Posts Tagged gold

LORRAINE COPPER ANNOUNCES CREW MOBILIZED TO THE LORRAINE COPPER GOLD PROJECT

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.

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Serengeti Completes Exploration Access Agreement for Kwanika Project with Takla Lake First Nation

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.

About Serengeti

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.

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Serengeti Expands Potential of South Zone at Kwanika

Serengeti Resources reports the additional results from this summer’s exploration program at the Company’s Kwanika property in British Columbia.

Two new mineralized intercepts from drilling on the South Zone indicate that the South Zone extends to considerably greater depth than has been previously noted. The drilling has also shown that the South Zone, which abuts against a fault on the west side, the “West Fault”, is open to the south and east as well as to depth. More drilling is underway to expand the South Zone.

The results include a deep intercept grading 0.43% copper, 0.02 g/t gold, 2.0 g/t silver and 0.049% molybdenum (0.80% copper equivalent) over 65.5 meters in hole K-136 and in hole K-124, 0.36% copper, 0.01 g/t gold, 1.4 g/t silver and 0.007% molybdenum (0.43% copper equivalent) over 58 meters. The intercept from hole K-124 is additional to the previously reported 242.5 metres of mineralization.

Drill Holes K-09-124, K-09-129 to K-09-137 Significant Analytical Results

Hole

From (m)

To (m)

Interval (m)

Copper %

Gold g/t

Silver g/t

Mo %

Copper Equiv. %*

Gold Equiv. g/t*

Zone

Orientation (dip/azimuth)

K-124

259.5

622.0

362.5

0.35

0.04

1.7

0.014

0.49

0.84

South

Vertical

Incl. 259.5**

502.0

242.5

0.41

0.05

2.1

0.018

0.58

1.00

And 564.0

622.0

58.0

0.36

0.01

1.4

0.007

0.43

0.73

K-136

412.0

440.0

28.0

0.09

0.00

0.6

0.008

0.15

0.26

South

-65º / 90º

502.0

677.5

175.5

0.26

0.01

1.1

0.024

0.44

0.76

Incl. 524.0

589.5

65.5

0.43

0.02

2.0

0.049

0.80

1.37

And Incl. 660.0

677.5

17.5

0.33

0.01

0.8

0.003

0.36

0.63

K-130

80.0

82.0

2.0

0.17

0.22

1.6

0.017

0.43

0.74

East

-60º / 270º

K-132

91.8

97.9

6.1

0.47

0.14

0.9

0.003

0.58

1.00

North

-65º / 90º

K-133

Incl. 140.3

249.1

108.8

0.04

0.01

0.1

0.000

0.05

0.08

North

Vertical

K-129, 131, 134, 135, 137 indicated NSV

*Copper and Gold Equivalent calculations use metal prices of US$1.75/lb for copper, US$12/lb for molybdenum, US$700/oz for gold and US$12.50/oz for silver and both assume metallurgical recoveries and net smelter returns of 100%. Copper (Cu) EQ = Cu% + (Mo% x 12/1.75) + (Au g/t x 12.86/22.06) + (Ag g/t x 0.23/22.06). Gold (Au) EQ = Au g/t + (Cu % x 38.60/22.5) + (Mo% x 264.72/22.5) + (Ag g/t x 12.50/700).
** Previously Reported.

“The drilling reported on here adds size and depth to the South Zone and clearly indicates major expansion potential to the south and east.” stated President and CEO David Moore. “Hole K-136 in particular has returned excellent grades adjacent to the West Fault on the South Zone. Recent geological and geophysical modeling has traced this newly identified fault six kilometers to the south, opening up a large area for future exploration. We are very encouraged by the newly demonstrated potential at depth in the South Zone as indicated by holes K-124 and K-136. We are currently drilling several additional holes testing this potential.” added Moore.

