Equitas signs $6M (U.S.) term sheet with Cartesian
Equitas Resources Corp. Signs Long Term Funding Term Sheet with Cartesian Royalty Holdings Pte. Ltd. for a US$6.0M Revolving Gold Prepayment Facility and Equity Finance Package
– Momentum Public Relations – June 7th, 2016
Equitas Resources Corp. (“Equitas” or the “Company”) (TSXV: EQT) (US: EQTRF) (Frankfurt: T6UN) is pleased to announce that it has entered into a binding term sheet with Cartesian Royalty Holdings Pte. Ltd. (“CRH”), an affiliate of Cartesian Capital Group, consisting of a US$5 million revolving gold prepayment loan facility (“Gold Prepay”) and a US$1 million equity private placement investment (together the “Finance Package”).
Key Finance Package Points:
- This funding is intended to cover the projected development and acquisition expenditure of Equitas for up to 5 years.
- The equity portion raised is likely to be channelled towards exploration, grade control drilling, and other costs to prove up further gold resources at our flagship Cajueiro Project, and other prospects.
- The debt financing aspect of the Gold Prepay provides protection against shareholder dilution. CRH has committed to be a long-term partner while we develop the Cajueiro Project.
- The Finance Package is intended to help Equitas become cash-flow generative and to move towards its 5-year strategic goal of becoming a mid-sized gold producer.
- CRH will have board representation for as long as they have material involvement with Equitas. Equitas hopes to benefit from the breadth of their strategic and financial experience.
Chris Harris, President and CEO of Equitas, states “we are very pleased to have agreed to this innovative financing with Peter Yu and the CRH team. Upon closing, the funding provided should secure the near- and medium-term growth plans of Equitas, and help us towards our goal to become a profitable, cash-flow generating, self sustaining mid-tier gold producer in Brazil, with a potentially significant development portfolio. We look forward to working together with Cartesian on building the value of Equitas for its shareholders”.
“CRH and Equitas share a similar philosophy in developing highly scalable gold assets with near-term production and low all-in sustaining costs,” said Peter Yu, Founder and Managing Partner of Cartesian Capital Group. “We are excited to be partners with Chris Harris and the team at Equitas in this unique opportunity in Brazil, and look forward to helping grow the business with a focus on efficient and profitable gold production.”
The Finance Package: – Highlights
The package consists of a US$5 million revolving secured gold prepay facility with a 5-year term, and a US$1 million equity private placement agreement.
1. US$5 million revolving secured Gold Prepay.
The Gold Prepay is a secured loan to be repaid in gold at a pre-agreed volume and price. For every US$1 million drawn down by Equitas, repayment will require 2,100oz Au if within 1 year of drawdown, or 2,300oz Au if repayment takes longer than 1 year but within 3 years. If the full US$5 million is drawn, repayments would range between 10,500 ounces of gold and 11,500 ounces of gold.
Drawdown is permitted on meeting development milestones. The first drawdown shall be for US$250,000 and must be advanced within 90 days. It will be advanced with the first US$250,000 equity private placement. After the first drawdown, the minimum loan drawdown size will be US$1 million.
Each drawdown has up to 36 months to be repaid, with payments starting after 6 months. Any repayments made within 1 year of drawdown can be re-drawn again, providing Equitas with a “revolving” potential borrowing capacity of over US$5 million.
Security is over the existing assets of Equitas, and any new assets that are funded for development by the Gold Prepay. There are constraints over raising further debt, or selling assets, unless CRH gives its approval.
A 0.5{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Net Smelter Royalty (“NSR”) shall be receivable by CRH from the earlier of 42 months following closing, and the full repayment of the gold prepay facility. The NSR is payable on production from the existing Equitas assets at financial close, and on any new assets acquired or developed with the gold prepay funds. The NSR is fully re-purchasable by Equitas in stages for a total of US$4 million.
2. US$1 million equity private placement
The private placement is for Equitas units, each of which comprises one Equitas share and one Equitas warrant. Pricing is CDN$0.07 per unit. Shares are subject to an 18 month lockup from June 6, 2016. Warrants have a 24-month expiry following the closing date, a strike price of CDN$0.117 per share and are not subject to a lockup.
Equity issue timing will be:
(i.) US$250,000 on first gold prepay drawdown, on completion of the gravity plant, and
(ii.) US$750,000 on second drawdown under the Gold Prepay for the first Carbon-in-Leach (“CIL”) plant.
An upfront loan establishment fee of 2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the full finance package, i.e. an amount of US$120,000 will be issued to CRH in Equitas units on first closing.
