The Nelligan Project Wins « Discovery of the Year » Award at the Quebec Mineral Exploration Association Gala
Momentum Public Relations
Press Release: October 25, 2019
The management of Vanstar Mining Resources (TSX.V – VSR) is very pleased to announce that it has won, in co-participation with its partner IAMGOLD, the “Discovery of the Year” award for the Nelligan gold project, located in the Chapais-Chibougamau region of Quebec. This award was presented at the Recognition Gala at the Xplor Mining Convention presented by the Quebec Mineral Exploration Association on October 23, 2019 in Montreal (Quebec).
“We are very proud to have won this award and we thank the AEMQ for granting it. The Nelligan project became a major project following the publication of a first ressource estimate of 3.2 million ounces of gold. We are only at the beginning and we remain confident that Nelligan will become a first class deposit at the Canadian level. We thank again our partner IAMGOLD for the excellent work done by their team on this project. ” said the President and CEO of the company, Mr. Guy Morissette.
A 43-101 Report that confirms the potential of the project
The first resource estimate, on a 100% basis, includes 96,990,000 tonnes of inferred resources at an average grade of 1.02 grams of gold per tonne representing 3,193,900 ounces of gold contained in a pit. This estimate includes four distinct mineralized zones where their geological continuity and grade have been demonstrated through the IAMGOLD and Vanstar exploration drilling programs. In this estimate, the largest contribution (in ounces) comes from the Renard Zone which has recently been cut over a distance of more than 1 km and has a true thickness greater than 100 m. The deposit is characterized by homogeneous low-grade gold mineralization associated with fine pyrite mineralization contained in an altered sequence of mainly metasedimentary rocks that remains open at depth and in its potential westward extent. The potential of the project remains favorable for the addition of resources and will remain the focus of future exploration campaigns.
Next steps
In the coming months, additional metallurgical testing will be conducted to provide more information on the metallurgical recovery of the different mineralization zones including the mineral resources of the Nelligan gold deposit and to help optimize the parameters of the treatment chart.
Drilling program planning is underway and will include a number of objectives, including: additional definition drilling to improve the categorization of resources and convert inferred resources to indicated resources; assess the potential for increasing resources in deeper parts of the deposit and evaluate extensions of the resource along the deposit.
Regional exploration will also focus on defining and testing other priority exploration targets in the property.
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.
THIS PRESS RELEASE CANNOT BE DISTRIBUTED TO THE AMERICAN PRESS SERVICES FOR US RELEASE.
Sources :
- Guy Morissette, CEO Vanstar 819-763-5096
- Gary Claytens, VP – Western Corporate Development 604-761-3233
- Published in Mining, News Home, Vanstar Mining
Vanstar Reports Initial Mineral Resource Estimate of 3.2 Million Inferred Ounces for the Nelligan Gold Project, Quebec
Momentum Public Relations
Press Release: October 22, 2019
The management of Vanstar Mining Resources Inc. (“Vanstar”) is pleased to announce that its partner IAMGOLD Corporation (“IAMGOLD”) has reported the initial Mineral Resource estimate on its Nelligan Joint Venture Project (“Nelligan”) (IAMGOLD: 51%, Vanstar Mining Resources Inc. (“Vanstar”): 49%), located 60 kilometres southwest of Chibougamau, Quebec, Canada. The estimate was completed in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards incorporated by reference in National Instrument 43-101 (“NI 43-101”).
The initial Mineral Resource estimate, on a 100% basis, shows a pit-constrained Inferred Resource totalling 96,990,000 tonnes averaging 1.02 grams of gold per tonne for 3,193,900 ounces of contained gold. The estimate includes four mineralized zones where geological and grade continuities have been demonstrated by IAMGOLD and Vanstar exploration drilling programs.
The most significant contribution (in terms of ounces) is provided by the recently discovered Renard Zone which has been intersected in drilling for over 1 kilometre along strike with a true thickness exceeding 100 metres. The deposit is characterized by homogeneous low-grade gold mineralization associated with fine pyrite mineralization hosted in an altered sequence of dominantly metasedimentary rocks. Mineralization remains open at depth and along strike to the west. The potential for adding additional resources is considered favourable and will be the focus of future exploration programs.
Guy Morissette, Chairman and CEO for Vanstar stated: “We have always believed in Nelligan’s gold potential and this first Mineral Resource estimate seems to prove us right. As a company, we are proud to have made the initial discovery of the Liam and Dan areas that led to the discovery of the Renard area by our partner. The present results combined with the homogeneity of the deposit and its extensions potential demonstrate that the Nelligan project can become a major gold deposit in Canada in a short-medium term. Thanks to the technical team of IAMGOLD for their excellent work and who brought the Nelligan Project to that stage.”
In a separate press release on the recent results, Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated: ” The completion of this initial resource estimate reported for Nelligan is an important milestone which solidifies this new grassroots discovery by the IAMGOLD exploration team. The discovery of the Renard Zone builds on the initial discoveries made by Vanstar which originally highlighted the exploration potential of this area and motivated our participation in the project. I would like to point out that we have advanced this project from the initial grassroots discovery of the Renard Zone to the declaration of a sizable mineral resource in just three years. I congratulate our exploration team on their efforts which have led to this outstanding discovery. I would like to thank our partner Vanstar for giving IAMGOLD the opportunity to become its exploration partner on the Nelligan project.”
The initial Mineral Resources estimate was prepared by Alain Carrier, P.Geo. and Vincent Nadeau-Benoit, P.Geo., both of InnovExplo, using all available and validated data, including recent results from the 2019 drilling program and incorporates results from 176 recent and historic drill holes (totaling over 56,500 metres), variably spaced from 40 to 100 metres apart. Leapfrog was used for geological and litho-structural 3D modelling while GEMS was used to support the interpretation of the mineralized zones which comprises four primary zones (Liam, Dan, Zone 36, and Renard) subdivided into 11 sub-domains for estimation purposes. The estimate was prepared using a block model approach (10 metre blocks) and Ordinary Kriging (OK) interpolation constrained by 3D wireframes. The Nelligan Mineral Resource estimate was prepared considering a pit-constrained scenario at a long-term gold price of US$1,500/ounce, pit slopes of 45° (rock) and of 30° (overburden) during Whittle optimization. At a 0.5 g/t Au cut-off grade, strip ratio of 3.5 (in rock) and of 4.0 (when including overburden) were obtained for the Whittle resource pit shell. All resource blocks were classified in the Inferred resource category. Only mineralization contained within the preliminary pit shell has been included in the resource estimate.
