrants at $0.001 per underlying common share.
The Corporation may at its discretion sell additional common share units or flow-through shares to raise additional proceeds of up to twenty-five per cent (25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) of the Gross Proceeds of the Offerings.
Securities issued pursuant to the Offering shall be subject to a four-month hold period commencing on the Closing Date under applicable Canadian securities laws. The Corporation intends to use the net proceeds from the FT share Offering to incur Canadian Exploration Expenses (CEE) on its eligible projects and the proceeds of the HD Units for general working capital purposes.
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.
The Company is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Clavos Gold property in Timmins and the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Onaman property including the Lynx copper, gold, silver property and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
Sage Completes Equity Placement; Buys Kirkland’s 40 Clavos Interest
Sage Completes Equity Placement; Buys Kirkland’s 40{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Clavos Interest
– Momentum Public Relations –
Press Release: November 21, 2016
Sage Gold Inc. (the “Corporation”) (TSX VENTURE:SGX) is pleased to announce that it has completed a C$1.85 million equity investment (the “Equity Investment”) by way of a private placement with CRH Mezzanine Pte. Ltd (“CRH Mezzanine”), and has executed a C$9.65 million secured gold prepayment investment (the “Gold Prepayment”) with CRH Funding II Pte. Ltd. (“CRH Funding”). Both CRH Mezzanine and CRH Funding are wholly-owned by Cartesian Royalty Holdings Pte. Ltd. The Equity Investment and Gold Prepayment comprise of the previously announced financing package of C$11.5 million (the “Financing”) provided by Cartesian Royalty Holdings Pte. Ltd. to fund the development and restart of the Corporation’s Clavos project situated in the Timmins mining camp in Ontario, Canada.
Sage’s President and CEO Nigel Lees commented, “We announced the financial package of C$11.5 million with CRH on September 29th. Since then we have completed the following;
-Purchased the 40{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} minority interest in Clavos from Kirkland Lake Gold Inc. for C$1.0 million
-Received a Change in Project Status for Clavos and is now permitted for production
-Completed a C$1.85 million equity placement with CRH
-Signed a binding toll milling agreement with Primero Mining’s Stock Mill
-Executed a C$9.65 million Gold Prepayment Agreement to retire the current secured debt and finance the Clavos restart
We are looking forward to dewatering and rehabilitating the underground workings at Clavos which will allow the Corporation to begin to define the stope blocks and provide underground drill stations to test the down plunge extensions of the existing zones. The change of project status allows Sage to produce up to 700 tonnes a day.”
About the CRH Equity Investment
Under the terms of the Equity Investment, CRH Mezzanine has invested C$1.85 million for (i) 10,700,000 units (the “Units”) of the Corporation at a subscription price of C$0.10 per Unit, and (ii) 7,800,000 special warrants (the “Special Warrants”) of the Corporation at a subscription price of C$0.10 per Special Warrant. Each Unit consists of one common share and one common share purchase warrant, with each warrant exercisable for one common share at a price of C$0.1575 cents for a period of three years. Each Special Warrant entitles CRH Mezzanine to acquire one (1) Unit for no additional consideration. The Equity Investment has been structured such that CRH Mezzanine will not at any time own more than 19.9{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the issued and outstanding common shares of the Corporation. In addition, CRH Mezzanine has the right to acquire its pro rata share of future equity investments completed by Sage as long as it exercises control or direction over 5{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} or more of the issued and outstanding common shares of Sage.
About the Gold Prepayment Agreement
Under the terms of the Gold Prepayment, CRH Funding will provide the Corporation with C$9.65 million payable in three tranches, subject to fulfillment of customary conditions. In consideration, the Corporation will deliver to CRH Funding 15.0{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of gold produced at Clavos commencing on the latter of; (i) the beginning of Commercial Production and (ii) 12 months from the date of payment of the first tranche of the Gold Prepayment, but in all cases no later than December 27, 2017, for a period of 72 months of Commercial Production, subject to a minimum total delivery of 16,100 ounces of gold (“Minimum”) and a maximum of 26,000 ounces of gold (“Maximum”). In the event that the Minimum has not been delivered within 72 months of Commercial Production at Clavos, the delivery obligation will continue until the Minimum has been delivered to CRH Funding. The obligations of the Corporation under the Gold Prepayment are secured against all of the assets of the Corporation, including its interest in the Clavos project.
About the Purchase of the 40{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Clavos Interest
As part of the closing of the Financing, Sage completed the previously announced acquisition of the remaining 40{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} interest in the Clavos project from St Andrew Goldfields Ltd., a wholly-owned subsidiary of Kirkland Lake Gold Inc. The acquisition was completed for C$1.0 million and a 2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Net Smelter Return Royalty. The C$1.0 million was satisfied from the proceeds raised from the Equity Investment. Sage now owns a 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} interest in the property.
Sage currently plans to complete a reserve estimate and a prefeasibility study regarding the Clavos project. In the event that a production decision is made that is not based on a feasibility study of mineral reserves demonstrating economic and technical viability prepared in accordance with National Instrument 43-101, readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions.
Before giving effect to the Equity Investment, Nigel Lees, President and CEO of the Corporation owned and controlled, directly or indirectly 4,282,881 common shares of the Corporation, representing approximately 10{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the issued and outstanding common shares of the Corporation. After giving effect to the Equity Investment, the number of common shares Mr. Lees beneficially owned, directly or indirectly over which control or discretion is exercised was diluted causing his common share ownership to fall below 10{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the issued and outstanding common shares of the Corporation. This notification of the decrease in Mr. Lees share ownership below the early warning reporting threshold is being issued in accordance with National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. For the purposes of this disclosure, the address of Mr. Lees is 200 University Avenue, Suite 1301, Toronto, Ontario M5H 3C6. . The early warning report respecting the transaction will be filed on System for Electronic Document Analysis and Review (SEDAR) under Sage’s issuer profile. To obtain a copy of the early warning report filed by Mr. Lees, please contact the Corporation at 416-204-3170 or refer to SEDAR under Sage’s issuer profile.
Shares for Debt
Sage further announces that it intends to complete a debt settlement transaction (the “Debt Settlement”) with certain creditors (“Creditors”), providing for the settlement of approximately $112,263 through the issuance of an aggregate of 935,528 common shares of the Corporation (“Common Shares”) at a deemed issue price of $0.12 per Common Share. The Debt Settlement is subject to regulatory approval. The Corporation expects to complete the Debt Settlement shortly after such approval is obtained.
About CRH
CRH Mezzanine and CRH Funding are wholly-owned subsidiaries of Cartesian Royalty Holdings Pte. Ltd. (“CRH”). CRH offers innovative financing structures with the goal of creating long-term growth and value in world-class gold projects around the globe. CRH is an affiliate of Cartesian Capital Group, LLC, a global private equity firm with proven expertise in assisting closely-held companies develop into global market leaders. Cartesian Capital Group manages more than US$2.4 billion in capital and has offices in New York, Sao Paulo, Shanghai, Warsaw, and Bermuda.
About Sage Gold Inc.
The Corporation is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the 100 {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Clavos Gold property in Timmins and the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Onaman copper, gold, silver property and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
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