Mosaic Minerals Intersects 70 Meters Anomalous Nickel Zone on Gaboury Project
Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or the “Corporation”) announces that it intersected with hole GA-21-06, located 1.4 km east of the Pike Nickel showing, an anomalous nickel zone over 70 meters along the hole. This new showing, called Pike Nickel East, is associated with a large, high-intensity magnetic anomaly traced by an aerial magnetic survey during the summer of 2021.
In addition, hole GA-21-01 installed on the Pike Nickel showing also intersected the nickeliferous zone sought to a thickness of nearly 80 meters along the hole. This drilling was used to verify the continuity at depth of the nickel mineralization intersected in hole GA-11-06.
The portable XRF sampler was able to trace these anomalous nickel areas. Cobalt, zinc, and chromium anomalies were also identified in some places. The company will publish the results as soon as they are complete and available. Although XRF results are currently considered less definitive than standard analytical techniques, they are nonetheless indicative of grade and are generally considered qualitative rather than quantitative. The use of the XRF sampler helps to better target the areas to be analyzed which saves a lot of preparation time and helps to reduce the costs.
According to this initial information, the nickel-bearing corridor intersected by boreholes GA-21-01, GA-21-06, GA-21-07 and GA-21-08 would now have a potential length of approximately 3.4 km. Made up of the Pike Nickel West, Pike Nickel and Pike Nickel East showings, this mineralized corridor remains open in all directions.
Based on these initial results, which are considered encouraging, the management of the company is now studying the launch of a second drilling program to test the magnetic anomaly crossing right through the entire southern part of the property for more than 7 km.
“We are very pleased to see that the potential of the Pike Nickel Index appears to continue in its eastern and western extensions as well. Our hypothesis based on the association with a high intensity magnetic anomaly crossing the south of the property for more than 7 km thus seems to be present. Now, it will be necessary to see if this association will remain present in the extensions. This will have to be verified soon” said Jonathan Hamel, CEO of Mosaic.
Gaboury Project
The Gaboury project comprises 82 claims covering an area of approximately 4,282 hectares and is accessible year-round by a provincial road network and by a set of forest roads.
In 2010-2011, Fieldex Exploration now Fokus Mining Corp. drilled the Gaboury property to test a Max-min electromagnetic anomaly which intersected significant nickel grades. The intersected semi-massive mineralization is in a calcite matrix within a fracture and a silicified gabbro.
The Pyke copper showing, located northeast of the Pike Nickel showing, is also present on the Gaboury property. The semi-massive mineralization consists of chalcopyrite, pyrite and pyrrhotite in a calcite matrix.
There are also some gold showings including the Laverlochère and Brisebois showings which revealed gold grades of up to 445 g / t Au in quartz veins ranging from 0.3 to 5 m thick while another mineralized shear zone with a thickness of between 2 and 25 m gave gold grades of up to 8.8 g / t Au. Gold grades of 27.97 g / t Au and 9.51 g / t Au over 0.20 m were also intersected in hole G-18 located on the Brisebois showing while surface samples revealed grades of 0.71 g / t Au and 1.23 g / t Au. Copper results have also been reported in historical work near these same showings. These historical data come from GM 46167, GM 58164 and GM 04753 and are available on the SIGEOM and MERN site.
Following an agreement with Fokus Mining, Mosaic has the right to acquire a 60% interest in the Gaboury project in consideration for the issue of 3M shares in favor of Fokus Mining and to complete for $ 1M in exploration work 36 months following the anniversary date. Mosaic will also be able to obtain a further 20% in return for a $ 500,000 investment in works and delivery of a 43-101 resource assessment by June 2029. Mosaic is the operator of the project.
This press release has been read and approved by Jeannot Théberge, independent consultant geologist certified under NI 43-101.
