Source: ETF Securities
Canamex Provides Update on Drilling Campaign at Bruner Gold Project
Canamex Provides Update on Drilling Campaign at Bruner Gold Project, Nye County, Nevada
Momentum Public Relations
Press Release: June 21, 2017
Vancouver, British Columbia–(Newsfile Corp. – June 21, 2017) – Canamex Resources Corporation (TSXV: CSQ) (“Canamex” or the “Company“) is pleased to provide the following update on the Company’s current drilling campaign at its 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Bruner Gold Project in Nye County, Nevada.
As outlined in its news release of May 30, 2017, Canamex intends to drill approximately 3,000 metres of reverse circulation drilling in 18-20 drill holes. Ten to twelve holes are scheduled to be drilled at the north end of the Historic Resource Area, with the remaining six to eight holes to be drilled at the Penelas target area.
The Company confirms that this drilling campaign recently started at Bruner. To date, the program is going well and Canamex has completed three holes and is currently drilling the fourth hole in the Penelas resource area. Drill samples from the first two holes have been sent to the lab for analysis, and samples from the third hole will be delivered shortly. The Company anticipates a minimum of a four to five-week turnaround for assay results, the results of which will be released to shareholders and the investing public upon Canamex receiving and reviewing this information.
Drill samples will be transported by independent contractor to the ALS Minerals sample preparation facility in Sparks, Nevada, where they will be dried, crushed, split and pulverized and from whence a representative sample split of pulps will be sent to the ALS Minerals analytical facility in Vancouver, BC for gold and silver fire assays.
Successful drilling results will be followed by any necessary permit amendments and continued drilling.
Readers are advised to consult the Company’s news release issued on May 30, 2017 for more detailed information on the current drilling campaign.
Greg Hahn, President and COO and a Certified Professional Geologist (#7122) is the Qualified Person under NI43-101 responsible for preparing and reviewing the technical data contained in this press release.
ON BEHALF OF THE BOARD
SIGNED: “Mark Billings“
Mark Billings, Chief Executive Officer
Phone: (514) 296-1641; mbillings@canamex.us
Neither the 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, and the TSX Venture Exchange has in no way passed upon the merits of the transactions herein.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release include statements in relation to the timing, cost and other aspects of the planned future programs on the Bruner property; and other future plans, objectives or expectations of the Company. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include the risk that actual results of current and planned exploration activities, including the results of the Company’s planned future drilling program(s) on the Bruner property, will not be consistent with the Company’s expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue the Company’s future exploration programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; the metallurgical characteristics of mineralization contained within the Bruner property are yet to be fully determined; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental liability; timeliness of government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, including that the Company’s future exploration programs will proceed as planned and within budget. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
- Published in Canamex Resources Corp., Mining, News Home
Sage Gold Announces Private Placement of Flow-Through Shares
Sage Gold Announces Private Placement of Flow-Through Shares
Momentum Public Relations
Press Release: June 13, 2017
TORONTO, ONTARIO–(Marketwired – June 13, 2017) – Sage Gold Inc. (“Sage Gold” or the “Corporation”) (TSX VENTURE:SGX) is pleased to announce that it intends to complete a non-brokered private placement (the “Offering”), subject to regulatory approval. The Offering will consist of the sale of 4.2 million common shares of the Corporation, on a Flow-Through share basis (“FT shares“) for gross proceeds of approximately $1.0 million. Eligible finders may receive in cash of up to 7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} and compensation share purchase warrants of up to 7{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the Offering. Each share purchase warrant entitles the holder to purchase its holder to purchase one common share at an exercise price of $0.30 per share for a period of 36 months following the closing date, whereupon the warrants will expire.
The Corporation may at its discretion sell additional FT shares to raise additional proceeds of up to twenty-five per cent (25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}) of the Offering.
