Jet Gold closes acquisition of 30 of Haib Minerals
Jet Gold Corp. has closed the acquisition and debt settlement previously announced on March 21, 2016.
Haib Copper 30-per-cent interest acquisition
Jet Gold has acquired 30 per cent of Haib Minerals Pty. Ltd. in exchange for 45 million common shares of Jet Gold issued to the shareholders of 1054137 B.C. Ltd (B.C.). B.C. holds 100 per cent of the share capital of Deep-South Mining Company (Pty.) Ltd., which holds 30 per cent of Haib Minerals. The remaining 70 per cent of Haib Minerals is held by Teck Namibia Ltd., a wholly owned subsidiary of Teck Resources Ltd. Haib Minerals holds the exclusive prospecting licence 3140 (EPL 3140), which hosts the large Haib copper project situated in the south of Namibia.
Debt settlement in shares and convertible debenture
Deep-South had a loan with Teck Namibia totalling approximately $889,117. The loan was contracted to cover past exploration expenditures. Jet Gold has settled the loan with Teck Namibia by the issuance of 8,333,333 of its common shares to Teck for a value of $500,000 and by the issuance of a convertible debenture to Teck Namibia for a value of $389,117. The debenture will bear interest on the outstanding principal amount at the London interbank offered rate plus 2 per cent per annum, payable with the principal at maturity. The debenture will have a maturity of 48 months and is payable in cash; however, it may be convertible into Jet Gold shares at the option of Teck Namibia at any time prior to maturity at a price of seven cents per Jet Gold share. Further to this transaction, Teck will hold 11.6 per cent of Jet Gold share capital and has become an insider of the company.
Private placement
The company has closed a non-brokered private placement of 5,358,571 units at seven cents per unit for gross proceeds of up to $375,100. Each unit consists of one common share and one-half common share purchase warrant of Jet Gold. Each full warrant will entitle the holder thereof, during a period of 24 months from the date of closing of the private placement, to purchase one Jet Gold common share at an exercise price of 17 cents per common share. Each security issued pursuant to the placement will have a mandatory four-month holding period from the closing date of the placement. The company has paid Mackie Research Capital Corp. a finder’s fee of $5,120 and issued 73,143 compensation warrants, and has paid Foster & Associates Financial Services Inc. $3,528 and issued to it 50,400 compensation warrants. The compensation warrants have the same terms and conditions as the warrants. Each security issued pursuant to the placements has a mandatory four-month hold period from the date of closing of the placements.
The shares of the company will resume trading on the TSX Venture Exchange on Wednesday, Aug. 31, 2016.
About the Haib copper project
The Haib project is a large copper-molybdenum porphyry deposit located in the Karas region of southern Namibia, eight kilometres from the Orange River and the South African border. The deposit, discovered in the 1950s, has seen over 50,000 metres of drilling in the 1970s by companies such as Rio Tinto and Falconbridge Ltd. Since 2010, Teck Namibia completed over 14,000 metres of drilling with results such as 121 metres at 0.5 per cent Cu, 494 m at 0.36 per cent Cu and 30 m at 0.81 per cent Cu. A report from Behre Dolbear, completed in 1996, has estimated the historical estimates at Haib in a range presented in the attached table.
HAIB HISTORICAL ESTIMATE -- BEHRE DOLBEAR/GSM Behre Dolbear's model Inverse distance Nearest GFM model Kriging squared neighbour Cut-off ({92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu) Mt Grade Mt Grade Mt Grade Mt Grade {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu 0.1 1,350 0.23 1,353 0.23 1,331 0.23 1,184 0.25 0.2 730 0.28 739 0.29 726 0.29 630 0.34 0.3 230 0.37 244 0.37 262 0.38 292 0.46
GFM and Behre Dolbear models used the kriging method as the basis for their estimate calculations. Kriging is a statistical estimation technique widely used for porphyry deposits. The other methods used by Behre Dolbear were used for validation of the estimates. The Behre Dolbear report was produced from a geostatistical block model completed in 1996 by Great Fitzroy Mineral (GFM). The historical estimate comprised principally the compilation and verification of all drill hole data, incorporating all available data to the end of the Rio Tinto Zinc program completed in 1975 and comprising over 50,000 metres of drilling.