To support the mineral resource estimate, a preliminary metallurgical testing program was completed at SGS, Quebec on selected composites with a focus on the largest zone (Renard). The results suggest that gold recoveries averaging approximately 92% can be expected from a process flow sheet involving an initial sulphide flotation, following by regrinding of the sulphide concentrate sent to a cyanidation / carbon-in-leach (“CIL”) circuit, and including cyanide leaching of the flotation tails. Further testing is required to confirm recoveries, test the range of mineralization and optimize a process flow sheet.
The Mineral Resources estimate is summarized in the following table and the effective date of this resource estimate is October 2, 2019. A supporting NI 43-101 Technical Report will be filed on SEDAR at www.sedar.com within 45 days of this release.
MINERAL RESOURCE STATEMENT – NELLIGAN PROJECT (100% Basis)
Effective October 2, 2019
Classification | Tonnage | Grade (g/t Au) | Contained Ounces (Au) |
Inferred | 96,990,000 | 1.02 | 3,193,900 |
Notes:
- CIM definitions were followed for classification of Mineral Resources.
- Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.
- Mineral Resources are estimated using a gold price of US$ 1,500 per ounce.
- Mineral Resources are constrained by a Whittle optimized pit shell using a 0.5 g/t Au cut-off grade and are considered to have reasonable prospects for eventual economic extraction.
- High grade capped assay values vary from 15 g/t Au to 30 g/t Au based on domain; and 2.5 g/t Au in intervals of poor core recovery.
- Bulk density values were determined by measurements on core and range from 2.73 g/cm3 for rock to 2.00 g/cm3 for overburden.
- All figures have been rounded to reflect the relative accuracy of the estimate.
The table below displays the sensitivity of the mineral resource estimate at different cut-off grades for a pit-constrained scenario. The reader should be cautioned that the numbers provided in the table below should not be interpreted as a mineral resource statement. The reported quantities and grade estimates at different cut-off grades are presented with the sole purpose of demonstrating the sensitivity of the resource model to the selection of a reporting cut-off grade.
NELLIGAN CUT-OFF GRADE SENSITIVITY ANALYSIS ON THE
PIT-CONSTRAINED INFERRED RESOURCES
Cut-off (g/t) | Inferred Resources | ||
Tonnage (t) | Grade (g/t Au) | Ounces (Au) | |
>1.75 | 9,431,000 | 2.35 | 713,900 |
>1.50 | 13,971,000 | 2.11 | 949,900 |
>1.00 | 34,844,000 | 1.57 | 1,758,000 |
>0.75 | 60,023,000 | 1.27 | 2,455,800 |
>0.60 | 81,498,000 | 1.11 | 2,921,000 |
>0.50 | 96,990,000 | 1.02 | 3,193,900 |
>0.40 | 118,674,000 | 0.92 | 3,505,200 |
>0.35 | 134,551,000 | 0.85 | 3,696,300 |
>0.30 | 152,765,000 | 0.79 | 3,886,600 |
NELLIGAN RESOURCE MODEL: https://www.globenewswire.com/NewsRoom/AttachmentNg/f578b46f-15d5-4ced-bbf7-a17124dd2ec9
Next Steps
In the coming months additional metallurgical tests will be completed 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.
Planning for future drilling programs is ongoing and will involve a number of objectives including: additional infill drilling to improve resource classification and convert Inferred Resources to an Indicated Resource category; evaluate potential resource extensions in the deeper parts of the deposit; and evaluate resource expansions along strike.
Regional exploration will also continue to define and test other priority exploration targets on the property.
About the Nelligan Project
The Nelligan project is underlain by a portion of the Caopatina segment belonging to the North Volcanic Zone of the Abitibi Belt of the Superior Province. The property is centered on the E-W Druillette syncline with sediments of the Caopatina Formation bounded to the north and to the south by volcanic rocks of the Obatogamau Formation. The North and South portions of the property are occupied by granodioritic to tonalitic intrusions. The project is transected by numerous regional and local structures and deformation zones which can be important in the localization of gold mineralization.
Gold showings of the area can be grouped according to their style of mineralization: 1) quartz-sulphide vein type mineralization and 2) associated with zones of disseminated pyrite mineralization in hydrothermally altered units. On the local scale, the Nelligan project contains several known gold showings, including the Liam and Dan Zones discovered by drilling in 2013 and 2014, and the historical Lake Eu showing. Subsequent exploration undertaken by IAMGOLD discovered significant alteration and associated gold mineralization over wide intervals in metasedimentary units intersected in drilling to the north of the known gold showings. Mineralization has now been intersected in drilling over a strike length of more than 1 kilometre, and to a depth of over 350 vertical metres (referred to as the Renard Zone and Zone 36). The mineralized zones and showings fall within a structural corridor with a potential strike length of several kilometres possibly associated with the Guercheville Deformation Corridor located 5 kilometres north of the property.
The Nelligan Project is held under an earn-in option to joint venture agreement with Vanstar. The Company holds an undivided 51% interest in the property, and holds an option to earn a further 24% undivided interest in exchange for cash payments totaling C$2,750,000 to Vanstar and the delivery of an NI 43-101 compliant Resource Estimate and Technical Report before March 2022. Once vested to an undivided 75% interest, IAMGOLD will have a further option to acquire an additional interest of 5%, to hold an 80% interest in the Nelligan project by completing and delivering a Feasibility Study. Vanstar would then retain a 20% undivided non-contributory carried interest until the commencement of commercial production, after which: (1) the 20% undivided interest becomes participating; and (2) Vanstar will pay its attributable portion of the total development and construction costs to the commencement of commercial production from 80% of its share of any ongoing distributions from the Joint Venture. Vanstar will also retain a 1% NSR royalty on selected claims of the project.
With completion of the initial Mineral Resource estimate described above, the project hosts current Mineral Inferred Resources of 97.0 million tonnes averaging 1.02 grams of gold per tonne for 3.19 million ounces of contained gold.
Technical Information and Quality Control Notes
The mineral resource estimate, including verification of the data disclosed, has been completed by InnovExplo Inc. (“InnovExplo”) and reported in accordance with NI 43-101 Standards of Disclosure for Mineral Projects and CIM Estimation Best Practice Guidelines.