Securities issued pursuant to the Offering shall be subject to a four-month hold period commencing on the Closing Date under applicable Canadian securities laws. The Corporation intends to use the net proceeds from the Offering to incur Canadian Exploration Expenses (CEE) on its Clavos and Onaman properties.
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.
About Sage Gold
The Company is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Clavos Gold property (“Clavos Project“) in Timmins and the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Onaman property including the Lynx copper, gold, silver property and other exploration properties in the Beardmore-Geraldton Gold Camp.
Sage Gold currently plans to complete a reserve estimate and a prefeasibility study regarding the Clavos Project. In the event that a production decision is made that is not based on a feasibility study of mineral reserves demonstrating economic and technical viability prepared in accordance with National Instrument 43-101, readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions.
Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
CAUTIONARY STATEMENT
Neither the 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.
This news release may contain forward looking information and the Company cautions readers that forward-looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the Company included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements with respect to the Company’s future plans, objectives or goals, to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, metallurgical processing, project development, reclamation and capital costs of the Company’s mineral properties, and the Company’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as, but are not limited to: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets, inflation, changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR. This list is not exhaustive of the factors that may affect any of the Company’s forward- looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Shares 68,486,783
Nigel Lees
President and CEO
416-204-3170
nlees@sagegoldinc.com
www.sagegoldinc.com
Canamex Announces Resignation of Jeb Handwerger from Board of Directors
Canamex Announces Resignation of Jeb Handwerger from Board of Directors
Momentum Public Relations
Press Release: June 5, 2017
Vancouver, British Columbia–(Newsfile Corp. – June 5, 2017) – Canamex Resources Corp. (TSXV: CSQ) announces that Jeb Handwerger has resigned from the Board of Directors of the Company, effective today. Mr. Handwerger resigned from the Board of Canamex in order to focus his efforts on his other professional commitments.
Mark Billings, Chairman and CEO of Canamex, comments, “Although we are sad to see Jeb leaving our board, we are very grateful for his contributions over the past year and a half. He was very involved in helping Canamex secure additional financing in the fall of 2015, which enabled our Company to complete the purchase of the 26 lode patented mining claims at the Bruner Gold Property. Since then, we completed two additional rounds of financing, which involved these parties introduced to us by Jeb. As a result, Canamex was recently able to negotiate the buy-out of the 30{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} interest in the Bruner Gold Property from Patriot Gold, so that our Company is now the sole owner of this project. Although Jeb will be leaving our board, he has indicated that he will remain an advisor to our Company. In this new capacity, I continue to welcome his input in advancing our Bruner Gold Property in Nye County, Nevada.”
With the resignation of Jeb Handwerger, the Board of Directors of the Company includes the following five individuals:
Mark Billings: Chief Executive Officer, Chairman and Director
Gregory Hahn: President, Chief Operating Officer and Director
Dean McDonald: Director
Mike Stark: Director
Frank Högel: Director
ON BEHALF OF THE BOARD
SIGNED: “Mark Billings“
Mark Billings, CEO and Chairman
Contact: (514) 296-1641, mbillings@canamex.us
Neither the 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.
- Published in Canamex Resources Corp., Mining, News Home
Majescor Resources Receives the Approval From the TSX-V for the Acquisition of the Mining Division Of Diagnos
Majescor Resources Receives the Approval From the TSX-V for the Acquisition of the Mining Division Of Diagnos
Momentum Public Relations
Press Release: May 17, 2017
Ottawa, Ontario / TheNewswire / May17, 2017 – Majescor Resources Inc. (“Majescor” or the “Company”) (TSX-V: MJX) is pleased to announce that it has received TSX-V Exchange approval for the acquisition of the mining division of Diagnos Inc. (“DIAGNOS”) (reference: News release of March 15, 2017). The Company has also received written consents of the majority of its disinterested shareholders for the creation of a new Control Person, DIAGNOS.
