Eastfield Resources Ltd. has commenced the fall exploration program at the Kilometre 26 gold-nickel project, located in central British Columbia, approximately 55 kilometres northwest of Fort St. James.
The program, conducted by Oroandes Resource Corp., will attempt to define targets for a possible drill program in 2011. The current work includes a ground-based induced polarization (IP) and magnetometer survey, line cutting, soil sampling, prospecting, and rock sampling. Crews are on site and should complete the exploration over the next few weeks. The work program includes the completion of six line kilometres of new grid with soil sampling and geophysics to cover the full 30 kilometres of control grid.
Eastfield is also awaiting the results of microprobe work being undertaken to identify what sulphide minerals or alloys may be present in Kilometre 26 rocks where analytical results indicate that nickel contents vary between 0.15 per cent and 0.24 per cent (see Eastfield’s news release in Stockwatch of Oct. 14, 2010).
The current work will assist with examining the project ground for both the nickel target potential and epithermal hot springs gold potential along the regional Pinchi fault structure. First Point Minerals Corp. and Cliffs Natural Resources Inc. have made an important nickel discovery at the Decar property located approximately 30 kilometres to the west of the Kilometre 26 project. Both properties are located in similar geological settings of the Cache Creek terrane hosting serpentinized ultramafic rocks. The Kilometre 26 project is currently 5,645 hectares in size, has good access by a major industrial road, and recent logging has established a network of roads across the project.
Oroandes has the option to earn a 60-per-cent interest in Kilometre 26 from Eastfield by spending $1,575,000 on exploration, issuing 275,000 shares and making $107,500 in payments by Sept. 25, 2013.
Lorraine Copper Corp. has commenced the 2010 exploration program at the Lorraine project, which is being managed by Teck Resources Ltd. under a participation agreement with Lorraine Copper. The Lorraine property is located in the Quesnel terrane approximately 250 kilometres northwest of Prince George, B.C.
Teck has informed the company that it will be conducting a target generation program entailing the establishment of new soil geochemical surveys that will employ new techniques for seeing through overburden cover similar to what has been used successfully at the Kwanika Creek deposit to the south. It will also conduct a re-examination of existing drill core to apply newly developed alteration study parameters that have proven successful in other similar deposits to assist vectoring towards undiscovered mineralization.
Mineralization on the Lorraine property is related to alkalic intrusions and belongs to a deposit style that includes the Galore Creek project owned by Teck and NovaGold Resources Inc., the Imperial Metals Corp.-owned Mount Polley mine and the New Gold Inc.-owned New Afton project.
The Lorraine property is well served by resource infrastructure, including all-season roads, the Kemess power corridor to the northeast and the Canadian National Railway line to the southwest. The Lorraine project is located approximately 100 kilometres northwest of Terrane Metals Corp.’s Mt. Milligan project. A highlight from Teck’s most recent drill program in 2008 at Lorraine is drill hole L08-120, which intersected 159.2 metres grading 0.64 per cent copper and 0.30 gram per tonne gold in the Lower Main zone. The property consists of 119 claims totalling 30,659 hectares (75,759 acres).
Teck may earn a 51-per-cent interest in the Lorraine project by spending a total of $9.0-million by Dec. 31, 2010, and may increase its interest to 60 per cent by completing a feasibility study and to 65 per cent by arranging production financing. It is anticipated that Teck will earn the initial 51-per-cent interest after the completion of this year’s program.
On Sept. 11 of this year, Lorraine Copper staked an additional seven mineral claims (3,029 hectares) contiguous to the western side of the property.
G.L. Garratt, PGeo, is the qualified person who has reviewed and takes responsibility for this news release.
Serengeti Resources Inc. and the Takla Lake First Nation today announced signing of an Exploration Access Agreement for Serengeti’s Kwanika property, located 120 km north of Fort St. James in north central British Columbia. The Agreement covers all exploration and related activities on the Kwanika property until such time as a decision is made to enter into the mining permit application process.
