Canada Silver Cobalt Resumes Drilling at Castle East High-Grade Silver Discovery
Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce a major reinterpretation of the Gowganda Silver Camp as a new round of diamond drilling begins (Phase 2) at the Castle East high-grade silver discovery, open in all directions.
Highlights:
- Diamond drilling aims to build and upgrade the maiden Inferred mineral resource (see May 28, 2020 news release) that includes 7.56 million ounces of silver in zones 1A and 1B of the Robinson Zone (27,400 tonnes @ 8,582g/t Ag or 250oz/ton at an average cut-off grade of 258 g/t AgEq);
- Only a fraction of Castle East has been drill-tested. Historically, the area received little exploration attention due to extremely limited diabase outcrop (unlike the western side of the Camp);
- The past producing Castle, Capitol and O’Brien mines, all within a 2-km radius of the Robinson Zone, are interpreted to comprise a large silver-rich system of abundant vein networks that follow the dip of the diabase toward Castle East in the heart of the Miller Lake Basin;
- Very high-grade silver extends more to depth in the Gowganda Camp (toward/near the lower contact) than previously recognized;
- Sub-horizontal and sub-vertical fault structures are key controls on mineralization and they extend throughout the Gowganda Camp;
- The Nipissing diabase, the primary host of very high-grade silver mineralization in the Gowganda Camp, is now known to thicken in a higher temperature system at Castle East;
- Total volume of the diabase at Castle East is estimated to range from 970 million to 1.45 billion cubic meters, vs. an estimated 69 million cubic meters for the Castle mine. The extent of actual mineralized diabase at Castle East is still unknown, and it is too early in the exploration stage to determine potential quantity and grade of the broader Castle East exploration target.
Matt Halliday, VP-Exploration, commented: “We’re excited to continue drilling numerous remaining exploration targets. We’re seeing some phenomenal grades at Castle East, consistent with historical discoveries in the broader district going back to the early 1900’s. We see strong potential to expand and upgrade the known Inferred resource estimate, including higher up in the diabase, given the multiple targets we have.
“Importantly, such a high concentration of metal in zones 1A and 1B of the Robinson Zone provides a bull’s eye target for a ramp strategy aimed at accessing these pods of extremely high-grade material while also creating underground exploration platforms that can efficiently follow the vein structures,” Halliday added. “That’s how Agnico Eagle (Castle mine) and others succeeded in this district – they went straight to the accumulations of native silver. We will incorporate that strategy while also taking advantage of new technology to ensure that Canada Silver Cobalt’s exploration toolbox is the most modern and effective in the Camp.”
Vision For Castle East
Canada Silver Cobalt has launched the permitting process, under Ontario’s “Advanced Exploration Permit” structure, to construct a ramp to the rich Robinson Zone which will also provide underground exploration platforms to greatly enhance new discovery opportunities targeting both high-grade silver and the new gold zone (refer to March 2, 2020, news release) located within Archean rocks overlying the diabase several hundred meters southwest of the Robinson Zone. This streamlined process, which doesn’t require any federal approvals, includes environmental baseline studies for air and water permits in addition to a closure plan for Castle East. CCW has already met with Ministry officials and has engaged a leading engineering firm to help spearhead the process.
District Model
The deposit model and history of the Gowganda Camp, and the broader Northern Ontario Silver-Cobalt District which officially produced nearly half a billion ounces of silver last century, show that unusually rich, narrow vein shoots (generally half an inch to six inches in true width and, in rare cases, up to approximately 12 inches in true width) can extend for tens or even hundreds of meters (pinching and swelling, moving in and out of very high-grade mineralization). These veins may be surrounded by strongly mineralized wall rock and they’re often within a network of closely spaced parallel veins and veinlets in addition to silver-filled fractures.
Phase 2 Drilling
The current program is designed to test the vertical extension of the mineralized zones to surface and to increase quantity and confidence of the mineral resources. Phase 2 will also include follow-up on a new high-grade vein discovery (CS-20-22) approximately 95 meters below the Robinson Zone in the lower half of the Nipissing diabase near the contact with the Archean volcanics. CS-20-22 is interpreted to have intersected a second potential major vein structure with an assay of 8,338.41 g/t Ag or 243 oz/ton over 0.35 meters (true width estimated at 50% to 70%). This native silver vein, discovered at a vertical depth of approximately 500 meters, does not form part of the maiden Inferred resource for Castle East released May 28, 2020.
Significantly, vein intersections at Castle East exist in both the upper and lower parts of the Nipissing diabase contact with the Archean volcanics, greatly enhancing the deposit potential of the area with implications for the broader Camp where historic production was predominantly on the upper half of the diabase. Geologists are also exploring the possibility that rich silver veins at Castle East could potentially extend into rock packages outside of the diabase.
Investors are cautioned that mineral resources which are not mineral Reserves do not have demonstrated economic viability.
Property Map
Visit the Canada Silver Cobalt website at www.CanadaSilverCobaltWorks.com for an updated Castle Property Map, or click on the following link:
Location
The Castle Property is 15 km east of Pan American Silver’s Juby gold deposit, 30 km due south of Alamos Gold’s Young-Davidson mine, 75 km southwest of Kirkland Lake Gold’s Macassa Complex, 80 km west of CCW’s Temiskaming Testing Lab/processing facility in the town of Cobalt, and 100 km southeast of new gold discoveries in the Timmins West area.