The estimates of tonnages and grades quoted in this report were prepared prior to publication of National Instrument 43-101 in 2001 and are considered as historical estimates. The historical grades and resources terminology from the original historical reports are to be used only as a reference and should not be considered as a current mineral resource under NI 43-101, but are to be considered as historical estimates as per the NI 43-101 rules and policies.
P&E Walker Consultancy, hired to prepare a technical review of all the historical data and reports, acting as qualified person, has not completed sufficient work to classify the historical estimate as current mineral resource under NI 43-101. Jet Gold is not treating the historical resource as a current mineral resource under NI 43-101.
P&E Walker Consultancy has prepared a technical review of all the historical data and reports. The NI 43-101 qualification report will be filed on SEDAR and will be available on the SEDAR website.
Teck Namibia manages the exploration programs, and the main goal has been to better define and characterize the tonnage/grade distribution (for Cu and molybdenum) of the Haib deposit and to explore under cover for adjacent orebodies. The program goals for 2016 are to complete a new resource model and to review the key economic parameters for the project. Peter Walker, BSc (honours), MBA, PrSciNat, is the author of the NI 43-101 qualifying report and is responsible for the technical part of this press release, and is the designated qualified person under the terms of National Instrument 43-101.
Tim Fernback, chief executive officer of Jet Gold, stated: “We are delighted with this transaction. Haib is the largest known porphyry copper deposit in Africa situated in an ideal location adjacent to modern infrastructure and in one of the best mining countries in Africa. Teck has one of the best teams of porphyry exploration specialists in the world and also brings strong shareholder support to the company. Haib has substantial exploration potential and is a quality asset, which adds serious value for our shareholders.”
We seek Safe Harbor.
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in Deep South Resources Inc., Mining, News Home
Puma Exploration Reports on New Brunswick Operations
Puma Exploration Reports on New Brunswick Operations
– Momentum Public Relations –
Press Release: July 19, 2016
Puma Exploration (TSX VENTURE:PUM)(SSE:PUMA) (“Puma”) is pleased to report progress on its New Brunswick operations. Puma will maintain its focus in the prolific Bathurst Mining Camp of New Brunswick, while it is currently in the process to sell the Little Stull Lake Gold project in Manitoba, the only project outside New Brunswick.
The Bathurst Mining Camp, famous for its Giant Brunswick 12# Mine, host significant resources that are near surface and within close proximity to all infrastructure’s needed for mine development within the established Canadian mining jurisdiction. Puma’s main active Projects are the Turgeon VMS (Cu-Zn), the Red Brook Skarn (Zn-Cu-Au), the Ann’s Creek Polymetallic Deposits (Ag-Au-Zn-Pb) and the Beresford Copper Porphyry (Mo-Cu). In fact, Puma’s projects in New Brunswick offer a wide range of commodities to investors which are mainly oriented toward base metals (Zinc – Copper) but also give significant exposure to precious metals (Gold – Silver) and to strategic metals (Molybdenum).
With the recent acquisition of the Red Brook, high grade zinc property, Puma is strengthening his high quality base metal projects in its portfolio. Both, Turgeon (Zn-Cu) and Red Brook (Zn) properties will get most of the field exploration during the summer and fall seasons.
Turgeon VMS (Zn-Cu)
Puma’s initiated a drilling program (2,000 meters) is designed to test the first priority targets defined from the recent ground geophysical survey (IP) carried out on the Turgeon VMS (Cu-Zn) project. The survey revealed five (5) first priority untested target anomalies along the favourable horizon and also on new zones never tested. One of those represents a potential major VMS anomaly of a size of 350 meters by 350 meters, open at depth and along strike, located on the extension of the main Dragon hydrothermal alteration zone. The program is still underway and the results will be released when they will come available.
