Granada Gold Mine Proceeds with Metallurgical and Environmental Studies for On-Site Milling at Granada
Granada Gold Mine Inc. (TSXV:GGM) (OTC:GBBFF) (Frankfurt: B6D) (the “Company” or “Granada”) is pleased to announce that it has engaged SGS Canada for metallurgical and environmental studies for on-site milling at its Granada project near Rouyn-Noranda, Que
The studies will be used for the planned application to modify the Company’s existing Quebec Certificate of Authorization, which currently allows for the open-pit mining of 8,000 tonnes per day at the property and the custom milling of 550 tonnes per day (200,000 tonnes per year) at a local mill.
Granada President and CEO Frank J. Basa, P.Eng., states: “Earlier this year the historical open-pit resource of 1 gram/tonne at Granada was recalculated to 2 grams per tonne open pit and 4 grams per tonne underground. More recently, we completed 30,000 meters of an in-fill drill program that includes the 100 and 200 series drill holes, with the results indicating there is more gold in the mineralized structures than defined by the historical 120,000 meters of drilling. The combined potential impact of these developments is a positive change in the processing economics of the project. We have therefore decided to begin the process for amending the existing permits to enable on-site milling at Granada.”
SGS Canada will be testing ore processing with the addition of calcite with gravity and cyanidation of gravity tails, as well as processing the ore by gravity and flotation for production of gold sulfides concentrates. The studies are expected to begin in November 2021.
Since the Granada 43-101 mineral resource estimate was last updated, the Company has completed 30,000 meters of a planned 120,000-meter drill program. An update of the estimate to include the latest drill results is planned for Q1 2022.
Location
The Granada Gold project is located in an established mining district 5 km south of Rouyn-Noranda adjacent to the prolific Cadillac Break shear zone, which is hosted in Pontiac metasedimentary rocks, granites, and younger syenite sills along the Granada shear zone (LONG Bars Zone). The project is located on the same side of the Cadillac Fault as the Canadian Malartic mine property, which has historically produced 12.7 million Ounces of gold from 1935 to 2010 with an additional 5 million ounces as of June 18, 2020 (Canadian Malartic Technical Report of March 25, 2021 & Le Citoyen June 19, 2020).
Qualified person
The technical information in this news release has been reviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc., a member of the Québec Order of Engineers, and is a qualified person in accordance with the National Instrument 43- 101 standards.
Mineral Resource Estimate
On March 15, 2021 the Company released an updated NI 43-101 resource estimate for the Granada Gold project (Please see January 29, 2021 news release) with a combined total of 713,000 gold ounces of measured, indicated, and inferred. This estimate contains 351,000 gold ounces of combined measured, indicated, and inferred for the open pit and 362,000 gold ounces of combined measured, indicated, and inferred for the underground. Please see Table 2 below for full details. Report reference: Granada Gold Project Mineral Resource Estimate Update, Rouyn-Noranda, Quebec, Canada authored by Yann Camus, P.Eng. and Maxime Dupéré, B.Sc, P.Geo., SGS Canada Inc. with an effective date of December 15, 2020 and signature date of March 15, 2021.
Table 2: Mineral Resource Estimate Showing Tonnes, Average Grade, and Gold Ounces
---------------------------------------------------- |Type |Category |Tonnes |Avg Grade|Gold | | | | |Au (g/t) |Ounces | |--------------------------------------------------| |Open Pit |Measured |3,756,000|1.89 |228,000| | |--------------------------------------| | |Indicated |1,357,000|2.55 |111,000| | |--------------------------------------| | |Measured +|5,113,000|2.06 |339,000| | |Indicated | | | | | |--------------------------------------| | |Inferred |34,000 |11.29 |12,000 | |--------------------------------------------------| |Underground|Measured |37,000 |4.22 |5,000 | | |--------------------------------------| | |Indicated |807,000 |4.02 |104,000| | |--------------------------------------| | |Measured +|844,000 |4.03 |109,000| | |Indicated | | | | | |--------------------------------------| | |Inferred |1,244,000|6.33 |253,000| ----------------------------------------------------
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop and explore its 100% owned Granada Gold Property near Rouyn-Noranda, Quebec, and is adjacent to the prolific Cadillac Break. The Company owns 14.73 square kilometers of land in a combination of mining leases and claims. The company is currently undergoing a large drill program with 30,000m out of 120,000m complete. The drills are currently paused to provide the technical team with the necessary time to evaluate and assimilate existing data.