The technical contents of this release has been reviewed and approved by Alain Carrier, P.Geo., copresident founder for InnovExplo, who is an Independent Qualified Person under NI 43-101. The information in this news release was reviewed and approved by Marie-France Bugnon, P. Geo., General Manager Exploration for IAMGOLD. Mrs. Bugnon is a Qualified Person as defined by National Instrument 43-101.
The sampling of, and assay data from, the drill core is monitored through the implementation of a quality assurance – quality control (QA-QC) program. Drill core (NQ size) is logged and samples are selected by the IAMGOLD geologists and sawn in half with a diamond saw at the project site. Half of the core is retained at the site for reference purposes. Sample intervals may vary from half a metre to one and a half metres in length depending on the geological observations.
Half-core samples are packaged and transported in sealed bags to ALS Minerals Laboratory (“ALS”) located in Val-d’Or, Québec. Samples are coarse crushed to a -10 mesh and then a 1,000 gram split is pulverized to 95% passing -150 mesh. ALS processes analytical pulps directly at their facilities located in Val-d’Or which is ISO / IEC 17025 certified by the Standards Council of Canada. Samples are analyzed using a standard fire assay with a 50 gram charge with an Atomic Absorption (AA) finish. For samples that return assay values over 5.0 grams per tonne, another pulp is taken and fire assayed with a gravimetric finish. Core samples showing visible gold or samples which have returned values greater than 10.0 grams per tonne are re-analyzed by pulp metallic analysis. IAMGOLD inserts blanks and certified reference standards in the sample sequence for quality control.
Forward Looking Statement
This news release contains forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding expected, estimated or planned gold production, cash costs, margin expansion, capital expenditures and exploration expenditures and statements regarding the estimation of mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “to earn”, “to have’, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to meet expected, estimated or planned gold production, cash costs, margin expansion, capital expenditures and exploration expenditures and failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company’s expectations, changes in world gold markets and other risks disclosed in IAMGOLD’s most recent Form 40-F/Annual Information Form on file with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
Cautionary Note to Investors Concerning Estimates of Inferred Resources
This news release also uses the term “inferred resources”. We advise investors that while this term is recognized and required by Canadian regulations, the SEC does not recognize it. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that part or all of an inferred Resource exists, or is economically or legally mineable.
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, CEO Vanstar 819-763-5096
Gary Claytens, VP – Western Corporate Development 604-761-3233
info@rvanstar.com
www.vanstarmining.com
- Published in Mining, News Home, Vanstar Mining
ATYPICAL JUNIOR BUCKS THE VENTURE TREND
Canada Cobalt (TSXV: CCW; OTC, CCWOF)
October 17, 2019
The Venture has been hit hard since the middle of September, but there’s one company whose stock price has actually jumped more than 30% during that time. Last year it was featured on “The National” on CBC and the stock actually quadrupled in value in less than three months while the Venture was also slumping.
What’s so different about this company that it would be able to attract such positive media attention and outperform the market so significantly over lengthy periods? And why are its prospects now considered to be better than ever?
Unique Company Grows On A High-Grade Focus
Canada Cobalt (TSXV: CCW; OTC, CCWOF) is the company we’re referring to. Apart from having a technological solution (Re-2OX Process) to a longstanding environmental issue of arsenic-rich ores in a broad district of Northern Ontario known as the birthplace of Canadian hard rock mining, Canada Cobalt has separated itself from the rest of the junior resource sector due to its multiple near-term revenue streams ranging from high-grade silver recovery from its Castle mine and property to “urban mining” of high-grade gold and other metals from printed circuit boards. In several ways, CCW is racing down the same path that Agnico Eagle used many years ago in the Northern Ontario Silver-Cobalt Camp as a springboard to become the corporate giant it is today in the mining sector. In fact, CCW’s Castle mine was a cornerstone of Agnico Eagle’s success in the district throughout the 1980’s.
Grade is King. In Canada Cobalt’s world, drill results can be in the tens or even hundreds of ounces per ton, cobalt assays exceed the global average by orders of magnitude, and planned “urban mining” of printed circuit boards could yield gold in the ounces (not grams) per tonne.
Transformational Deal
Canada Cobalt is one of the most exciting opportunities we see in the market right now because it has so many different levers it can pull to generate interest and build shareholder value, especially after the October 10 announcement of a binding LOI to acquire the only facility in Canada’s silver-cobalt heartland that combines bullion pouring, bulk sampling, commercial assaying and e-waste processing. It’s located in the historic town of Cobalt, immediately next to a rail line and just a 1-hour drive from the Castle mine in Gowganda.
The binding LOI to acquire privately-held PolyMet Resources Inc., on very favorable terms, is truly a “game changer” for CCW. The deal creates a robust cash flow model and solidifies the company as the vertically integrated leader of a mining and exploration district that’s making a powerful comeback as bull markets ramp up in silver and gold, while the district’s potential as an ethical source of cobalt has drawn a lot of attention as the electric vehicle revolution intensifies.
CCW Scores Big On Castle Mine Waste Material
CCW Highlights:
There are multiple moving parts to this intriguing story, so here’s a quick bullet point summary of what’s unfolding now:
- Canada Cobalt has just poured its first silver bars in a proof-of-concept test ahead of a significant ramp-up that will officially begin with the pouring of a 1,000-ounce silver dore bar planned for later this month;
- Owning and advancing a high-grade past producing underground mine such as Castle, with historic tailings, puts Canada Cobalt in a unique position at this early stage of the silver bull market – tailings are being targeted for significant recovery of high-grade silver;
- The PolyMet facility, a shrewd deal completed for only $650,000 (half cash and half stock), comes with 4 profit centers: 1) Bullion pouring, which CCW is starting already; 2) Bulk sampling; 3) Commercial assaying; and 4) E-waste processing;
- The PolyMet facility becomes the home for Canada Cobalt’s proprietary and environmentally friendly Re-2OX Process which has allowed CCW to become the first company during the battery arms race to produce a high-purity cobalt sulphate product from its own mineralized material;
- PolyMet recently produced a ton of shredded printed computer circuit boards in a trial run that graded just over 7 oz per ton Gold, 2 oz per ton Palladium, 30 oz per ton Silver and 11% Copper, verified by a smelter in Chicago. That’s a phenomenal value of $15,000 per tonne!
- “Urban mining” has the potential to become a major new business for the PolyMet operation, under the umbrella of CCW and where it will also host its Re-2OX Process – check out ETI and MWX which have a combined market cap of around $130 million.
