Junior Gold Forecast For 2020 On The Venture Exchange
Gold had a slow start in 2019 as prices remained below $1321, even hitting lows of $1266 in the first quarter of the year. However, as the year came to close, prices surged to 6-year highs in response to mounting U.S-China trade tensions. Geopolitical tension between the U.S and Iran also brought to light Gold’s safe-haven attributes, consequently fuelling further price gains.
A $200 price gain in 2019 might as well have revitalized growth prospects among junior gold companies. The price increase has helped revitalize growth prospects in the gold mining business, with the trend set to continue in 2020. Junior gold companies continue to record cash benefits emanating from the higher gold price. With the new cash comes the unending debate as to how the companies are likely to spend their new fortunes.
While some fund managers with stakes in some of the junior gold companies are increasingly pushing dividend payouts, some are pushing for internal investment. Leadership among the miners, on the other hand, are pushing for new gold supplies to ensure operational sustainability for the years to come.
New gold discoveries have declined significantly over the past decade. While the potential for new discoveries is still there, only companies with the technology as well as financial power stand a chance as gold deposits are now deeper, harder, and expensive to find.
Mergers and acquisitions are thus expected to take center stage in 2020 as some of the miners seek to expand their mining portfolios.
Mergers and Acquisitions
Some of the biggest gold miners are increasingly seeing their gold reserves get depleted. For that reason, most of them have resorted to mergers and acquisitions in a bid to replenish their reserves with already operational projects. Newmont, one of the biggest gold miners, is at risk of seeing its reserves run to zero over the next ten years.
Similarly, the company has merged with Goldcorp, resulting in a $10 billion Newmont Goldcorp company. The combined company wilds the much needed financial muscle and power to invest in expansion as well as exploration projects in a bid to enhance gold reserves.
Endeavour Mining is another company that has inked a $2.5 billion merger deal with Centamin as it looks to strengthen its prospects in the gold mining business. Zijin Mining is set to acquire Continental Golf for $1 billion as Equinox and Leagold push forward with the merger at market value.
Equity Increase
While gold prices appear to have stabilized above the $1500 mark, the equity of gold juniors is yet to tick higher. Major gold producers have seen their equity tick by an average of 24%. In contrast, juniors, as indexed by the Venture Exchange, are down by an average of 10%
The trend should change in 2020 on gold prices stabilizing at current highs. Increased merger and acquisition activity could be the trigger behind increased equity levels among juniors. Likewise, a decline in competition from other emerging industries such as the cannabis and crypto market should see junior gold companies elicit strong institutional investment.
New Entrants into the Canadian Market
Given the high gold prices, a number of new entrants are expected in the Canadian mining industry. The new entrants would mostly come from Australia and China, countries that are increasingly looking for raw materials as well as metals for their industries.
The trend is already gaining traction the likes of Newcrest, St Barbara, Evolution Mining, and Zijin having already made their presence felt as new entrants in the mining industry.
Discoveries Grades and Tonnage Could Decline
The likelihood of new gold projects coming online is minimal. Very few companies are willing to commit capital to new projects as current projects have lower grades and tonnages. The fear of high exploration and extraction costs would likely keep most junior gold companies at bay when it comes to pursuing new projects.
Gold Prices Outlook
While the U.S-China trade deal has brought some level of stability in the markets, thereby cooling tensions, volatility with regards to gold prices is likely to remain high. Brexit tensions and uncertainty, as well as Hong Kong protests, should continue to fuel demand for gold as a safe haven.
The disintegration of the Iran Nuclear deal and soaring tensions with the U.S is the latest geopolitical tension likely to continue fueling demand for gold. With gold prices expected to continue rising, junior gold stocks should continue rising as well, given the expected returns on mining operations.
https://banyanhill.com/2020-forecast-grab-double-digits/
SILVER SPRUCE TO ISSUE SHARES TO COCULA VENDOR AND LAND OWNERS
Silver Spruce Resources Inc., further to its news release dated Nov. 29, 2019, announcing the termination of the Cocula project, is seeking the approval of the TSX Venture Exchange to an amendment dated Sept. 10, 2019, to the letter of agreement dated July 13, 2019, with ProDeMin SA de CV. Under the terms of the amendment, the company is required to issue 1.7 million common shares at a deemed price of five cents per share, in which 1.5 million common shares are to be issued to ProDeMin and 200,000 common shares are to be issued to the landowners of the Cocula project.
About Silver Spruce Resources Inc.
Silver Spruce is a well-positioned, Canadian junior exploration company pursuing the exploration and development of the Melchett Lake VMS project in Ontario, Canada, and the Pino de Plata epithermal silver/base metal/gold project located in the prolific Sierra Madre Occidental region of western Chihuahua state, Mexico.
- Published in Gold, News Home, Silver Spruce Resources
San Marco Resources Inc. (TSX-V: SMN) Ready To Rebound On Improving Fundamentals
San Marco Resources Inc. (TSX-V: SMN) has registered substantial price gains as investors react to improving fundamentals tied to the company’s flagship Buck gold/silver/zinc project. Renewed investor interest has seen the stock rally by more than 30% after a steep pullback in 2019. The bounce-back stems from growing confidence about the company’s long-term prospects as it continues to work on its flagship mining project.