Quality Assurance/Quality Control
Castle East core samples were collected using a 0.3-meter minimum length and a 1-meter maximum length. Drill core recovery averaged 95%. Two quality control samples (blank and standards) were inserted into each batch of 20 samples. The drill core was sawn with one half of the sawn core placed in a plastic bag with the sample tag and sealed, while the second half was returned to the core box for storage on site. For the high-grade intercepts, only one-quarter of the core has been sent for assaying to Swastika Laboratories in Swastika, Ontario. Where silver was visually and significantly present, a pulp-metallic analysis was requested for the silver and gold assays where the entire sample is dried, weighed and crushed over 95% then fully pulverized and passed through 200-mesh screen to create a plus 200-mesh fraction (metallics) and a minus 200-mesh fraction (pulp). The minus 200-mesh fraction (fines) was run using geochemical analysis with AA finish for Ag, Au, Cu, Ni, and Co. The entire +200 mesh (coarse) fraction was analyzed using gravimetric processes (fire assay) for both Ag and Au to provide a weighted average assay for the entire sample.
Swastika Laboratories is an ISO 17025 certified lab independent of Canada Cobalt.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Merouane Rachidi, Ph.D., P.Geo., (APGO, APEGNB and OGQ) of GoldMinds Geoservices, a qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt’s flagship Castle mine and 78 sq. km Castle Property features strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing Gowganda high-grade Silver District of Northern Ontario. With underground access at Castle, a pilot plant to produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2OX for the creation of technical grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations, Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space.
“Frank J. Basa”
Frank J. Basa, P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service 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 statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Canada Silver Cobalt Works Inc.
View original content: http://www.newswire.ca/en/releases/archive/May2020/29/c5142.html
Contact:
Frank J. Basa, P.Eng., President and CEO, 1-416-625-2342; Marc Bamber, Director, mb@buffaloassociates.com, +44-7725-960939
- Published in Canada Cobalt Works, Mining, News Home
Canada Silver Cobalt Releases Maiden NI 43-101 Mineral Resource Estimate for Castle East Robinson Zone
Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce the results of its first NI 43-101 Mineral Resource estimate for the early stage Castle East Robinson Zone discovery in the heart of the past producing Gowganda Silver Camp, 75 kilometers southwest of Kirkland Lake.
Castle East is part of Canada Silver Cobalt’s 100%-owned, 78 sq. km Castle Property also featuring the Castle mine. Late last year the company initiated a follow-up program to a 2011 discovery hole approximately two km southeast of the mine, and within two km of two other past producers, that returned a high-grade intercept of 40,944 g/t silver (1,194 oz/ton) over a core length of 0.45 meters (refer to August 25, 2011, Gold Bullion Development news release). Four holes (CS-19-08W1, CS-19-08W2, CS-19-08W3 and CS-19-W4) were wedged off the 2011 hole followed by four holes (CS-19-20, CS-19-21, CS-20-22 and 23) drilled to intersect the vein zone from a different angle. The latest hole was drilled parallel to and collared 45 meters from the historic hole. CCW’s program aimed to delineate the extent of the high-grade mineralization within the Robinson Zone that shows very high grades in the form of native silver.
The mineral resource estimate used the four wedge holes and the four holes drilled from surface (CS-19-08W1 to W4; CS-19-20, CS-19-21; CS-20-22 and CS-20-23) and one historical drill hole (CA1108).
This resource estimate was independently prepared by GoldMinds Geoservices Inc. in accordance with National Instrument 43-101 (“NI 43-101”) and is dated May 28, 2020.
Notably, Zones 1A and 1B have an average silver grade of 8,582 g/t (250.2 oz/ton) in a combined 27,400 tonnes of material for a total of 7,560,200 Inferred ounces using a cut-off grade of 258 g/t AgEq (mineral resources which are not mineral Reserves do not have demonstrated economic viability).
Table 1: Mineral Resource Estimate at Castle East Using a Cut-Off Grade of 258 AgEq g/t
Inferred Mineral Resources | Ag | Co | Cu | Ni | Pb | Zn | AgEq | Tonnes | Ag | AgEq |
g/t | g/t | g/t | g/t | g/t | g/t | g/t | Oz. | Oz. | ||
Zone 1A | 7,960 | 946 | 349 | 790 | 16 | 12 | 8,042 | 8,100 | 2,073,000 | 2,094,200 |
Zone 1B | 8,843 | 2,308 | 325 | 336 | 30 | 52 | 8,998 | 19,300 | 5,487,200 | 5,583,200 |
Zone 2A | 38 | 5,673 | 2,101 | 453 | 118 | 108 | 426 | 5,500 | 6,800 | 75,300 |
Total Inferred Mineral Resources | 7,149 | 2,537 | 628 | 467 | 41 | 52 | 7,325 | 32,900 | 7,567,000 | 7,752,700 |
Notes:
- Mineral resources which are not mineral Reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, market or other relevant issues. The quantity and grade of reported Inferred resources are uncertain in nature and there has not been sufficient work to define these Inferred resources as Indicated or Measured resources;
- The database used for this mineral estimate includes drill results obtained from historical (2011 one hole) to the recent 2019 drill program and wedges from the 2011 diamond drill hole;
- Mineral resources are reported with mineable shape cut-off grade equivalent to $125 USD (258 g/t AgEq) including mining, shipping and smelting cost with recovery of 95%. The high-grade value of the mineral resources may potentially allow for direct shipping. The assay results are not capped as they are not considered as outliers at this stage and results are reproducible;
- The geological interpretation of the mineralized zones is based on lithology and the mineralized intervals intersected by drill holes. The use of the borehole inspection camera provided a valuable geometric characterization of the mineralized intervals;
- The mineral resource presented here was estimated with a block size of 1mE x 1mN x 1mZ;
- The blocks were interpolated from equal length composites of 0.5m calculated from the mineralized intervals;
- The minimum horizontal width of the mineralized envelopes includes dilution and is 1.3m;
- The mineral estimation was completed using the inverse distance to the square methodology utilizing two passes. For each pass, search ellipsoids followed the geological interpretation trends were used;
- The mineral resources have been classified under the guidelines of the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions in 2019 and adopted by CIM Council (2020), and procedures for classifying the reported mineral resources were undertaken within the context of the Canadian Securities Administrators NI 43-101;
- To convert volume to tonnage a specific gravity of 3.4 tonnes per cubic metre was used. Results are presented in‑situ without mining dilution;
- This mineral resource estimate is dated May 28, 2020. Tonnages and AgEq oz in the table above are rounded to nearest hundred. Numbers may not total due to rounding;
- The table below shows the commodity prices and the formula for AgEq calculation:
- Additional details will be provided in the Technical Report.
