Archive for category Corporate Updates
GGL Diamond Approves Name Change to GGL Resources Corp.
Posted by Admin in Corporate Updates, News Releases on August 26th, 2009
GGL Diamond Corp. (GGL) is pleased to announce the appointment of Mr. Wayne Spilsbury to the board of directors. Mr. Spilsbury received his B.Sc. (Honors Geology) in 1973 from the University of British Columbia and his M. Sc. (Honors Geology) in 1982 from Queens University in Ontario. He brings over 35 years experience in mineral exploration and management, including 28 years with Teck Cominco Limited and was their former General Manager, Exploration – Asia Pacific. Wayne has worked throughout Western Canada, the United States, Asia and Australia; he is a Member of the Association of Professional Engineers and Geoscientists of British Columbia and a Fellow of Australasian Institute of Mining and Metallurgy.
Returning directors are Graham Eacott, Nick DeMare, Raymond A. Hrkac and William Meyer. William Boden has stepped down from the board of directors to enable him to concentrate on other companies of which he is a founder. The Company thanks him for his most valuable contributions and we wish him well.
Based on the recommendation of the Board’s Compensation Committee, the directors approved the granting of 4,475,000 options at an exercise price of $0.10 per share exercisable until August 19, 2014. The options were granted to directors, officers, consultants and employees of the Company.
Shareholders voted in favor of the name change to GGL Resources Corp., the appointment of D+H Group LLP as auditors of the Company for the ensuing year, and approved the annual ratification of the Company’s 10% rolling stock option plan.
Private Placement
GGL has had an initial closing of its non-brokered private placement originally announced on July 17, 2009. A combination of flow-through units at a price of $0.06, (changed from $0.08), per unit and non-flow-through units at a price of $0.06 per unit will be sold. Each flow-through unit will consist of one flow-through common share and one half of one non-transferable non flow-through warrant. Each whole warrant will entitle the holder to purchase one non flow-through common share for one year from the closing date at $0.10 per share.
In the initial closing 1,776,000 non flow-through units at $0.06 per unit were placed for gross proceeds of $106,560. Each non flow-through unit consists of one non flow-through common share and one half of one non-transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase one non flow-through common share until August 20, 2012 at $0.10 per share in the first year, $0.20 per share in the second year and $0.30 per share in the third year. The securities have a hold period until December 21, 2009.
If GGL’s common shares trade on the TSX Venture Exchange at a closing price greater than $0.50 per share for twenty consecutive trading days at any time after four months and one day from the closing date, GGL may accelerate the expiry of the warrants by giving notice to the holders thereof, and in such case the warrants will expire on the 30th day after the date on which such notice is given. GGL may pay a finder’s fee to eligible finders of purchasers of units. Such fees will be paid in non flow-through common shares.
The proceeds from the sale of the units will be used for exploration work on the PGB gold areas and the McConnell property, and for general corporate purposes. The proceeds from the sale of the flow-through shares will be used to incur Canadian Exploration Expense (”CEE”), as defined in the Income Tax Act (Canada). GGL will renounce such CEE to the subscribers effective for the 2009 tax year. Future closings of the private placement are subject to acceptance for filing by the TSX Venture Exchange. The private placement is open until September 9, 2009.
Northgate Minerals Terminates Discussion with Dioro
Posted by Admin in Corporate Updates, News Releases on July 28th, 2009
Northgate Minerals Corporation has confirmed today that it has terminated discussions with Dioro Exploration NL regarding a potential material transaction, as previously disclosed on July 20, 2009.
Northgate continues to evaluate strategic opportunities and targeted acquisitions for growth that will generate value for our shareholders. Northgate Minerals Corporation is a gold and copper producer with mining operations, development projects and exploration properties in Canada and Australia. The company is forecasting record gold production of over 390,000 ounces in 2009 and is targeting growth through further acquisition opportunities in stable mining jurisdictions around the world. Northgate is listed on the TSX under the symbol NGX and on the NYSE Amex under the symbol NXG.
Cascadero Provides Toodoggone Exploration Update
Posted by Admin in Corporate Updates, News Releases on July 24th, 2009
Highlights of the 2009 Toodoggone exploration program to date are as follows:
- A low-level airborne magnetic geophysical program was flown over approximately 2/3rds of the property (~20,000 hectares) in April.
- The Toodoggone Camp was ready in early June after snow removal and set-up.