The Canadian mineral and exploration company’s focus in 2020 remains fixed on the flagship Buck gold/silver/zinc Property[SA1] [R2] , located in north-central British Columbia. The 100% optioned 15,000 ha project is at the heart of the company’s long-term prospects as well as the generation of long-term shareholder value.
Likewise, San Marco Resources balance sheet has received a boost with a series of capital raises that leaves the company well positioned to bring to fruition its flagship mining project. A strengthened balance sheet means the company is financed to pursue strategic initiatives that have the potential to generate long-term value.
About San Marco resources
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 currently operating mines. In addition, the Company’s portfolio includes the several prospective, early stage exploration properties in Mexico.
San Marco 2020 Outlook
Buck Project Prospects
After a quiet 2019, 2020 promises to be a busy year for San Marco Resources. The company is set to begin drilling at their flagship Buck Property with the imminent approval of their drill permits.
Located 15 km south of Houston, British Columbia, the Buck Property is a bulk tonnage gold/silver/zinc exploration target believed to be a large, altered breccia system. Historical exploration activities included drilling, sampling, as well as ground and airborne geophysics, meaning the company won’t be starting from scratch.
The Buck property is located in a mining friendly jurisdiction that will support year-round exploration. Likewise, the project has excellent road access allowing support to drilling and processing operations.
The company’s geologists have compiled data and generated a 3-D model of historical drill assays. The analysed data indicates the presence of a large, altered breccia system with widespread gold, silver, and zinc mineralization. The surface footprint of the mineralization is over an area approximately 700 m by 300 m with mineralized breccia also known to exist up to 200 m in depth. Alongside this surface area, multiple unexplored target areas are also located within the claim group.
According to San Marco Resources Executive Director, Bob Willis, “the Buck gold/silver/zinc project provides an excellent opportunity to generate significant shareholder value once drilling operations commence”.
Capital Raise
The company has already carried out a string of capital raises to support the imminent drilling operation at the Buck project. In November of last year, San Marco Resources closed a $448,000 non-brokered unit private placement [SA3] on the issuance of 3.7 million shares priced at $0.12 a unit. Likewise, the company has confirmed the pricing of a flow through private placement [SA4] made up of 266,667 shares priced at $0.15 a share.
Similarly, San Marco has confirmed it has retained the services of public relations firm Momentum Public Relations. The firm is tasked with the responsibility of assisting in strategic business development activities as the company shifts focus to drilling operations at its British Columbian Buck gold/silver/zinc flagship project.
The public relations firm is also tasked with the responsibility of assisting in increasing the company’s public awareness in addition to handling corporate communications and marketing activities. The firm will facilitate dialogue with the company’s shareholders as well as finance professionals and other media contacts.
Bottom Line
San Marco Resources has recovered nicely after experiencing a pullback in 2019. The bounce-back has coincided with the release of important updates pertaining to exploration activities at the flagship Buck gold/silver project. As the company eyes drilling operations, 2020 can only be a good year for the company as it seeks to generate shareholder value.
That said, the stock market sentiments can only continue to edge higher on the company providing positive updates about the exploration program at the Buck gold/silver project. If you are looking for a company with plenty of opportunities on the horizon, San Marco Resources fits the bill.
- Published in Gold, Mining, News Home, San Marco Resources
Why You Should Invest in Small-Cap Gold and Mining Stocks in 2020
Mining on the Venture Exchange is projected to have a meteoric rise in 2020. There has been a recent surge of expert advice and opinions in favor of investing in mining stocks. More and more investors are transitioning from other ventures into this industry as a result. The mining industry in 2020 could be highly lucrative, and here’s why.
Safe Haven Investments
Experts have suggested that the US dollar will fall an additional 3-5% in 2020. Financial advisors have suggested that this fall of the dollar will result in both positive and negative outcomes for the economy. However, one thing is for certain – the future is unpredictable.
Various factors lead to an uncertainty of the US economy, such as a volatile lead up to the 2020 election, conflict in the middle east, and of course, the fall of the dollar. Unpredictability leads to increased risk, and as a result, many investors are seeking safe haven investments.
Gold and mining stocks are one of these safe haven investments that have seen such a rise. [MOU1] Early investors who invested in gold and mining stocks in 2019 would have already seen an 18% rise in their investments for that year. This trend is projected to continue, with experts estimating that the price of gold could rise from $1,548/ounce (September 2019 pricing) to upwards of $2,000/ounce.
Chinese and Foreign Economies
One of the reasons that led to such a significant surge of gold and mining stocks is a boost from the Chinese economy. In 2019, China was recovering from a slow down in its economy, but as the economy began to repair itself, demand for gold and precious metals increased drastically.
This demand was further increased by the contributions from other foreign countries. In 2019, the central banks of China, Turkey and Russia bought a combined total of 120 tons of gold in the third quarter alone. This demand is expected to continue, and rise, in 2020.
Stability Amidst Conflict
Gold and mining stocks have been referred to as the “golden” standard of safe haven investments, and once again this has proven to be true. During the week of the Drone Strike on Iran, gold rose to an all time high in the past seven years, reaching $1,600/ounce.
After Iran attacked bases housing US troops in Iraq, stock markets across the globe saw noticeable declines. Although the price of gold peeled back a bit too, safe haven investments tended to fair better.
Why small-caps?
With all these factors and expert projections, now is the right time to get into gold. Savvy investors that are looking for the most return on their investments should consider small-cap stocks. Small-cap gold and mining stocks provide an avenue for growth and opportunity that just cannot be matched by larger companies.