“We are pleased to move forward with this strategic acquisition. This is a game changer for Majescor. It puts us in the forefront in becoming the leader in using artificial intelligence and machine learning for mineral exploration. DIAGNOS has over a 10-year track record of using and perfecting its CARDS (Computer Aided Resources Detection System) and we are excited about the added value that Majescor will now be able to provide to our own mineral projects as well as the potential for revenue-generating third party applications”, stated Andre Audet, President and CEO of Majescor.
Under the terms of the agreement, Majescor will issue 8,000,000 common shares of its share capital to DIAGNOS, at a deemed price of $0.10 per share, in payment for the acquisition of the assets, consisting of DIAGNOS’ mining claims, royalty agreements, and the CARDS system. Additionally, Majescor will remit to DIAGNOS (i) 50{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of any payment that Majescor receives from the royalty agreements forming part of the acquired assets, and (ii) 5{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of revenues generated by the commercialization of the CARDS system.
The common shares issued to DIAGNOS will bear a restrictive legend for four months and one day. As a result of the issuance of the 8,000,000 common shares to DIAGNOS, Majescor has 48,427,775 common shares issued and outstanding.
About Majescor Resources Inc.
Majescor is a junior mining exploration company with an extensive portfolio of gold and diamond properties in Quebec.
For further information, please contact:
Andre Audet
President & CEO of Majescor Resources Inc.
Telephone: 613-241-5333
Fax: 613-422-0773
Email: andre@evertonresources.com
Website: www.majescor.com
Additional information about the Corporation is available under Majescor’s profile on SEDAR at www.sedar.com.
This news release contains certain “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or are events or conditions that “will”, “would”, “may”, “could” or “should” occur or be achieved. This news release contains forward-looking statements, pertaining to, among other things, the following: the resumption of the trading of Majescor shares on the TSX Venture Exchange. Statements regarding future production, capital expenditures and development plans are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling risks, regulatory changes and certain other known and unknown risks detailed from time to time in Majescor’s public disclosure documents, copies of which are available on Majescor’s SEDAR profile at www.sedar.com.
Although Majescor believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance. Majescor’s actual results may differ materially from those expressed or implied in forward-looking statements and readers should not place undue importance or reliance on the forward-looking statements. Statements including forward-looking statements are made as of the date they are given and except as required by applicable securities laws, Majescor disclaims any intention or obligation to publically update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the 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.
Copyright (c) 2017 TheNewswire – All rights reserved.
- Published in Albert Mining, Mining, News Home
Sage Gold (SGX:tsxv) Clavos Drill Results – New Gold Zone
Sage Gold Clavos Drill Results – New Gold Zone
Momentum Public Relations
Press Release: May 10, 2017
Sage Gold Inc. (TSX VENTURE:SGX) ‘Sage’ has completed the surface drilling program at its Clavos gold property located 32 kms east north east of Timmins, Ontario in the prolific East Timmins Gold Camp.
The drill program has yielded three important results; the continuity of gold mineralization across the gap between the main mine zone and the 960 zone, the discovery of a new gold zone (Sediment 2 zone CL 17-07 4.09g/t over 4.2 metres) 100 metres south of the existing sediment zone and the Footwall intersection in CL-17-08 of 5.15g/t over 3.9 metres. The intersection in hole CL-17-08 opens up approximately 300 metres of strike length of potential mineralization west of the western end of the 150m west level in the upper part of the existing mine workings.