3. Use of Proceeds:
The proceeds of the Gold Prepay will be focused on our near- and medium-term development programme, including the proposed CIL intended to be developed later this year, as well as overhead costs. The proceeds of the equity placement are intended to be applied to future exploration, overhead costs, and new projects.
The Gold Prepay and the equity placement are both subject to definitive documents being completed and to TSX Venture Exchange approval.
About Cartesian Capital Group
Cartesian Capital Group, LLC is a global private equity firm with proven expertise in assisting closely-held companies develop into global market leaders. Cartesian manages more than $2.4 billion in capital and has offices in New York, Sao Paulo, Shanghai, Warsaw, and Bermuda.
- Published in Blog, Equitas Resources, Mining, News Home
IWS Featured on CNN Money
International Wastewater Systems (IWS:CSE) Featured on CNN Money
– Momentum Public Relations –
CNN Money, the world’s largest business news site, recently interviewed Lynn Mueller, CEO of International Wastewater Systems Inc.
The feature interview highlights key components of International Wastewater’s proprietary technology and outlines how the company’s solutions are being installed in a variety of locations around the world.
“We quickly went from being a local, small company to a worldwide operation. We’ve seen markets around the world demanding the product,” Mueller said, adding that his company has an additional $80 million worth of projects in the works.
The link below features the full article on CNN Money by reporter Jacqueline Wattles.
Mr. Mueller believes that the most pressing global challenge of our generation is the need for everyone on the planet to reduce the energy wastage and minimize carbon output. IWS has responded to the need by developing easy to use technology that recovers heat from waste water.
IWS has been able to form alliances with some of the world’s leading water companies as a result of the quality of its products and ease of the application of its technology. The company has recently updated its pipeline of projects, including the upcoming installation of a SHARC wastewater heat recovery system at a facility operated by the Australian Wool Testing Authority in Melbourne, Australia.
IWS continues to work in close collaboration with some of the world’s major water utility companies in North America and Europe, many of whom are interested in supporting the deployment of IWS technology across their waste water infrastructure. The goal is to contribute to the international carbon reduction program enshrined at the 2015 United Nations Convention on Climate Change in Paris (COP21).
Commenting on the technology, Alex Mortlock, Strategic Planning Manager-Wastewater Infrastructure for Severn Trent (a FTSE 100 Company with wastewater operations in the UK and internationally) said: “having been introduced to SHARC technology during the second half of 2015, we are keen to explore the opportunity that IWS could create for us through their SHARC and PIRANHA technologies. We are currently reviewing the suitability of SHARC for use on one of our own buildings and will be investigating further opportunities to utilize the sewage flow contained in our 91,000 kilometers of sewers.”
Despite its success so far, IWS still faces the challenge of converting the established thinking of combustion based heating engineers. However, with the support of a number of UK and EU water companies, the company is being asked to respond to inquiries from single building adopters as well as developers looking to include low carbon district heating solutions into their project plans.
The UK’s first sewage to heat operation at Borders College in Galashiels, Scotland is an excellent example of how water resources can be harnessed and maximized. The IWS technology was launched in December 2015 and has enabled IWS to showcase the credentials of the SHARC technology. It functions using a 1 km underground heat distribution network, retrofitted to older building stock, and demonstrates how the system can link into town sewer facilities, significantly increasing the market opportunity to heat buildings with limited water consumption.
Scottish Water Horizons has indicated that it is very pleased with the results so far and is looking forward to ongoing environmental and heating cost benefits.
Alan Scott, Finance Director of Scottish Water, says; “this initiative builds on our work to use Scotland’s water resources to help generate renewable energy, through the likes of hydro power schemes, helping to reduce costs and build an increasingly sustainable Scotland.”
IWS is working to capitalize on the many global opportunities that are available by building the strategic relationships necessary for the future success of its solutions.
- Published in Blog, Business, Green Technology, International Wastewater Systems, News Home, Technology
Bonterra (BTR:tsxv) drills 2.5 m of 137.4 g/t Au at Gladiator
BonTerra Extends Western Extension of the Gladiator Deposit by 150 m to 600 m with 2.5 m of 137.4 g/t Gold
– Momentum Public Relations – May 18th, 2016
BonTerra Resources Inc. (TSX-V: BTR, US: BONXF, FSE: 9BR1) (the ” Company ” or ” BonTerra “) is pleased to announce that it has successfully extended the length of its Gladiator gold zones by an additional 150 m to a total strike length of 600 m to date. Assays from an additional eight (8) holes from its 2016 Exploration and Drill Program on its 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Gladiator Gold Project located north of Val d’Or, Quebec have been received from the western extension and are reported below. To date, all of the 19 holes completed in 2016 have been reported from the winter drilling program designed to extend the western limits of the deposits.