- Phase 2 underground drilling has commenced at Castle to build on stellar 2018 results such as 2 ounces per ton silver, 0.67% cobalt and 3.8 g/t gold over half a metre within a broader 5.51-m core length averaging 2,620 g/t silver (76.4 ounces per ton) in CA-18-02;
- The best place to find a new mine is near an old mine, and Canada Cobalt has exceptional discovery potential immediately east of the Castle mine (and two other past producers) where the company has drilled into gold and very high-grade silver.
Canada Cobalt has wisely protected its share structure in recent years, unlike its neighbors in the Northern Ontario Silver-Cobalt Camp, and has just under 84 million shares outstanding with no significant warrant overhang. Management and personnel have extensive experience in the region, going back decades, and have smartly executed on a broad vision for CCW that was laid out well before a major rush into the district by other companies beginning in 2016.
Significantly, Canada Cobalt has all the ingredients and potential to continue to clearly distinguish itself as a very different type of company in the junior resource sector.
- Published in Canada Cobalt Works, Mining, News Home, Technology
Crystal Lake Mining Announces New Discovery of Expansive, Multi-Element Hydrothermal Mineralized System at Newmont Lake, BC
Momentum Public Relations
Press Release: October 10, 2019
Crystal Lake Mining Corporation (TSXV: CLM OTC: SIOCF FSE: SOG-FF) (“Crystal Lake” or the “Company“) is pleased to announce the discovery of a entirely new multi-element hydrothermal system in the Chachi Corridor (“Chachi“) containing high grade gold (Au), silver (Ag), copper (Cu), nickel (Ni), cobalt (Co), zinc (Zn) and lead (Pb) mineralization spread over a massive area 8km long x 4km wide east of the Newmont Lake Gold Corridor, along the Eskay Rift, in the heart of the Golden Triangle.
At least three different styles of mineralization over the expansive area have returned assays from multiple samples, in different occurrences from surface outcrop (in-situ grab and chip samples) ranging up to 21.03 g/t Au (gold), 2,350 g/t Ag (silver), 5.4% Cu (copper), 7.7% Ni (nickel), 0.85% Co (cobalt), 15.2% Zn (zinc) and 6.2% Pb (lead). The mineralized system runs along the eastern side of the McLymont Fault and is coincident with a continuous >2km long geophysical anomaly.
Maurizio Napoli, President / CEO of Crystal Lake commented “At the start of the 2019 program on CLM’s Newmont Lake Project, the Chachi Corridor was the most underexplored area within the large land package. We carried out an extensive large maiden exploration program and what’s really exciting is that the 2019 surface exploration program has identified a new, large mineral system coincident with a 2019 >2km chargeability IP anomaly and an aeromagnetic anomaly centered on a major fault system which is associated with high grade gold mineralization in the Newmont Lake area to the southwest. Moreover, the discovery of high-grade nickel, copper, cobalt, zinc and lead was unexpected and remarkable. The 2019 program of work supports exploration for high grade Au-Cu mineralization along the Chachi corridor. The presence of high-grade VMS style and Ni-Co-Cu arsenide mineral occurrences highlights the potential for the discovery of base metal deposits along this richly endowed metal corridor.”
Discussion of 2019 Chachi Corridor Program
Multi-element soil geochemical data and rock samples from newly discovered occurrences point to a multi-element geochemical anomaly spread over an 8 km by 4 km footprint spatially associated with the fertile McLymont Fault structure including high-grade Au-Ag-Cu sulphide (gold, silver, copper sulfide), high-grade Ag-Zn-Cu-Pb (silver, zinc, copper, lead), and high-grade Ni-Co-Cu-Ag arsenide/sulphide (nickel, cobalt, copper, silver arsenide associated with stockwork copper sulfide mineralization).
A recently completed Induced Polarization (“IP”) ground geophysics survey in 2019 has detected a chargeable conductive anomaly within the soil chemical anomalies and occurrences in the footwall of the Mclymont Fault. Over 2000 soil samples, 2000 hyperspectral measurements, and 800 rock samples were collected from this area.
The results highlight a newly discovered Au-Ag-Cu occurrence, named the Leo Zone, associated with quartz veins within the footprint of a 600m long IP anomaly. Multiple samples yielded grades of 5.82–21.03g/t Au along with high-grade Ag and Cu (See assays listed below).
Exploration of the Cuba showings identified high-grade Ag-Zn-Cu-Pb sulphide mineralization associated with barite along the 3.2 km long Cuba-Thumper trend to the east of the Mclymont Fault corridor. Grades of 5-2,350g/t Ag, 15.2% Zn and up to 5.4% Cu provided reason to undertake follow-up chip-channel sampling which reproduced high concentrations of Ag, Zn, Cu, and Pb over 1.5-4.8 m wide intervals (See assays listed below).
The hydrothermal Au-Ag-Cu and Ag-Zn-Cu-Pb falls within the footprint of newly discovered high-grade Ni-Co-Cu-Au-Ag arsenide/sulphide mineralization at the brand new Brass Rose and Grey Rose occurrences containing vein-hosted and semi-massive niccolite-gersdorffite-cobaltite with grades up to 7.7% Ni (See assays listed below). Importantly, gabbroic intrusions found within the area of these occurrences are commonly associated with magmatic sulphide deposits.
These findings will underpin an aggressive exploration effort in the Chachi area that expands coverage of IP, utilizes Electro-Magnetic (“EM”) geophysics survey to locate conductive mineralization, with plans to define best targets for drilling.
Cole Evans, President / CEO of HEG commented; “The Chachi Corridor is still in its infancy of exploration, but the large 2019 program of work has identified important new mineral occurrences as well as geochemical and geophysical signatures indicative of a major mineralizing event. HEG as a services company has been fortunate to work on many good properties across the Golden Triangle in British Columbia, but Chachi is different from anything we have ever seen before. My hat is off to our entire technical team for pulling this discovery together and letting the numbers speak for themselves. This is an 8km x 4km area that had previously never received any ground geophysics, intensive prospecting, detailed mapping, hyperspectral sampling or drilling; I do not think many people would have imagined how successful the Chachi grassroots campaign would have been for Crystal Lake this season.”