Red Brook Skarn (Zn-Cu-Au)
Red Brook was acquired from a local prospector’s following his recent discovery of high grade Zinc Massive Sulphide outcrop grading up to 13{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Zn, 0.23{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu and 2.5g/t Ag. The initial excavation, 40 meters by 15 meters area, also contains a Gold and Copper zone grading up-to 1.3 g/t Au and 0.53{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu (see News 19/01/2016). The mineralization is open in all directions. Currently, Puma’s crew is prospecting and exploring the area in preparation for major stripping program over the main Zinc showing.
Ann’s Creek Polymetallic Lenses (Ag-Au-Zn-Pb)
The mineralized lenses, namely Haché, Shaft, Henry, Henry East, Half Mile and Pine Tree of the Ann’s Creek Property are spread over a distance of 6 kilometers and have received very little advanced exploration work with the exception of the Haché Lens. 3D modelling focusing on the high grade portions of the Haché lens containing at least 300 g/t Ag (10 oz/t) is done and Puma is currently evaluating different scenario’s to develop and benefit from this outcropping high grade Ag-Au-Zn-Pb Haché lens. Also, geologists have prospected and mapped over the other existing lenses and in new areas to define other high grade base and precious metals potential. Results from this work will be released shortly.
Beresford Copper Porphyry (Cu-Mo)
The Beresford Copper Project consists mainly of the large 4 km diameter Nicholas-Denys porphyry intrusion. In 2014, continuous molybdenum, copper and silver mineralization and alteration were intersected over 486.4 meters representing the first discovery of a significant Mo-Cu Porphyry system in New Brunswick. Ten (10) first priority IP targets remain to be drilled. Holes FND14-01 and FND14-02 are located on the northwestern boundary of the 4km diameter ND granodiorite intrusion at the terminus of a NW-SE trending 1km wide by 5 km long fairway defined by drillholes, mineralized trenches and prominent Induced Polarization (“IP”) and magnetic anomalies. Puma is currently seeking a strategic partner to explore and develop the Nicholas-Denys Porphyry system.
Puma also announces the closing of private placement offering with qualified investors, employees, executive officers, directors and consultant in the amount of $545,980. With this placement, Puma Exploration issued 9,099,665 common shares at the price of $0.06 per share and 9,099,665 warrants. Each full warrant gives its holder the right to purchase one common share at a price of $0.10 per share until July 19th, 2018. In connection with this Private Placement, the Company has paid cash finder’s fees in an amount of only $2,558 and issued only 42,640 finder’s warrants will entitle holder to acquire one additional common share of Puma at a price of $0.06 for 24 months.
All securities issued to purchasers and finders under the Offering are subject to a four-month hold period from the date of issuance of the securities, pursuant to applicable securities legislation and the policies of the TSX Venture Exchange. These placements have received the conditional approval of the TSX Venture Exchange. The proceeds of the Offerings will be used for the exploration and development of Puma’s properties in New Brunswick and for general purposes of the company. Further to the placement, Puma will hold 131,965,598 shares issued and outstanding common shares.
About Puma Exploration
Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company’s major assets are the Turgeon Zinc-Copper Project and the Nicholas-Denys Project in New Brunswick and their equity interest in BWR as related to the Little Stull Lake Gold Project in Manitoba. Puma is focusing its exploration efforts in New Brunswick, Canada.
Learn more by clicking here: www.pumaexploration.com
- Published in Mining, News Home, Puma Exploration
Puma Signs LOI to Develop Little Stull Lake Gold Project in Manitoba
Puma Signs LOI to Develop Little Stull Lake Gold Project in Manitoba
– Momentum Public Relations –
Press Release: July 12, 2016
Puma Exploration (TSX VENTURE:PUM)(SSE:PUMA) (“Puma”) has signed a LOI (letter of intent) with Black Widow Resources Inc. (TSX VENTURE:BWR) (“BWR”) to sell 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of its interest in the Little Stull Lake Gold project in northern Manitoba. The gold project is composed of the adjoining Little Stull Lake claims (20 claims totaling 2,900ha) and the Kistigan (14,715 ha) and Edmund Lake (20,310 ha) Mineral Exploration Licenses (MEL).