Since Serengeti began exploration on the Kwanika property, it has consistently sought input from the nearby Takla Lake First Nation and hired many of its members to work at the site. The Agreement ensures that Serengeti will continue to provide Takla with opportunities to provide meaningful input into such aspects as environmental monitoring, protection of habitat for cultural important species, and protection of sites of important cultural or spiritual significance. It also provides training, employment, and business opportunities for members of the Takla Lake First Nation. In return, Serengeti has greater confidence in the continued access to the Kwanika property and the support of the local community as the project advances, as well as access to a local labour supply.
“We are very pleased to have reached this point in our relationship with Takla Lake,” said David Moore, President & CEO, Serengeti Resources Inc. “It has been very important to us from the outset of exploration on the property, that local communities support our endeavors.”
Chief Dolly Abraham of the Takla Lake First Nation, stated, “Takla has a policy of requiring all companies operating in our Territory to sit down with us and work out respectful agreements. Serengeti from the very beginning has been very proactive in seeking out a relationship with us, which is very important. That area is important to our Nation and members and we appreciate that Serengeti has been sensitive to our concerns about where they go, what they pay attention to in the environment, and how they do their sampling. It also means a lot to our people to be able to work close to home.”
Approximately 75% of staff on site during the 2010 exploration program are from the Takla community.
Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of exploration success. The Company is currently advancing its Kwanika copper-gold project and exploring its extensive portfolio of properties in the highly prospective Quesnel Trough of British Columbia and has initiated exploration for gold-silver deposits in Mexico. Additional information on Serengeti’s projects can be found on the Company’s website at www.serengetiresources.com. Serengeti is well funded to advance its projects with a current working capital position of approximately $7.7 million which includes $2.9 million receivable from the B.C. government’s METC program. Serengeti has 46.2 million shares issued and outstanding and 51.5 million shares on a fully diluted basis.
Eastfield Resources Ltd. has received notification that that NGEx Resources Inc. (formerly Canadian Gold Hunter Corp.) has terminated its option to earn an interest in the 10,790-hectare Zymo copper-gold property, 45 kilometres by road west of Smithers, B.C. Eastfield is currently planning the next program on this project and expects to conduct a significant exploration program on the property this season. Eastfield has an option to earn a 100-per-cent interest subject to a net smelter royalty in the Zymo property from a private company.
Eastfield optioned the property in 2007. It completed a reconnaissance exploration program that year, which resulted in the discovery of a new copper-gold porphyry occurrence now named the Hobbes zone. In 2008, an extensive exploration program of geochemical sampling, geophysical surveying, geological mapping and core drilling significantly expanded the property’s potential. An induced polarization chargeability anomaly associated with extensive rock alteration was outlined, extending for over six km (open-ended) with widths of two to three km. Within this large area are four exploration targets now known as the FM (where Freeport McMoRan drilled six holes in 1999), Hobbes, RD and URC.
The Hobbes zone is the most advanced to date and has been tested with nine drill holes. All holes intersected significant mineralization and have outlined an open-ended, mineralized zone that extends more than 600 metres. The most westerly hole, ZY-09-16, intersected the longest interval of mineralization to date and indicates the potential for extensions, to the west and south. Hole ZY-09-14 was a vertical hole drilled at the site of ZY-08-9 (72.0 m of 0.72 per cent copper and 0.54 gram per tonne gold) and ZY-09-10 (57.0 m of 0.43 per cent copper and 0.32 g/t gold), and confirmed that mineralization continues to greater depths at this location where a mineralized interval of 273 m was intersected. ZY-08-12, located one km southwest of the Hobbes zone, intersected 99.00 m of 0.11 per cent Cu and may indicate a significant potential for extending the zone in this direction (for details, additional information including maps may be viewed on the company’s website).
The URC target is 1.5 km west of the Hobbes zone and is characterized by a 1.5-kilometre-long, coincident, copper-gold-in-soil anomaly. This target is beyond the end of the geophysical grid in an area with no outcrops. However, a sample of mineralized float was found in this area that returned 0.33 per cent copper and 0.22 g/t gold. This untested target further expands the discovery potential for the property.