The Granada Shear Zone and the South Shear Zone contain, based on historical detailed mapping as well as from current and historical drilling, up to twenty-two mineralized structures trending east-west over five and a half kilometers. Three of these structures were mined historically from four shafts and three open pits. Historical underground grades were 8 to 10 grams per tonne gold from two shafts down to 236 m and 498 m with open pit grades from 3.5 to 5 grams per tonne gold.
The property includes the former Granada Gold underground mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930’s from two shafts before a fire destroyed the surface buildings. In the 1990’s, Granada Resources extracted a bulk sample (Pit #1) of 87,311 tonnes grading 5.17 g/t Au. They also extracted a bulk sample (Pit # 2) of 22,095 tonnes grading 3.46 g/t Au.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, Contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
P: 416-625-2342
- Published in Granada Gold Mine, Mining, News Home
Usha Resources Announces First Tranche Closing and Extension of Private Placement
Usha Resources Ltd. (“Usha” or the “Company”) (TSXV:USHA)(OTCQB:USHAF) is pleased to announce that, further to its news releases of August 12, 2021 and October 14, 2021, it has closed the first tranche of the Company’s non-brokered private placement (the “Private Placement“), issuing an aggregate of 2,967,668 units (the “Units“) at $0.30 per Unit raising gross proceeds of $890,300.40.
Each Unit consists of one common share (a “Share“) and one-half of one transferable share purchase warrant (a “Warrant“) with each whole Warrant exercisable at $0.45 per share for a period of two (2) years from the date of closing, subject to an accelerated expiry if the closing trading price of the Company’s shares is greater than $0.75 per Share for a period of 10 consecutive trading days (the “Acceleration Event“). The Company will give notice to the holders of the Acceleration Event and the Warrants will expire 30 days thereafter.
All securities issued in the Private Placement will be subject to a four month and one day hold period plus the TSXV hold period. The Company paid finders’ fees totaling $40,271.01 cash and 134,237 non-transferable finder warrants (the “Finder Warrants“) to PI Financial Corp. and Haywood Securities Inc. in accordance with applicable securities laws. The Finder’s Warrants are exercisable on the same terms as the Warrants issued in the Private Placement.
The net proceeds from the Private Placement will be used for exploration of the Company’s new and existing portfolio of properties and for working capital and general corporate purposes.
The Company also announces that it has obtained an additional 30-day extension from the TSX Venture Exchange to close a second tranche of the Private Placement.
About Usha Resources Ltd.
Usha Resources Ltd. is a Canadian mineral acquisition and exploration company based in Vancouver, BC, Canada. Usha is exploring for commercially exploitable mineral deposits and is currently focused on deposits located in Northwest Ontario, Canada and the Lost Basin Gold Mining District in Mohave County, Arizona, U.S.A. Usha increases shareholder value through the acquisition and exploration of quality precious and base metal properties and the application of advanced state-of-the-art exploration methods. Usha’s portfolio of strategic properties provides diversification and mitigates investment risk.
We seek Safe Harbor.
USHA RESOURCES LTD.
“Deepak Varshney” CEO and Director
For more information, please phone James Berard, Investor Relations, at 778-228-2314, email jberard@usharesources.com, or visit www.usharesources.com.
- Published in Mining, News Home, Usha Resources
Mosaic Minerals Announces the Start of Diamond Drilling on the Gaboury Project
Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or the “Corporation”) is pleased to announce the start of its first diamond drilling program on the Gaboury project, located in the Temiscamingue region of Quebec. The main objectives of this first diamond drilling program of approximately 1,500 meters extension are to test the lateral extensions of the Pike Nickel showing discovered by drilling in 2010 as well as to test the depth extension of the original discovery.
From a regional view, the Pike Nickel zone seems associated with an important magnetic anomaly of direction NN0 – ESE on which several other nickels showings are known such as the Kelly Lake showing1 (1.4mT grading 0.70% Ni and 0.70% Cu as well as 0.32 PGE -). The high precision heliborne magnetic survey carried out by Novatem during the summer of 2021 made it possible to visualize this high magnetic anomaly crossing the south part of the property over than 7 kilometers.