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, Matagami, 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
Usha Resources to Resume Exploration at Lost Basin Gold-Copper Project
Usha Resources Ltd. (“USHA” or the “Company”) (TSXV:USHA)(OTCQB:USHAF)is pleased to announce that subsequent to its closing of the first tranche of the Company’s non-brokered private placement (the “Private Placement“), raising gross proceeds of $890,300.40, it has resumed exploration planning for its Lost Basin Gold-Copper Project located in Mohave County, Arizona.
The Company is in receipt of a Notice of Exploratory Trenching (the “Notice“) that permits the excavation of 10 trenches with an average width of 3 metres and depth of 2 metres for approximately 1,420 metres in total. Based on assessment work completed since receipt of the Notice, however, the Company has determined that the next phase of work should include a core drilling program to further develop USHA’s understanding of the nature of the gold-copper mineralization at Lost Basin as part of a larger follow-up core drilling program later in 2022.
The Company’s program will focus on key mineralized sections on the property where USHA’s spring fieldwork identified the following:
- Red Basin: Highly anomalous soil samples were identified with 10 samples assaying over 0.2 g/t Au and as high as 11.134 g/t Au.
- Copper Blowout: 4 chip samples assayed above 1% Cu and as high as 1.53% Cu over 2 m.
- Mallory’s Trench: Chip samples yielded gold values as high as 2.6 g/t Au over 2 m.
- Ideas Lode West: An exciting new prospect where the structure containing the gold-bearing quartz veining extends for hundreds of metres and grab samples assayed as high as 45.4 g/t Au.
“Advancing the gold and copper stories at Lost Basin is a primary objective of ours as we move into 2022 and we are extremely excited to continue our exploration at the property,” stated Deepak Varshney, CEO of USHA. “We look forward to continuing to build on the results of our Spring program as we continue to develop the Lost Basin asset.”
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. Helgi Sigurgeirson, P.Geo., a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).
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 Intersects 170 Meters Anomalous Nickel Zone on Gaboury Project
Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or the “Corporation”) announces that it has intersected by drilling an anomalous nickel zone located nearly 1.8 km in western extension of the original discovery of the Pike Nickel zone. The favorable lithology containing the Pike Nickel showing is now have a potential length of over 2.1 kilometers. Further drilling is currently underway to test the eastern lateral extension and at depth of that same showing.
According to preliminary tests made with a portable XRF sampler, hole GA-21-07 would show a significant presence of nickel over a thickness of approximately 170 meters along the hole, while hole GA-21-08, located 300 meters West of GA-21-07, would have intersected this same area over a thickness of about 130 meters. It should be recalled that drilling GA-10-01, drilling of the original discovery carried out in 2010-2011 and located approximately 1.8 km east of recent holes, had intersected a nickel zone over a width of up to 87 meters along the hole (see map attached).
The various XRF tests also detected the presence of cobalt, zinc, and chrome in these same holes. Although XRF results are currently considered less definitive than standard analytical techniques, they are nonetheless indicative of grade and are generally considered qualitative rather than quantitative. The presence of palladium was also detected by the XRF sampler, but the margin of error being higher for this type of element, the company did not see fit to take it into account.
The use of the sampler allows better targeting of the areas to be analyzed, saves a lot of time in terms of preparation, and reduces the cost. The company will therefore limit itself to sending samples from the nickel-bearing zones detected by XRF for analysis.
“We are very pleased to note that the potential of the Pike Nickel showing appears to match our hypothesis based on the lithologic association, which may contain nickel and other associated minerals, with a high intensity magnetic anomaly crossing the south of our property over more than 7 km. Now we’ll have to see if this association remains present in the eastern extension of the index. The XRF sampler is a very good tool to get a very fast response as to whether the desired metals are present. ” said Jonathan Hamel, President and CEO of Mosaic Minerals.
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. The drilling program was awarded to the company Magma Drilling, of Rouyn-Noranda.
Grant of Stock Options
The Company also announces that incentive stock options have been granted to consultants to purchase up to 500,000 common shares at a price of $0.14 per share for two years, pursuant to its Stock Option Plan. The Company currently has 45,678,500 shares issued and outstanding, along with 4,050,000 options (including the options described above) and 10,245,500 warrants outstanding.