Chachi Corridor Assay Highlights
Gold (Au) Silver (Ag) Copper (Cu) Assays
- “Leo” Zone – High-grade Au-Ag-Cu occurrence hosted in “bull quartz” veins +/- chalcopyrite clustered within 600m IP anomaly:
- 21.03 g/t Au, 71.56 g/t Ag, and 0.27% Cu
- 16.07 g/t Au, 30.40 g/t Ag, and 0.13% Cu
- 13.39 g/t Au, 156.00 g/t Ag, and 0.75% Cu
- 11.13 g/t Au, 31.73 g/t Ag, and 0.006% Cu
- 10.96 g/t Au, 45.41 g/t Ag, and 0.062% Cu
- 10.68 g/t Au, 112.00 g/t Ag, and 0.049% Cu
- 9.40 g/t Au, 64.94 g/t Ag, and 0.016% Cu
- 7.97 g/t Au, 25.4 g/t Ag, and 1.66% Cu
- 5.82 g/t Au, 60.05 g/t Ag, and 0.17% Cu
- The “Rose Series” of showings also demonstrates high-grade Cu-Au-Ag mineralization:
- 6.57% Cu, 0.28 g/t Au, and 20.96 g/t Ag
- 5.36% Cu, 0.01 g/t Au, and 35.82 g/t Ag
- 4.57% Cu, 0.44 g/t Au, and 11.29 g/t Ag
- 4.12% Cu, 0.02 g/t Au, and 1.49 g/t Ag
- 3.97% Cu, 0.19 g/t Au, and 2.74 g/t Ag
- 2.98% Cu, 0.18 g/t Au, and 17.18 g/t Ag
- 2.78% Cu, 0.13 g/t Au, and 1.16 g/t Ag
- 2.74% Cu, 0.03 g/t Au, and 301.00 g/t Ag
- 2.53% Cu, 0.32 g/t Au, and 736.00 g/t Ag
- 2.46% Cu, 0.24 g/t Au, and 5.91 g/t Ag
- 2.19% Cu, 0.03 g/t Au, and 112.00 g/t Ag
- 2.11% Cu, 0.33 g/t Au, and 7.54 g/t Ag
- 2.06% Cu, 0.01 g/t Au, and 603.00 g/t Ag
- 2.00% Cu, 0.03 g/t Au, and 179.00 g/t Ag
- 1.88% Cu, 0.02 g/t Au, and 172.00 g/t Ag
- 1.77% Cu, 0.34 g/t Au, and 224.00 g/t Ag
- 1.62% Cu, 1.61 g/t Au, and 22.12 g/t Ag
Silver (Ag) Zinc (Zn) Copper (Cu) Lead (Pb) Assays
- Extended “Cuba-Tetra-Thumper” trend – High-grade Ag-Zn-Cu-Pb barite system sampled and mapped over ~2.5km strike parallel to the Mclymont Fault system:
- 2,350 g/t Ag, 15.20% Zn, 1.30% Cu, and 0.59% Pb
- 2,338 g/t Ag, 12.90% Zn, 1.60% Cu, and 0.16% Pb
- 1,022 g/t Ag, 7.10% Zn, 0.30% Cu, and 0.69% Pb
- 854 g/t Ag, 4.30% Zn, 5.40% Cu, and 1.53% Pb
- 833 g/t Ag, 11.71% Zn, 0.22% Cu, and 1.24% Pb
- 775 g/t Ag, 5.9% Zn, 0.74% Cu, and 0.075% Pb
- 473 g/t Ag, 10.4% Zn, 0.18% Cu, and 0.013% Pb
- 451 g/t Ag, 7.80% Zn, 0.23% Cu, and 0.073% Pb
- 285 g/t Ag, 2.84% Zn, 0.23% Cu, and 0.034% Pb
- 269 g/t Ag, 2.00% Zn, 0.12% Cu, and 0.020% Pb
- 242 g/t Ag, 1.55% Zn, 0.15% Cu, and 0.007% Pb
- 242 g/t Ag, 12.92% Zn, 0.11% Cu, and 0.009% Pb
- 107 g/t Ag, 13.31% Zn, 0.048% Cu, and 4.43% Pb
- 12.44 g/t Ag, 12.04% Zn, 0.032% Cu, and 1.24% Pb
- 28.2 g/t Ag, 8.34% Zn, 0.016% Cu, and 0.002% Pb
- 88.32 g/t Ag, 6.90% Zn, 0.082% Cu, and 0.003% Pb
- 57.84 g/t Ag, 5.61% Zn, 0.043% Cu, and 10.6% Pb
- 4.56 g/t Ag, 5.52% Zn, 0.007% Cu, and 0.24% Pb
- Follow-up chip-channel sampling (not continuous) along several outcrops over ~200m trend of “Cuba-Tetra-Thumper” returned:
- 2.4 metres of 1,071 g/t Ag, 9.30% Zn, 0.37% Cu, and 2.0% Pb on surface.
- 4.8 metres of 728 g/t Ag, 7.70% Zn, 0.19% Cu, and 6.2% Pb on surface.
- 1.5 metres of 359 g/t Ag, 10.0% Zn, 0.17% Cu, and 0.018% Pb on surface.
- 3.0 metres of 296 g/t Ag, 7.0% Zn, 0.12% Cu, and 0.022% Pb on surface.
- 3.0 metres of 232 g/t Ag, 3.9% Zn, 0.039% Cu, and 0.55% Pb on surface.
- 1.5 metres of 224 g/t Ag, 2.3% Zn, 0.070% Cu, and 0.66% Pb on surface.
- 2.5 metres of 129 g/t Ag, 4.99% Zn, 0.09% Cu, and 2.05% Pb on surface.
- 2.0 metres of 67.82 /t Ag, 4.59% Zn, 0.064% Cu, and 0.006% Pb on surface.
- 1.5 metres of 85.27 g/t Ag, 3.27% Zn, 0.041% Cu, and 0.25% Pb on surface.