Eastfield is pleased to have the Zymo property returned with significant advancements and new targets. The company is excited about the exploration potential of the project. Eastfield is currently developing plans for a program this season.
G.L. Garratt, PGeo, who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release
Serengeti Resources Inc. is planning to complete a 10,000-metre drill program on its Kwanika copper-gold project in the Quesnel trough of north-central B.C.
“This planned $2.7-million program provides the opportunity to move Kwanika over the development threshold both in terms of tonnage and grade,” said David Moore, president and chief executive officer of Serengeti. “The south zone offers the potential for discovery of near-surface, open-pitable mineralization,” elaborated Mr. Moore. The company expects to have the two-drill program started in early June, 2010.
The drill program will be composed entirely of step-out drilling to expand the existing resource at the south zone, where 70 per cent of the favourable target area remains to be tested. The company’s previously reported NI 43-101-compliant resources, combining the south and central zones, total 1.1 billion pounds of copper and 1.6 million ounces of gold in the indicated resource category, and one billion pounds of copper and 500,000 ounces of gold in the inferred resource category — all estimated at a 0.25-per-cent copper-equivalent cut-off grade (see attached table).
KWANIKA MINERAL RESOURCES Cu eq % Tonnage Cu Au Ag Mo Cu eq Zone Category cut-off Mt % g/t g/t % % Central 0.40 75.1 0.41 0.42 -- -- 0.69 Indicated 0.25 182.6 0.29 0.28 -- -- 0.47 Inferred 0.25 28.5 0.19 0.20 -- -- 0.32 South 0.40 62.2 0.41 0.09 2.25 0.014 0.59 Inferred 0.25 129.1 0.30 0.09 1.76 0.010 0.45 Note 1: Copper equivalent calculation uses the following U.S. prices: copper, $2 per pound; gold, $900 per ounce; molybdenum, $15 per pound; and silver, $12 per ounce; and makes no provision for metallurgical recoveries and net smelter returns. Copper equivalent equals copper percentage plus (molybdenum percentage times 15 divided by two). Gold grams per tonne times (900 divided by 31.1 divided by two divided by 22.06) plus (silver grams per tonne times 12 divided by 31.1 divided by two divided by 22.06). The base case cut-off used for the mineral resources was 0.25 per cent copper equivalent, which is comparable to other porphyry copper open pit deposits in B.C. Note 2: Canadian Institute of Mining, Metallurgy and Petroleum definitions were followed for mineral resource estimation and classification. By prescribed definition, mineral resources do not have demonstrated economic viability and indicated resources have a higher degree of confidence than do inferred resources. The mineral resources fall within a pit shell defined by long-term U.S.-dollar metal prices of copper, $3 per pound; gold, $1,000 per ounce; molybdenum, $15 per pound; and silver, $16 per ounce. Note 3: The silver content of the central zone is not modelled; and the molybdenum content of central zone is not significant.
In addition to the budget for the Kwanika project, $1-million is allocated for target development work on other regional exploration targets in the company’s extensive portfolio, as well as financing for a new project development outside of B.C. Upon completion of this summer’s drill program at Kwanika, the company expects to update the resource estimate, followed by a preliminary economic assessment.
The company has been advised by Newcrest Mining B.C. Ltd. that it has elected to withdraw from the Croy Bloom/Davie Creek option agreement. The work completed at the property has resulted in the tenure being extended to 2019.
Quality assurance/quality control
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, and reviewed by the company’s qualified person, Mr. Moore, PGeo, president and chief executive officer of Serengeti Resources Inc.
TAD Capital Corp. has completed the 2009 program on the north zone of the Hazelton prospect. Work consisting of geological, geochemical and geophysical surveys has resulted in several new high-grade gold discoveries and increased the area of known gold mineralization on the property to 1,400 metres by 800 metres.