As part of the resource estimation process, the company and GoldMinds compiled, verified and modelled all technical information available from the Castle East Project. The 3D geological models were built for sub-vertical structures. The mineralized envelopes were created using the last diamond drill holes (CS-19-08W1 to W4; CS-19-20, CS-19-21; CS-20-22 and CS-20-23) and the historical hole CA1108. A total of four mineralized envelopes were created by connecting the defined mineralized prisms on the sections with a minimum horizontal width of 1.3m. A fixed density of 3.4 t/m3 was used. This density reflects the typical mineralized interval composed mainly of diabase. The geological and mineralization wireframes were constructed using Genesis©, a modelling and mineral estimation software.
The maximum depth of the mineralized envelopes is around Z = -73 m (around 490 metres from the surface). The envelopes are extended from around 350m to 490m from the surface. A total of four block models were created. The block size (1mE × 1mN × 1mZ) has been defined to respect the geometry of the envelopes.
Search ellipsoids were used for the grade estimation and follow the geological interpretation trends. Block grades were interpolated from the composites (0.5m length) within the envelopes in two passes using the inverse distance to the square methodology and the assays results are not capped.
For the first pass, the number of composites was limited to twelve (12) with a minimum of three (3) with a maximum of two (2) composites from the same hole. For the second pass, the number of composites was limited to twelve (12) with a minimum of two (2).
A cut-off grade of $125 USD (258 g/t AgEq) was applied for these underground mineral resources.
Table 2: The price used for the calculation of AgEq
Element | Ag | Co | Cu | Ni | Pb | Zn |
[oz] | [ton] | [ton] | [ton] | [ton] | [ton] | |
USD | $15 | $30,000 | $5,150 | $12,327 | $1,650 | $1,925 |
A Technical Report with respect to the present mineral resource estimate disclosed today will be filed within 45 days in accordance with NI 43-101. The report will also present more details on the project and findings. The company will continue to advance, explore and de-risk the project with further engineering (metallurgical, mining) and environmental study & social community relations with locals and First Nations.
Table 3: Significant Robinson Zone Drill Results – Silver/Cobalt Values
CCW Castle East Robinson Zone Significant Drill Intercepts (Core Intervals) | ||||||
Hole # | From [m] | To [m] | Length [m] | Ag [g/t] | Ag[oz/ton] | Co [%] |
CA1108 | 563.54 | 566.63 | 3.09 | 6,476.29 | 188.92 | 0.13 |
Including | 564.34 | 564.79 | 0.45 | 40,944.00 | 1,194.40 | 0.91 |
CS-19-08W1 | 558.00 | 560.50 | 2.50 | 12,738.55 | 371.60 | 0.09 |
Including | 559.40 | 560.00 | 0.60 | 50,583.39 | 1,475.59 | 0.30 |
CS-19-08W2 | 545.00 | 549.00 | 4.00 | 7,259.50 | 211.77 | 0.20 |
Including | 547.20 | 547.50 | 0.30 | 70,380.15 | 2,053.10 | 2.61 |
CS-19-08W3 | 568.00 | 569.00 | 1.00 | 56.40 | 1.65 | 1.35 |
CS-20-22 | 563.90 | 564.50 | 0.60 | 4,971.39 | 145.02 | 0.39 |
Including | 564.15 | 564.50 | 0.35 | 8,338.41 | 243.24 | 0.66 |
CS-20-22 | 407.00 | 419.00 | 12.00 | 29.05 | 0.85 | 0.00 |
Including | 409.45 | 409.85 | 0.40 | 368.70 | 10.76 | 0.01 |
Notes: | 1. True widths are estimated to be 50% to 70% of the reported downhole intercepts; |
2. CS-20-22 interval at 563.90 m to 564.50 m was not used in the Inferred resource calculation. |
Table 4: Drill Hole Coordinates Table
Hole Name | Easting | Northing | Elevation | Azimuth | Dip | Start Depth | End Depth | Length |
CS-19-08W1 | 520914 | 5279950 | 415 | 134 | -50 | 495.03 | 611.00 | 115.97 |
CS-19-08W2 | 520914 | 5279950 | 415 | 134 | -50 | 444.30 | 602.00 | 157.70 |
CS-19-08W3 | 520914 | 5279950 | 415 | 134 | -50 | 425.00 | 620.00 | 195.00 |
CS-19-08W4 | 520914 | 5279950 | 415 | 134 | -50 | 371.40 | 629.00 | 257.60 |
CS-19-20 | 521004 | 5279544 | 415 | 43 | -70 | 0.00 | 701.00 | 701.00 |
CS-19-21 | 521004 | 5279544 | 415 | 30 | -70 | 0.00 | 755.00 | 755.00 |
CS-20-22 | 521004 | 5279544 | 415 | 36.8 | -67 | 0.00 | 695.00 | 695.00 |
CS-20-23 | 520902 | 5279983.93 | 415 | 133.1 | -51.3 | 0.00 | 884.00 | 884.00 |
Quality Control/Assurance
During the 2019 and early 2020 drilling program, assay samples were taken from the NQ core. Samples were collected using a 0.3-metre minimum length, one-meter maximum length. Drill core recovery averaged 95%. A strict QA/QC program was applied to all samples, which includes insertion of mineralized standards and blank samples for each batch of 20 samples. The drill core was split with one half of the core placed in a plastic bag with the sample tag and sealed, while the second half was returned to the core box for storage on site. Core samples were sent for assaying to Swastika Laboratories Ltd. in Swastika, Ontario, and ALS laboratory at Rouyn-Noranda, QC. For the high-grade intercepts, only ¼ of the core has been sent to laboratory for assaying.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Merouane Rachidi, Ph.D., P.Geo., (PGO, OGQ, APEGNB and AIPG) of GoldMinds Geoservices, independent qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt has 100% ownership of the Castle mine and the 78 sq. km Castle Property with strong exploration upside in the prolific past producing Gowganda high-grade Silver Camp of Northern Ontario. With underground access at Castle, a pilot plant to produce cobalt-rich gravity concentrates on site, and a proprietary hydrometallurgical process known as Re-2OX for the creation of technical grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations, Canada Silver Cobalt is strategically positioned to become a vertically integrated North American leader in cobalt extraction and recovery while it also exploits a powerful new silver-gold market cycle.