Drill hole #19, targeting the lower and westernmost extents of the Gladiator zones, generated a high-grade intersection of 137.4 g/t over 2.5 m with coarse visible gold having been observed in the core. All of the drill holes reported in this press release are located at or within 50 meters of the known western extents of the Gladiator Deposits. For more information, please visit http://bonterraresources.com
Nav Dhaliwal, President and CEO of BonTerra, commented: “Once again our team has pushed the limits of these deposits along strike and to depth in a significant manner. With only the western extension tested to-date, I look forward to beginning our push along strike to the east this summer.”
2016 Drilling Program Update and Highlights:
- -2.5 m of 137.4 g/t Au in Hole BA-16-19 at westernmost and deepest limits of drilling to date in Main Zone, coarse visible gold was observed over a 0.5 m section of the core;-Intersection of 3.5 m of 12.0 g/t Au in Main Zone drilled less than 100 m below surface in Hole BA-16-14;
-Extends Main Zone further to the west with intersection of 3.0 m of 15.0 g/t Au, at nearly 200 m below surface in Hole BA-16-17;
-Hole BA-16-15 extends Footwall Zone further to the west with intersection of 2.6 m of 8.6 g/t Au at 100 m below surface;
-The Gladiator Deposits, to-date, are outlined over a strike length of 600 m long by 450 m deep, where 23 new drill holes (2015 and 2016) have extended the main deposits and discovered 3 new parallel zones;
-New drill information demonstrates that three zones (Footwall, Main and Intrusive) continue along strike, while three new zones (North Shear 1, North Shear 2 and South) have been identified both to the north and south of the previously known zones.
-8,300 m drilled during 2016 in 19 holes on the western extension of Gladiator Deposit;
-Visible gold was identified in 16 of the 19 holes.
Hole | From
(m) |
To
(m) |
Length
(m) |
Grade
(g/t Au) |
Zone |
BA-16-12 | 75.0 | 84.0 | 9.0 | 1.9 | Main |
BA-16-13 | 82.5 | 83.5 | 1.0 | 2.4 | Main |
BA-16-14 | 107.0 | 110.5 | 3.5 | 12.0 | Main |
193.0 | 203.0 | 10.0 | 1.0 | Intrusive | |
BA-16-15 | 124.0 | 126.6 | 2.6 | 8.6 | Footwall |
224.0 | 226.0 | 2.0 | 6.2 | Main | |
BA-16-16 | 144.0 | 153.0 | 9.0 | 3.0 | Footwall |
205.1 | 207.3 | 2.2 | 4.3 | Main | |
BA-16-17 | 186.0 | 189.0 | 3.0 | 15.0 | Footwall |
BA-16-18 | 197.0 | 200.0 | 3.0 | 2.7 | Footwall |
245.0 | 251.0 | 6.0 | 1.4 | Main | |
BA-16-19 | 288.5 | 291.0 | 2.5 | 137.4 | Main |
Including | 288.5 | 289.0 | 0.5 | 677.0 | Main |
*Stated lengths are core width as drilled, true widths have not yet been determined.
Dale Ginn, Vice President of Exploration of BonTerra, added: “While many gold deposits of the Archean shear hosted type are characterized by numerous plunging bodies of relatively short length along a fault structure, Gladiator is demonstrating remarkable continuity along strike and to depth while the presence of mineralized felsic intrusive along the structures is also indicative strength in the system. Our experience and knowledge of the system was greatly enhanced by our 2016 Winter Drill Program and we look forward to applying our knowledge towards the east.”
Upcoming Program and Next Steps
The western extension of the Gladiator Deposit was targeted based on interpretation of recent geophysical programs and extension of known data from the existing Gladiator zones. With the ice drilling program now complete for the winter season, the project will now focus on the eastern and depth extensions from land-based drill sites. This program is expected to continue with drilling the main zones, following up on the recent discoveries, applying drilling in order to extend the deposits to the east, and following up on targets identified on the Coliseum Property to the west.
