San Marco Receives Subscriptions for $716,800 in Over-subscribed Non-brokered Private Placement
San Marco Resources Inc. (TSXV: SMN) announces that its non-brokered private placement to raise C$ 500,000 has been over-subscribed. It has received subscriptions totalling C$ 716,799.92.
The private placement now consists of 5,309,629 units at a price of $0.135 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share for three years at a price of $0.20. If, after four months following closing of the placement, the closing price of San Marco’s shares is at least $0.40 per share for 10 trading days, San Marco may accelerate the expiry of the warrants to 30 calendar days after the expiry of that 10 trading day period.
The Company will pay finders fees in cash of 7% and issue finders warrants (each exercisable to purchase one share for $0.135 for one year) of 7% to eligible finders in accordance with the policies of the TSX-V.
Proceeds of the private placement will be used for funding exploration of the Buck property and working capital.
Bob Willis, San Marco’s Executive Director states; “We are very pleased about the overwhelming support received for the initial funding for exploration at Buck. We have received our permit and drilling will begin shortly to test key targets discovered during historic data compilation and to allow potential expansion of the existing mineralized footprint.”
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 VP
Sharyn Alexander, M.Sc.
Technical Services
- Published in Mining, News Home, San Marco Resources
Colibri Selects Drillers for Maiden Drill Program at Evelyn Gold Project
Colibri Resource Corporation (TSXV: CBI) (“Colibri” or the “Company”) is pleased to announce that it has contracted Major Drilling for its maiden drilling program at its Evelyn Gold Project located 60 km NW of Caborca, Mexico.
The Evelyn Gold Project lies in the prolific “Caborca Gold Belt” which hosts many mines and deposits including La Herradura, Mexico’s largest gold mine which produced 474,168 ounces of gold in 2018 at an average grade of 0.80 g/t Au (25km west of Evelyn) and Noche Buena mine which produced 167,208 oz Au at an average grade of 0.52 g/t Au in 2018 (9km south west of Evelyn) (www.fresnilloplc.com).
The initial 5 hole diamond drilling program will focus on testing the high priority targets that were selected by Aurometallum Geology Consulting Services and Colibri geologists. Aurometallum completed a geological, geochemical, and structural mapping study at Evelyn in late 2019 and has identified two mineralized corridors of strong initial interest. These corridors have now been named “Cerro Rojo” and “El Sahuaro” (CBI press release December 3, 2019).
The first two planned holes will test the area encompassing the “Saddle Vein” in the Cerro Rojo where previously announced grab samples in the area of the two holes have assayed up to 43.9 g/t Au (CBI press release June 3, 2019). The Cerro Rojo mineralized corridor measures 1200 meters by up to 500 meters.
A third hole within the Cerro Rojo will test a fault zone where previously announced chip samples returned up to as 0.98 g/t and soil samples run up to 0.251 g/t Au (CBI press release December 3, 2019).
Drilling of two holes at the El Sahuaro will test areas of shearing. The El Sahuaro mineralized corridor area measures approximately 950 meters by 350 meters with chip sample assays up to 4.81 g/t Au and soil samples up to 0.40 g/t Au (CBI press release June 3, 2019).
Final drill permitting for this program is expected to be received shortly and an update will be released upon its receipt.
Qualified Person and NI 43-101 Disclosure
Jackie E. Stephens, P. Geo for Colibri, is the Qualified Person, (as defined in NI 43-101), who has reviewed and approved the technical information in this press release.
Figure 1
To view an enhanced version of Figure 1 please visit:
https://orders.newsfilecorp.com/files/4269/52100_28d5154a44863bd4_001full.jpg
About Colibri Resource Corporation:
Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) focused on acquiring and exploring properties in Mexico. The Company currently has five active exploration properties at various stages of exploration.
For more information about all of our projects please visit: www.colibriresource.com.
We seek safe harbour.