DRILLING RESULTS
HOLE_ID | EASTING | NORTHING | ELEVATION | AZ | DIP | LENGTH | FROM | TO | ZONE | AVG GRADE |
TRUE WIDTH |
CL-17-01 | 514765 | 5384659 | 280 | 180 | -55 | 266 | 163.5 | 164.8 | CONTACT | 1.69 | 0.9 |
CL-17-01 | 174.5 | 177.3 | SEDIMENT 1 | 3.36 | 2.0 | ||||||
CL-17-02 | 514645 | 5384682 | 282 | 180 | -57 | 347 | 149 | 152.05 | FOOTWALL | 4.32 | 2.1 |
CL-17-02 | 228 | 229.8 | CONTACT | 16.76 | 1.3 | ||||||
CL-17-03 | 514585 | 5384669 | 278 | 180 | -59 | 386 | 181.6 | 182.6 | HANGINGWALL | 3.32 | 0.7 |
CL-17-03 | 197.4 | 199.4 | CONTACT | 4.93 | 1.4 | ||||||
CL-17-04 | 514705 | 5384454 | 274 | 360 | -62 | 284 | 191.4 | 192.4 | HANGINGWALL | 1.59 | 0.7 |
CL-17-05 | 514525 | 5384399 | 273 | 360 | -55 | 374 | 341.65 | 343.15 | SEDIMENT 1 | 3.12 | 1.1 |
CL-17-05 | 364.75 | 366.5 | CONTACT | 2.56 | 1.2 | ||||||
CL-17-06 | 514437 | 5384683 | 279 | 180 | -65 | 372 | 258 | 263.5 | CONTACT | 4.43 | 2.8 |
CL-17-07 | 514484 | 5384681 | 277 | 180 | -65 | 387 | 268 | 269 | CONTACT | 3.89 | 0.7 |
CL-17-07 | 375 | 381 | SEDIMENT 2 | 4.09 | 4.2 | ||||||
CL-17-08 | 512515 | 5384678 | 273 | 360 | -55 | 188 | 144 | 149.5 | FOOTWALL | 5.15 | 3.9 |
CL-17-09 | 512456 | 5384697 | 273 | 360 | -55 | 269 | 91 | 96.7 | CONTACT | 1.83 | 4.0 |
All drill intersections are based on calculated true widths
Nigel Lees, President and CEO commented: “The surface drill program has been successful in establishing a mineralized corridor from section 514425E, the ‘Main Zone’ to the western end of the 960 zone, the ‘Gap’, and in locating new mineralized intersections in holes CL-17-08 and CL-17-09 west of the 150 metre west level (mine elevation). The results of the eastern drilling now open up the possibility of driving further east off the 285 level (mine elevation) through mineralized material out to the 960 zone and potentially further east. It is interesting to note that Kinross (KC99-148) intersected 8.78g/t over 3.5 metres in the Contact zone roughly coincident with the Contact zone mineralization in CL-17-07. The “Sediment 2″ intersection in CL-17-07 represents the first significant mineralization in the new sediment zone. The Sediment 2 zone was encountered in CL17-01 and 02 with anomalous gold mineralization.”
The program consisted of 2,873 metres of surface diamond drilling involving 9 drill holes completed from January 23rd to April 7th. Seven holes were drilled east of the existing mine infrastructure and west of the 960 zone. Two holes were drilled west of the existing mine infrastructure.
The Contact Zone which demarcates the Pipestone Thrust Fault juxtaposing the Kidd-Munro Group ultramafics to the north and the Porcupine Group sediments to the south, has been intersected in four drill holes over a strike length of 330 metres.
The weighted average grade of the composite intervals vary from 16.76 g/t over 1.8 metres returned from drill hole CL-17-02 and 4.43 g/t over 4 metres returned from drill hole CL-17-06.
Hole Cl-17-07 has intersected a new “Sediment Zone” located 100 metres to the south of the Pipestone Thrust Fault returning 4.09 g/t over 6 metres.
Drill holes CL-17- 08 and 09 intersected significant mineralization at the Footwall Zone and Contact Zone establishing continuity along the 150 metre level (mine elevation).
The current program’s objective was to test a 340 metre gap between the existing underground infrastructure and the 960 Zone from section 514435E and 514765E. Seven holes targeted a shallow plunging flexure proximal to offsetting structures possibly controlling gold, arsenopyrite, pyrite quartz vein mineralization located in the altered ultramafics and porphyries flanking the Porcupine Group sediments demarked by the Pipestone Fault structure. A systematic drill hole spacing of 60 meters was employed to define the plunge orientation of some of the high-grade shoots located within the existing mine infrastructure.