“Frank J. Basa”
Frank J. Basa, P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service 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 statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Canada Silver Cobalt Works Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2020/28/c4532.html
Contact:
Frank J. Basa, P.Eng., President and CEO, 1-416-625-2342; Marc Bamber, Director, mb@buffaloassociates.com, +44-7725-960939
- Published in Canada Cobalt Works, Mining, News Home
Sirona Biochem shareholders elect five directors at AGM
Sirona Biochem Corp.’s annual general meeting was held at the offices of Sirona Biochem at Suite 1600, Room 16D, 595 Burrard St., Vancouver, B.C., on May 22, 2020, at 9 a.m. Pacific Time. All resolutions presented to the shareholders at the AGM were passed, as discussed in the meeting proxy materials published and mailed to the shareholders and posted at SEDAR.
Voting results:
- The number of directors of the company was set at five.
- All directors were elected with more than 96 per cent of votes in favour, being the following directors elected at the AGM: Howard J. Verrico, Christopher D. Hopton, Geraldine Deliencourt-Godefroy, Alex Marazzi and Jason Tian.
- The ordinary resolution to ratify and approve the stock option plan for continuation was passed by more than 97 per cent of votes in favour.
- The ordinary resolution to ratify and approve the shareholder rights plan agreement was passed by more than 97 per cent of votes in favour.
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona Biochem’s subsidiary lab, TFChem, specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential. Sirona Biochem’s compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and continuing royalty payments.
We seek Safe Harbor.
- Published in News Home, Sirona Biochem
Northern Lights Completes UAV Geological Surveys at Secret Pass
Northern Lights Resources Corp. (the “Company” or “Northern Lights”) (CNSX:NLR.CN) is pleased to announce that a team from MWH Geo Surveys International Inc. (MWH Geo-Surveys) are currently on site at the Secret Pass gold project in Arizona. MWH Geo Surveys have been appointed by the Company to complete drone based geological surveys as part of the 2020 phase one exploration program at Secret Pass. This work was initially planned to commence in March but due to COVIC-19 pandemic travel restrictions the start date was delayed.
MWH Geo Surveys are completing two key field programs at Secret Pass:
- 1) Orthophoto digital mapping survey which will generate a high resolution surface model of the entire 868 hectare license area; and
- 2) An aeromagnetic survey to produce a high resolution structural map that will be used to identify prominent structures that may host gold mineralization. The magnetic survey will be conducted on a 50 metre line spacing and will total approximately 200 line km of survey data.
The UAV survey field work is expected to be complete this week with interpretation of the results by a geophysicist to follow.
The results of this field work will be used to identify target zones at Tin Cup and other prospective sites on the Secret Pass License area for follow up exploration field work including drilling.
The scientific and technical data contained in this news release was reviewed and approved by Gary Artmont (Fellow Member AUSIMM #312718), Head of Geology and qualified person to Northern Lights Resources, who is responsible for ensuring that the geologic information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Or
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona and the Medicine Springs, a high grade silver-zinc-lead property located in Elko County Nevada where Northern Lights is earning 100%.
Northern Lights Resources trades under the ticker of “NLR” on the CSE. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com .
- Published in Mining, News Home, Northern Lights Resources, Uncategorized
Sirona Biochem to hold May 22 AGM in Vancouver
SIRONA BIOCHEM ANNOUNCES CHANGE OF LOCATION OF ANNUAL GENERAL MEETING
The board of directors of Sirona Biochem Corp. has considered current COVID-19 public health restrictions and has determined it to be in the best interests of the company and its shareholders to hold the company's annual general meeting (AGM) at the offices of Sirona Biochem, suite 1600, room 16D 595, Burrard St., Vancouver, B.C., V7X 1L4.