South Zone Drilling (K-124, and K-135 to 137): Shallow drilling prior to Serengeti’s exploration suggested a limited resource that required more testing. Serengeti’s recent work has indicated the potential for expansion is wide open. Vertical drill hole K-124, the upper portion of which was previously reported (see NR 2009-08 dated August 26, 2009) was deepened and as noted above an additional mineralized interval grading 0.36% copper, 0.01 g/t gold, 1.4 g/t silver, 0.007% molybdenum (0.43% copper equivalent) over 58.0 meters was intersected. The overall mineralized intercept in K-124 now grades 0.35% copper, 0.04 g/t gold, 1.7 g/t silver, 0.014% molybdenum (0.49% copper equivalent) over 362.5 meters. K-136, an angle hole drilled from the west, drilled though the West Fault and then encountered a 175.5 meter mineralized interval to the bottom of the hole at 677.5 meters, including an interval assaying 0.43% copper, 0.02 g/t gold, 2.0 g/t silver, 0.049% molybdenum (0.80% copper equivalent) over 65.5 meters. Due to orientation and deviation of the drill hole, the intercept in K-136 lies on the same section as K-124.

K-135 which was unmineralized was a west-directed angle hole drilled from the collar of K-124 and helped define the West Fault. K-137 was drilled off the north end of the South Zone and was not mineralized.

North Area Drilling (K-131 to 134): Hole K-131, 132, 133 were drilled in the vicinity of previously reported hole K-08-122 which intersected 0.42% copper, 0.06 g/t gold, over 76.2 meters, approximately one kilometer north of the Central Zone resource. These three recent holes demonstrate that the K-122 area is structurally complex, with the best interval, 0.47% copper, 0.14 g/t gold occurring over 6.1 meters in hole
K-132 and a broad zone of anomalous copper intersected in K-133. Hole K-134 which was drilled off the north east end of the Central Zone was unmineralized.

East Area Drilling (K-129 and K-130): Two holes were drilled in the north-east quadrant of the property, with K-130 encountering a narrow mineralized interval grading 0.17% copper, 0.22 g/t gold over 2 meters immediately below unexpectedly deep overburden. K-129, drilled 1.4 kilometers to the south did not intersect significant mineralization.

Drill Program Summary Drilling has now been completed on Serengeti’s Osilinka property and results will be released when available. Drilling has now resumed at the South Zone at Kwanika, after which the drill will be moved to test attractive targets on the Choo and Mil properties.

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Lorraine Copper does Private Placement

Lorraine Copper has received subscriptions for a non-brokered private placement agreement, subject to regulatory approval, for the sale of up to 2,000,000 units (each unit comprises one common share and one share purchase warrant) at a price of $0.05 per unit. Each warrant provides for the purchase of an additional common share at a price of $0.10 per share for five years from the date of regulatory approval. The shares issued pursuant to this private placement, and any warrants exercised therefrom, shall be subject to a four-month hold period.

Total gross proceeds of the offering will be $100,000. The proceeds of the offering shall be applied to general working capital.

The company shall pay no fees or commissions on behalf of the placement.

This offering is subject to approval of the TSX Venture Exchange.

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Alpha Gold Prepares for 2009 Program

 

Alpha Gold today announced that a drill program of approximately 5,000 metres is slated to begin in early August 2009. Exploration in 2009 will initially focus on the Canyon Creek Skarn (“CCS”). The goal of the 2009 exploration program is to focus on targets that indicate the potential for new discoveries and some infill drilling that, if successful, will result in expanding the current resource and possibly demonstrating continuity or expansion of other zones.

The design and logistics of 2009 field program will be finalized when all historical property data has been completely integrated into the drilling database and will commence when ground conditions permit. “Once permits are in place and drill targets have been finalized, we will have a drill turning on the property,” explained Richard Whatley, President and CEO. Geophysical, geochemical and geological data are being compiled by Hungry Hill Geological Ltd., the Company’s new Geological Consultant, and all historical data re-analyzed in order to generate targets in and around the CCS and the Glover Stock. Diamond drilling using NQ core size on the CCS will focus on three priority areas: (i) infill drilling to better establish the resource parameters of CCS mineralized body needed for an NI 43-101 resource calculation; (ii) new step-out targets that have the potential to extend the existing CCS mineralized zone; and (iii) test drilling skarn-like geophysical and geochemical anomalies that have been, and may still be, identified.

During this season, aerial orthophotography of the Lustdust Property and real time GPS surveying of all drill collars are proposed which will add to the reconnaissance for advancing the potential of the CCS. The total cost of the 2009 drill program is estimated to be C$1.3 million. There is C$3 million in the treasury. It is expected that upon completion of the 2009 drill program, a stand alone resource estimate can be reinitiated on the CCS. Earlier work on an NI 43-101 compliant estimate was discontinued due to insufficient drill data and downhole geophysics to meet NI 43-101 criteria.