Following its corporate development plan, Puma is concentrating its efforts on the Famous Bathurst Mining Camp of New Brunswick, where a drilling program is underway at the Turgeon Zinc-Copper Project. Puma will continue to benefit from the exploration and development of the Little Stull Lake Gold project by having a significant (approximate 20{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) equity interest in BWR.
The main elements of the LOI with BWR include a cash payment of $150,000, from which the first $50,000 was a deposit due upon signing the LOI as well as two other milestone payments of $50,000 each, payable when Edmund Lake and Kistigan Mineral Exploration Licenses are transferred to BWR. Also, Puma will receive up to 10,000,000 BWR shares that on a pro forma basis may represent a significant (approximately 20{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) equity in BWR. The first 5,000,000 shares will be received at the signature of the final definitive agreement. The remaining 5,000,000 shares to be received upon certain exploration and development milestones being met by BWR over the next years. In addition, Puma will have the first right of refusal to maintain its pro rata interest in BWR by investing in future financings of BWR. If commercial production is attained at the Little Stull Lake Project, Puma retains a non-buyable 1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the NSR. Puma will also nominate one director to the BWR board of Directors.
The most recent corporate activity in the Project area is the Yamana Gold (TSX:YRI) takeover of Mega Precious Metals (TSX VENTURE:MGP). Yamana now holds the Monument Bay Gold Deposit (see MGP news release 2015-06-22) located 15km southwest of the Little Stull Lake Gold Deposit
“Now, with what we think is the beginning of a new bull market for significant Gold Projects, we are very pleased to sign the LOI with Black Widow Resources Inc. From the different opportunities and propositions evaluated over the last few months, Mr. Novak and his management team at Black Widow were preferred because of their proven discovery track record and their demonstrable ability to develop effective and respectful working relationships with First Nation Communities.” notes Marcel Robillard, President of Puma Exploration.
The Little Stull Lake gold zones lie in a similar geological environment to that of the nearby Monument Bay deposit being developed by Yamana Gold. Monument Bay is reported to contain 3.1 million ounces of gold (MGP news release 2014-11-21). The historical drilling carried out on Little Stull Lake property resulted in the discovery of high-grade gold mineralization in an Archean greenstone belt. The gold mineralization is mainly confined to quartz veins in brecciated basalt 25 to 50 metres thick. This unit has so far been traced on surface (diamond drilling and surface trenches) at Little Stull Lake for more than 5 km and coincides with a major regional fault striking more than 60 km in length that is currently protected by the Mineral Exploration Licenses.
Puma completed ten (10) drill holes totalling 1,500 metres in the Little Stull Lake gold property’s 11W Zone in 2007. This zone carries the highest gold grades intersected in drilling of the basalt during previous work, with 330 g/t Au, 202 g/t Au, and 125 g/t Au over one metre of core, which are included in longer intercepts of 7.4 g/t Au over 47.0m and 4.5 g/t Au over 45.2m. All of Puma’s holes intersected the mineralized basalt, which contains an average of three core intersections one metre in length with gold values ranging from 1 to 46 g/t Au. Moreover, the drilling intersected some high-grade layers one metre long containing 46.0 g/t Au, 15.6 g/t Au, 8.4 g/t Au, and 7.2 g/t Au (PUM news release 2008-09-01).
About Puma Exploration
Puma Exploration is a Canadian mineral exploration company with advanced precious and base metals projects in Canada. The Company’s major assets are the Turgeon Zinc-Copper Project and the Nicholas-Denys Project in New Brunswick and their equity interest in BWR as related to the Little Stull Lake Gold Project in Manitoba. Puma is focusing its exploration efforts in New Brunswick, Canada.