BonTerra Resources Quick Facts:
- -7,563-hectare (Gladiator Project) in the Urban-Barry Camp in Quebec containing:
- -Using a 4 g/t Au cut-off grade, the project currently contains an inferred resource of 905,000 tonnes, grading 9.37 g/t Au for 273,000 ounces of gold . Of note, ~90{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the worlds operating mines have an average gold grade less than 8 g/t. Mineral Resource Estimate and technical report filed July 27, 2012, Snowden Mining Consultants.-2016 Exploration Program underway – up to 25,000 meters utilizing minimum of two drill rigs at its 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Gladiator Gold Project to expand current gold resource.
-2,165-hectare (Larder Lake Property) in the Cadillac-Larder Break Camp in Ontario ( refer to March 17, 2016 news release highlighting historical gold resource ).
Dale Ginn, P.Geo. has approved the information contained in this release. Mr. Ginn is a Director and Vice-President Exploration for BonTerra and is a Qualified Person as defined by NI 43-101.
- Published in Blog, BonTerra Resources, Mining, News Home
5 Reasons Gold Mining is Important in Quebec
Five Reasons Why Gold Mining is Important in Quebec
– Momentum Public Relations –
- Well Established Geological Potential
Quebec’s geography includes a vast area that is part of the larger Canadian shield. It is the oldest part of the North American crustal plate and contains fossils of bacteria and algae over two billion years old. Many geologists and mining experts consider this area to be an exceptional region geologically. Approximately 90 percent of the substratum is Precambrian rock, a reference to the igneous and metamorphic rock that formed during the Precambrian geological era 500 million years ago. Mineral deposits associated with Precambrian rock have yielded most of the world’s gold and nickel in addition to large quantities of copper, silver, radium, and uranium. Quebec’s gold deposits exist as both mineral and placer form. That means that recreational miners can successfully find small gold deposits in the rivers and streams in reasonable quantities, and larger mining companies are attracted to the area due to significant underground reserves
- New Technologies in Exploration Are Mapping Unexplored Regions
Experts believe that less than 40 percent of Quebec’s mineral potential is currently known. The variety of the terrain coupled with the weather challenges during the winter months has contributed to a limited amount of exploration in the past century. New technologies like multispectral satellite imagery are allowing researchers to collect data on reflection and absorption properties of rock. This data can assist geologists in the mineral mapping of Quebec’s large area of yet unexplored land to identify the potential for significant untouched mineral deposits.
- An Established History of Mining
Unlike some countries or regions of the world, gold mining is not a new thing in Quebec. In 1846, a young girl found a large nugget in the Gilbert River. Gold fever spread like wild fire and prospectors flocked the region looking for the next big discovery. Placer deposits in the area have continued to be quite rich. Mining began to grow in the 1920′s focused primarily on minerals and mineral deposits that were accessible. Regional mining booms first happened in the Abitibi-Temiscamingue area, with exploration subsequently carried out in the Matagami, Chibougamau, Saguenay Lac-Saint-Jean, Grand-Nord and the Côte-Nord regions of the province.
- A Wealth of Experience and Mining Expertise
In some areas of the world, there is plenty of potential, but the knowledge required for a mining industry is embryonic. The existence of viable quantities of rich mineral deposits is never enough, on its own, to catalyze a mining operation. Quebec has experienced miners and mining experts. There are currently over 30 operating mines, more than 150 exploration projects, and 15 primary processing industries. The mines in the province extract more than 25 minerals, including gold, iron, titanium, asbestos, copper, zinc and silver. Quebec’s mining expertise in exploration, development and extraction is supported by a full complement of educational institutions that add to the existing intellectual capital of the industry.
- A Politically Stable Climate
The potential for a mining operation to be overrun by a band of insurgents is not particularly appealing. Some jurisdictions in the world have rich mining opportunities but are politically volatile. They may be subject to civil wars, ever changing rules or endemic corruption. Investors prefer low risk, and Quebec is a low-risk location for mining. While Quebec recently increased some mining taxes, and some mining regulations are under discussion, it remains a place where it possible to have a respectful and productive dialogue with the government. In the Fraser Institute’s Survey of Mining Companies: 2010 Mid-Year Update, Quebec is identified as the third best place in the world for mining investment. The data extracted in the update is a summary of the opinions of mining executives representing 429 mineral exploration and development companies. It evaluated the investment climate of 51 jurisdictions around the world and was conducted following the introduction of new regulatory hurdles and taxation in many jurisdictions.
Sirona Biochem to Present New Test Results of SBM-TFC-1067 at Global Conferences
Sirona Biochem to Present New Test Results of SBM-TFC-1067 at Global Conferences
– Momentum Public Relations – May 17, 2016
Sirona Biochem Corp. (TSX VENTURE: SBM) (FRANKFURT: ZSB) (XETRA: ZSB) (the “Company“) is pleased to announce participation, in the form of presentations and exhibitions, in several global cosmetic industry conferences.