The reason for this is simple, the mining industry is commodity based and heavily dependent on the discovery of gold and other precious metals. This means that in the exploration phase, in order for a venture to be lucrative, materials must be found. Thus, if a company is larger, it does not necessarily mean that it will perform better. Larger companies are subject to unsuccessful operations just as smaller companies are subject to highly successful operations. The same factors apply on all companies industry regardless of company size.
However, small-cap companies hold an advantage over larger companies because the same rules don’t apply in terms of financial growth. If a more established company has a successful operation, their value will grow, but only marginally relative to a small-cap company.
Mining on the Venture Exchange is expected to see significant growth in 2020. Investors considering safe-haven investments should consider small-cap gold and mining companies as a very lucrative venture this year.
How to Invest in Gold Stocks
If you’re looking for investments that are highly lucrative, investing in gold stocks is a good option. Unlike other markets that are subject to the rise and falls of the stock market, gold has remained historically favorable. From November 2007 – June 2009, the S&P 500 index saw a significant decrease, dropping by 36%. On the contrary, the price of gold actually rose by 25%.This is because gold is a safe-haven investment, and during times of economic downturn, investors seek out opportunities to invest in it. There are several options for individuals to get involved in gold stocks. The optimal investment choice depends on the needs and goals of the investor. However, if the investor does their research and invests properly, gold stocks can be astronomically profitable.
Types of Stocks
There are two ways of investing in gold stocks – through direct and indirect exposure. As the name suggests, direct exposure gives the investor direct ownership of gold. Indirect exposure, on the other hand, allows the investor to invest in the various agencies involved in the gold industry.
Gold ETFs – Direct Ownership
Gold exchange traded funds (ETF) purchase gold on behalf of their shareholders. This allows investors to directly own gold while also providing a liquidable asset, since gold ETFs are traded on the stock exchange, unlike physical bars of gold. However, like physical gold, gold ETFs are usually a safe investment.
Gold Mining Stocks – An “Active” Investment
Many investors choose to invest in gold mining stocks instead. This is because gold mining companies are able to grow exponentially in size and could potentially be even more lucrative than other forms of gold investment. Consider this, an ounce of gold will always be an ounce of gold. True, the price of gold may change through inflation and changing market conditions, but this increase is unlikely to experience a drastic change in a short period of time.
Gold mining stocks, on the other hand, may see an investment double or triple overnight. Gold mining stocks, more so than any other gold stock, require a great deal of “active” investing. What this means is that the investor has to actively stay on top of the developments of their investment. Gold mining can be one of the most results-driven markets around, and the worth of a particular investment may depend on how many resources are found. It is important for investors to do their research and look for companies that fit their needs. Different companies offer different benefits. Of particular note are small-cap gold mining companies, which are less established companies with the highest ceilings for growth.
The other benefit to gold mining stocks are that they have the potential to become profitable through other finds. Even if a mine does not find gold, it may discover a wealth of other precious resources. This will have a similar effect in significantly increasing the value of shares.
Gold Mining Mutual Funds and ETFs – Portfolio Diversification
Stocks in gold mining mutual funds and ETFs are another way for investors to indirectly invest in gold. These options are ideal for investors who want to have a diverse portfolio and through a one-time investment. In addition, since these mutual funds and ETFs are involved with multiple companies, there is a lesser need for investors to be as active.
Many ETFs and Mutual Funds that track gold mining companies may also track other precious metals. This may be a deterrent for those who wish to solely invest in gold, but it may prove to be profitable and help minimize loss through increased diversification.
Streaming and Royalty Companies – An Excellent All Around Option
Investors can also purchase shares in gold streaming and royalty companies. These companies pay mining companies a fee upfront for the right to purchase gold and other precious metals from their mines in the future.
These types of companies benefit shareholders since they provide widely diverse portfolios and mitigate some of the risk from directly investing in mining companies, since they are impacted less by unsuccessful mining operations. They also provide wide margins that are more stable when the price of gold begins to drop. Finally, their value also increases with gold prices, since these companies make their revenue through selling the gold they purchased from mines.
However, most royalty and streaming companies do not work with only gold. These types of companies will often have other added resources that they deal in. Some common exposures include silver, oil and gas. Thus, it is important for investors to know the target audience and markets of the company they choose to invest in.
There are many options to get involved in gold stocks, and they can all be highly profitable. Investors should pick the option that is most suitable for them. No matter which option you pick, gold and gold mining stocks are a lucrative addition to any portfolio.
Crystal Lake Intersects 15.11 g/t Gold over 8 Metres at Newmont Lake Project, BC
Momentum Public Relations
Press Release: September 18, 2019
Crystal Lake Mining Corporation (TSXV: CLM OTC: SIOCF FSE: SOG-FF) (“Crystal Lake” or the “Company“) is pleased to announce the intersection of shallow high-grade gold mineralization at Crystal Lake’s Newmont Lake Gold Corridor. The new results are crucial as they provide evidence of a thick unit of unusually high-grade gold mineralization within a broad envelop of continuous low-grade gold mineralization. This discovery is important as it demonstrates that the mineral zone actually increases in both width and in grade in areas where previous models indicate a narrowing of the mineral zone. Additionally, a second deeper horizon has been intersected in an area without gold mineralization in previous models adding to the exploration potential of the Newmont Lake gold corridor along the western flank of the Eskay Rift in NW BC.