 

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British Columbia Government Approves Mt. Milligan

Robert Pease, President and CEO of Terrane Metals Corp. is pleased to announce that the Company has received from the province of British Columbia an Environmental Assessment (“EA”) Certificate for its Mt. Milligan copper-gold Project 150 km northwest of Prince George. Receipt of the EA Certificate followed a comprehensive 180-day review led by the province’s Environmental Assessment Office.

President and CEO Robert Pease stated: “We are very pleased with the timely approval of our EA Certificate. This milestone approval is a testament to our environmentally responsible mine design. We look forward to successfully completing the federal EA process and building British Columbia’s next major metal mine.”

Mt. Milligan will be a conventional truck-shovel open pit mine with a 60,000 tpd copper flotation process plant. During the 30 month construction period an average of 370 jobs will be created; in commercial production there will be approximately 400 full time jobs. Average annual production of 265,100 oz gold and 97 million lb copper is forecast for the first six years of an initial 15-year mine life. Pending receipt of the balance of Project approvals and subject to financing, construction could commence in Q2 2010 with commercial production in Q4 2012.

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Serengeti Resource Estimate Confirms 1.6 Million Ounce Gold and 1.1 Billion Pound Copper Indicated Resource at Kwanika

Serengeti Resources  is pleased to announce the initial mineral resource estimate for the Central Zone at the Company’s 100% owned Kwanika copper-gold property in British Columbia.

The estimate for the Central Zone is based on 78 holes totaling 40,784 meters drilled between 2006 and 2008 which establish the volume, grade, and continuity of the mineralization. The mineral resources are reported within a defined volume and at various cut-off grades as presented below in the table of Kwanika Central Zone Mineral Resources.

At a 0.25% copper equivalent (Cu Eq)1 cut-off the Kwanika Central Zone Mineral Resources are:

  • 182.6 million tonnes of Indicated Mineral Resources grading 0.47% Cu Eq or 0.71 g/t Au Eq, containing 1.62 million ounces of gold and 1.15 billion pounds of copper; AND
  • 28.5 million tonnes of Inferred Mineral Resources grading 0.32% Cu Eq or 0.49 g/t Au Eq containing an additional 0.2 million ounces of gold and 120 million pounds of copper.

A higher grade core within the zone, at a 0.4% Cu Eq cut-off, yields:

  • 75.1 million tonnes of Indicated Mineral Resources grading 0.69% Cu Eq or 1.05 g/t Au Eq, containing 1.02 million ounces of gold and 680 million pounds of copper.

The estimate was prepared by independent geological and mining consultants, Scott Wilson Roscoe Postle Associate Inc., under the direction of David W. Rennie, P.Eng. an independent Qualified Person, as defined by the National Instrument 43-101. Mr. Rennie has reviewed and approved the contents of this release. A technical report providing details of the estimate will be filed on Sedar (www.sedar.com) within 45 days.

“We are extremely pleased to have achieved this important milestone at Kwanika.” stated Serengeti Resources President and CEO, David W. Moore. “This NI 43-101 compliant Indicated Resource containing 4.2 million ounces gold-equivalent is a very significant building block for the Company. In light of current market conditions, our efforts this year at Kwanika will focus on selectively testing targets in the vicinity of the resource area, including targets mentioned elsewhere in this release, to seek and expand additional high grade mineralized centers.” elaborated Moore.