“Maintaining a strong presence in the global cosmetic industry is important as we continue to grow our pipeline and explore new areas of dermatology,” explained Attila Hajdu, Chief Business Development Officer of Sirona Biochem. “These conferences provide a great opportunity to conduct business with the key players in the industry in a timely and efficient manner.”
May 18-20: Attila Hajdu, Chief Business Development Officer of Sirona Biochem, will be exhibiting at China Beauty Expo in Shanghai and attending other business meetings in China and Korea. For more information on this conference, please visit: www.chinabeautyexpo.com/en
May 24-25: Dr. Geraldine Deliencourt-Godefroy, Chief Scientific Officer of Sirona Biochem, will present at COSM’innov 2016, the international congress on cosmetic science in Orléans France. CSOM’innov is where academia meets business as leading organizations seek the latest advances in the science of cosmetology. For more information on this conference, please visit: www.cosminnov.com
June 9-10: Attila Hajdu, Chief Business Development Officer of Sirona Biochem, will be presenting at the Innocos World Beauty Innovation Summit in Vienna, Austria. As a Gold Sponsor of the event, Sirona will have VIP access and dedicated 1:1 business meetings with senior executives from leading companies such as: Amore Pacific, Amway, Beiersdorf, Yves Rocher, Mirai Clinical, Sisley and Unilever. For more information on this conference, please visit: www.innocossummit.com
“As part of due diligence of a third party, our CRO performed additional safety and efficacy studies with our innovative skin lightening compound SBM-TFC-1067 in the last several weeks. The results are a major milestone that will significantly help us to close a licensing deal for this new compound in due course. Furthermore, it will provide scientific credibility enabling potential partners to initiate formulation and clinical trials required for approval of SBM-TFC-1067 in the major markets of the world (Japan, Korea, China, Europe and North America),” said Dr. Howard Verrico, CEO of Sirona Biochem.
About Sirona Biochem
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary technology platform developed at its laboratory facility in France. The Company specializes in the stabilization of carbohydrate molecules, with the goal of improving compounds’ efficacy and safety. Sirona Biochem’s compounds are patented as new chemical entities for maximum commercial protection and revenue potential. Newly developed compounds are licensed to leading companies around the world in return for licensing and milestone fees and ongoing royalty payments. TFChem, Sirona Biochem’s wholly-owned French laboratory, is a recipient of multiple French national scientific awards and a European Union and French government grant.
For more information please visit www.sironabiochem.com
- Published in Blog, News Home, Sirona Biochem
Gold: Not a Flash in the Pan
Gold Stocks: Not just a Flash in the Pan
– Momentum Public Relations –
Why should investors consider investing in gold mining stocks? The answer is simple. Quality business ventures are always investment worthy. The challenge is that investors have to examine the fundamentals of each gold mining company and not get caught up in the hype.
Investment in gold mining companies tends to gather momentum as the price of gold bullion rises. The excitement of a rising commodity can replace the discipline of evaluating investments. When bullion prices are high almost any mining company that can extract a few ounces of gold will make a bit of money. However, when prices fall, there is a reality check and investors often rush to sell all gold stocks. When they do, there is little distinction between marginal plays in exploratory companies with “potential” and producers with multiple locations that are truly well run gold mining concerns.
Everyone can claim to have an opinion, but nobody can predict the future. Many analysts argue that if you decide that a security is not a BUY, then it must be a SELL. There is, of course, a gap between these two conditions. Some call it HOLD. This may be one of those times for some investors to sit tight and HOLD their positions in gold mining stocks. Others may wish to BUY more. However, it may be a splendid time for those who are thinking about investment options to get into the market and BUY gold mining stocks.
There are lots of charts and graphs that can be accessed on the internet that claim to evaluate investment trends in gold. Charts can be quite confusing at times and if you look at more than one chart, confusion doubles or triples. So investors may want to avoid complex analysis and predictive indices that are hard to follow.
Investors can pay attention to three fundamental metrics. First, it is important to calculate the fully loaded cost of production per ounce of gold. A lower cost of production means that even if the commodity price for gold drops the operation can still be profitable.
Second, using spot gold pricing and the current published evaluation of a company’s proven reserves, investors should calculate the NAV ratio (net asset value over share price). This avoids the trap of exclusively evaluating a company’s income statement. Instead, the NAV ratio looks at the value of the assets it holds in relation to the share value at a moment in time.