- Road grading, bridge repair and building repairs were required due to heavy snow pack.
- Line cutting in preparation for an Induced Polarization geophysical survey started on the June 4th.
- The Induced Polarization geophysical survey began on June 18th. Interesting anomalies are indicated by preliminary analysis, the full significance, of which, remains to be evaluated.
- Geologic mapping, sampling and review of historic core are underway. Infill rock chip sampling is expected to enhance the understanding of overall metal zoning.
- A program of ~4,000 metres of HQ core drilling is scheduled for early August. Initial holes are in the Pine mineralized zone. Additional drill locations are dependent on the compilation of geology, air-mag and IP results.
- All permits are in place.
- Discussions with First Nations Groups about environmental, archeological and employment opportunities are proceeding
Total camp population is in the order of 35 to 40 people.
The 2009 exploration program is managed and financed by Gold Fields Toodoggone Exploration Corporation which can earn up to a 75% interest in the property. The property is also subject to a 3% NSR in favour of Electrum Resource Corp. The NSR can be reduced with cash payments to 1% on base metal and 1½ % on precious metal. The property is road accessible and located in the Toodoggone region of north central British Columbia.
Northgate Minerals Confirms it is in Talks With Dioro
Posted by Admin in Corporate Updates, News Releases on July 20th, 2009
Northgate Minerals Corp. is currently engaged in advanced discussions with the board of directors of Dioro Exploration NL regarding a potential material transaction. Northgate will provide further updates on the status of its discussions with the Dioro board as appropriate and in accordance with applicable regulations and its internal disclosure policies.
About Dioro
Dioro Exploration NL is an integrated gold producer listed on the Australian Securities Exchange (ASX) and Toronto Stock Exchange. Further information regarding Dioro is available at its website.
TTM Resources Metallurgical Results and Section 10
Posted by Admin in Corporate Updates, News Releases, Permitting on July 7th, 2009
TTM Resources Inc. has received from the British Columbia Environmental Assessment Office (BCEAO) a Section 10 order for TTM Resources Inc.’s Chu molybdenum project located 85 kilometres south of Vanderhoof, B.C., in the Omineca mining division.
The Chu molybdenum project description was submitted by the company on April 2, 2009, and received a Section 10 order from the BCEAO on May 1, 2009. The Section 10 order is recognition by the British Columbia government that the Chu molybdenum project is reviewable project under the Environmental Reviewable Projects Legislation and will require an environmental assessment certificate prior to obtaining mining permits.
The project description for the company’s Chu molybdenum project outlines TTM’s proposed open pit molybdenum mine at a production rate of 60,000 tonnes per day for annual production of 21 million tonnes over a projected 31-year mine life. At this projected mining rate the project would produce in excess of 600 million pounds of molybdenum and in excess of 450 million pounds of copper. The proposed project would also include 120 kilometres of electric power transmission lines, an electric powered mill facility consisting of crushing, grinding and conventional flotation concentration yielding a molybdenite concentrate.
The project description has now been accepted by the BC and Canadian Environmental Assessment Agencies and the newly formed Federal Major Projects Management Office. The three offices will now inform TTM which first nations, local communities, provincial and federal agencies and other affected stakeholders will form the review committee for the assessment.
“This is a very important step in our continuing efforts to develop the Chu molybdenum project into a productive, 30-year mine. We look forward to working with the review committee and particularly the town of Vanderhoof and our first nations partners, to move towards that end,” says Crichy Clarke, president and chief executive officer of TTM Resources.
Two thousand nine drill highlights
TTM Resources has also released the results of four drill holes completed on the West zone earlier this spring. Three of these holes, 2009-CHU-W024 to W026, were designed as infill holes to be used in future resource/reserve calculations with an emphasis on testing near surface, higher-grade zones. The fourth hole, 2009-CHU-W027, was drilled oblique to the strike of the deposit to test for high-grade mineralization associated with northeast trending fault zones. Hole W027 was collared 60 metres south of hole CHU-06-06, with a similar orientation.