The first diamond drill core assay results from ongoing drilling at the NW Zone underscore the potential for higher grades and increased continuity of grade which can result in significant expansion of the historic mineralization while brand new high-grade domains are targeted elsewhere along the gold-bearing McLymont Fault and numerous associated splay faults.
Highlights:
- The second of three drill holes, building on the northern extension of the Northwest zone, intersected 15.1 g/t Au over 8.03 metres (106.32 metres to 114.35 metres), including 76 g/t Au over 1 metre, in addition to an even shallower high-grade intercept of 7.6 g/t Au, 23.1 g/t Ag and 1.03% Cu over 5.30 metres starting just 82 metres downhole (including 26.1 g/t Au over 1.3 metres);
- These two shallow high grade gold zones form a thick continuous intercept of 44 metres (82 metres to 126.13 metres, approximate true width) grading 4.03 g/t Au, 4.06 g/t Ag and 0.29% Cu, in addition to a deeper wide interval of disseminated gold mineralization (77 metres @ 0.29 g/t Au) starting 157 metres downhole which points to the potential for new discoveries including more high-grade mineralization at depth;
- Ongoing drilling of this significantly upgraded portion of the NW Zone Historic Resource* has encountered visually similar mineralization in the third hole completed along section with an estimated down-dip step out of approximately 22 to 30 metres. Assays are pending.
- The fourth hole on section in the Newmont Lake Gold Corridor is ongoing.
Dr. Peter Lightfoot, Technical Adviser to Crystal Lake, commented: “The western flank of the Eskay Rift is endowed with significant high-grade mineralization styles that fit with a wide range of deposit models, and require very efficient pathways for fluids and magma to migrate from depth to the surface and form ore deposits. The gold mineralization developed along the western flank of the Newmont Lake graben is part of this wider mineral system, and Crystal Lake is aggressively developing an understanding of how the high-grade gold mineralization relates to the McLymont fault, its subsidiary faults and associated hydrothermal breccias.”
Assay Highlights from Newmont Lake Gold Corridor Second Drill Hole (NWDDH19-012)
NWDDH19-012 |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Ag (g/t) |
Cu (%) |
Interval |
82.00 |
123.13 |
44.13 |
4.03 |
4.06 |
0.29 |
Including |
87.00 |
92.30 |
5.30 |
7.57 |
23.10 |
1.03 |
Including |
91.00 |
92.30 |
1.30 |
26.15 |
20.25 |
1.20 |
Also Including |
106.32 |
114.35 |
8.03 |
15.11 |
4.29 |
0.68 |
Including |
106.32 |
107.32 |
1.00 |
16.16 |
5.13 |
0.66 |
Including |
111.35 |
112.35 |
1.00 |
76.56 |
11.54 |
0.47 |
Including |
112.35 |
112.35 |
1.00 |
11.62 |
1.26 |
0.02 |
Interval |
157.00 |
234.15 |
77.15 |
0.29 |
0.30 |
0.03 |
Collar Coordinates for Newmont Lake Gold Corridor Second Drill Hole (NWDDH19-012)
Hole ID |
Easting (m) |
Northing (m) |
Azimuth (°) |
Dip (°) |
Depth (m) |
NWDDH19-010 |
381288 |
6300915 |
298 |
55 |
198 |
NWDDH19-012 |
381288 |
6300915 |
296 |
75 |
261 |
NWDDH19-017 |
381288 |
6300915 |
247 |
90 |
264 |
NWDDH19-020 |
381288 |
6300915 |
121 |
70 |
120 |
The Historic Resource* (historic inferred resource) that contains 1,406k tonnes at an average grade of 4.43 g/t Au, 0.22% Cu and 6.4 g/t Ag at a projected “base case” cut-off grade of 2 g/t Au containing 200,000 oz Au, 6.79 million lbs of copper and 291,000 oz of silver (Mineral Resource Estimate on the North West Zone, Newmont Lake Property, submitted to Romios Gold Resource Inc., May 11, 2007). This resource estimate was based solely on the drill hole data collected by Gulf Minerals in the late 1980’s and early 1990’s.
Qualified Person
The technical information in this news release has been reviewed and approved by Mr. Maurizio Napoli, P. Geo., VP Exploration for Crystal Lake Mining, a Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.
Quality Assurance/Quality Control
Drill core samples from the Northwest Gold Zone were sent to MSALABS’ preparation facility in Terrace, B.C., where samples were prepared using PRP-910 method. Core Samples were dried, crushed to 2mm, split 250g, and pulverized to 85% passing 75 microns. Prepped samples were sent to MSALABS’ analytical facility in Langley B.C., where 50g pulps were analyzed for gold using the FAS-211 method, fire assay AAS finish. Core samples were analyzed for 53 elements using the IMS-230 method, multi-element ICP-MS 4-acid digestion, ultra fine trace level. Silver assay results greater than 100 g/t Ag and cobalt, copper, nickel, lead, and zinc greater than 10,000ppm were automatically analyzed by ore grade method ICF-6.
Crystal Lake Mining conducts its own QA/QC program where five standard reference material pulps, five blank reference material samples, and two field duplicates are inserted for every 100 samples when analyzing core samples.