These holes were also positioned between two major structures transecting the Pipestone Fault at 514300E and 514700E disrupting the horizontal continuity of four gold bearing zone. The orientation in plan view of these cross-cutting structures are at Az 330 and Az 055 identified by airborne magnetics. Both structures are now interpreted to be a high angle back thrust dipping to the east and low angle thrust fault dipping to the west evident on the recently completed grade / thickness longitudinal model.
Follow-up infill drilling at 30 metre spacing is warranted to define the extent of the Contact Zone Between sections 514300E and 514700E.
QA/QC Program Protocols
Sage Gold Inc. has implemented a rigorous QA/QC program using best practice principles which are being applied to the sampling/analysis of the drill core and complies with National Instrument 43-101 requirements for the Clavos property. The NQ core is delivered to the secure core shack facility on site by Crites Drilling personnel and/or Sage personnel. Prior to splitting, and core logging, all drill core is photographed. Core logging is focused on identifying the type and style of mineralization recording structure, lithology contacts, and alteration including quartz veining {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} and total sulphide {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}. Core splitting is done with a diamond core saw and 1/2 of the drill core is submitted to ALS Global Laboratories based in Timmins, an accredited laboratory for analysis. The remainder of the core is stored at the Clavos Mine Property. All samples are shipped in sealed rice bags with numbered security tags and transported in a company truck from the property to ALS Global Laboratories preparation lab in Timmins, ON.
Sage routinely inserts certified standards, blanks and field duplicate samples into the sample stream such that every 20 sample batch contains a blank and standard. The sample preparation procedures for drill core samples consist of crushing the samples to 70{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} minus 9 mesh (2mm), pulverizing a 500g sub-sample to 85{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} minus 200 mesh (75um), and analyzed by standard fire assay (FA) method using a 50 gram sample with AA finish and any samples assaying greater than 10 g/t Au are re-analyzed using a gravimetric finish. For mineralized zone intervals where visible gold is observed to be present, samples are submitted for analysis using the metallic screen method where the entire half core is crushed, pulped and screened to 100 mesh. The screen coarse and fine fractions are analyzed by fire assay (FA) method with a gravimetric finish and the total assay result is calculated.
The geotechnical content of this news release has been reviewed and approved by Sage’s consulting geologist, Peter Hubacheck, P. Geo, who is a Qualified Person (“QP”) as defined in National Instrument 43-101.
Sage currently plans to complete a reserve estimate and a prefeasibility study regarding the Clavos project. In the event that a production decision is made that is not based on a feasibility study of mineral reserves demonstrating economic and technical viability prepared in accordance with National Instrument 43-101, readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions.
About Sage Gold
The Company is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the Clavos Gold property, 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned, in Timmins and the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Onaman property and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
Sage Gold Grade Thickness Model-High Grade Zones-Clavos
Sage Gold Grade Thickness Model-High Grade Zones-Clavos
TORONTO, ONTARIO–(Marketwired – May 3, 2017) – Sage Gold Inc. (the “Company”) (TSX VENTURE:SGX) has completed a Grade times Thickness model for the Clavos gold deposit located 32 kms east north east in the prolific East Timmins Gold Camp. The purpose of this analysis is to determine plunge trends for the higher grade gold mineralization within the Clavos gold system. An outcome of this work is that a number of high grade intersections are proximal to primary structures below the 300 metre level controlling the lens geometry. These uncut assays in these intersections were drilled by Kinross and previously reported by United Tex Sol Mines Inc. and include the following as reported in press releases:
KC 99-131- 94.6g/t over 9.6 metres uncut – (press release September 21, 1999)
KC 99-137- 61.59g/t over 3 metres uncut (press release November 17, 1999)
KC 99- 155W- 85.15g/t over 3.2 metres uncut (press release March 2, 2000)
These holes are assumed to be reported as drill core lengths.