For further information: Ronald J. Goguen, President, Chairperson and Director, Tel:(506) 383-4274, rongoguen@colibriresource.com
- Published in Colibri Resource Corp, Mining, News Home
Crystal Lake Mining Corporation Announces the Particulars of the “Due Bills” Trading with Respect to the Plan of Arrangement
Crystal Lake Mining Corporation (TSXV: CLM / OTC: SIOCF / FSE: SOG-FF) (“Crystal Lake” or the “Company“) further to its news release dated January 13, 2020is pleased to announce the particulars of the “Due Bills” trading with respect to the plan of arrangement (the “Arrangement“) among the Company, Sassy Resources Corporation (“Spinco”) and the shareholders of the Company.
The Payable Date, Record Date, Due Bill Trading Date, Ex-Distribution Date and Due Bill Redemption Date will be as set forth below.
Distribution per Share: | The number of Spinco shares that is equal to 10,000,000 (ten million) divided bythe total number of issued and outstanding Company shares as of the close ofbusiness on Record Date |
Payable Date: | February 18, 2020 |
Record Date: | February 10, 2020 |
Due Bill Trading Date: | February 7, 2020 |
Ex-Distribution Date: | February 19, 2020 |
Due Bill Redemption Date: | February 20, 2020 |
The final number of Spinco shares that will be distributed per one Company share pursuant to the Arrangement will be published in a subsequent news release following the close of business on February 10, 2020 (Record Date) and prior to February 19, 2020 (Ex-Distribution Date).
No fractional shares of Spinco will be distributed to shareholders and, as a result, all fractional amounts arising under the Arrangement will be rounded down to the nearest whole number without any compensation therefor.
DUE BILL TRADING:
The Company has declared a distribution, per one common share held in the Company, of the number of Spinco shares that is equal to 10,000,000 (ten million) divided by the total number of issued and outstanding Company shares as of the close of business on February 10, 2020, which is payable on February 18, 2020 to shareholders of record as of the close of business on February 10, 2020. The common shares of the Company will commence trading on a “due bill” basis effective from the opening on February 7, 2020 until February 18, 2020 inclusively. Sellers of the shares from February 7, 2020 to and including February 18, 2020 will not be entitled to the distribution. The shares will commence trading on an ex-distribution basis effective at the opening on February 19, 2020.
Additional information regarding the terms of the Arrangement are set out in Crystal Lake’s management information circular dated August 23, 2019, and the news releases dated June 25, 2019, July 26, 2019, October 1, 2019, October 4, 2019 and January 13, 2020, all of which are available for viewing on Crystal Lake’s SEDAR profile at www.sedar.com.
About Crystal Lake
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.
“Maurizio Napoli”
President, Director
Email: info@crystallakemining.com
www.crystallakemining.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
SOURCE Crystal Lake Mining Corporation
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2020/28/c0800.html
- Published in Crystal Lake Mining, Mining, News Home
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/
CCW Outlines Large Target Horizon at Castle East Discovery with New Native Silver Hits
Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Cobalt”) is pleased to announce that ongoing drilling from surface has greatly expanded the potential scale of the Castle East Robinson Zone high-grade silver discovery immediately adjacent to three robust past producers in Northern Ontario’s Gowganda Camp, 75 km southwest of Kirkland Lake.
Significantly, native silver has been observed in drill core at shallower levels near the contact of the Nipissing diabase with the Archean volcanics, as much as 100 meters above and northwest of wedge holes/first vein shoot CA-11-08-W01 through CA-11-08-W04, while drilling has also just intersected another native silver vein 95 meters below and northeast of the first vein shoot. This gives the discovery, at this early stage, a minimum potential 200-meter vein zone vertical extent. It remains open in all directions as drilling continues.
Halliday on “Textbook Signatures”
Matt Halliday, Canada Cobalt VP-Exploration, stated: “It is now apparent from surface drilling that the initial discovery falls within a much broader and productive horizon associated with a 300-meter thick sill. This drill core is displaying textbook signatures of a Gowganda-style high-grade silver system with extensive veining and alteration, native silver-filled fractures as well as multiple structures interpreted to be spatially related to high-grade mineralization. The native silver vein shoot clipped near the lower diabase-Archean contact may lead to new interpretations and geological models for the broader camp.
“The Robinson zone is on strike from the old Capitol mine workings 650 meters to the west, so there is plenty of room to grow this discovery both laterally and vertically which we are in the process of doing,” Halliday continued. “It’s important to note that mostly only the shallow western margin of the diabase was mined historically in the rich Gowganda Camp from networks of veins that extended for hundreds of meters. At modestly deeper levels Canada Cobalt’s Castle Property features kilometers of unexplored or under-explored diabase from the upper contact to the lower contact as we are discovering at Castle East.”