Third, investors should examine the current ratio of price to cash flow and compare this to the company’s peer group. If the stock price for two companies is $20 per share and one company has a cash flow of $5 per share (20/5=4) and the other company has a cash flow of $10 per share (20/10=2). Using this metric, the company with the lower ratio, (P/CF=2) represents a better value.
The fact is that many Canadian gold producers are fundamentally sound investments and have significant upside potential at current gold bullion prices. Many companies are low to medium cost operators, and many have diverse operations in different areas. Yamana, B2Gold, Alamos, and Torex are examples of well capitalized gold producers that are trading well below their 52-week highs.
If investors are looking to make money in the short term, they should consider the typical seasonality of gold bullion pricing. For example, it has a tendency to rise in conjunction with India’s festival season when gifts of gold are exchanged. If gold prices rise in September, and this has happened in the past, it may well elevate the prices of Canadian gold mining stocks.
For the longer term investor, gold mining stocks are reliable. Yes, there have been bubbles and corrections, but gold is here to stay. The product may shine but gold mining stocks are no flash in the pan!
Canadian Industrial Mineral Company Prepares for Major European Expansion
Fairmont Resources Prepares for European Expansion with Acquisition of Grabasa Assets
– Momentum Public Relations – Dana Hinders
Fairmont Resources (FMR:tsxv), a prominent Ontario-based industrial mineral and dimensional stone company, wants to become the go-to supplier of dense aggregate, quartzite for ferrosilicon, and granite. To further this goal, they announced plans to acquire the assets of Grabasa (Granitos de Badajoz S.A) from a Spanish court-appointed receiver.
Based in Badajoz, Grabasa operated from 1975 to 2011. The company once served as a primary driver of economic activity in Spain’s Extremadura region. Grabasa was thriving in the early 2000s, undergoing a significant production expansion between 2008 and 2010. Unfortunately, their expansion coincided with the Euro crisis. Eventually, the falling Euro caused the company to be unable to meet its debt obligations. This forced Grabasa into receivership and locked its assets in court proceedings for several years.
During the company’s final five years of operation, Grabasa’s sales of premium dimension stone for European industrial, commercial, and retail and industrial applications averaged EUR 6 million annually. In 2011, average monthly sales were EUR 371,475 and operating costs were EUR 217,600.
The Grabasa acquisition is consistent with Fairmont’s philosophy of building long term cash flow by ramping up production on strategically located projects. Grabasa brings several vital assets into play for Fairmont, including a fully operational processing and finishing facility with 250,000 square meters of annual production capacity. The facility also contains over EUR 2.2 million in state-of-the-art cutting and polishing equipment.
Under the terms of the deal, Fairmont will also gain access to an operational fleet of mining and quarrying equipment as well as 23 premium granite quarry licenses. The licenses are significant because of their location: 18 of the 23 are within 8 kilometres of the processing plant, with the remaining five within 20 kilometres.
With assets from Grabasa, Fairmont will become one of the largest granite producers in Europe. Fairmont plans to restart production at the facility, increasing the previous annual gross operating margin of 30{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} to 40{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} through targeted optimization of staff and equipment. Executives also want to increase sales by strategically targeting undervalued North American and Asian markets.
The total cost of the Grabasa purchase is EUR 4.275 million. The acquisition will be paid for via a combination of debt and equity financing, with the terms to be announced at a later date. Madrid-based Eureka Trading has already paid a deposit of EUR 60,000 on Fairmont’s behalf to secure the transaction. Procana Consulting of Markham, Ontario has also assisted with the transaction and will split a EUR 575,000 payment with Eureka Trading for expenses such as due diligence, translation, negotiation, and court costs.
Although Fairmont’s ability to obtain the capital necessary to commence production and complete the Grabasa acquisition has yet to be verified, the company’s world-class collection of assets continues to attract attention from major end users of industrial minerals throughout the world. Therefore, Fairmont’s future looks bright as it progresses towards commercial production.
Since Fairmont specializes in industrial minerals, its investments have less long term volatility and risk in project development. When compared to precious minerals, industrial minerals have lower pricing variances, easier permitting, and fewer overall development costs. The industrial minerals Fairmont mines are used in applications for infrastructure, agricultural, chemical, and metallurgical projects.