The development of the grade thickness model as detailed below has led to a re-interpretation of the potential plunge directions and controls on the gold mineralization at Clavos. The majority of the higher grade composites occur below the 300 meter level below and adjacent to the mine infrastructure. The intersection of the high angle back thrust faults with the low angle imbricate thrust faults are within reach of drill stations on the 225, 285 and 300 levels. The model also provides vectors to potential new gold plunge directions higher in the Clavos deposit such as at the 100 metre east level. Underground definition drilling will commence on May 7th on the 100 metre east level. Further underground drilling will follow from the 225 level to fill in up plunge from KC99-137 and from the 285 and 300 levels to test up plunge from KC99-131 and 155W.
Nigel Lees, President and CEO commented, “This modeling will provide Sage with the analytical framework to more precisely target underground definition, exploration and resource drilling. The exercise of plotting grade times width across the Clavos deposit has yielded higher grade plunge trends that will potentially outline additional resources. We are looking forward to the commencement of our underground drill program and expect to be drilling these higher grade zones next month.”
Sage has recently completed a compilation of the surface and diamond drilling assay database focusing on the gold mineralization by computing composite weighted average grades over core lengths for the major gold zones specified in the 2012 NI 43-101 resource estimation report as well as sub-zones not included in this report. The drill database includes holes which have been previously disclosed by previous operators such as those quoted above and holes which are in the drill database. This data comprised 569 surface diamond drill holes for all of the Clavos area drilling totalling 126,894 m for an average drill hole length of 225 m. A total of 837 underground drill holes with a combined length of 64,225 m and an average length of 77 m were also provided. The Clavos area drilling spans a strike length of 3.3 km covered by 171 geological cross-sections spaced from 15 metres to 30 metres apart. A total of 30,836 surface drilling assays and 13,912 underground drilling assays.
GRADE / THICKNESS CALCULATIONS
Composite intervals were based on a minimum cut-off grade of 2.75 g/t over a minimum true width of 1.2 metres. Grade capping was set at 90 g/t affecting 29 assays. An allowance of 2 metres for internal dilution was employed factoring in the stockwork and replacement veining style of gold mineralization. True widths were calculated by applying a 30{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} correction factor to the assay core lengths.
A total of 499 grade (grams) / true width (m) composites were manually calculated from the surface drilling database. The composites having a grams x m product greater than 30 total 46.
A typical example of some of the high grade composites are the historic holes KC99-131, 155W, KC00-176 and 159 which were drilled by Kinross exploring the property in 1999 and 2000. Please note that drill holes KC99-131,137,155W as originally reported above have been cut to 90g/t and are reported as true widths.
The table below is a sampling of some of the higher grade composites.
TABLE: SELECTED COMPOSITES CUT TO 90 GRAMS
HOLE_ID | FROM | TO | GRADE (G) CUT 90 G |
TRUE WIDTH (M) | G X M | |||||
CL_KC99-131 | 341 | 350.6 | 30.5 | 7.38 | 225 | |||||
CL_KC00-176 | 327.2 | 333.95 | 34.78 | 5.19 | 181 | |||||
CL_KC00-159 | 298.5 | 306.5 | 24.26 | 6.15 | 149 | |||||
CL_KC99-137 | 409.13 | 411.13 | 30.83 | 2.31 | 71 | |||||
CL_KC99-155W | 650.8 | 655 | 17.91 | 3.23 | 58 |
A total of 515 grade (grams) / true width (m) composites were manually calculated from the underground drilling database. The composites having a grams x m product greater than 30 total 70. Refer to the Sage website – www.sagegoldinc.com – longitudinal plot of the grade thickness model.