This press release has been read and approved by Jeannot Théberge, independent consultant geologist certified under NI 43-101.
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, Matagami, 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
Sonoro Gold Announces $3.6 Million Private Placement
Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce that it will undertake a non-brokered private placement offering (the “Offering”) consisting of up to 20,000,000 units (the “Units”) at a price of C$0.18 per Unit, for gross proceeds of up to C$3,600,000. Each Unit will be composed of one Sonoro common share and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional Sonoro Common share for a period of two years from the closing at an exercise price of $0.30 per share.
The Company intends to pay finder’s fees, as permitted under the policies of the TSX Venture Exchange, in respect of Units placed with the assistance of registered securities dealers. All securities issued and issuable in connection with the Offering will be subject to a 4-month hold period in Canada from the closing date. The Offering is subject to TSX Venture Exchange acceptance.
The net proceeds from the Offering will be used to fund a 10,000-meter drilling campaign, commencing this month, at the Company’s Cerro Caliche Gold Project in Sonora, Mexico. Details on the drilling program were announced on October 25, 2021 and the construction of access roads and drill pads has been initiated. Proceeds from the Offering will also be used for concession maintenance and general working capital.
Sonoro’s Chairman of the Board, John Darch, stated, “The drilling program will proceed alongside the proposed development of a Heap Leach Mining Operation (HLMO) as outlined in the recently-completed Preliminary Economic Assessment (“PEA”). The objective of the drilling campaign is to expand the project’s oxide gold mineralization and target higher-grade, near-surface mineralization identified during a recent surface sampling program. Increasing the size and grade of the resource could potentially improve the economics of the project and extend operations.”
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development Company holding the near-development-stage Cerro Caliche project and the exploration-stage San Marcial project in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO GOLD CORP.
Per: | “Kenneth MacLeod” |
Kenneth MacLeod | |
President & CEO |
For further information, please contact:
Sonoro Gold Corp. – Tel: (604) 632-1764
Email: info@sonorogold.com
- Published in Mining, News Home, Sonoro Gold
Canada Silver Cobalt has Commenced Drilling at the Nickel-Copper Graal Property in Northern Quebec
Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce that a 3,000-meter drill program has begun with two drills turning at its Graal-Nourricier-Lac Suzanne property in the Lac St-Jean region of Quebec.
The drill program is part of the Company’s early-stage exploration activities in northern Québec where it is evaluating 15 properties on 689 claims covering 38,129.4 hectares that are prospective for battery metals nickel, copper, and cobalt (See February 16, April 21 and July 22, 2021 news releases). The drill program is currently being managed by Laurentia Exploration in association with GoldMinds Geoservices Inc.
The Company has existing drill permits for most of the proposed drill hole set-ups, which will allow testing of the Bouguer (geophysical) anomalies contained within the Graal-Nourricier-Lac Suzanne property . This promising anomaly has not been fully explored. It is one of the five properties included in the Company’s geophysical airborne surveys conducted earlier this year and it is regarded as geologically one of the most promising in the short term. The detailed airborne gravity survey of five properties conducted earlier this year by Sander Geophysics Ltd. to enable identification of the highest Bouguer Anomaly of the anorthositic complex confirmed that the highest potential target area is on Graal property.
The Company is seeking to identify significant amounts of nickel-copper-sulphide mineralization at the base of the magmatic chamber. Historic drill results indicate mineralization on the side of the magmatic reservoir and it is theorized that the massive sulphide cumulates are potentially hidden at depth. The drill program aims to intersect deep targets and as well the rim contact at shallower depth.
Additionally, the Company has hired the professional services of Archéo-Mamu Côte-Nord to carry out a study on potential archeological sites in the area.
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.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.
In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained a total of 7.56 million ounces of silver in Inferred resources, comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver Cobalt Works Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.
Canada Silver Cobalt’s flagship silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space. More information at www.canadasilvercobaltworks.com.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342
- Published in Canada Cobalt Works, Mining, News Home
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