“We are very happy to start a first drilling program on this project. The upward trend in the price of minerals associated with the growth of the electric-vehicle industry makes it possible to look at low grade large volume projects containing different strategic minerals essential to battery production. In the environment of the Gaboury project, we note the presence of nickel, copper, and cobalt as well as some platinum and palladium showings which could bring additional value to the project”, said the CEO of the company Jonathan Hamel.
The Gaboury project comprises 82 claims covering an area of approximately 4,282 hectares and is accessible year-round by a provincial road system and by a set of forest roads. We also note the presence of several other gold, silver, and copper showings on the project. These showings are all located north of the Pike Nickel showing. The drilling program was awarded to the company Magma Drilling, of Rouyn-Noranda.
This press release has been read and approved by Jeannot Théberge, independent consultant geologist certified under NI 43-101.
1 ET 91-04 and Annual Report, Albany Oil and Gas Ltd, 1983
About Mosaic Minerals Corporation
Mosaic Minerals Corp. is a Canadian mineral exploration company listed on the Canadian Securities Exchange (CSE: MOC) now focusing on the exploration for future strategic Copper, Nickel and Zinc deposits in priority on the Quebec Province territory which have a long and successful history of base metal production principally in the Rouyn-Noranda, Mattagami, Val-d’Or and Chibougamau mining camps.
On Behalf of the Board
M. Jonathan Hamel
President & CEO
jhamel@mosaicminerals.ca
- Published in Mining, Mosaic Minerals, News Home
Newlox Operations Benefit from 98% Renewable Electricity in Upgraded Power Service
Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (C NSX : LU X.CN) ( Frankfurt/Stuttgart: NGO ) (OTC : NWLXF ) is pleased to announce that the Company’s processing plants have been approved for a major electrical upgrade by the Costa Rican national power company. Both Plant 1 and the upcoming Boston Project will benefit from connection to Costa Rica’s high-tension three-phase electrical system. Significantly more efficient operations and cost savings are anticipated.
Newlox Gold has always benefited from Costa Rica’s robust infrastructure. The upgraded electrical service offered to the Company’s processing plants will assist our goal of delivering low operational costs.
In addition to the economic benefits of the new service, Newlox is pleased to report that Costa Rica has, for the seventh consecutive year, achieved 98% renewable energy in its electrical grid .
Recent analysis indicates that Costa Rica generates 73.39% of its energy from hydropower, 13.84% from geothermal sources, 12.12% from wind and 0.63% from biomass and solar panels. Minister of the Environment and Energy Carlos Manuel Rodríguez adds that Costa Rica intends to continue to advance renewable energy development through modernization of the country’s infrastructure, including the transportation, waste, cattle, agriculture, construction and cargo industries.
A Message from Ryan Jackson, President & CEO:
“We are delighted to report that our projects in Costa Rica will soon be linked to the country’s high-tension three-phase electrical system designed for industrial operations. Connection to this system will increase efficiency and reduce power consumption at Newlox’s facilities, supporting the Company’s ESG goals.
What’s more, because the Costa Rican power grid is supplied with 98% renewable energy, Newlox’s processing plants are also run on 98% renewable electricity. Costa Rica’s green power grid, a major benefit of operating in the country, substantially enhances Newlox Gold’s ESG focus.
We can not only operate more efficiently because of the upgraded electrical infrastructure but the vast majority of the electricity we use will be generated from renewable sources.”
Forward-Looking Information
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking information. Forward-looking information includes, but is not limited to, the completion of the work programs currently underway and the results of these programs. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, achievements, or performance may vary materially from those anticipated and indicated by these forward-looking statements. The material risk factors that could cause actual results to differ include the risk that work undertaken by the Company may have unintended effects, the risk of delays in completing work, and the risk that the Company may not be able to raise sufficient funds and Force Majeure. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).
Technical Disclaimer
The Company advises it is not basing any decision to produce on a feasibility study of reserves demonstrating the economic and technical viability of the project and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision. Grab sample results included in this press release are not necessarily indicative of the mineralization in general for the deposit. Stewart A. Jackson, Ph.D., P.Geo., a “Qualified Person” within the meaning of National Instrument 43-101, has prepared, supervised the preparation of, and approved the contents of this News Release.