In addition to the assets that are part of the Grabasa purchase, Fairmont controls numerous areas of high-grade titaniferous magnetite with vanadium and three quartz/quartzite properties in Quebec: one near Lac Saint Jean and two along the North Shore of the St. Lawrence River. The Forestville and Baie-Comeau quartzite properties were acquired in January 2015 and optioned with the goal of using quartzite as a raw material for silica metal, high purity glass, fibre optics, and ferrosilicon.
For additional information visit :
- Published in Blog, Fairmont Resources, Mining
Bonterra Resources drills 10 m of 9.3 g/t Au in Quebec
BonTerra Extends Main Zone to West with 10 m of 9.3 g/t Au, and Discovers New South Zone with 3.0m of 20.7 g/t Au at its Gladiator Gold Project
– Momentum Public Relations – April 26, 2016
BonTerra Resources Inc. (TSX-V: BTR, US: BONXF, FSE: 9BR1) (the ” Company ” or ” BonTerra “) is pleased to announce that it has received assays on an additional four (4) holes from its 2016 Exploration and Drill Program on its 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Gladiator Gold Project located north of Val d’Or, Qu e bec. To date, 11 of the 19 holes completed have been reported, with eight (8) holes remaining in the lab. All of the drill holes reported in this press release are located at or within 50 meters of the known western extents of the Gladiator deposits.
Nav Dhaliwal, President and CEO of BonTerra, commented: “Once again we are successful in not only extending the mineralization further to the west in the Main Zone, but we have discovered additional high-grade gold with an intersection of 20.7 g/t over 3.0 meters in the New Zone. Of note, the Main Zone intersected gold at the bottom of the deepest hole, clearly highlighting the strength and size of the Gladiator Gold Deposit.”
2016 Drilling Program Update and Highlights:
-New South Zone discovery intersects 3.0 m of 20.7 g/t Au in Hole BA-16-07 at westernmost limits of drilling to date;
-Intersection of 3.0 m of 3.0 g/t Au drilled in New South Zone in Hole BA-16-08;
-Extends Main Zone further to the west with intersection of 10.0 m of 9.3 g/t Au, including 3.0 m of 27.5 g/t Au, in Hole BA-16-10;
-Hole BA-16-10 extends mineralization down to 445.5 meters in deepest and westernmost hole drilled to date;
-8,300 m drilled to date in 19 holes on the western extension of Gladiator Deposit;
-Visible gold was identified in 16 of the 19 holes;
-The Gladiator Deposits are now outlined to the west by an additional 200 m long by 450 m deep, where 23 new drill holes (2015 and 2016) have extended the main deposits and discovered 3 new parallel zones.
-New drill information demonstrates that three zones (Footwall, Main and Intrusive) continue along strike, while three new zones (North Shear 1, North Shear 2 and South) have been identified both to the north and south of the previously known zones.
Dale Ginn, Vice President of Exploration of BonTerra, added: “We continue to build a very solid, consistent high-grade gold deposit that is demonstrating continuity in multiple zones. I would like to thank our Qu e bec-based exploration team for their hard work and excellent technical management of the 2015 and 2016 exploration program to date.”
Upcoming Program and Next Steps
The western extension of the Gladiator Deposit was targeted based on interpretation of recent geophysical programs and extension of known data from the existing Gladiator zones. With the ice drilling program now complete for the winter season, the project will now focus for the month of April on gathering and compiling information from the new core as received to date and pending. The 30-day window is allowing time for a full interpretation of the initial 19 holes and complete a detailed report of the winter campaign. Upon completion, BonTerra’s technical team will define, target and prepare the next drilling campaign and summer surface work. This program is expected to continue with drilling the main zones, follow up on the recent discoveries, apply drilling in order to extend the deposits to the east, and to follow up on targets identified on the Coliseum Property to the west.