Nickel (Ni) Cobalt (Co) Copper (Cu) Silver (Ag) Assays
- “Brass Rose” showing – High-grade Ni-Co-Cu-Ag arsenide/sulphide occurrence:
- 7.7% Ni, 0.85% Co, 0.17% Cu, and 10.9 g/t Ag
- “Grey Rose” showing ~1.5km from “Brass Rose” discovered multiple outcrop samples of various vein generations including:
- 3.2% Ni, 0.57% Co, 1.3 g/t Au, and 1.5 g/t Ag
- 2.4% Ni, 0.34% Co, 0.2 g/t Au, 21.2 g/t Ag, and 0.13% Cu
- 0.86% Ni, 0.19% Co, 0.02 g/t Au, and 2.69 g/t Ag
- 0.58% Ni, 0.10% Co, 0.11 g/t Au, and 4.74 g/t Ag
- 0.12% Ni, 0.08% Co, 0.01 g/t Au, and 18.72 g/t Ag
- Follow-up chip-channel sampling (not continuous) along the same outcrop of “Grey Rose” Ni-Co returned:
- 2.0 metres of 2.8% Ni, 0.50% Co, 0.13 g/t Au, and 9.8 g/t Ag on surface.
- 2.0 metres of 0.58% Ni, 0.11% Co, 0.11 g/t Au, 4.74 g/t Ag, and 0.16% Zn on surface.
- 2.0 metres of 0.61% Cu, 0.04% Co, 79.53 g/t Ag, and 0.66% Zn on surface.
- There is a general Ni-Co enrichment across a wide range of samples throughout the Chachi Corridor proximal to the IP conductivity/chargeability feature.
Photo / Map Gallery
Representative sample B0003611 assaying 7.7% Ni, 0.85% Co, 0.17% Cu, and 10.9 g/t Ag with additional rep. samples for the showing in the background.
Representative sample of massive sulphides (pyrrhotite, pyrite with minor chalcopyrite) in contact with high-grade Ni-Co arsenides. Rep. sample assayed 0.20% Cu.
Newly discovered gabbroic mafic intrusive rocks within the Chachi Corridor. This rock type is highly unusual for the region and is often associated with Ni-Cu-Co deposits around the world.
Cautionary Statement of Photo Gallery:
Please note the visualizations are selected images highlighting strong visual mineralization from a variety of new showings and recent diamond drill core. Mineral identification has been determined visually by geologists and cross-referenced via mobile X-ray Fluorescence elemental geochemical techniques (ThermoScientific Niton XL5 pXRF). Portable XRF data is not provided as it is not an indicator of representative geochemistry of the entire rock mass. The reader should also note that while relative spatial information is provided, mineralization is not necessary representative of space between any given location and it should not be assumed that lateral continuity exists. The reader is encouraged to exercise caution, due their due diligence, and determine their own conclusions with the information provided.
Qualified Person
The technical information in this news release has been reviewed and approved by Mr. Maurizio Napoli, P. Geo., CEO/President for Crystal Lake Mining, a Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.
QAQC/ Analytical Procedures
Rock Samples
Rock samples from the Newmont Lake Project were sent to MSALABS’ preparation facility in Terrace, B.C., where samples were 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
Soil samples from the Newmont Lake Project were sent to MSALABS’ preparation facility in Terrace, B.C., where samples were prepared using method PRP-757. Soil samples were dried and screen to 80 mesh, discard plus fraction. Prepped samples were sent to MSALABS’ 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.
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 & CEO
Email: info@crystallakemining.com
SOURCE Crystal Lake Mining Corporation
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2019/10/c5341.html
Contact:
Momentum Public Relations, Tel: +1 (514) 815-7473, Email: mark@momentumpr.com
- Published in Crystal Lake Mining, Mining, News Home
Colibri Resource Corporation Announces Private Placement
Momentum Public Relations
Press Release: Oct. 9, 2019
Colibri Resource Corporation (“Colibri” or the “Company”) wishes to announce that, subject to regulatory approval, it has completed a private placement in the amount of 3,260,000 units for gross proceeds of $163,000 and incurred cash commissions of $4,200.
The 5 cent units consist of one common share and one full share purchase warrant. Each warrant entitles the investor to acquire one additional common share at $0.10 for three years from the closing of the private placement.
The Company may pay finder’s fees in connection with this placement in accordance with TSX Venture Exchange regulations. All securities issued pursuant to this financing will be subject to resale restrictions for a period of four months and one day from closing under applicable securities legislation. Closing of the financing is subject to TSX Venture Exchange acceptance.
Proceeds of the placement will be primarily used for exploration activities as well as for general working capital.
For more information about all of our projects please visit: www.colibriresource.com.
We seek safe harbour.
About Colibri Resource Corporation:
Colibri is a Canadian mineral exploration company listed on the TSX-V(CBI) focused on acquiring and exploring prospective gold properties in Mexico.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. 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 oraccuracy of this release. The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company’s expectations and projections.
SOURCE Colibri Resource Corporation
View original content: http://www.newswire.ca/en/releases/archive/October2019/09/c5349.html
Contact:
Ronald J. Goguen, President, Chairperson and Director, Tel:(506) 383-4274, rongoguen@colibriresource.com
- Published in Colibri Resource Corp, Mining, News Home
Crystal Lake Discovers Porphyry Center Extending the Footprint of Burgundy Ridge by 2.3km: Drills 56.35m @ 0.45% Copper, 0.33 g/t Gold, and 3.44 g/t Silver
Momentum Public Relations
Press Release: October 9, 2019
Crystal Lake Mining Corporation (TSXV: CLM OTC: SIOCF FSE: SOG-FF) (“Crystal Lake” or the “Company“) is pleased to announce the discovery of an entirely\new copper-gold (Cu-Au) porphyry mineral zone at the 72′ Zone; 2.3km northeast of the Burgundy Ridge mineralization. This represents a new copper-gold (Cu-Au) rich porphyry on the Newmont Lake Project located at the western margin of the Eskay Rift in the Heart of the Golden Triangle, British Columbia.
This discovery is 250 metres west-northwest of historic high-grade Cu-Au skarn-type mineralization drilled by the previous operator and ~2km away from newly discovered analogous mineralization on surface at the Rock Islands indicative of a potentially large porphyry system. This is the first discovery of porphyry-type mineralization at 72′ Zone, and the system remains open to depth and along trend both to the north and south. (See Figure 1).
Maurizio Napoli, President / CEO of Crystal Lake commented “We are excited to see our initial drilling campaign result in the discovery of a porphyry Copper-Gold system and expansion of the Burgundy Ridge alteration system. The 2019 program has already provided promising data to vector into the high-grade core of these large porphyry-hydrothermal systems.”
Highlights
- New Cu-Au-Ag porphyry discovery highlighted by 56.35 metres of 0.45% Cu, 0.33 g/t Au, and 3.44 g/t Ag from 224.88 metres – 281.23 metres in diamond drill hole STDDH19-006.