On Behalf of the Board, Newlox Gold Ventures Corp.
Contact Newlox Gold
Ryan Jackson
Newlox Gold Ventures Corp., President
Website: www.newloxgold.com
Email: ryan@newloxgold.com
Phone: + 1 604 256 0493
- Published in Mining, Newlox Gold, News Home
Sun Summit Appoints Sharyn Alexander as President and Provides Update on Its Exploration Drill Program at Buck
Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) (“Sun Summit” or the “Company”) is pleased to provide a corporate update and inform shareholders on drilling progress at its 100% controlled Buck Property, central British Columbia. Two drill rigs are currently operating on site.
Highlights
- Strengthens executive team by appointment of Sharyn Alexander to the position of President: Ms. Alexander brings a wealth of experience in mineral exploration including most recently Vice President Technical Services for Sun Summit.
- Systematically testing the lateral and vertical extent of high-grade gold mineralization: Twenty holes have been drilled so far in the Trench Zone targeting vein-hosted high-grade gold mineralization (e.g., 31.6 grams per tonne (g/t) gold over 4.0 metres including 246 g/t gold over 0.5 metres; BK21-020, see news release dated May 11th, 2021).
- Expanding the footprint of near-surface, bulk tonnage-style gold mineralization: Eight holes have been drilled so far in the Horseshoe and Trench zones stepping-out from known zones of near-surface, bulk tonnage-style gold mineralization (e.g., 1.07 g/t gold over 109 metres including 7.17 g/t gold over 5.2 metres; BK21-017, see news release dated May 11th, 2021).
- Assay and geochemical analyses underway: Core samples from 15 holes have been sent to the lab for assay with additional core shipments being sent bi-weekly.
“We are very pleased to appoint Ms. Alexander to co-lead our executive team,” Bob Willis, Sun Summit’s CEO, stated. “Over the past few years, she has been instrumental in her role as Vice-President, Technical Services in facilitating and managing numerous aspects of our corporate and exploration activities. I look forward to working closely with her as our company continues to systematically advance the Buck Property while maintaining the Company’s standards and best practices.”
Sharyn Alexander, Sun Summit’s President, commented, “I am very excited to take on new challenges and lead the company through a very exciting time of growth and discovery. We are aggressively drilling at Buck with two rigs and the program is moving along as planned. I look forward to continuing to closely work with the executive team on the implementation of various strategic initiatives with the goal of delivering additional exploration success.”
Drill Program
The current drill program has three primary objectives (see news release dated October 13th, 2021), 1) investigate the extent and continuity of high-grade gold mineralization characteristic of the Trench Zone, 2) investigate the strike-extent of near surface, bulk-tonnage gold mineralization characteristic of the Horseshoe Zone, and 3) investigate the limits of the mineralized hydrothermal footprint. All three objectives are being systematically addressed with two diamond drill rigs and a team of experienced exploration geologists continuously evaluating and amending the exploration model.
Over 10,000 metres were initially planned to be drilled within a footprint of approximately 600 metres by 300 metres (see news release dated September 28th, 2021). Twenty-eight holes totalling over 8,000 metres have been completed so far. Based on encouraging visual observations from numerous holes, multiple new holes are being planned.
Intervals of pervasive silica and sericite alteration peripheral to quartz-feldspar porphyritic dykes with associated quartz-sulfide veinlets and stockworks have been observed in multiple holes in the Trench Zone. These prospective zones are hosted in fine grained sedimentary and intermediate volcaniclastic rocks. The contact of these bedded rocks with thick sequences of poorly-sorted and chaotic dacitic lapilli tuffs is interpreted to be a partial control on the distribution of gold-bearing, sphalerite-rich sulfide-cemented breccias of the Horseshoe Zone. This interpreted structural contact has been modelled to be northwest trending. Additional drilling is planned to test along this trend between the Trench and Horseshoe zones with the aim of expanding zones of near-surface mineralization while investigating the relationships between the two mineralization styles.
Core samples are being dispatched from the Company’s core logging facility in Houston, B.C. to ALS Global preparation facilities in Kamloops, Langley and North Vancouver, B.C. Samples from the first 14 holes are in the lab, and more are anticipated to arrive in the coming days.