About Crystal Lake Mining
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through high-grade discovery opportunities in British Columbia and Ontario. The Company has an option to earn a 100% interest in the Newmont Lake Project, one of the largest land packages among juniors in the broader Eskay region in the heart of Northwest B.C.’s Golden Triangle.
On Behalf of the Board of Directors,
CRYSTAL LAKE MINING CORP.
“Richard Savage”
President & CEO
Email: info@crystallakemining.com
Phone: 1-604-440-8474
- Published in Crystal Lake Mining, Gold, Mining, News Home
Silver Spruce Receives Drill Permit for Cocula Gold Project
Momentum Public Relations
Press Release: September 17, 2019
Silver Spruce Resources Inc. (TSXV:SSE)(Frankfort:S6Q1) is pleased to announce that it has received approval of its Informe Preventivo, the environmental application required for drilling at the Cocula gold project in Jalisco State, Mexico.
The permit allows for forty-seven (47) drill sites over the 750-metre strike length of the known mineralized area. The Company is preparing a drilling strategy to evaluate the current mineralization and new exploration targets identified in recent geological mapping.
“With surface access agreements and the drill permit in place, the Company is quickly advancing its technical studies to support a decision to earn a 100% interest in the project,” stated Karl Boltz, CEO of Silver Spruce. “We continue to check the boxes we require in order to prepare and execute a definitive purchase agreement with all parties for the project. So far, the results from surface geological mapping, chip and trench sampling and assaying, check assaying of the historical reverse circulation drill chip samples and re-interpretation of the drill sections, and recent completion of an independent 43-101 report have been quite positive.”
The occurrence of widespread gold mineralization at surface, including high grades of select samples (12.55 grams per tonne (g/t) gold (“AU”), 16.65 g/t Au and 23.7 g/t Au) assayed from rock and drill chip sampling, indicate robust gold mineralization along with significant silver and base metal values.
The Company will continue its due diligence designed to support a definitive purchase decision, subject to its binding Letter of Agreement with ProDeMin, SA de CV (“ProDeMin”).
Qualified Person
Dr. Craig Gibson, Ph.D., CPG, Qualified Person, is responsible for the technical content of this press release.
About Silver Spruce Resources Inc.
Silver Spruce Resources Inc. is a Canadian junior exploration company pursuing development of the Pino de Plata project, located in the prolific Sierra Madre Occidental region of western Chihuahua State in Mexico. The Company has signed a binding Letter of Agreement to acquire 100% of the advanced Cocula gold project in Jalisco State, Mexico. Silver Spruce Resources Inc. continues to investigate opportunities that Management has identified or that have been presented to the Company for consideration.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The company seeks Safe Harbour.
Contact:
Silver Spruce Resources Inc.
Karl Boltz, President/CEO/Director
(866) 641-3397
info@silverspruceresources.com
www.silverspruceresources.com
- Published in Gold, Mining, News Home, Silver Spruce Resources
Vanstar Announces 1.26 g/t Au Over 123.7 Meters on the Nelligan Project
Momentum Public Relations
Press Release: August 13, 2019
The management of Vanstar Mining Resources Inc. (“Vanstar”) is pleased to announce that its partner IAMGOLD Corporation (“IAMGOLD”) has intersected in hole NE-19-138 a gold zone of 123.7 meters grading 1.26 g / t Au on the Nelligan joint venture project (IAMGOLD Corporation: 51%, Vanstar Mining Resources Inc.: 49%) and located 60 kilometers southwest of Chibougamau, Quebec, Canada. The Company’s management is also reporting results of the remaining twenty-eight (28) diamond drill holes totaling 10,558 metres completed as part of the 2019 drilling program.
The table below shows the main results of the last 28 surveys from the 2019 winter campaign:
Renard Zone:
- Drill hole NE-19-134: 25 metres grading 1.19 g/t Au
and 14 metres grading 2.26 g/t Au
includes: 4 metres grading 5.92 g/t Auand 59 metres grading 0.90 g/t Au
includes: 2.5 metres grading 5.02 g/t Au - Drill hole NE-19-131 : 32.8 metres grading 1,66 g/t Au
and 33 metres grading 1,11 g/t Au
- Drill hole NE-19-126: 34.5 metres grading 1.75 g/t Au
includes: 7 metres grading 4.69 g/t Auand 20.8 metres grading 1.54 g/t Au - Drill hole NE-19-138: 123.7 metres grading 1.26 g/t Au
includes: 8.5 metres grading 4.25 g/t Au - Drill hole NE-19- 140: 15 metres grading 2,26 g/t Au
and 47 metres grading 0,96 g/t Au
and 21 metres grading 1,13 g/t Au
- Drill hole NE-19-143: 37 metres grading 1,81 g/t Au
Includes: 1,2 metre grading 28,2 g/t Au - Drill hole NE-19-144: 16,5 metres grading 1,92 g/t Au
And 37.5 metres grading 2 g/t Au
Includes: 4.5 metres grading 9,49 g/t Au
Includes: 1.5 metre grading 20,9 gt Au - Drill hole NE-19-145: 50,2 metres grading 1,82 g/t Au
Includes: 0.9 metre grading 20,5 g/t Au - Drill hole NE-19-146: 30.6 metres grading 2,87 g/t Au
Includes: 1,5 metre grading 24,4 g/t Au - Drill hole NE-19-147: 22 metres grading 1,05 g/t Au
and 16.5 metres grading 1,35 g/t Au
and 25.5 metres grading 1.92 g/t Au
and 24.0 metres grading 1.09 g/t Au
and 21.3 metres grading 3.41 g/t Au
includes: 1.5 metre grading 39.1 g/t Au - Drill hole NE-19-149: 17.3 metres grading 5.5 g/t Au
and 31.2 metres grading 1.03 g/t Au
Additional tables accompanying this announcement are available at: http://ml.globenewswire.com/Resource/Download/d9532fca-7f73-4cfb-b364-aade0de5835f
The 2019 diamond drilling program was designed to infill and test the continuity of the mineralized zones of the Renard mineralized system. The program specifically targeted the shallower part of this broad mineralized corridor to confirm and define its extension to the surface. Most of the drilling has achieved the objectives desired by the program.