More Assays Pending
The first vein shoot at Castle East included very high silver grades, in addition to cobalt, nickel and copper, from the first two wedge holes with many more assays pending (refer to Dec. 23, 2019 and Jan. 10, 2020 news releases) from all four wedge holes as well as new holes from surface. Fresh images related to the discovery will be added to the Company’s web site over the coming days.
Castle East Discovery in Historical Context
Based on reliable historical reports and internal data, management believes Castle East may represent the most significant new grassroots high-grade silver discovery in the Gowganda Camp, and the broader Northern Ontario Silver-Cobalt District, in at least 40 years since Agnico Eagle put the Castle mine back into production in 1979 for a decade through a new vein discovery at what is currently Shaft #3 owned 100% by Canada Cobalt.
Regional Property Map
Please visit the Canada Cobalt web site at CanadaCobaltWorks.com for an updated location/geological map for the Castle Property, also included in this news release.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Merouane Rachidi, Ph.D., P.Geo., (PGO, APEGNB and OGQ) of GoldMinds Geoservices, a qualified person in accordance with National Instrument 43-101.
About Canada Cobalt Works Inc.
Canada 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. The Company’s recent acquisition of the only facility in the Northern Ontario Silver-Cobalt District that combines bullion pouring, bulk sampling, commercial assaying and e-waste processing makes Canada Cobalt a vertically integrated leader in Canada’s Silver-Cobalt heartland as the precious metals bull market intensifies. This facility will also become the new home of Canada Cobalt’s 100%-owned Re-2OX Process, an environmentally friendly solution for producing technical grade cobalt sulphate (achieved in 2018) as well as nickel-manganese-cobalt (NMC) formulations.
“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 Cobalt Works Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2020/27/c0823.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
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
Crystal Lake samples 22 m of 2.27 g/t Au at Newmont
Crystal Lake Cuts 22 metres of 2.00% Copper, 2.27 g/t Gold, 34.36 g/t Silver, and 4.69% Zinc on Surface at its Newmont Lake Project in BC; Discovers Possible High-Grade Source of Multi-Element Burgundy Ridge System
Crystal Lake Mining Corporation (TSXV: CLM OTC: SIOCF FSE: SOG-FF) (“Crystal Lake” or the “Company“) is pleased to announce the results from Channel Sample BRCH19-01, the first ever continuous channel/trench sample at Burgundy Ridge on the Newmont Lake Project in the Golden Triangle of British Columbia. This channel sample targeted a new discovery area made late in the 2019 season called the “Green Rock Zone” as a result of rapidly receding snow/ice in the region.
Channel/trench Sample BRCH19-01 cut a hydrothermal breccia exposed on surface assaying 22.00 metres of 2.00% Cu, 2.27 g/t Au, 34.26 g/t Ag, and 4.69% Zn. This hydrothermal breccia contained a high-grade centre assaying 10.00 metres of 3.29% Cu, 8.59% Zn, 3.75 g/t Au, and 63.40 g/t Ag on surface.
The channel/trench sample is a ~340-metre step-out from the first diamond drill hole results released at Burgundy Ridge including BRDDH19-002’s 91.26 metres of 0.38% Cu, 0.30 g/t Au, 4.12 g/t Ag, starting at 36.7 metres depth. Mineralization and alteration styles outline a large copper/gold-rich alkalic porphyry system with related high-grade hydrothermal breccia and skarn mineralization seen along the entire 2.3km Burgundy Trend.
Channel/trench Sample BRCH19-01 Highlights
- 2.00% Cu, 4.69% Zn, 2.27 g/t Au, and 34.36 g/t Ag over 22.00 metres at surface.
- Including 3.29% Cu, 8.59% Zn, 3.75 g/t Au, and 63.40 g/t Ag over 10.00 metres at surface.
- 1.31% Cu, 2.97% Zn, 1.49 g/t Au, and 23.26 g/t Ag on surface over 37.00 metres on surface.