See below a summary for all drill results reported to date from 2015 and 2016 including the most recent results from BA-16-07, BA-16-08, BA-16-10 and BA-16-11:
Hole | From (m) |
To
(m) |
Length
(m) |
Grade
(g/t Au) |
Zone |
BA-15-01A | 62.5 | 66.0 | 3.5 | 9.1 | Footwall |
210.6 | 217.2 | 6.6 | 14.0 | Main | |
Including | 215.9 | 216.7 | 0.8 | 104.5 | Main |
BA-15-02 | 107.6 | 110.2 | 2.6 | 4.7 | Footwall |
224.3 | 225.2 | 0.9 | 7.6 | Gabbro | |
320.5 | 476.0 | 155.5 | 0.5 | Intrusive | |
476.0 | 483.7 | 7.7 | 7.2 | Main | |
BA-15-03 | 187.0 | 188.5 | 1.5 | 4.3 | Footwall |
200.0 | 204.0 | 4.0 | 1.3 | Gabbro | |
219.0 | 220.0 | 1.0 | 3.8 | Gabbro | |
339.0 | 379.0 | 40.0 | 0.4 | Intrusive | |
392.8 | 397.0 | 4.2 | 1.6 | Intrusive | |
479.0 | 499.4 | 20.4 | 0.9 | Intrusive | |
BA-15-04 | 224.0 | 235.4 | 11.4 | 1.5 | Main |
Including | 234.1 | 235.4 | 1.3 | 8.0 | Main |
BA-16-01 | 126.0 | 127.0 | 1.0 | 5.2 | Footwall |
240.0 | 378.0 | 138.0 | 0.4 | Intrusive | |
Including | 299.0 | 302.4 | 3.4 | 1.7 | Main |
Including | 353.8 | 357.0 | 3.2 | 1.9 | Main |
BA-16-02 | 11.0 | 55.0 | 44.0 | 0.4 | New (North Shear 2) |
79.0 | 137.0 | 58.0 | 2.5 | New (North Shear 1) | |
Including | 79.0 | 95.0 | 16.0 | 6.1 | New (North Shear 1) |
Including | 79.0 | 84.0 | 5.0 | 15.3 | New (North Shear 1) |
92.5 | 95.0 | 2.5 | 7.5 | New (North Shear 1) | |
103.0 | 145.0 | 42.0 | 1.0 | Local Shear | |
BA-16-03 | 4.0 | 9.0 | 5.0 | 9.0 | Footwall |
Including | 4.0 | 6.9 | 2.9 | 13.5 | Footwall |
BA-16-04 | 64.0 | 70.0 | 6.0 | 10.4 | Main |
BA-16-05 | 25.0 | 26.5 | 1.5 | 3.5 | Main |
184.0 | 186.0 | 2.0 | 12.7 | Main | |
290.7 | 294.0 | 3.3 | 29.0 | New (South) | |
BA-16-06 | 20.8 | 30.0 | 9.2 | 2.1 | Footwall |
336.0 | 337.5 | 1.5 | 3.0 | Intrusive | |
416.0 | 420.0 | 4.0 | 1.7 | Main | |
BA-16-07 | 142.6 | 147.0 | 4.4 | 8.0 | Main |
Including | 144.2 | 147.0 | 2.8 | 11.9 | Main |
155.0 | 156.0 | 1.0 | 14.9 | Main | |
378.0 | 381.0 | 3.0 | 20.7 | New South | |
BA-16-08 | 245.0 | 332.8 | 87.8 | 0.31 | Intrusive |
368.0 | 371.0 | 3.0 | 3.0 | New South | |
BA-16-09 | 21.7 | 27.4 | 5.7 | 24.3 | Main |
110.1 | 111.2 | 1.1 | 41.7 | Main | |
364.0 | 369.0 | 5.0 | 1.8 | New (South) | |
BA-16-10 | 318.0 | 328.0 | 10.0 | 9.3 | Main |
Including | 321.0 | 324.0 | 3.0 | 27.5 | Main |
438.0 | 445.5 | 7.5 | 1.1 | New South | |
BA-16-11 | 35.0 | 36.7 | 1.7 | 13.6 | Main |
40.9 | 44.0 | 3.1 | 4.6 | Main | |
187.4 | 187.9 | 0.5 | 24.4 | New South |
*Stated lengths are core width as drilled, true widths have not yet been determined.
BonTerra Resources Quick Facts:
-7,563-hectare (Gladiator Project) in the Urban-Barry Camp in Quebec containing:
-Using a 4 g/t Au cut-off grade, the project currently contains an inferred resource of 905,000 tonnes, grading 9.37 g/t Au for 273,000 ounces of gold . Of note, ~90{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the worlds operating mines have an average gold grade less than 8 g/t. Mineral Resource Estimate and technical report filed July 27, 2012, Snowden Mining Consultants.
-2016 Exploration Program underway – up to 25,000 meters utilizing minimum of two drill rigs at its 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Gladiator Gold Project to expand current gold resource.
-2,165-hectare (Larder Property) in the Cadillac-Larder Break camp in Ontario ( refer to March 17, 2016 news release highlighting historical gold resource ).
Dale Ginn, P.Geo. has approved the information contained in this release. Mr. Ginn is a Director and Vice-President of Exploration for BonTerra and is a Qualified Person as defined by NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS,
Nav Dhaliwal, President & CEO
- Published in Blog, BonTerra Resources, Mining, News Home