The AGM will be held on Friday, May 22, 2020, at 9 a.m. PT. All other matters of the AGM remain the same as published in the AGM proxy materials mailed to shareholders and posted on SEDAR.
We seek Safe Harbor
- Published in News Home, Sirona Biochem
San Marco Arranges $690,000 Private Placement
San Marco Resources Inc. (TSXV: SMN) announces that it has arranged a private placement of 3,000,000 units at a price of $0.23 per unit for gross proceeds of C$ 690,000. Each unit will consist of one common share and one share purchase warrant to purchase one common share for three years at a price of $0.30. No finder’s fees will be payable in connection with the placement.
The private placement is 100% subscribed by members of the Augusta Group including over 50% by Augusta Investments Inc. a company beneficially held by Richard W. Warke. The Augusta Group is a mining sector focused management group based in Canada and the United States. Augusta has an industry leading track record of value creation totalling over C$ 4.5 billion in exit transactions since 2011, and has strategic partnerships with the leading entrepreneurs in the mining sector. Additional information on the Augusta Group can be found at www.augustacorp.com
Proceeds of the private placement will be used for funding exploration of the Buck property and working capital.
All the securities issued pursuant to this private placement will be subject to a four month restricted resale period. Completion of the placement is subject to the approval of the TSX Venture Exchange.
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
Nancy Curry
Corporate Communications
Sharyn Alexander, M.Sc.
VP Technical Services
Forward Looking Information
Information set forth in this document may include forward-looking statements. While these statements reflect management’s current plans, projections and intents, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of San Marco Resources Inc. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements. San Marco’s actual results, programs, activities and financial position could differ materially from those expressed in or implied by these forward-looking statements.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OF AMERICA
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55925
- Published in Mining, News Home, San Marco Resources
Canada Cobalt name change to Canada Silver Cobalt
Pursuant to a resolution passed by shareholders on May 7, 2020, Canada Cobalt Works Inc. has changed its name as follows. There is no consolidation of capital.
Effective at the opening on May 19, 2020, the common shares of Canada Silver Cobalt Works Inc. will commence trading on the TSX Venture Exchange, and the common shares of Canada Cobalt Works will be delisted. The company is classified as a mineral exploration/development company.
Capitalization: unlimited shares with no par value of which 92,604,360 shares are issued and outstanding
Transfer agent: Computershare Investor Services Inc.
Symbol: CCW (unchanged)
Cusip No.: 134852102 (unchanged)
- Published in Canada Cobalt Works, Mining, News Home
Granada Closes 2nd and Final Tranche of Its Financing
Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) is pleased to announce that further to the Company’s news release dated May 8, 2020, the Company has now closed its second and final tranche of the of its non-brokered private placement financing raising additional proceeds of $382,000 by the issuance of 3,820,000 units at a price of $0.10 per unit. The Company has raised total of $1,200,000 in both tranches.
Each unit consists of one common share in the capital of the Company and one share purchase warrant. Each warrant entitles the holder to purchase one share of the Company for a period of two years from closing at an exercise price of $0.12 cents per share subject to final TSX Venture Exchange (“Exchange”) approval.
Finder’s fees were paid in connection with the private placement in the amount of $15,715 cash and 157,150 broker warrants on the same terms as the purchaser warrants. The finder’s fees are subject to Exchange approval.
All securities issued are subject to a four-month-and-a-day hold period expiring on September 13, 2020, in accordance with applicable securities laws.
The proceeds of the private placement will be used for surface exploration, trenching, and historical resampling of drill core on the Company’s Granada Gold Property in Québec and for general working capital purposes.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop the Granada Gold Property near Rouyn-Noranda, Quebec. Approximately 120,000 meters of drilling has been completed to date on the property, focused mainly on the extended LONG Bars zone which trends 2 kilometers east-west over a potential 5.5 kilometers of mineralized structure. The highly prolific Cadillac Break, the source of more than 75 million plus ounces of gold production in the past century, cuts through the north part of the Granada property.
Pit-Constrained Mineral Resources at Granada disclosed on February 13th, 2019 Press Release prepared by SGS independent QP stand at:
Category | Tonnes | Grade (g/t AU) | Contained Gold (oz.) |
Measured | 12,637,000 | 1.02 | 413,000 |
Indicated | 9,630,000 | 1.13 | 349,000 |
Measured & Indicated | 22,267,000 | 1.06 | 762,000 |
Inferred | 6,930,000 | 2.04 | 455,000 |
Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
+ Open pit mineral resources are reported at a cut-off grade of 0.4 g/t Au within a conceptual pit shell. Cut-off grades are based on a gold price of US$1,300 per ounce, a foreign exchange rate of US$0.76, and a gold recovery of 95%.
The Granada Shear Zone and the South Shear Zone contains, based on historical detailed mapping as well as from current and historical drilling, up to twenty-two mineralized structures trending east-west over five and half kilometers. Three of these structures were mined historically from two shafts and two open pits. Historical underground grades were 8 to 10 grams per tonne gold from two shafts down to 236 m and 498 m with open pit grades from 5 to 3.5 grams per tonne gold.
The Company is in possession of all mining permits that are required to commence the initial mining phase, known as the “Rolling Start”, which allows the company to mine up to 550 tonnes per day. Additional information is available at www.granadagoldmine.com.
