Silver Price Could Explode Following On Gold Trajectory
Gold has outperformed the commodity segment, if a 10% plus price rally, since the start of the year, is anything to go by. The yellow metal is currently trading near seven-year highs after a meteoric rise in response to interest rate cuts as well as growing concerns about the impact of the Coronavirus scare. Amidst Gold’s explosive run, Silver another precious metal has remained range-bound having struggled to take out the $20 level.
Silver Price Consolidation
As Gold continues to register higher highs in the market, the biggest question among investor is how Silver will perform in 2020. The Silver Institute believes the white metal has what it takes to register substantial gains in 2020. Increased use of white metal in the industrial sector is one of the factors the Institute expects to drive Silver prices.
After breaking out in December after a steep pullback from one-year highs of $19.69, the white metal has struggled to rise past the $19 mark. Price rejection has been the order of the day, with the precious metal price action activity remaining subdued at the $18 handle. The consolidation at the $18 mark has come even on investors shifting their attention to safe havens. Gold has been the biggest beneficiary rallying in the process to six-year highs.
Silver poor performance compared to Gold could be attributed to, among other things, the Coronavirus. Unlike Gold, Silver plays an important role in the industrial sector. Demand for the precious metal is usually high in China, the industrial heavyweight of the world.
However, with the Coronavirus bringing almost every sector of the Chinese economy to a standstill, Silver’s industrial demand has edged lower in recent months, consequently having a negative impact on price. Amidst the low demand, the Silver Institute believes silver industrial uptake will pick in the second half of the year, on coronavirus risks subsiding.
Silver 2020 Outlook
According to the Silver Institute, macroeconomic and geopolitical conditions should remain supportive of industrial metals such as Silver in the second half of the year. The Institute expects growth in physical silver investment with most demand expected to come from the industrial sector. The Institute expects a 3% increase in silver industrial demand which should help shore price before the end of the year.
Demand for Silver for use in the electrical and electronic sector should be the key driver of Silver prices, taking into consideration the forces of demand and supply. For instance, the white metal is becoming important in the automotive industry as the race for electric driver-less cars heats up.
In response to the growing demand, Silver output is expected to climb 2% in 2020. A number of companies have commissioned new mines even as others continue to ramp up existing projects in a bid to address the growing demand, especially in the industrial sector. Given the increased rate of production, the Silver Institute expects there to be a 15 million ounce surplus before the end of the year
Conversely, Silver prices could rise by 13%, especially on finding support above the $19 mark. In addition to increased demand for the white metal, prices should also receive a boost due to spill-over from Gold price gains. The yellow metal looks set to continue powering high in response to macroeconomic and geopolitical uncertainties on the global scene.
With Gold appearing to be expensive, given the meteoric rise in recent weeks, institutional investors could shift to Silver as it also possesses the safe-haven credentials. At current levels, the white metal appears to be trading at a discount backed by solid fundamentals.
Silver Stocks To Watch
Canada Cobalt Works Inc. (CVE: CCW) is one of the company’s well-positioned to benefit on Silver price edging higher from current levels. The Canadian company is engaged in the evaluation exploration and development of mineral deposits in Canada. The stock is already up by more than 40% in line with a spike in Silver Prices.
Hecla Mining (NYSE:HL) is another silver stock that has rediscovered itself in line with a growing demand for Silver. The stock has more than doubled in value over the past few months affirming the fact that the stock is back to strong growth after threatening penny stock status early last year.
Wheaton Precious Metals (NYSE:WPM) is another Silvers stock that continues to follow gold trajectory when it comes to price action. The stock is already up by more than 10% for the year as it continues to trade in a steep uptrend in line with bullish sentiment around Silver stocks.
- Published in Canada Cobalt Works, Mining, News Home
Beneath the Surface – Everything You Need to Know About Gold Mines
“Gold will be around… Gold will be money when the dollar and the euro and the yuan and the ringgit are mere memories.” — Richard Russell
Gold is valuable because it holds an objective, independent value separate from the rise and falls of the dollar. This is why gold is known as a safe-haven investment and generally accepted as a wise investment choice. However, not all gold investments are equal and the type and grade of gold deposits can greatly affect the strength of the investment. Understanding these different factors is vital in securing the best investment.