“This 2019 winter program has generated a set of results that are highly consistent with our expectations, and to date, we remain very confident that the current and future work being done on Nelligan will materialize into a high quality gold deposit,” said the CEO of the company, Mr. Guy Morissette.
In a separate press release on the recent results, Craig MacDougall, Senior Vice President, Exploration for IAMGOLD stated: “We are very pleased to have all of the 2019 drilling results in hand and we are now working to incorporate the new results into our deposit model to support the completion of a mineral resource estimate expected in the second half of the year. Once completed, this will mark an important milestone for the project and a significant achievement by our exploration team. It is also important to note that there is considerable potential to expand the mineralized zones as the Renard zone remains open at depth and to the west along strike.”
Nelligan Project: https://www.globenewswire.com/NewsRoom/AttachmentNg/733c05ef-2a76-49a0-a771-6c38b439fea5
Next Steps
Together with ongoing geological, geochemical and structural studies, assay results from the 2019 drilling totaling 17,558 meters will be integrated to support the development and refinement of a deposit model with the objective of completing an initial 43-101 compliant resource estimate in the second half of 2019. Initial metallurgical tests are also in progress and the results will be used to design future testing programs.
Field activities for the summer season have commenced and will focus on a geological mapping program within the larger property holdings surrounding the Renard discovery to improve the understanding of the structural regional framework and to prospect various geophysical and structural features identified for follow up.
This press release has been read and approved by Mr. Gilles Laverdière, P.Geo. and Qualified Person under National Instrument 43-101.
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the TSX Venture Exchange Policies) do not accept any responsibility for the truth or accuracy of its content.
Source : Guy Morissette, 819-763-5096
CEO Ressources Minières Vanstar Inc.
gmvanstar@gmail.com www.vanstarmining.com
- Published in Gold, Mining, News Home, Vanstar Mining
Crystal Lake Extends Burgundy Ridge Discovery to Depth, Adds Second Drill Rig at Newmont Lake Project
Momentum Public Relations
Press Release: August 12th, 2019
Crystal Lake Mining Corporation (TSXV: CLM) (OTC Pink: SIOCF) (FSE: SOG) (“Crystal Lake” or the “Company“) is pleased to announce that shallow mineralization encountered in first-ever drilling at Burgundy Ridge last fall (four reverse circulation test holes, see March 7, 2019 news release) has deep roots, extending well beyond a copper-gold enriched limestone body as maiden diamond drilling continues at this new grassroots discovery in Northwest B.C.’s Eskay Camp.
Multiple intrusive phases, breccias, alteration and mineralization styles have been intersected in each of the three holes completed to date. Significantly, the just-completed third hole of the current diamond drilling program at Burgundy Ridge was the deepest hole yet, completed over a length of 441 meters (vertical depth of 320 meters) as intensity of mineralization increased downhole in a hydrothermal breccia.
Highlights:
- All the right indicating mineralization styles and alterations were visible starting from surface, yet beyond 270 meters the alteration in the third hole intensified and was mineralized with varying amounts of blebby pyrite+chalcopyrite+malachite+copper oxides;
- Beyond 330 meters the hole encountered potassium-enriched hematite-cemented breccias cut by carbonate veins and mineralized with varying amounts of blebby chalcopyrite+pyrite;
- This third hole was collared 450 meters northwest of last year’s RC platforms and drilled toward the southeast. As mineralization appeared to increase in intensity, the hole was extended beyond its planned depth. It proceeded under the ice from about 200 meters and ended in a pyrite zone at a depth of 441 meters.
Drill core is being rushed for assay. Dr. Peter Lightfoot, Crystal Lake Technical Adviser, recently concluded that, “significant and coherent underlying mineralization processes at Burgundy are driven in part by an impressive fluid highway.” (see July 16, 2019 news release).
Crystal Lake Mining’s Burgundy Ridge Map of Maiden Diamond Drilling Layouts – August 12, 2019
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/6406/46850_crystal_fig1_enhanced.jpg
The fourth diamond drill hole at the top of Burgundy Ridge zone has just commenced.
Crystal Lake Targets High-Grade Gold at Northwest Zone
Elsewhere at the 550 sq. km Newmont Lake Project, Crystal Lake has added a second drill rig to target an extension of the historic high-grade Northwest Gold Zone. Hy-Tech Drilling will commence a series of orientated diamond drill holes shortly.