“Frank J. Basa”
Frank J. Basa P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service 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 statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Granada Gold Mine Inc.
View original content: http://www.newswire.ca/en/releases/archive/May2020/13/c8193.html
Contact:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144 or Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com
- Published in Granada Gold Mine, Mining, News Home
San Marco Intercepts Shallow Gold at Buck Property
San Marco Resources Inc. (TSXV: SMN) (“San Marco”) is pleased to announce it has intersected wide zones of continuous gold mineralization from its recently completed Phase 1 drill program at its 100% optioned gold/silver/zinc Buck property in north-central B.C.
Highlights of the Phase 1 drill program include:
- 91 metres of 0.80 g/t AuEq (gold equivalent, gold and silver only) within 156 metres of 0.63 g/t AuEq, including 33 metres of 1.01 g/t AuEq.
- 81 metres of 0.78 g/t AuEq within 200.7 metres of 0.51 g/t AuEq, including 44 metres of 1.01 g/t AuEq.
- 2.15 metres of 6.3 g/t Au and 10.0 g/t Ag, including 0.3 metres of 20.7 g/t Au and 48.9 g/t Ag (within 4 metres of the bottom of BK20-002).
- Mineralization is hosted in highly clay altered, faulted and fractured, brecciated volcanic tuffs, as wide disseminated zones and high-grade veins.[*]
- Very consistent gold and silver grades intersected at shallow depths, some of which are projected to surface.
San Marco’s Executive Director, Bob Willis, states “We are very encouraged to see significant intervals of continuous gold mineralization at Buck, which confirms our preliminary findings that this is a large, near-surface gold/silver exploration opportunity. We intend to aggressively ramp up exploration efforts, with our ‘boots on the ground’ exploration team arriving on site in about three weeks. Our drill program gave us the first opportunity to see fresh core we could log and tie to gold mineralization, and to help target the best host rocks, alteration, and structural setting for gold deposition. We will use this new information to target drilling for Phase 2 and to prioritize numerous attractive, but previously poorly understood, target areas at Buck.”
The 1,806 metre drill program was centered in an area of historically explored mineralization and consisted of a total of five holes, where three holes were drilled in an area of known mineralization near surface. An additional two short holes were collared 350 metres to the northwest in an attempt to locate a previously postulated mineralized fault zone. Drill hole locations for the Phase 1 drill program can be seen in Figure 1 and were previously announced on April 8, 2020.
The primary objective of the Phase 1 campaign was to get fresh drill core to identify styles of mineralization and detailed analysis of subtle mineralizing controls that could then be applied project-wide. This has been successful, and these observations will be a key component in the design of the Phase 2 drill program.
Significant shallow drill intersections of gold and silver has shown the robust nature of mineralization, with most of the gold mineralization hosted as disseminations in the host rock, and as high-grade veins, commonly associated with sphalerite and pyrite (see Photo 1). Most of the mineralized system has been classified as felsic lapilli tuffs (volcanic rocks), with various degrees of brecciation. Rocks that are highly faulted and clay-altered have the most elevated gold values. Schematic cross sections can be seen in Figure 2 and Figure 3.
Near-Term Focus
San Marco’s plans for the next phase of exploration include:
- Continue to compile and analyse drill results and review drill core with assays in hand
- Mobilize a field crew to the property in about three weeks
- Commence exploration activities to include detailed mapping and sampling, and prospecting new areas radiating out from current drill location
- Re-interpret historical geophysical data to be used to assist in new drill target generation
- Complete initial 3-D geological model after all drill core interpretation and field work is complete
- Generate Phase 2 drill program
Significant intercepts for the Phase 1 drill program at Buck can be found below.