The program focused on evaluating the extent of mineralization near the margins of a granitic stock. Numerous gold-bearing veins are present in three areas situated along the perimeter of a Cretaceous stock, which measures 600 metres in diameter. Indications are that the stock is part of a larger intrusive body mapped digitally by the Geological Survey of Canada in 2008. The composition of the concealed intrusion is unknown but judging from surface exposures it ranges from granite to granodiorite and includes monzonite phases and rhyolite dikes.
Gold mineralization on the property conforms to a broadly defined intrusion-related class of deposits with gold mineralization hosted within a thermal aureole. The distinctive features of this class of gold deposits are sheeted arrays of parallel, single-stage quartz veins which are found over tens to hundreds of metres and preferentially located in the pluton’s cupola. These types of veins are also described as reduced intrusion-related gold systems represented by the Fort Knox, Pogo, Donlin Creek and Dublin Gulch deposits in Alaska and the Yukon.
Past work had recognized that the sulphide mineralogy of individual veins varies along strike and possibly along the dip direction. Sulphide content ranges from 2 to 45 per cent, and consists mainly of arsenopyrite (up to 30 per cent) and pyrite (up to 30 per cent).
The mineralization observed to date has two mineralogical characteristics that impact the precious-metal grades: mineralization dominated by arsenopyrite-pyrite-banded intergrowths; and mineralization dominated by banded arsenopyrite with minor pyrite-galena-sphalerite-tetrahedrite at the vein margins.
Locally, the veins carry small amounts of copper sulphides that include tetrahedrite. This mineral association is of particular significance and has returned a high-grade gold of up to 52.48 grams per tonne gold in one sample.
In the Camp area, there are a minimum of 13 quartz-sulphide veins present over an area measuring 150 by 200 metres. The area is situated between two deeply incised creeks named West Creek and East Creek. Work completed in 2009 resulted in the exposure of six new veins.
The majority of the veins strike northwesterly and have gentle dips to the northeast with true widths ranging from six to 47 centimetres. One of the newly found mineralized zones consists of two 25-centimetre-thick veins separated by a 30-centimetre zone of altered monzonite host rock. The veins were exposed in a 0.8-metre-by-one-metre trench and sampled across a 0.8-metre width. This site returned 1.91 grams per tonne gold and 8.0 grams per tonne silver (sample 723372).
Two veins in close proximity to each other have been exposed by shallow trenches (samples 723351 and 723352). The vein dipping gently to the north (723351) contained 20 per cent sulphides with arsenopyrite being the dominant sulphide. The vein dipping gently to the northeast contained relatively high pyrite and lesser arsenopyrite (723352). The latter vein returned 52.48 grams per tonne gold and greater than 100 grams per tonne silver.
Re-exposure of a 1988 trench has resulted in the documentation of a 127-metre-long quartz-sulphide vein striking 346 degrees. Several locations along this trench were re-excavated using hand tools and then sampled. The vein is dipping to the east-northeast at a 44-degree angle and ranges in width from 15 to 35 centimetres. Four channel samples returned an average weighted content of 3.74 grams per tonne gold and 9.13 grams per tonne silver. One sample from a silica-sulphide cemented fault fracture returned 3.62 grams per tonne gold and 6.4 grams per tonne silver across six centimetres.
Northgate Minerals Corporation today announced its financial and operating results for the fiscal quarter ended September 30, 2009.
Third Quarter 2009 Highlights - Generated excellent cash flow from operations of $50.5 million or $0.20 per share, for a year-to-date total of $145.7 million - Reported adjusted net earnings of $7.7 million or $0.03 per share - Produced 80,791 ounces of gold and 11.9 million pounds of copper at an average net cash cost of $539 per ounce of gold - Sold 85,397 ounces of gold at a realized price of $982 per ounce and 12.8 million pounds of copper at a realized price of $3.39 per pound - Successfully completed an equity offering for net proceeds of $88.5 million to fund the development of the Young-Davidson mine - Northgate's cash balance at the end of the third quarter 2009 was $235.9 million - Successful organic growth at Northgate's operations: - Discovered a significant extension of mineralization at Fosterville, confirming that the Phoenix fault system continues down plunge - Discovered a new gold zone located 300 metres (m) east of current reserves at Young-Davidson. The new zone is completely open down dip. In addition to this discovery, Northgate also reported drill results for 29 shallow diamond drill holes located in and around historic mine workings immediately east of current reserves, which have the potential to add to the 2.8 million ounces of reserves already on the property - Identified approximately 870,000 tonnes of additional mineral reserves containing 93,000 ounces at Stawell, extending the mine- life until Q2-2012
Northgate recorded consolidated revenue of $120.2 million in the third quarter of 2009, compared with $99.3 million in the same period last year. Revenues were higher due to a 25% increase in gold production over the same period last year combined with higher realized metal prices for gold and copper in the most recent quarter. Revenues for the nine month period ending September 30, 2009 were $374.3 million.