Many areas within and around the historic zone were not sampled by previous operators. Crystal Lake’s team was fortunate to recover an extensive amount of historic boxes of core onsite and an ongoing relogging and resampling program has returned very encouraging results, including 28.7 g/t Au and 3.65 g/t Ag over 0.9 m (207.6m to 298.5m) from 2008 drill hole R08-03 (true width unknown at this time). Historically, this hole showed no high-grade assay results and had been interpreted as closing off the zone on the northeast end. Crystal Lake’s results demonstrate otherwise.
Recently completed geochemical analysis by Crystal Lake already supports the strong potential for an extension of the high-grade system to the northeast. In addition, initial results from an induced polarization (IP) survey carried out by the Company’s geophysics contractor indicate the presence of a chargeability anomaly northeast of the historic zone coincident with the contact between resistive and less resistive lithologies – a prospective area to target new high-grade gold mineralization.
Qualified Person
The technical information in this news release has been reviewed and approved by Mr. Maurizio Napoli, P. Geo., VP Exploration for Crystal Lake Mining, a Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.
Quality Assurance/Quality Control
Historic core samples from the Northwest Gold Zone were sent to MSA Labs’ preparation facility in Terrace, B.C., where samples were prepared using method PRP-910. Samples were dried, crushed to 2mm, split 250g and pulverized to 85% passing 75 microns. Prepped samples were sent to MSA Labs’ analytical facility in Langley, B.C, where they were analyzed for gold using method FAS-221 (fire assay-AAS finish). Gold assays greater than 100 g/t Au were automatically analyzed using FAS-425 (fire assay with a gravimetric finish). Core samples were analyzed for 53 elements using method IMS-230, multi-element ICP-MS 4-acid digestion, ultra-trace level. Silver assay results greater than 100 g/t Ag and cobalt, copper, nickel, lead and zinc greater than 10,000ppm were automatically analyzed by ore grade method ICF-6.
Crystal Lake Mining conducts its own QA/QC program where five standard reference material pulps, five blank reference material samples and two field duplicates are inserted for every 100 samples when analyzing core samples.
About Crystal Lake Mining
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through high-grade discovery opportunities in British Columbia and Ontario. The Company has an option to earn a 100% interest in the Newmont Lake Project, one of the largest land packages among juniors in the broader Eskay Camp in the heart of Northwest B.C.’s prolific Golden Triangle.
On Behalf of the Board of Directors,
CRYSTAL LAKE MINING CORP.
“Richard Savage”
President & CEO
Email: info@crystallakemining.com
www.crystallakemining.com
For further information please contact:
MarketSmart Communications
Tel: +1 (604) 261-4466
Toll Free: +1 (877) 261-4466
Email: info@marketsmart.ca
Momentum Public Relations
Tel: +1 (514) 815-7473
Email: mark@momentumpr.com
- Published in Crystal Lake Mining, Gold, Mining, News Home
Bluestone Resources’ Cerro Blanco project Delivers 10.2 meters of 13.1 g/t Au and 25 g/t Ag on Resource Upgrading Drilling Program
Momentum Public Relations
Press Release: April 3, 2019
Bluestone Resources Inc. (TSXV: BSR) (OTCQB: BBSRF) (“Bluestone” or the “Company”) is pleased to announce additional high-grade intercepts from the resource upgrading infill drill program at its Cerro Blanco Gold project. The primary focus of the program is to upgrade Inferred Resources identified during the previous drill program completed in 2018. In addition, this program is also designed to define new resources along known veins in the mine plan that extend outside of the current resource envelope.
Three LM-75 diamond drill rigs are currently situated within the Cerro Blanco underground workings and are targeting key veins in the upper portion of the Cerro Blanco resource. The Cerro Blanco Feasibility Study (see press release January 29th, 2019) highlighted some 357,000 ounces of Inferred Resources (1.4 Mt grading 8.1 g/t Au) that could be potentially converted to Measured and Indicated Resources through infill drilling.
Darren Klinck, President and CEO, commented, “Of special note are the broad zones of high-grade mineralization drilled in several different holes. For example, 8.1 meters at 8.3 g/t Au and 73 g/t Ag(Hole UGCB18-122), 5.6 meters at 19.9 g/t Au and 281 g/t Ag (UGCB18-124) and 10.2 meters at 13.1 g/t Au and 25 g/t Ag (Hole UGCB18-126). These wider intercepts comprising multiple closely-spaced vein sets are reminiscent to those drilled in the lower parts of the South Zone orebody by Bluestone last year and were demonstrated in the Feasibility Study as amenable to long-hole stoping mining methods and key drivers in the project economics.”