Hole | From (m) | To (m) | Width* (m) | AuEq (g/t) ** | Au (g/t) | Ag (g/t) | Zn (pct) |
BK20-001 | 29.35 | 30.35 | 1 | 1.93 | 1.87 | 6.1 | 0.5% |
and | 60.00 | 62.00 | 2 | 1.09 | 1.06 | 2.7 | 0.1% |
and | 76.50 | 80.00 | 3.5 | 0.54 | 0.53 | 1.0 | 0.1% |
and | 102.30 | 303.00 | 200.7 | 0.51 | 0.48 | 3.7 | 0.2% |
including | 120.00 | 136.00 | 16 | 0.56 | 0.52 | 4.0 | 0.2% |
and including | 123.00 | 127.45 | 4.45 | 0.73 | 0.68 | 4.9 | 0.1% |
and including | 124.35 | 125.00 | 0.65 | 1.84 | 1.77 | 7.6 | 0.2% |
including | 153.80 | 281.00 | 127.2 | 0.62 | 0.58 | 4.1 | 0.2% |
and including | 157.45 | 238.00 | 81 | 0.78 | 0.73 | 4.9 | 0.2% |
and including | 192.00 | 236.00 | 44 | 1.01 | 0.96 | 5.1 | 0.2% |
and including | 192.00 | 202.00 | 10 | 1.07 | 1.00 | 7.6 | 0.2% |
and including | 210.00 | 212.00 | 2 | 1.18 | 1.13 | 5.1 | 0.2% |
and including | 224.00 | 234.00 | 10 | 1.69 | 1.65 | 4.8 | 0.4% |
and including | 224.00 | 228.88 | 4.88 | 2.62 | 2.54 | 8.3 | 0.6% |
and | 343.75 | 345.00 | 1.25 | 0.64 | 0.61 | 2.7 | 0.1% |
BK20-002 | 50.25 | 56.00 | 5.75 | 0.48 | 0.47 | 1.8 | 0.1% |
including | 50.25 | 50.60 | 0.35 | 2.08 | 1.93 | 16.1 | 1.0% |
and | 90.20 | 90.50 | 0.3 | 2.43 | 2.19 | 25.2 | 1.0% |
and | 101.00 | 257.10 | 156.1 | 0.63 | 0.59 | 4.3 | 0.5% |
including | 111.00 | 202.00 | 91 | 0.80 | 0.75 | 5.6 | 0.5% |
and including | 111.00 | 113.00 | 2 | 4.19 | 4.08 | 11.2 | 1.2% |
and including | 132.00 | 142.00 | 10 | 1.01 | 0.95 | 6.3 | 0.2% |
and including | 146.00 | 147.50 | 1.5 | 1.56 | 1.50 | 6.2 | 0.5% |
and including | 152.10 | 153.60 | 1.5 | 1.66 | 1.62 | 4.5 | 1.2% |
and including | 169.00 | 202.00 | 33 | 1.01 | 0.94 | 7.4 | 0.7% |
and including | 169.00 | 175.20 | 6.2 | 1.05 | 0.98 | 6.7 | 1.1% |
and including | 169.00 | 171.00 | 2 | 1.55 | 1.49 | 6.3 | 1.0% |
and including | 173.00 | 175.20 | 2.2 | 1.08 | 1.00 | 8.6 | 1.7% |
and including | 181.00 | 202.00 | 21 | 1.09 | 1.02 | 8.0 | 0.7% |
including | 245.20 | 257.10 | 11.9 | 0.88 | 0.84 | 3.9 | 0.9% |
and including | 248.40 | 252.00 | 3.6 | 2.04 | 1.99 | 5.5 | 1.4% |
and | 325.00 | 329.00 | 4 | 1.39 | 1.29 | 11.1 | 0.4% |
and | 335.90 | 337.00 | 1.1 | 5.69 | 5.55 | 14.9 | 0.0% |
and | 414.50 | 415.00 | 0.5 | 6.21 | 5.75 | 49.3 | 0.2% |
and | 424.65 | 426.80 | 2.15 | 6.40 | 6.30 | 10.0 | 0.0% |
including | 426.50 | 426.80 | 0.3 | 21.16 | 20.70 | 48.9 | 0.0% |
BK20-003 | 84.40 | 85.00 | 0.6 | 1.62 | 1.48 | 14.9 | 2.0% |
and | 134.35 | 135.60 | 1.25 | 1.70 | 1.56 | 14.6 | 1.5% |
including | 134.35 | 134.65 | 0.3 | 5.75 | 5.37 | 40.4 | 3.6% |
BK20-004 | 101.50 | 103.00 | 1.5 | 0.54 | 0.52 | 2.9 | 0.1% |
including | 101.50 | 101.80 | 0.3 | 1.47 | 1.42 | 5.0 | 0.2% |
and | 186.00 | 188.00 | 2 | 0.72 | 0.70 | 1.6 | 0.1% |
and | 211.10 | 221.20 | 10.1 | 0.49 | 0.42 | 7.1 | 0.5% |
including | 211.10 | 212.25 | 1.15 | 1.41 | 1.28 | 14.2 | 1.4% |
including | 220.85 | 221.20 | 0.35 | 2.74 | 2.61 | 14.0 | 2.7% |
and | 272.00 | 274.00 | 2 | 3.10 | 3.06 | 4.5 | 0.3% |
BK20-005 | 165.80 | 188.80 | 23 | 0.63 | 0.32 | 33.2 | 0.4% |
including | 165.80 | 172.10 | 6.3 | 1.08 | 0.46 | 65.4 | 0.5% |
including | 188.50 | 188.80 | 0.3 | 1.30 | 0.64 | 70.4 | 1.0% |
and | 208.20 | 208.50 | 0.3 | 1.10 | 1.01 | 9.6 | 2.3% |
and | 214.00 | 304.50 | 90.5 | 0.35 | 0.30 | 5.1 | 0.4% |
including | 226.00 | 230.00 | 4 | 0.78 | 0.66 | 13.6 | 0.2% |
including | 252.00 | 304.50 | 52.5 | 0.39 | 0.33 | 6.1 | 0.5% |
and including | 262.00 | 281.00 | 19 | 0.51 | 0.41 | 10.9 | 0.6% |
and including | 302.50 | 304.50 | 2 | 0.66 | 0.64 | 1.9 | 0.0% |
and | 324.00 | 326.00 | 2 | 0.61 | 0.58 | 3.2 | 0.3% |
and | 348.00 | 350.00 | 2 | 0.61 | 0.54 | 7.4 | 0.1% |
and | 418.00 | 420.00 | 2 | 1.09 | 1.00 | 9.1 | 0.1% |
- * Widths are drill core length. Insufficient drilling has been undertaken to determine true widths at this time.
- Average grades are weighted by width and calculated with uncapped gold assays.
- Average widths are calculated using a 0.2 g/t gold equivalent cut-off grade with less than five continuous metres of internal dilution below cut-off grade.
- ** Gold equivalent (AuEq) values were calculated using a gold price of US$ 1,600 per ounce and a silver price of US$ 15 per ounce. Gold equivalent values were calculated using the following formula: AuEq = (Au g/t) + (Ag g/t) x (15/1600).
- Gold equivalent assumes 100% recoveries.