The net loss for the quarter was $8.6 million or $0.03 per share compared with a net loss of $29.4 million or $0.12 per share in the corresponding quarter of 2008. Adjusted net earnings were $7.7 million or $0.03 per share in the third quarter of 2009, which was significantly higher than the adjusted net loss of $28.4 million or $0.11 per share in the same period last year. Adjusted net earnings do not include certain non-cash items from its calculation of net earnings prepared in accordance with Canadian generally accepted accounting principles. Northgate has prepared this figure as it may be a useful indicator to investors. Non-cash items in the third quarter of 2009 include a $10.4 million write-down of investments in auction rate securities and a $5.8 million (net of tax) mark-to-market loss on Northgate’s copper forward sales contracts.
During the third quarter of 2009, Northgate generated excellent cash flow from operations of $50.5 million or $0.20 per share, which was a dramatic improvement over the $0.6 million or $0.00 per share generated in the corresponding quarter of 2008. In the first three quarters of 2009, Northgate has generated cash flow from operations of $145.7 million.
In the third quarter of 2009, Northgate’s cash and cash equivalents increased by $115.2 million following the completion of a bought deal financing with net proceeds of $88.5 million and strong free cash flow from operations. Northgate’s balance sheet now boasts cash and cash equivalents of $235.9 million and each operation is expected to generate strong operating cash flow for the balance of the year.
Bard Ventures is pleased to announce that it has started the 2009 diamond drilling on its Lone Pine Molybdenum Property. The initial 2009 phase of compilation of all historic exploration work, geological mapping, soil and rock sampling has been completed and after interpretation of these results the Company has decided to commence a diamond drill program of up to 10,000 meters. The Property is located approximately 15 kilometers north-northwest of Houston, BC, and is situated in the Omineca Mining Division.
Lone Pine Molybdenum Property:
The 2009 geological mapping and soil sampling identified the location of the favorable geological units including new areas of Alaskite and granites hosting visible molybdenum mineralization. The Alaskite intrusive is the main focus of the Lone Pine Property and in drilling it has been interpreted as being the most favorable lithology for molybdenum mineralization and is the host to the existing resource. During the field program all of the historical showings were re-located which comprised of old pits and trenches where molybdenum mineralization had been located All of the known showings located during the mapping program are located within the zone of anomalous Moybdenum in soils and it will be these areas that will be tested in the upcoming diamond drill program.
The Lone Pine Property currently has a calculated measured and indicated resource at a 0.04% Mo cutoff of 110,340,000 tonnes grading 0.083%Mo containing 201,733,000 in-situ pounds of molybdenum. (Please refer to News Release dated January 22, 2009 for full resource disclosure).
The Property has an ideal location for operations with established infrastructure including:
- Highway 16;
- a natural gas pipeline;
- a major hydro power transmission line and transformer sub-station; and
- is located only 15 kilometers from the CN rail line in Houston, BC.
Serengeti Resources is pleased to report on exploration results from six projects, including reconnaissance drilling on two properties and drill target development on four other properties. Encouraging indications of gold mineralization have been obtained from drilling on one property and very attractive targets for future drilling identified on four other properties. Results from recent additional drilling on Serengeti’s flagship Kwanika property are expected to be available in several weeks and will be released when available.