- Approximate 340 metre step-out from initial diamond drill hole results.
Due to time and weather constraints, one diamond drill hole (BRDDH19-016) was roughly targeted towards the Green Rock Zone as the last drill hole at Burgundy Ridge in 2019. This hole was drilled from Pad C-1; a drill pad designed to target the Discovery Zone approximately 200 metres to the north of Green Rock. Diamond Drill Hold BRDDH19-016 was continued as the deepest hole of Burgundy Ridge’s first-ever diamond drill campaign. Assays are pending.
Cole Evans, CEO of Crystal Lake Mining commented; “Not only has the Green Rock Zone quickly developed into a critical target area for its obvious high-grade mineralization over significant intervals, it now represents hard evidence for 4 important metal types at high grades in a new zone. These assays, along with the alteration and mineralization styles from this channel sample are very significant as they complement results from other surface samples and diamond drilling to outline a large copper/gold-rich alkalic porphyry system with related high-grade hydrothermal breccia and skarn mineralization seen along the entire 2.3km Burgundy Trend. The rocks, alteration, and mineralization we have are typical of alkalic porphyry systems that are associated with large gold-silver deposits in this region.
We are very happy with the results to date and anticipate more positive results from the rest of our 2019 maiden diamond drill program to be available for release in the near future. Our team is working diligently in interpreting the multi-element and multi-mineralization events along the entire Ridge Zone trend, and what this means for the grade and size of our growing system.”
The Company is currently receiving, interpreting, and performing QAQC procedures on data from the 2019 Newmont Lake exploration program and will be releasing data as it is ready. Due to the scale of the 2019 Exploration Program, the team is compiling a lot of data to implement into the projects technical database.
Geological Discussion
Channel Sample BRCH19-01’s final 7.00 metres cut 0.46% Cu, 0.53 g/t Au, 10.33 g/t Ag, and 0.32% Zn on surface of strong to intense potassic altered rock mineralized with a chalcopyrite stockwork (see Figure 2). The protolith is unknown at this time due to intensity of alteration. The alteration and mineralization styles are indicative of a copper/gold-rich alkalic porphyry systems which may be the ultimate source of mineralization seen along the entire 2.3km Burgundy Trend.
Specific clasts within Green Rock’s heterolithic hydrothermal breccia are potassic-altered, trachytic syenites with chalcopyrite stockwork. These clasts are highly significant as they are synonymous with the mineralization observed in the final 7.00 metres of BRCH19-01. This relationship is early evidence for a minimum of 2 mineralization events and styles at Burgundy Ridge (see Figure 1).
Earlier in the season the Company intersected the first-ever copper/gold-rich porphyry hypogene mineralization at the 72′ Zone based on a blind target using hyperspectral technology which measured transitional zones of magnesium and potassium in white micas. Further lithogeochemical and geochronological analyses are underway to fingerprint the intrusion and test whether they are of the same source.
Channel Sampling Procedures
BRCH19-01 represents a 37.00 metre continuous channel/trench sample taken on surface in the Green Rock Zone. The following represents a list of important steps taken to ensure the quality and reliability of results from the channel:
- The channel sample is perpendicular to the limestone contact as to not over-exaggerate width (true width is unknown).
- Surface oxides/hydroxides were avoided as to not over-exaggerate the metal grade of mineralization that was cut, and results are considered to be representative of massive to semi-massive sulphide mineralization, or stockwork sulphide mineralization (see Figure 1 and 2).
- Systematic 1.00 metre whole samples were taken to eliminate sampling bias and ensure reliable assay data.
BRCH19-01 ended in chalcopyrite stockwork mineralization due to snow/time restrictions during the discovery. The on-surface extent remains open in all directions and was visually observed continuing under the snow. The approximate depth of snow at the immediate edge does not represent a significant challenge for exploration in 2020. Figure 2 is a representative sample of the mineralization in the last metre of BRCH19-01 where winter conditions cut channeling short.
QAQC/ Analytical Procedures
Rock samples from the Newmont Lake Project were sent to MSALABS’ 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 MSALABS’ analytical facility in Langley, B.C, where 50g pulps were analyzed for gold using method FAS-121 (fire assay-AAS finish). Gold assays greater than 100 g/t Au were automatically analyzed using FAS-425 (fire assay with a gravimetric finish). Rock 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 three standard reference material pulps, two blank reference material samples are inserted for every 100 samples when analyzing rock samples.