MODELING PARAMETERS
Since the four major mineralized vein systems are stratabound in nature and located proximal to the steeply dipping Pipestone Thrust Fault, a longitudinal projection of the centroids of the composite intervals for each hole was projected to a vertical WEST/ EAST plane. The grade estimation parameters employed a search radius of 60 metres selecting 13 nearest grade composite by Inverse Distance Squared method in 3D, then plotting and contouring the values on a 2D longitudinal section where the drill holes pierce the section. The G X M product was contoured in colour ranges set at 5 to 8; 8 to 13; 13 to 21; 21 to 34; 34 to 55; 55 to 89; > 89.
INTERPRETATION
The grade / thickness geological model reveals six major structures cross-cutting the main mine stratigraphy and the Pipestone Thrust Fault. The orientation and arrangement of these structures also displays a remarkable symmetry with structural lineaments interpreted from airborne magnetics. In a regional context, four of these arcuate structures exhibit the habit of imbricate thrust faults facing to the southeast. They conform with right lateral strike-slip deformation during the later stages of the D2 deformation compressional juxtaposing the Kidd-Munro ultramafic assemblage with the Davidson-Tisdale felsic volcanics. The imbricate thrust faults have orientations varying from 55 degrees to 70 degrees and transect the grade / thickness model at shallow angles to the west. A conjugate series of four back thrust faults with orientations at Az 150 degrees steeply crosscut the longitudinal section facing to the east. These faults served as important fluid corridors enhancing gold enrichment processes.
The geological, modeling computations and interpretations of this news release has been reviewed and approved by Sage’s consulting geologist, Peter Hubacheck, P. Geo, who is a Qualified Person (“QP”) as defined in National Instrument 43-101. Len MacKenzie, P.Geo. guided the geologic modeling of the grade / thickness exercise.
About Sage Gold
The Company is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the Clavos Gold property, 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned, in Timmins and the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Onaman property and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
Sage currently plans to complete a reserve estimate and a pre-feasibility study on the Clavos property. In the event that a production decision is made that is not based on a feasibility study of mineral reserves demonstrating economic and technical viability prepared in accordance with National Instrument 43-101, readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such a production decision.
CAUTIONARY STATEMENT: Neither the 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. This news release may contain forward looking information and the Company cautions readers that forward looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the Company included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements with respect to the Company’s future plans, objectives or goals, to the effect that the Company or management expects a stated condition or result to occur.
Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, metallurgical processing, project development, reclamation and capital costs of the Company’s mineral properties, and the Company’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as, but are not limited to: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets, inflation, changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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Warren Buffett Hates Gold… But Here’s Five Reasons You Need To Own It
Warren Buffett Hates Gold… But Here’s Five Reasons You Need To Own It
In a 1998 speech at Harvard, legendary investor Warren Buffett shared his thoughts on gold:
“[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again, and pay people to stand around guarding it. It has no utility.”
Buffett is correct—gold doesn’t produce earnings or pay dividends. There are, however, some good reasons gold should be an essential part of every investor’s portfolio.
#1: Real Interest Rates Are Still Negative
Even with the Fed raising nominal interest rates, real rates—that is, the nominal interest rate minus inflation—are still in negative territory. And real rates are what really matters to your portfolio.
In the first quarter of 2017, inflation averaged 2.57{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}.
Today, a one-year bank CD pays about 1.4{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}. Therefore, to keep all of your money in a bank account means to watch your purchasing power erode.
Of course, there are other options. You can put your money in U.S. Treasuries or dividend-paying stocks. However, with the 10-year Treasury yield hovering around 2.25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} and the average dividend yield for a company on the S&P 500 at 2.33{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}, you would still be in negative territory.
Gold is known as the yellow metal with no yield, but simple math tells us no yield is better than a negative one. In fact, real interest rates are a major determinate of which direction the price of gold moves in.
So, gold will protect your capital from the eroding forces of negative rates… and help it grow at the same time.
#2: The Dollar’s Value Has Collapsed
The U.S. dollar may be rising against other currencies like the euro and yen. Nonetheless, in the last 50 years, its purchasing power has fallen by 86{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}.