- Strong potassic alteration centre of chalcopyrite-bornite within grading 22.28 metres of 0.89% Cu, 0.71 g/t Au, and 6.65 g/t Ag from 228.00 metres – 250.28 metres in diamond drill hole STDDH19-006.
- Widespread alteration and sulphide mineralization associated with large Cu-Au-Ag porphyry systems in the region intercepted in all four holes.
- High-grade chalcopyrite-bornite mineralization is relatively shallow compared to other porphyry systems in the region.
- System may be evidence for high-grade porphyry-related skarn-type mineralization observed on surface along the entire Burgundy trend.
A total of four, widely spaced diamond drill holes tested a 700m x 300m area. All of the holes intercepted widespread sulphide mineralization and alteration styles characteristic of large porphyry Cu-Au systems. The third diamond drill hole into the target area (STDDH19-006) cut through stock-work hosted and disseminated chalcopyrite-bornite mineralization (“hypogene sulphide”) associated with a potassic alteration zone. The 56.35 metre diamond drill core interval contains 0.45% Cu, 0.33 g/t Au, and 3.44 g/t Ag. Importantly, the intercept includes a zone of intense potassic alteration and high-grade hypogene mineralization comprising 22.28 metres of diamond drill core intercepted 0.89% Cu, 0.71 g/t Au, and 6.65 g/t Ag. It is suggested that this intercept may be an early indication of the large Cu-Au-Ag porphyry system underlying the Burgundy Trend that is responsible for driving fluids that generated the high-grade skarn mineralization observed at surface along the trend. Further hyperspectral data supports the continuation of the alteration system in these directions. (See Figure 1).
The new porphyry system was identified through an extensive field mapping and spectral geology program that defined a large hydrothermal system focused around a multi-stage intrusive centre and associated hydrothermal breccias. The presence of alteration and sulphide mineralization in the adjacent diamond drill holes suggests the presence of a sizable hydrothermal system in the area. STDDH19-006 is the first hypogene-only mineralization intercepted at 72′ Zone to date.
Cole Evans, President / CEO of HEG commented “This obviously represents an exciting and major development over the Burgundy trend. HEG geologists worked diligently to develop a new lithology and alteration map of the area supported by their hyperspectral technology never before used on the property. We focused on defining a complex intrusion, breccia, and alteration paragenesis prior to the initial target testing. Long intercepts of strong sulphide and white mica alteration in STDDH13-003 and STDDH13-005, located nearly 600 metres and 450 metres respectively from STDDH19-006 is good evidence for the presence of a large porphyry system. The entire technical team is extremely excited about these results. We feel this is one of a series of mineralization centres that have never been drilled within the Burgundy system and might be the heat and fluid source behind high-grade Cu-Au-Ag-Zn mineralization on surface along the entire 2.3km trend.”
Crystal Lake Provides Drilling and Work Update
A total of 6,546 metres of diamond drilling has been completed to date in 2019 at the Newmont Lake Project. Completed drilling has been focused on the Burgundy Trend, and Newmont Lake Gold Corridor. In addition, a massive grassroots exploration program and data interpretation program is systematically being executed across the entire Newmont Lake Project. The following tables provide shareholders a summary of the progress made so far:
Target |
# of |
Total Metres |
% of |
Assay Status |
Burgundy Ridge |
10 |
3019.5 m |
46% |
Pending |
NW Zone |
9 |
1623.5 m |
25% |
Pending |
72′ Zone (part of Burgundy Trend) |
4 |
1311.0 m |
20% |
Received |
Arseno (part of Newmont Lake Gold Corridor) |
2 |
592.0 m |
9% |
Pending |
Table 2: Summary of 2019 drilling completed to date. Further assay results are to follow as they are received and Quality Assurance/Quality Control (QAQC) procedures are implemented.
Work |
Quantity |
Status/Purpose |
Diamond Drilling |
6,546 metres |
Majority of the assays pending. The initial assay results highlighting (1) significant expansion of high-grade gold at the NW Zone and (2) discovery of first Cu-Au-Ag porphyry system at 72′ Zone. |
IP Geophysical Surveys |
~12-line kilometres |
Identification of potential new high-grade Au systems along the Newmont Lake Gold Corridor. |
Soil Sampling |
> 3,000 samples |
To define large scale, well-endowed metal systems across the Newmont Lake Property. |
Rock Sampling |
~2,500 samples |
To outline new surface discoveries, geochemical vectoring, and confirmation of historic assays in a variety of locations. |
Hyperspectral Sampling |
~4,500 samples |
To create numerous spectral geology layers critical in the interpretation of alteration systems and vectors in exploration targeting. |
Geological Mapping |
~350 km2 |
1:2000 scale or finer, to outline the geology, structure and alteration zones within variety of areas of interest across the Newmont Lake Project to assist in drill targeting and new discovery. |
Exploration Camp and Logistical Network Build |
50-person spring/summer/fall capacity with current 8-person winter capacity. |
Critical component for low-cost exploration complete with 2 airstrips, 2 sets of bulk fuel tanks, equipment storage etc. |
Cautionary Statement of Photo Gallery:
Please note the visualizations are selected images highlighting strong visual mineralization from a variety of new showings and recent diamond drill core. Mineral identification has been determined visually by geologists and cross-referenced via mobile X-ray Fluorescence elemental geochemical techniques (ThermoScientific Niton XL5 pXRF). Portable XRF data is not provided as it is not an indicator of representative geochemistry of the entire rock mass. The reader should also note that while relative spatial information is provided, mineralization is not necessary representative of space between any given location and it should not be assumed that lateral continuity exists. The reader is encouraged to exercise caution, due their due diligence, and determine their own conclusions with the information provided.
QAQC/ Analytical Procedures
Rock samples from the Newmont Lake Project 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 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.
Forward-Looking Statement
This news release may contain certain “forward looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. 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.
Qualified Person
The technical information in this news release has been reviewed and approved by Mr. Maurizio Napoli, P. Geo., CEO/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.