Soil samples from the Newmont Lake Project were sent to MSA LABS’ preparation facility in Terrace, B.C., where samples were prepared using method PRP-757. Soil samples were dried and screened to 80 mesh, discard plus fraction. Prepped samples were sent to MSA LABS’ analytical facility in Langley, B.C, where they were analyzed for 51 elements using IMS-131 for samples with 20g or greater and IMS-130 for samples between 0.5g and 20g.
Crystal Lake Mining conducts its own QA/QC program where three standard reference material pulps, two blank reference material pulps are inserted for every 100 samples when analyzing soil samples.
Qualified Person
The technical information in this news release has been reviewed and approved by Mr. Maurizio Napoli, P. Geo., President for Crystal Lake Mining, a Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.
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.
“Cole Evans”
Chief Executive Officer
Email: info@crystallakemining.com
- Published in Crystal Lake Mining, Mining, News Home
Vanstar Announces the Continuation of the Diamond Drilling Program on the Nelligan Gold Project
Vanstar Mining Resources Inc. management announces that a new winter drilling program of a minimum of 8,000 meters will begin on the Nelligan project in the coming days.
Managed and supervised by our partner IAMGOLD Corporation, this new drilling program involves a number of objectives including: additional infill drilling to improve resource classification established at (on a 100% basis) at 3.2 million ounces of contained gold (see news releases dated October 22, 2019) and convert some Inferred Resources to an Indicated Resource category; evaluate potential resource extensions in the deeper parts of the deposit; and evaluate resource expansions along strike.
In order to speed up the field work during this winter period, IAMGOLD plans to use two drills.
« We are also confident that the next drilling programs will increase significantly the gold resources as the drilling will be concentrated in the western part of the extensions and in depth of the Renard zone» to underline the Chief Executive Officer, Mr. Guy Morissette.
It should be noted that the 3.2 million inferred ounces of resource has been achieved with only 56,000 meters of drilling carried out on the property. »
Moreover, additional metallurgical tests will be completed in the coming months to provide additional information on the metallurgical recoveries from the various zones of mineralization comprising the Mineral Resources of the Nelligan gold deposit and to help optimize the process flow sheet parameters.
The regional exploration program will also continue to define and test other priority exploration targets on the property.
SQUIDBET
As the conditions of Squidbet sales had not been fulfilled by December 31, 2019 as stipulated in the letter of intent signed in November 2019, Vanstar’s management has canceled its agreement with 56 Acquisitions Inc. Vanstar will look for new business opportunities for the development of this project but has no intention to invest more money in it.
- Published in Mining, News Home, Vanstar Mining
Crystal Lake Mining Appoints New CEO and Director
Crystal Lake Mining Corporation (TSXV: CLM OTC: SIOCF FSE: SOG-FF) (“Crystal Lake” or the “Company“) is pleased to welcome Mr. Cole Evans as the Company’s CEO and a Director effective immediately. Mr. Maurizio Napoli who has served as the Company’s interim CEO since September 2019, will remain the President, VP of Exploration and a Director of the Company.
Cole Evans is the Co-Founder and President/CEO of HEG & Associates Exploration Services Inc. He has been instrumental in building HEG from an idea into one of Western Canada’s largest exploration service companies focused on British Columbia’s Golden Triangle and South-Central regions. Mr. Evans and his Team have been key individuals at Crystal Lake’s Newmont Lake Project since its acquisition in Fall 2018.
Mr. Evans is also the Co-Founder and Chief Owner of Catalina Discovery Ltd.; a private corporation focused on strategic investments in the mining industry. Mr. Evans is the direct owner/controller of approximately 11,200,000 common shares and 8,055,555 warrants of Crystal Lake which he acquired in 2019 for a combined ownership of approximately 19,200,000 shares/warrants, making. him the single largest shareholder of the Company.
Mr. Evans holds a B.Sc. (Hons) in Geology from the University of British Columbia Okanagan specializing in applications of hyperspectral analysis and applied geochemistry from the Charles Fipke Centre for Innovative Research. He prides himself as being a strategical, business minded geologist with a track record of exponential growth of his private sector business endeavors.