As this chart shows, keeping your savings in cash is a poor wealth-building strategy. On the other hand, gold has more than kept up with inflation. Since 1972—the first year private ownership of gold became legal again—the price of gold has increased by 2,400{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}.
#3: Gold Is Money
Why has gold retained its value while fiat currencies have fallen? It’s because gold is money.
2,000 years ago, Greek philosopher Aristotle theorized that any sound form of money must be: durable, portable, divisible, and have intrinsic value.
Gold has all these characteristics— that’s why it has proven to be a long-term store of value. Fiat currencies like the dollar cannot be considered money as they don’t have intrinsic value.
In other words, gold is payment in and of itself, but the dollar is only a promise to pay.
#4: Negative Correlation to Stocks and Bonds
The world’s largest asset manager, BlackRock, pointed out recently that in the last decade, the correlation between stocks and bonds has been at almost double its long-term average.
Therefore, a portfolio comprised of 60{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} stocks/40{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} bonds no longer offers investors adequate diversification. Sure, it’s great when markets are rising—but when the tide turns, that’s going to be a problem.
To keep all your eggs “out of one basket”—buy gold. Recently, the correlation between gold and the S&P 500 stood at its second-lowest level in over 30 years. That’s also the case with gold and bonds.
#5: No Counterparty Risk
Gold is one of the few assets that has no counterparty risk. What does that mean?
No counterparty risk means that once you have physical gold in your possession, you don’t depend on someone else to fulfill a contract or keep a promise for it to retain its value.
Stocks, bonds, ETFs—essentially all paper assets require another party to make good on their end of the deal. Physical gold’s value does not hinge on someone else’s obligation to pay.
Aside from being a long-term store of value and diversification tool, there’s another reason you should buy gold.
Bonus Round: A Profitable Portfolio
Since the beginning of 2017, gold is up over 10{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}, making it one of the best-performing assets of the year. And this is no anomaly.
Since late 2015, gold has outperformed the S&P 500 by 30{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}. In fact, gold has been the best-performing asset class since the turn of the millennium.
Not only will gold preserve your wealth and insulate your portfolio from market sell-offs, it can earn you a profit at the same time.
Given the negative real rates, a falling dollar, and heightened correlation between stock and bonds, gold should be an essential part of every investor’s portfolio today.
Get A Free Ebook On Precious Metals Investing
Before you buy physical gold, make sure to do your homework first. You’ll find everything you need to know in the definitive ebook, Investing in Precious Metals 101. Find out which type of gold to buy and which type to stay away from, how to spot scammers, where to securely store your gold, why pools aren’t safe places, and much more. Click here to get your free copy now.
By Stephen McBride
- Published in Blog, Canamex Resources Corp., Mining, News Home
Majescor closes private placement for $655,000
Majescor closes private placement for $655,000
Momentum Public Relations
Press Release: April 10, 2017
Majescor Resources Inc. has closed a $655,000 non-brokered private placement at 10 cents with one common share purchase warrant. Each warrant entitles the holder thereof to acquire one additional common share in the capital of the corporation at a price of 16 cents per common share for a period of 24 months expiring on April 7, 2019. The warrants are subject to a forced exercise provision that, should the corporation’s common shares trade at a price of 24 cents or more for 30 consecutive days, the warrantholder will then have 30 days following the 30th day of trading to exercise the warrants before they expire.
All securities issued in the private placement are subject to a four-month hold period and to all necessary regulatory approvals, including the approval of the exchange.
In connection with the private placement, the company is paying a cash finder’s fee of $15,200 and will issue 76,000 common shares and 76,000 non-transferable finder’s warrants. Each finder’s warrant entitles the holder to purchase one additional common share at a price of 16 cents per share for a period of 24 months expiring April 7, 2019.
The proceeds of the financing will be used for general corporate purposes.
About Majescor Resources Inc.
Majescor is a junior mining exploration company with an extensive portfolio of gold and diamond properties in Quebec.
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in Albert Mining, Mining, News Home