Quality Assurance
All sample assay results have been monitored through a quality assurance / quality control (QA/QC) program. Industry best practices were used for defining a QA/QC program where 5% of the sampling stream was controlled by industry recognized certified reference material (CRM’s) and blanks. When necessary, additional QA/QC in the form of 5% of pulp and coarse reject duplicates were selected for laboratory verification. The drill core was logged in detail by geologists utilizing a logging approach designed by senior technical managers. Logging and sampling was completed at a secure facility in Smithers, B.C. by Coast Mountain Geological Ltd. (CMG). Drill core was sawn in half on site and half drill-core samples were securely transported to the ALS Global prep facility in Terrace, B.C. The samples were dried, crushed to 70% (< 2 mm), split to 250g, and pulverised to 85% (<75 µm). Sample pulps were sent to the ALS Global lab in North Vancouver, B.C., for analysis. Gold analysis was by 30g Fire Assay with AA finish and automatically re-analysed with Gravimetric finish if Au >5 g/t. Some samples underwent ore grade analysis using the Four Acid method. In addition, pulps underwent Multi-Element Analysis by ICP-AES. ALS Global is registered to ISO/IEC 17025:2017 accreditations for laboratory procedures.
Links to Figures
Figure 1:
http://sanmarcocorp.com/wp-content/uploads/2020/05/Buck_Drilling_Imagery_May2020_NR_sxns.jpg
Photo 1:
http://sanmarcocorp.com/wp-content/uploads/2020/05/Buck_CorePhotos.pdf
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada and Mexico.
The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region that includes many former and current operating mines. In addition, the Company’s portfolio includes the several prospective, early stage exploration properties in Mexico.
San Marco is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.
Further details are available on the Company’s website at www.sanmarcocorp.com
On behalf of the Board of Directors:
Robert Willis, P.Eng.
Executive Director
For further information, contact:
Nancy Curry
Corporate Communications
Sharyn Alexander, M.Sc.
VP Technical Services
National Instrument 43-101 Disclosure
This news release has been approved by San Marco’s Executive Director, Robert D. Willis, P. Eng. a “Qualified Person” as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. He has verified the data disclosed, including sampling, analytical and test data, underlying such technical information.
Forward Looking Information
Information set forth in this document may include forward-looking statements. While these statements reflect management’s current plans, projections and intents, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of San Marco Resources Inc. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements. San Marco’s actual results, programs, activities and financial position could differ materially from those expressed in or implied by these forward-looking statements.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
[*] Widths are drill core length
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55698
- Published in Mining, News Home, San Marco Resources
Granada Closes 1st Tranche Financing
Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) is pleased to announce that the Company has closed the first tranche of its non-brokered private placement financing raising gross proceeds of $818,000.
A total of 8,180,000 units were issued at $0.10 per unit. Each unit consists of one common share in the capital of the Company and one share purchase warrant. Each warrant entitles the holder to purchase one share of the Company for a period of two years from closing at an exercise price of $0.12 cents per share.
Certain directors and officers (the “Insiders”) participated in the first tranche closing and purchased an aggregate of 825,000 units for aggregate gross proceeds of $82,500. Participation by Insiders of the Company in the private placement is considered a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the Insiders’ participation in the financing in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that participation in the private placement by the Insiders did not exceed 25% of the fair market value of the Company’s market capitalization.
All securities issued are subject to a four-month-and-a-day hold period expiring on September 9, 2020, in accordance with applicable securities laws. The private placement is subject to final Exchange approval.
The proceeds of the private placement will be used for surface exploration, trenching, and historical resampling of drill core on the Company’s Granada Gold Property in Québec and for general working capital purposes.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop the Granada Gold Property near Rouyn-Noranda, Quebec. Approximately 120,000 meters of drilling has been completed to date on the property, focused mainly on the extended LONG Bars zone which trends 2 kilometers east-west over a potential 5.5 kilometers of mineralized structure. The highly prolific Cadillac Break, the source of more than 75 million plus ounces of gold production in the past century, cuts through the north part of the Granada property.
Pit-Constrained Mineral Resources at Granada disclosed on February 13th, 2019 Press Release prepared by SGS independent QP stand at:
Category | Tonnes | Grade (g/t AU) | Contained Gold (oz.) |
Measured | 12,637,000 | 1.02 | 413,000 |
Indicated | 9,630,000 | 1.13 | 349,000 |
Measured & Indicated | 22,267,000 | 1.06 | 762,000 |
Inferred | 6,930,000 | 2.04 | 455,000 |
Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
+ Open pit mineral resources are reported at a cut-off grade of 0.4 g/t Au within a conceptual pit shell. Cut-off grades are based on a gold price of US$1,300 per ounce, a foreign exchange rate of US$0.76, and a gold recovery of 95%.
The Granada Shear Zone and the South Shear Zone contains, based on historical detailed mapping as well as from current and historical drilling, up to twenty-two mineralized structures trending east-west over five and half kilometers. Three of these structures were mined historically from two shafts and two open pits. Historical underground grades were 8 to 10 grams per tonne gold from two shafts down to 236 m and 498 m with open pit grades from 5 to 3.5 grams per tonne gold
The Company is in possession of all mining permits that are required to commence the initial mining phase, known as the “Rolling Start”, which allows the company to mine up to 550 tonnes per day. Additional information is available at www.granadagoldmine.com.
“Frank J. Basa”
Frank J. Basa P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service 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 statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Granada Gold Mine Inc.
View original content: http://www.newswire.ca/en/releases/archive/May2020/08/c4651.html
Contact:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144 or Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com
- Published in Granada Gold Mine, Mining, News Home