“Maurizio Napoli”
President & CEO
Email: info@crystallakemining.com
SOURCE Crystal Lake Mining Corporation
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2019/09/c2979.html
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, Mining, News Home
Crystal Lake receives court approval for Sassy deal
Momentum Public Relations
Press Release: October 7, 2019
CRYSTAL LAKE MINING CORPORATION ANNOUNCES COURT APPROVAL OF THE PLAN OF ARRANGEMENT, ADOPTION OF SHAREHOLDER RIGHTS PLAN AND NEW ARTICLES
Further to the news releases dated June 25, 2019, July 26, 2019, and Oct. 1, 2019, on Oct. 3, 2019, the Supreme Court of British Columbia approved the plan of arrangement among Crystal Lake Mining Corp., Sassy Resources Corp. and the shareholders of the company.
The share distribution record date and the share issuance date for the arrangement will be determined by the board of directors of Crystal Lake, and will be announced by a separate news release in advance. The arrangement also remains subject to the final approval of the TSX Venture Exchange.
Further to the news release of the company dated Oct. 1, 2019, the company also wishes to announce that at its last annual general and special meeting of shareholders on Sept. 30, 2019, the company has received a reapproval of the shareholder rights plan, which was originally adopted by the shareholders of the company on May 8, 2014. The company believes the adoption and the reapproval of the rights plan are in the best interests of the company to ensure that all shareholders of the company are treated fairly in connection with any potential takeover bid of the company. The rights plan is subject to the acceptance by the TSX Venture Exchange.
Further to the news release of the company dated Oct. 1, 2019, the company also wishes to announce that at the meeting, the shareholders approved the adoption of the new articles of the company. The new articles are subject to the acceptance by the TSX Venture Exchange.
About Crystal Lake Mining Corp.
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-per-cent interest in the Newmont Lake project, one of the largest land packages among juniors in the broader Eskay region in the heart of northwest British Columbia’s Golden Triangle.
- Published in Crystal Lake Mining, Mining, News Home
Crystal Lake Mining Announces Results of its Annual General Meeting and Special Meeting; Appoints Maurizio Napoli as CEO & Brian Moore as CFO
Momentum Public Relations
Press Release: October 1, 2019
Crystal Lake Mining Corporation (TSXV: CLM OTC: SIOCF FSE: SOG-FF) (“Crystal Lake” or the “Company“) is pleased to announce the results of voting of its Annual General and Special Meeting (the “Meeting“) of shareholders which was held at 11:00 am on September 30, 2019 in Vancouver, Canada.
All matters submitted to shareholders for approval as set out in the Company’s Notice of Meeting and Information Circular, (both dated August 23, 2019), were approved by the majority of votes cast at the Meeting with a total of 34,383,710 common shares (the “Shares“) representing 32.03% of the issued Shares of the Company represented at the Meeting. Details of the Meeting are provided below.
Appointment of Maurizio Napoli as CEO & President
The Company is pleased to announce that Mr. Maurizio Napoli has been appointed CEO and President of the Company. Maurizio (“Mars“) Napoli’s information and statement is added below.
Mr. Savage will remain as a member of the Company’s board of directors (the “Board“). The Company thanks him for his service as CEO and value he has brought to the Company which includes solidifying the acquisition of its Newmont Lake Project and for bringing in valuable and strategic shareholders to the Company. The Company looks forward to his continued support as a member of the Board.
Appointment of Brian Moore as CFO & Director
The Company is pleased to welcome Mr. Brian Moore as CFO and a director of the Company. Brian Moore’s information is added below.
He replaces Alphonse Ruggiero in the position who has stepped down as CFO of the Company. Mr. Ruggiero will remain as a member of the Board. The Company thanks him for his service while in the CFO position.
Number of Directors
- The number of Directors was set at five (5).
Election of Directors, Addition of new Director
- The director nominees were elected resulting in Lawrence Roulston, Wally Boguski, Richard Savage, Alphonse Ruggiero.
- The Chair informed that Mr. Dave Ellett stepped down as a nominee member of the Board before the Meeting and informed that Mr. Brian Moore was nominated as a director of the Company. The Company wishes to thank Mr. Ellett for his service as a member of the Company’s Board.
Appointment of Auditors
- Davidson & Company LLP, Chartered Accountants were re-appointed as auditors of the Company.
Stock Option Plan
- 97.86% voted in favour of the adoption of a new 10% rolling stock option plan.
Re-pricing of Stock Options
- 97.66% voted in favour of the re-pricing of previously granted stock options to insiders of the Company.
Plan of Arrangement Resolution
- 98.85% voted in favour of the special resolution with respect to the Plan of Arrangement, which involves the distribution of common shares of Sassy Resources Corporation to the shareholders of the Company.
Maurizio Napoli (CEO & President) Information
Maurizio Napoli completed H.BSc. and M.Sc. degrees at Laurentian University. He worked for 2 years with the Ministry of Northern Development and Mines mapping the numerous gold occurrences in the Fox Lake Belt near Whitefish Ontario. He continued his career with Inco, IncoGold and Vale exploring for magmatic nickel-copper sulphides globally, gold in the Abitibi Greenstone Belt and uranium in New Brunswick. He retired as an Exploration Manager from Vale in 2016.
Maurizio Napoli, CEO & President stated, “Crystal Lake’s Newmont Lake Project, is a multi-focused high-grade gold, silver, copper and other strategic metals project, along the western flank of the Eskay Rift in NW BC, in the heart of the Golden Triangle. The Company’s first season of developing the Project has delineated three exciting target areas for the Company and its shareholders including the Newmont Lake Gold Corridor, Burgundy Ridge & 72 Zone and the Chachi Corridor. Numerous exciting results are forthcoming from all three zones. On behalf of our whole team I’d like to thank everyone for the patience and support given to us which allowed us to complete one of the largest junior exploration programs in the Golden Triangle this season.”
Brian Moore (Director & CFO) Information
Brian Moore has been providing taxation, accounting, and business advisory services since 1979, establishing his own firm in 1986. His Partner Paul Turner and Brian co-founded TurnerMoore LLP in 1994. Their firm is committed to helping business operators and entrepreneurs in building and maintaining enterprises from start-up, growth and succession.
Brian is an active volunteer in his community, and over the past thirty years has served on carious not-for-profit boards and in political organizations. He is a past Governor of CGA Ontario, past member of committees for both CGA Ontario and CGA Canada, and currently serves as a Practice Inspector for CGA Ontario. In 2009, CGA Canada awarded Brian the Fellowship designation (FCGA) in recognition of his contributions to CGA and the accounting profession.
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 & CEO
Email: info@crystallakemining.com
SOURCE Crystal Lake Mining Corporation
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2019/01/c3789.html
- Published in Crystal Lake Mining, Mining, News Home