Learn more by clicking here: www.pumaexploration.com
- Published in Mining, News Home, Puma Exploration
Equitas (EQT:tsxv) Begins Drilling at Garland
Equitas Resources Corp. Provides an Update on its Garland Exploration Program
Equitas Resources Corp. (TSXv: EQT) (FSE: T6UN) (“Equitas” or the “Company”) is pleased to provide an update for its Phase 2 program on the Garland nickel-copper property in Labrador, Canada. Due to initial results from current ground geophysical work Equitas has acquired additional claims to the west adjoining the Garland property. Twelve anomalies have now been identified and the Company has commenced drilling.
The 2015 Phase 2 field program at the Garland project kicked off on August 23rd, with field crews arriving at the recently completed 25-person field camp near the west end of Tasiuluk lake, at the northern end of the property. Despite being hampered by poor weather conditions limiting helicopter operations, significant progress has been made in the evaluation of conductivity anomalies detected by the VTEM survey flown in March.
Further interpretation from final processing of the B-field Tau component of the VTEM data has resulted in three new conductive signatures being identified at O, P and Q (see attached map). Tau anomalies can reflect more conductive bodies with slowly decaying signal, typical of large massive sulphide bodies.
Geological mapping and prospecting have been completed over all of the conductivity target areas except anomaly M. No possible sources for the underlying conductivity have been identified in the outcrops examined to date. This is not unexpected, considering the interpreted depths of the VTEM anomalies, significant overburden cover, and the exploration model that considers favourable target rocks to be overlain by younger ferrodiorite and ferrogranite intrusions.
A total of 39 km of line-cutting has been completed over the anomalies. Large Loop PEM surveying by Crone Geophysics has been completed at anomalies A, B, C and Q. At anomalies A and B, the response signatures have been explained by highly magnetic lithologies coupled with low VTEM bird height, creating an apparent conductivity anomaly termed Super Para-Magnetic effect (SPM). These targets are of no further interest.
At anomaly C, surveying with Crone PEM resulted in the definition of a good quality E-W trending conductor, flat-lying with minimum core dimensions of 15m by 300m, occurring 70m below surface. Definition of this response helps to validate the interpreted Southern Response Trend (SRT, see attached map), an multi-km E-W trending area of conductivity, magnetic and structural features straddling a large E-W offset of the Archean-Proterozoic suture, analogous in scale, morphology and setting to the Voisey’s Bay Intrusive Complex and related mineralization. This sparked the recent staking of license 023365M, consisting of a 132 claim block comprising 3,311 hectares, designed to cover the western extension of the SRT. Interpretation of the PEM data over the large conductive signature at Q is ongoing.
Springdale Forest Products have commenced drilling with borehole GP15-001 (collar at 582975E, 622376N, NAD 27 – UTM Zone 20N, Az. 290, Dip -55). This NQ borehole is designed to test VTEM anomaly D, part of 2 km trend of variable conductivity, coincident with a Ni-Cu-Co lake sediment anomaly, and resident in an E-W structure of the Gardar-Voisey’s Bay Fault set. An update on drilling will be made available once all results have been compiled and interpreted.
Commenting on the results, VP Exploration Everett Makela stated, “I am pleased with the progress of the Phase 2 campaign to date. After initial slow start-up due to poor weather conditions, we are executing our plan to fully test the conductivity responses this year. The three additional anomalies at O, P and Q increase our odds for success, and we are adjusting the program to accommodate exploration of these targets. Recent interpretation of the multi-km Southern Response Trend has led to a shift of exploration focus to this area. We will continue to provide updates on results as they become available”.
NI 43-101 Disclosure
Everett Makela, P. Geo., VP Exploration for Equitas Resources Corp., a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
About Equitas Resources Corp.
Equitas Resources is a Canadian-based mineral exploration company with a focus on nickel, copper, platinum group metals (PGM) and cobalt. The Companies Garland Property is 23,386 hectares and located in the Voisey’s Bay district of Labrador, Canada.