DRILL RESULTS AT WEST ZONE Drill hole From (m) To (m) Width (m) Mo% 2009-CHU-W024 124.05 200.24 76.19 0.072 and including 133.19 172.81 39.62 0.093 2009-CHU-W024 454.70 462.36 7.66 0.135 2009-CHU-W025 84.43 108.40 23.97 0.073 2009-CHU-W025 171.98 200.28 28.30 0.099 2009-CHU-W026 17.37 418.00 400.63 0.042 including 230.00 273.39 43.39 0.086 and including 235.12 265.00 29.88 0.096 2009-CHU-W027 10.67 778.83 68.16 0.053 including 22.86 71.62 48.76 0.073 including 384.37 659.86 275.49 0.073 and including 559.28 659.86 100.58 0.102
After spring break-up the company intends to drill up to 3,000 metres in a 12-hole program, designed to continue testing near surface, high-grade mineralization at the West zone. Some of these holes will infill gaps between reported sections, while the bulk of the drilling will test a thick quartz-feldspar-porphyry dike that has yielded high-grade values at depth and has not been tested near surface. If the initial near surface testing of the dike is successful, the program will be expanded to test downdip extensions. All 2009 drilling will be incorporated into a revised resource/reserve report to be released later this year.
“We continue to expand our resource within the confines of the pit design laid out by our engineers. Our focus to expand the near surface resource in the West pit area, continues to justify our early production plans. We continue to be impressed with our results at depth in the West area.” says Mr. Clarke.
Metallurgical results
The company is pleased to report results from metallurgical testing conducted on drill core samples from its 100-per-cent-owned Chu molybdenum project located 85 kilometres south of Vanderhoof, B.C.
The emphasis of the testing was to maximize the recovery of molybdenite into a marketable concentrate while maximizing the rejection of pyrite and chalcopyrite. Test F20 recovered 75.8 per cent molybdenum into a concentrate grading 51.5 per cent Mo, thus achieving the desired goal of producing a molybdenum concentrate of greater than 50 per cent from slightly lower than average grade material.
TTM has now prepared four additional composites from drill core assay rejects at an average grade of 0.06 per cent Mo to reflect the average grade and to reflect the various lithologies within which the mineralization is contained. These composites have been sent to SGS Lakefield to examine the universality of the F20 test parameters and to investigate additional optimization parameters. In addition to the metallurgical testing these new composites will be subjected to acid generation potential (ABA) studies.
The technical content of this metallurgical summary has been prepared by Gary Hawthorne (PEng), an independent qualified person as defined by National Instrument 43-101.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. The technical information provided in this press release was reviewed by Warren Robb, (PGeo) and Wesley Raven (PGeo), who are both qualified persons for the purposes of NI 43-101.
Finlay Minerals Grants Stock Options
Posted by Admin in Corporate Updates, News Releases on June 30th, 2009
The board of directors of Finlay Minerals Ltd. has granted director and consultant stock options aggregating 1.15 million shares exercisable at 10 cents until June 29, 2014, under its stock option plan.
Canasil Corporate Update
Posted by Admin in Corporate Updates, News Releases, Property Map on June 16th, 2009
Canasil Resources Inc. has released an update covering the company’s operations and plans for 2009. The operating environment for the resource sector has improved considerably over the first half of 2009. The increasing price of precious metals, a gradual improvement in the price of base metals and significant increase in the price of oil reflect a generally more positive economic outlook.
This has resulted in significant gains in the share prices of mineral producers, well-financed explorers and those with advanced projects. Smaller explorers, particularly those with limited working capital, have not recovered due to the barriers for raising exploration capital and the potential dilution from raising funds at the current very low share prices.
Given these conditions, the company has focused on reducing operating costs and maintaining its core assets, which are its mineral exploration projects in Durango, Zacatecas and Sinaloa states in Mexico, and in British Columbia, Canada, as well as its operating team in Mexico. The company has an exceptionally well-located and prospective mineral exploration portfolio for gold, silver, copper, zinc and lead in these well-recognized and politically stable jurisdictions, all with exceptional access and infrastructure. This portfolio includes at least three projects with the potential for hosting large gold, silver, copper and zinc mineralized systems, and a number of prospects with the potential for high-grade gold and silver-vein-type mineralization.
The company’s focus during the second half of 2009 will be to maintain and gradually advance its exploration projects. The immediate exploration objective will be to advance the Sandra-Escobar project under the option agreement with Pan American Silver Corp. This project is located in northern Durango state, Mexico, on an important mineral trend with many past and presently producing silver-gold mines and deposits, approximately 75 kilometres west-northwest of Silver Standard Resources’ La Pitarrilla project. It has the potential to host a large gold-silver mineralized system with copper, lead and zinc credits.