Sharyn Alexander
Ms. Alexander is a geologist with over 15 years of experience in mineral exploration and mining. She has worked with a number of companies such as B2Gold, Barrick (Australia), and SRK Consulting. Her diversified skillset includes project management, business development, strategic planning, relationship building, social responsibility, investor relations, and marketing. Ms. Alexander earned her Bachelor of Science (Geology) from McMaster University, her Masters of Science (Geology) from the University of Toronto, and she holds an Advanced Diploma in GIS from BCIT.
Buck Property
The ~33,000 hectare property is located approximately 12 kilometres south of Houston, British Columbia, has excellent nearby infrastructure and allows for year-round road-accessible exploration.
National Instrument 43-101 Disclosure
This news release has been approved by Sun Summit’s CEO, 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 also verified the data disclosed, including sampling, analytical and test data, underlying the technical information in this news release.
Community Engagement
Sun Summit is engaging with First Nations on whose territory the Buck Property is located and is discussing their interests and identifying contract and work opportunities, as well as opportunities to support community initiatives. The Company looks forward to continuing to work with local and regional First Nations as the project continues.
Health and Safety
The Company’s exploration programs are being carried out in full compliance with federal, provincial, and municipal guidelines established in response to the global COVID-19 pandemic. Sun Summit has a rigorous infection prevention and control protocol in place to protect the health of employees and contractors, as well as surrounding communities in which the Company works.
About Sun Summit
Sun Summit Minerals is an exploration company focused on expanding its epithermal gold discovery at its flagship Buck Project located in north-central British Columbia.
The Company is exploring multiple high priority gold and silver targets through methodical, well-funded exploration campaigns with year round drilling access. The Project has high-grade and bulk-tonnage gold and silver potential and is located in a mining-established region that includes many former operating mines and current exploration projects.
Sun Summit is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.
Further details are available at www.sunsummitminerals.com
For further information, contact:
Sharyn Alexander, M.Sc.
President
Nancy Curry
Corporate Communications
Tel. 778-588-9606
- Published in Mining, News Home, San Marco Resources
Newlox Gold’s Partners Begin Mining the Historic Boston Mine, Costa Rica
Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (C NSX : LU X.CN ) ( Frankfurt/Stuttgart: NGO ) (OTC : NWLXF ) is pleased to announce that its local mining partners have commenced operations at the historic Boston Mine. The miners have started actively mining at Boston to establish a stockpile of freshly sourced material in anticipation of the completion of Newlox Gold’s Boston Processing Plant.
The recovery plant at the Boston Project is the Company’s second environmentally and socially positive precious metals recovery plant. It will process feedstock newly extracted from the Boston Mine by the Company’s local mining partners. Newlox will operate the new mill at Boston capable of processing 150 tonnes per day of material grading +- 15 grams per tonne gold with an anticipated gold recovery of 90%. All feedstock is to be provided by Newlox’s mining partners, with profits to be split evenly between the parties.
The joint project benefits both parties, as Newlox will outsource all mining to its local partners while providing them with modern, environmentally sustainable, and effective mercury-free mineral processing. The Boston project is fully permitted under existing mining codes, inclusive of the use of necessary chemicals utilized in the gold and silver recovery process, while eliminating the use of mercury.
While construction at Boston was delayed in 2021 due to the pandemic and the associated global supply chain disruptions, excellent progress is now being made, with the operations team expected to complete construction, testing, and commissioning before the end of the year.
Throughout the summer of 2021, the Company’s local mining partners have refurbished the Boston Mine. The Company has assisted the rehabilitation effort by making available its in-house laboratory to test samples taken in collaboration with the miners from the Boston Mine as they evaluate areas for initial exploitation. Grab samples collected recently as part of the rehabilitation effort returned results as high as 77.1 grams per tonne gold .
Availability of Newlox Gold’s in-house analytical laboratory has assisted the local miners to confirm the location of high-grade mineralization in the historic Boston Mine and has assisted them to mine and establish a stockpile of quality mill feed for the new processing plant.
A Message from Ryan Jackson, President & CEO:
“We are delighted to announce that the Company’s mining partners at the Boston Project have completed the refurbishment of the first level at the Mine and are now actively producing feedstock for our joint project. Access to Newlox’s in-house lab has provided the Company’s partners with high-quality data to support their mining plan and will enhance their demonstrated ability to identify and mine quality feedstock.