Lode to Placer
All gold originates from lode deposits. Lode deposits, put in the simplest terms, is gold contained within a rock. Lode deposits lead to placer deposits. Over the course of time, natural erosion takes place and the gold within the rock is eroded into gold dust. This dust is then transported to places such as creeks or rivers.
As the dust moves to these areas, they will begin to concentrate and form the gold nugget shape that many people may be familiar with. Gold from these placer deposits will typically be clean from most rock material and worn smooth.
From Gold Lodes to Loads of Gold
Sourcing gold from lode deposits is more expensive and resource heavy than sourcing gold from placer deposits. Since the rock in lode deposits is locked up in the rock it takes a lot of resources and personnel to be able to extract the gold effectively.
Placer deposits on the other hand, have been separated from the rock naturally. Since placer deposits are also located in areas above ground, such as creeks and rivers, they are easily accessible as well. Sourcing gold from placer deposits are also cheaper because the tools that are needed to extract the gold are simpler and less expensive.
It is easy to see why placer deposits were such a popular option in the past. However, in modern times, few placer deposits remain. Since placer deposits take thousands of years to become a reliable source of gold, once all the placer deposits have been mined out, they are no longer lucrative. Pursuing placer deposits in the current age is a wild goose chase and not recommended.
Lode deposits, however, are plentiful and still very lucrative in the mining industry. The top gold deposits in the world are now lode deposits and many small-cap companies are rising quickly in the industry through successful lode deposit operations.
Grade A Gold
When people think about the grade of gold, they often think about the carats of a gold piece. However, the grade of a gold mine takes on a different meaning that is equally, if not more, important.
The standards of high-grade and low-grade gold ore are set by the World Gold Council. The World Gold Council defines a high-grade gold mine as having a gold ore density between 8 and 10 g/t (grams per ton). Average mines will have between 4-7 g/t and low-grade gold mines have between 1-4 g/t.
It is important to understand that a lower amount of grams per ton will not always mean that a mine less viable. Open-pit mines can be very lucrative even at low-grades since they generally have lower operating costs. Thus, it is recommended to evaluate gold mines through cost per ounce rather than grams per ton.
The Bigger They Are, The Costlier They Are
The cost of operating the mine is another factor that should be considered when choosing which mine to invest in. Even the highest grade of gold mines may not be lucrative if the cost to run them is high.
However, as technology progresses, mining is becoming more streamlined and efficient. In the modern age, mining operations usually consist of smaller, targeted operations rather than the traditional large-scale mines.
This transition to smaller operations has greatly benefitted small-cap mining companies and investors because it provides a cheaper barrier of entry for both parties. Small-cap companies are able to run highly successful targeted operations and investors are able to get into the ground level with potentially highly lucrative mines.
Small-Caps, Big Hitters
“In investing, what is comfortable is rarely profitable.” – Robert Arnott
Investing in more established mining companies may seem like the “safe” thing to do, but it is almost never the more lucrative thing to do. Junior mining companies can grow in ways that are impossible for larger mining companies. There are many junior mining companies who have had successful operations or on the edge of discovering large mining yields.
Rio Silver currently has projects set in prime mining areas in Peru. Peru is geologically rich with gold and in 2018, it produced the 7th most gold in the world at 155.4 tons. San Marco Resources has planned drilling expeditions on the infamous Buck Property, a location in British Colombia, Canada that has yielded much gold in previous drilling expeditions. Midas Gold Corp has a project in the works called the Golden Meadows project. This project is located in the Central Idaho Porphyry (Gold) Belt, a gold rich area that has yielded over 8 million ounces of gold in the past.
Highly successful targeted operations from junior minor companies can skyrocket a company’s value. Given the advance in mining technology and the favorable climate for lode deposit mining, the timing to invest in junior mining companies has never been better.
There are many factors to consider when investing in gold mines, however, with proper research, gold mines will make a highly lucrative addition to any portfolio.
- Published in Uncategorized
Colibri Announces That Maiden Drilling Has Started at Evelyn Gold Project
Colibri Resource Corporation (TSXV: CBI) (“Colibri” or the “Company”) is pleased to announce that Major Drilling has starting drilling the maiden drill program at Colibri’s Evelyn Gold Project located 60 km NW of Caborca Mexico.
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).
The drilling program should take approximately 3 weeks to complete with assay results to be subsequently disclosed in due course.
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)
Rig Preparation for Hole #1
To view an enhanced version of this graphic, please visit:
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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
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
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