Serengeti recently consolidated by staking, a key claim in the centre of its Fleet property. The claims, located 50 km SE of the Kemess Mine, host several porphyry-style copper-molybdenum-gold showings. The most developed target is defined by a five by one kilometer, open ended area of geochemical and geophysical anomalies. Historical shallow drilling in the 1970’s intersected copper-molybdenum mineralization, including 0.18% copper over 55 meters in one hole and 0.24% copper over 15 meters in a second hole. Geophysical surveys by Serengeti in 2008 and by prior operators in the mid 1990’s identified an open-ended Induced Polarization (IP) anomaly immediately adjacent to these intercepts. This IP anomaly is located in a covered valley-bottom which has not been targeted by previous explorers. In addition, sampling by Serengeti in 2008 of quartz veins outcropping on a ridge south of this IP anomaly, returned values as high as 2.8% copper, 1.3 g/t gold from selected grab samples. This is a high quality, largely covered, copper-molybdenum-gold target and additional work is planned for the 2010 field season.
A reconnaissance drilling program was carried out on the Osilinka property located 35 kilometer NW of Kwanika in late August and early September. Six widely-spaced shallow diamond drill holes were drilled to test several targets within a two by three kilometer area of geochemical and geophysical anomalies. In the eastern portion of the target area, a fence of three widely spaced holes identified several intervals of anomalous gold and minor Cu mineralization associated with zones of favorable silica and potassic alteration. Intersections include 1.88 g/t gold over two meters and a separate interval of 0.21 g/t gold over 18 meters in one hole and 0.10 g/t gold over 23 meters in the second. Three holes drilled in the western portion of the target area intersected un-mineralized mafic intrusive rocks.
The Osilinka property covers a 13 kilometer-long, complex magnetic anomaly of which less than half has been explored to date. The presence of porphyry-style alteration and anomalous gold in reconnaissance drilling highlights the potential of the Osilinka property to host a significant porphyry gold-copper deposit and additional work is planned for the 2010 field season.
Tchentlo — Indata Area Drilling
A reconnaissance drilling program was carried out in the Tchentlo-Indata area on the southern half of the Kwanika property during August 2009. The drilling area was located 10-25 kilometers south of Serengeti’s Kwanika copper-gold deposit, in what is interpreted to be a similar geological environment. Six widely spaced shallow diamond drill holes were drilled to test a series of geochemical and geophysical targets. Two holes drilled in the northern part of the property intersected weakly altered felsic intrusives with trace amounts of molybdenite. Two holes in the central part of the property did not penetrate what is interpreted as post-mineral sedimentary rocks similar to those that cover the Kwanika copper-gold deposit, 20 kilometers to the north. Two drill holes located in the south-eastern portion of the property encountered a zone of intensely silicified mafic intrusive with minor base metal mineralization, possibly located peripheral to a porphyry system.
Choo West Target
Compilation of proprietary prior geophysical data purchased earlier this year (see NR 2009-06 dated May 11, 2009) has identified several attractive targets on the western portion of Choo property. The new targets comprise several bulls-eye IP and magnetic anomalies, one to two square kilometers in extent and show similarities to targets recently described by Terrane Metals from the Mt Milligan area, located thirty kilometers to the east. This new area of interest lies west of the road network being used to support the recent drill program at Choo; (see NR 2009-11 dated October 13, 2009) so a helicopter supported follow-up program is planned for 2010 to confirm these targets.
Germansen & Valleau Targets
Mobile metal ion (MMI) partial extraction geochemistry was completed this summer over several IP targets previously identified by Serengeti at the Germansen and Valleau properties located 12 and 20 kilometers east respectively of Serengeti’s Kwanika property. At Valleau, two “rabbit-ear” or double peaked copper-silver-zinc anomalies were identified flanking IP chargeability anomalies, representing a classic drill target. At Germansen a linear zone of enriched copper was identified associated with an IP anomaly. Additional geochemical areas of interest were also identified on both properties. These targets could rapidly be upgraded for drilling by a follow-up program in 2010.
Powered by Max Banner Ads