Mr. Evans commented “Crystal Lake has an exceptional land package in the heart of BC’s Golden Triangle; an area that is among the most well-endowed and underdeveloped mineral districts in the world. I see the Newmont Lake project as tremendously undervalued and still in its infancy of discovery. I am very excited to have a role in forging Crystal Lake into an exploration powerhouse in the region, and create benefits for all shareholders, the local community, and the province of British Columbia.”
Crystal Lake would like to thank Maurizio Napoli for his tenure and dedication as interim CEO. Mr. Napoli has also been a key figure in exploration at Newmont Lake as the Company’s Qualified Person.
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.
“Maurizio Napoli”
President/Director
Email: info@crystallakemining.com
- Published in Crystal Lake Mining, Mining, News Home
San Marco to Prepare for Drilling at Its Gold/Silver/Zinc Buck Property and Announces Attendance at VRIC Conference
San Marco Resources Inc. (TSXV: SMN) (“San Marco” or the “Company”) is pleased to announce the imminent approval of a five year area-based exploration permit for the Company’s Buck gold/silver/zinc property near Houston, B.C. The permit includes 30 drill sites of where multiple holes may be drilled from the same drill pad. Geophysics may be included in the initial exploration program.
Phase I exploration program activities will utilize existing access trails to construct new drill pads, which will be followed by a diamond drill program consisting of HQ oriented core. Specific drill hole locations, hole depths, number of holes etc. will be determined over the next few weeks, with the drill expected to be turning shortly thereafter.
At surface and near surface mineralized breccia, which hosts significant gold, silver and zinc values, will be the drill targets for the entire program. Examples of some historical drill intercepts over the last 50 years include;
- 30.75 metres (“m”) at 2.70 grams per ton (“g/t”) gold within 143.33 m at 0.75 g/t gold (Hole 84-1),
- 27.43 m at 2.74 g/t gold within 91.4 m at 0.93 g/t gold (Hole 68-4),
- 12.19 m at 2.58 g/t gold within 170.68 m at 0.61 g/t gold (Hole 04-01), and
- 26.5 m at 2.50 g/t gold within 265.86 m at 0.65 g/t gold (Hole 88-02).
Recent re-logging of drill core from one historical hole, and detailed review and re-interpretation of historical drill logs, indicates mineralization of economic interest is related to and contained in a diatreme geological environment, with breccia pipe features. The Buck Property currently has surface drill targets in breccia over an area approximately 700 m by 300 m with mineralized breccia also known to exist up to 200 m in depth and open in all directions. For details, please review the Company’s corporate presentation.
Most of the previous drilling has been located outside of the diatreme/breccia target model, leaving large areas of under-explored breccia targets and virgin ground. A recent alteration study from historical drill logs has been completed by Dr. David Bailey, P. Geo., and resulted in recognition that a specific level and intensity of alteration is related to the zones of best grades and widest drill hole intercepts. This, along with additional detailed data re-interpretation, has enabled San Marco’s geological team to vector into very highly prospective drill targets.
Sharyn Alexander, V.P. Technical Services, stated: “We are excited to move forward with our drill program on the Buck Property, as it will allow us to test some very interesting targets discovered during historic data compilation and re-interpretation. Our exploration plan includes obtaining fresh core in known mineralized areas to assist us in identifying the controls of mineralization and testing new targets to allow potential expansion of the existing mineralized footprint.”
San Marco holds an option to acquire a 100% interest in the Buck Property, subject to a 2.5% net smelter returns royalty which can be reduced to 1.5% for $2,500,000. See news release dated July 15, 2019.
Vancouver Resource Investment Conference
San Marco cordially invites you to visit us at Booth #630 at the Vancouver Resource Investment Conference (VRIC) to be held at the Vancouver Convention Centre West (1055 Canada Place, Vancouver) on Sunday, January 19th through Monday, January 20th, 2020.
For more information or to register for the conference please visit:
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
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 by reviewing the data and reports from previous exploration of the property which he believes to be accurate and were provided to San Marco by the optionors.
- Published in Albert Mining, Mining, San Marco Resources