Table 1. Significant Intercepts (this Press Release)
HOLE ID | FROM (m) | TO (m) | CORE INT. (m) |
TRUE WIDTH (m) |
Au g/t | Ag g/t | Vein ID |
UGCB19-120 | 62.0 98.9 110.0 119.5 126.2 140.0 |
63.5 101.3 112.9 120.5 127.2 141.6 |
1.5 2.3 2.9 1.0 1.0 1.6 |
1.5 2.3 2.8 1.0 1.0 1.6 |
6.1 16.6 8.5 3.6 3.9 4.5 |
1.0 109.0 123.0 34.0 50.0 36.0 |
– VN_02 VN_03 VN_05 VN_06 VN_11 |
UGCB19-121 | 5.0 63.6 75.4 84.3 95.1 104.1 |
6.0 64.6 78.4 92.4 96.3 108.4 |
1.0 1.0 3.0 8.1 1.2 4.3 |
1.0 1.0 3.0 8.1 1.2 4.2 |
5.7 15.9 4.9 8.3 9.4 6.9 |
13.0 126.0 41.0 73.0 177.0 74.0 |
VN_18 VN_01 VN_02 VN_03, 05, 06 VN_06 VN_07 |
UGCB19-123 | 56.7 61.4 70.9 82.1 |
57.9 62.8 74.1 83.1 |
1.2 1.4 3.2 1.0 |
1.2 1.4 3.1 1.0 |
14.8 7.9 5.3 6.9 |
130 82 67 88 |
VN_01 – VN_02, 03 VN_05 |
UGCB19-124
including
|
62.3 76.6 79.8 96.9 114.8 |
64.3 82.2 80.8 98.3 117.8 |
2.0 5.6 1.0 1.4 3.0 |
2.0 5.6 1.0 1.4 3.0 |
8.0 19.9 80.1 17.7 3.9 |
51.0 281.0 1,257.0 72.0 28.0 |
VN_01 VN_03, 05 VN_03 VN_07 VN_11 |
UGCB19-125 | 1.2 16.5 22.3 31.1 |
10.8 19.1 27.2 33.2 |
9.6 2.6 4.9 2.1 |
9.4 2.5 4.9 2.0 |
5.3 5.0 12.3 33.6 |
10.0 36.0 44.0 239.0 |
VN_07 VN_09 VN_10 VN_11 |
UGCB19-126
including
|
0.0 8.9 13.4 32.2 33.2 52.0 58.0 71.7 |
6.0 9.9 14.5 43.0 35.9 53.0 59.2 72.7 |
6.0 1.0 1.2 10.8 2.7 1.0 1.2 1.0 |
5.7 1.0 1.2 10.2 2.3 1.0 1.2 1.0 |
10.0 4.0 11.9 13.1 31.0 5.3 24.3 10.2 |
16.0 26.0 14.0 25.0 32.4 8.0 56.2 15.0 |
VN_06 – – VN_09,10 VN_09 – VN_11 VN_22 |
Notes: Intervals in bold are cited in the text of the news release. Only intercepts averaging over 3 g/t Au when diluted to a minimum 3 meters true width are stated. Hole coordinates and azimuth/dip information accompany the plan view attached to this release.
All holes cited in this press release were drilled from various platforms in the North Zone underground workings. Except for hole UGCB18-126, all holes were drilled at positive (upward) angles and designed to test the Inferred Resource portions of several key veins that sit above the current underground infrastructure. Hole UGCB18-126 was a sub-horizonal hole drilled at -5 degrees. A plan view showing drill hole locations, sections, and core photos can be accessed by clicking HERE. All holes intercepted their predicted targets, including Hole UGCB18-122, which drilled veins of lower grade and widths due to their proximity or emplacement within the Salinas Unit, a silicified conglomerate that forms a cap over the deposit.
Results for a total of 29 holes have been released to date as part of the Infill resource conversion program (3,384 meters). Drilling is ongoing and further results will be reported as received.
Precious metal mineralization at Cerro Blanco is associated with classic low sulphidation adularia-sericite epithermal quartz veins and vein swarms hosted in altered sequence of volcanoclastic and sedimentary rocks. Higher grades (>20 g/t Au and >60 g/t Ag) are normally associated with visible gold and silver sulphides in ginguro-style colloform-banded veins.
Quality Analysis and Quality Control
Assay results listed within this release were performed by Inspectorate Laboratories (“Inspectorate”), a division of Bureau Veritas, which are ISO 17025 accredited laboratories. Logging and sampling are undertaken on site at Cerro Blanco by Company personnel under a QA/QC protocol developed by Bluestone. Samples are transported in security-sealed bags to Inspectorate, Guatemala City, Guatemala, for sample preparation. Sample pulps are shipped to Inspectorate Laboratories in Vancouver, BC, Canada or Reno, NV, USA, and assayed using industry-standard assay techniques for gold and silver. Gold and silver were analyzed by a 30-gram charge with atomic absorption and/or gravimetric finish for values exceeding 5 g/t Au and 100 g/t Ag. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material, and replicate samples. Quality control is further assured by Bluestone’s QA/QC program, which involves the insertion of blind certified reference materials (standards) and field duplicates into the sample stream to independently assess analytical precision and accuracy of each batch of samples as they are received from the laboratory. A selection of samples is submitted to ALS Chemex Laboratories in Vancouver for check analysis and additional quality control.
Qualified Person
David Cass, P.Geo., Vice President Exploration, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 and has reviewed and verified that the technical information set out above in this news release is accurate and therefore approves this written disclosure of the technical information.
About Bluestone Resources
Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100%-owned Cerro Blanco Gold and Mita Geothermal projects located in Guatemala. A Feasibility Study on Cerro Blanco returned robust economics with a quick pay back. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration costs). The Company trades under the symbol “BSR” on the TSX Venture Exchange and “BBSRF” on the OTCQB.
On Behalf of Bluestone Resources Inc.
“Darren Klinck”
Darren Klinck | President, Chief Executive Officer & Director
For further information, please contact:
Bluestone Resources Inc.
Stephen Williams | VP Corporate Development & Investor Relations
Phone: +1 604 646 4534
info@bluestoneresources.ca
www.bluestoneresources.ca
- Published in Bluestone Resources, Gold, Mining, News Home