With advancing construction at the Boston Processing Plant, we look forward to testing and optimization with an established stockpile of quality mill feedstock, which will precede full scale operation next year.
The ‘ Coexistence Model of Artisanal Mining ’ promoted by Dr. Marcello Veiga to the United Nations PlanetGOLD Initiative as a sustainable solution to the issue of artisanal mining, is superbly illustrated by Newlox’s providing a modern and environmentally friendly processing option to local miners at the Boston Mine.
Precious metals are an integral part of heritage and traditions around the world and persist today to be mined for both economic and cultural reasons. Now, impressively for this area, for the first time since the ancient introduction of the mercury amalgamation process, artisanal gold and silver will be recovered without the use of mercury and its associated environmental damage.
We are proud to be working partners with the local miners at Boston with whom management has established a strong bond. The Project will contribute substantially to the Company’s near-term growth while both supporting the local economy’s sustainable development goals and solving a decades-old environmental and social dilemma for the benefit of all stakeholders.”
Outlook
Newlox Gold has both a robust treasury, and an experienced technical team which has implemented numerous strategies to overcome supply chain challenges at operations. Our team is completing the ramp-up of Project 1 (our operational tailings remediation project), which is already cash-flow positive and improving each month. The team will complete the construction and commissioning of the Boston Project and will then be positioned to support both our regional growth strategy in Central America, and our recently announced planned expansion in Brazil.
Forward-Looking Information
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking information. Forward-looking information includes, but is not limited to, the completion of the work programs currently underway and the results of these programs. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, achievements, or performance may vary materially from those anticipated and indicated by these forward-looking statements. The material risk factors that could cause actual results to differ include the risk that work undertaken by the Company may have unintended effects, the risk of delays in completing work, and the risk that the Company may not be able to raise sufficient funds and Force Majeure. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).
Technical Disclaimer
The Company advises it is not basing any decision to produce on a feasibility study of reserves demonstrating the economic and technical viability of the project and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision. Grab sample results included in this press release are not necessarily indicative of the mineralization in general for the deposit. Stewart A. Jackson, Ph.D., P.Geo., a “Qualified Person” within the meaning of National Instrument 43-101, has prepared, supervised the preparation of, and approved the contents of this News Release.
On Behalf of the Board, Newlox Gold Ventures Corp.
Contact Newlox Gold
Ryan Jackson
Newlox Gold Ventures Corp., President
Website: www.newloxgold.com
Email: ryan@newloxgold.com
Phone: + 1 604 256 0493
- Published in Mining, Newlox Gold, News Home
Glen Eagle Resources Starts Drilling La Esperanza
Glen Eagle Resources – TheNewswire – October 26, 2021 – (TSX V :GER) (OTC: GERFF) (“Glen Eagle” the “Company”, or “GER”) is pleased to announce that it is completing the 2000 meters drilling program previously reported in a News Release dated May 7, 2020. The program was initially prepaid and has been reactivated with 1000 meters left for completion.
The Company has chosen the Esperanza deposit as the best area to finish its drilling program given the fact that the current location is feeding Cobra Oro gold processing plant. Cobra Oro operates in Honduras as a wholly owned subsidiary of Glen Eagle Resources.
Recent stripping over an area covering 15,000 square meters has exposed a network of quartz veins up to 2 meters in thickness. The veins are found within ankerite-limonite altered volcanic rocks returning occasionally values as high as 13 grams gold per ton from random samples analyzed at Cobra’s laboratory.
Based on the last dore production of recent weeks, an averaged of 2.5 grams gold was recovered from approximately 1000 tons excavated at large from the deposit. The drilling program aims at providing a better knowledge of the mineralization and bring a greater level of certainty regarding the ore being hauled to the plant. The program will also help to determine if an open pit operation can continue to be deployed on a larger scale that would warrant further exploration, drone surveys and geological studies.
Gilles Laverdière, P.Geo, has read and approved the technical content 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 or accuracy of this release. ”
Jean Labrecque,
President
Glen Eagle Resources Inc
2075 Victoria Street, Suite 201
St-Lambert, Québec
J4S- 1H1
514-808-9807
- Published in Glen Eagle, Mining, News Home