The company will also continue to pursue opportunities for option and joint venture agreements to advance its exploration projects. The increasing metal prices and improving economic conditions have resulted in greater interest for joint venture co-operation on the company’s projects, particularly given the desirable location of these projects and the mix of precious and base metal prospects in the company’s portfolio. The company has completed initial exploration and drill programs on the following projects, all of which have returned significant mineralized drill intercepts: Brenda gold-copper porphyry project, B.C., Canada Salamandra silver-zinc project, Durango, Mexico; La Esperanza silver-lead-zinc project, Zacatecas, Mexico; Colibri silver-gold-copper project, Durango, Mexico.
Results from the Brenda and Salamandra projects indicate the potential for hosting large mineralized systems. The La Esperanza and Colibri projects host high-grade epithermal-vein-type systems. In addition to the above projects, the company has a further eight earlier-stage exploration projects, two in British Columbia, Canada, and six in Durango and Sinaloa states, Mexico.
Serengeti Announces Larger Summer Drilling Program on Kwanika and High Priority Regional Targets
Posted by Admin in Corporate Updates, News Releases on June 8th, 2009
Serengeti Resources has increased its exploration budget for this summer’s drilling program, now scheduled to start at the Company’s 100% owned Kwanika copper-gold property on or about June 20th. The budget for the summer program has been increased by 20% to $3.1 million, and this, together with lower prices for 2009 project work, will enable Serengeti to drill approximately 6,750 meters in 27 holes, testing nine exploration targets across four properties. In addition, joint venture partner Newcrest Mining BC Limited has received approved work permits for a separate 2,400 meter drill program on Serengeti’s Croy Bloom property.
The following table summarizes the number of holes, meters and targets on each property.
|
2009 Discovery Opportunities |
||||
| Property |
Holes |
Meters |
Targets |
Commodity |
| Kwanika Central |
12 |
3,400 |
4 |
Cu Au Mo |
| Kwanika South |
5 |
1,000 |
2 |
Cu Au Mo |
| Osilinka |
5 |
1,000 |
1 |
Cu Au Ag |
| Mil |
3 |
750 |
1 |
Cu Au |
| Choo |
2 |
600 |
1 |
Cu Au |
| Croy Bloom (Newcrest) |
4 |
2,400 |
3 |
Cu Au |
|
Total |
31 |
9,150 |
12 |
Cu Au Mo Ag |
The drilling program will start on the Kwanika property where approximately half of the program will test:
- High priority targets around the Central Zone where an Indicated Resource of 75 million tonnes grading 0.41% copper and 0.42 g/t gold was announced on February 25, 2009, (see NR 2009-04).
- Step-outs to the South Zone where 2008 drilling in 14 holes returned an average of 0.36% copper, 0.13 g/t gold and 0.01% molybdenum over an average 82 meter composite intercept. The objectives of the drill program are to significantly expand the known mineralized zones and search for new centers of good grade copper-gold-molybdenum mineralization.
The balance of the drill program funded by Serengeti is as follows:
- 1,000 meters on two other targets in the very large Kwanika block, including three holes on a strong copper-molybdenum geochemical response coincident with an induced polarization (IP) geophysical anomaly 10 km south of the Central zone, and two holes on a copper-gold target at the southern end of the claim block.
- 1,000 meters in five holes to test a highly attractive copper-gold-silver geochemical and coincident IP anomaly on the Osilinka block located 35 km north of Kwanika.
- 750 meters in three holes testing a target with attractive IP geophysical and gold geochemical results on the Mil property located 15 km west of the Mt. Milligan copper-gold deposit. The Mil property is currently held in a 50-50% joint venture with Fjordland Exploration Inc. Serengeti will fund the 2009 drilling and earn additional ownership in the Quest JV including Mil.
- 600 meters in two holes testing a very large IP anomaly on the Choo property. Drilling in the vicinity in the 1990’s by a previous owner showed anomalous copper-gold mineralization. Exploration data recently purchased by Serengeti from Amarc Resources Ltd also indicates two additional IP geophysical targets (coincident in one case with a copper geochemical anomaly) on the Choo property and follow up is planned on these new targets this season.
In addition to the program funded by Serengeti, Newcrest Mining BC Limited has received approved work permits for a four hole deep drilling program on Serengeti’s Croy Bloom-Davie Creek property located 85 kilometers south of the Kemess mine.
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