Kwanika Central Zone Indicated Mineral Resources

CuEq
% Cut-off

Tonnage
 Mt

Au
g/t

Au
 M oz

Cu
%

Cu
M lb

    Cu
 Eq %

Au Eq
g/t

1.00

10.20

0.90

0.295

0.77

173.0

1.36

2.07

0.75

21.93

0.70

0.494

0.63

304.9

1.09

1.66

0.50

48.58

0.51

0.801

0.49

521.3

0.82

1.26

0.45

59.31

0.47

0.894

0.45

591.6

0.76

1.16

0.40

75.07

0.42

1.015

0.41

684.0

0.69

1.05

0.35

98.42

0.37

1.170

0.37

806.4

0.61

0.94

0.30

133.26

0.32

1.370

0.33

964.8

0.54

0.82

0.25

182.63

0.28

1.616

0.29

1,152.6

0.47

0.71

Inferred Mineral Resources

CuEq
% Cut-off

Tonnage
 Mt

Au
g/t

Au
 M oz

Cu
%

Cu
M lb

     Cu
     Eq %

Au Eq
g/t

1.00

0.01

0.83

0.000

0.61

0.1

1.16

1.77

0.75

0.22

0.52

0.004

0.51

2.4

0.86

1.31

0.50

1.15

0.40

0.015

0.39

9.7

0.65

0.99

0.45

1.59

0.37

0.019

0.36

12.5

0.60

0.91

0.40

2.99

0.31

0.030

0.31

20.6

0.52

0.79

0.35

6.20

0.27

0.053

0.27

36.4

0.44

0.67

0.30

14.47

0.23

0.106

0.22

71.4

0.37

0.57

0.25

28.54

0.20

0.181

0.20

122.5

0.32

0.49

Note 1: Copper and gold equivalent calculations use metal prices of US$2.00/lb for copper and US$900/oz for gold and do not include factors for metallurgical recoveries. Preliminary metallurgical testing on one composite sample from Kwanika has indicated 88.5% recovery for copper and 65.2% recovery for gold in a locked cycle test. Characterization work is underway on gold distribution and additional test work could result in improved gold recovery. Cu Eq = Cu % + [Au g/t x ( 900 / 31.1 / 2.00) / 22.06] Au Eq = Au g/t + [Cu % x ( 22.06 x 2.00) / ( 900 / 31.1)]

Note 2: CIM 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 volume or shell defined by long term metal price estimates of US $2.00/lb for copper and $900/oz for gold. A 0.25% Cu Eq cut-off is considered to be reasonable for a porphyry deposit open pit in this location.

Drilling elsewhere on the property has indicated three additional mineralized areas for which drilling density is not currently sufficient to estimate a resource (see table below). The South Zone, has approximate dimensions of 1000 meters by 300 meters; the South historical Zone, 600 meters by 300 meters; the North target is presently defined by one hole (see maps on www.serengetiresources.com). Importantly, all three areas remain open for expansion and additional targets also include a geochemically anomalous trend lying to the east of the Central Zone as well as a very attractive new target located 10 km to the south described in news release #2009-02 dated January 26, 2009. Drilling in any one of these areas could result in the discovery of additional high grade, near surface copper-gold mineralization.

Other Mineralized Zones

Zone

# of Holes Cu Eq
%Cut-off

Average Composite Intercept

(Length m) Cu% Au g/t Mo% Cu Eq%
South

14

0.25

82

0.36

0.13

0.013

0.53

South Historical

11

0.25

40

0.31

—-

0.008

0.37

North target

1

—-

76

0.42

0.06

trace

0.46

Note 3: Copper equivalent calculation uses metal prices of US$2.00 per pound for copper, US$900/oz for gold and US$15/lb for molybdenum with no provision for metallurgical recoveries. Cu Eq = Cu % + [(Mo % x 15/2.00) + (Au g/t x 900 / 31.1 / 2.00 / 22.06)]

Note 4: Gold data are not available for the South Zone historical drilling.

The Kwanika discovery has demonstrated that important tonnages of higher grade, supergene-enriched porphyry copper-gold mineralization can occur in the Quesnel Trough of B.C., where very favorable geology for hosting these deposits is blanketed by widespread overburden. Modern geophysical techniques are now able to penetrate this overburden cover and open up this very large under-explored area for exploration. Within this region, Serengeti has extensive holdings with many high quality exploration targets which remain to be tested.

About Serengeti
Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of exploration success. The Company is focused on the advancement of its Kwanika copper-gold project and on the discovery of gold and copper deposits on its extensive portfolio of properties in the highly prospective Quesnel Trough of British Columbia. 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 working capital position of approximately $9.0 million.

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 David W. Moore, P. Geo., President and CEO of Serengeti Resources Inc. Sample analysis for the Kwanika drilling was completed at Global Discovery Lab in Vancouver, BC. A comprehensive quality assurance/quality control program formed part of the sampling protocol in addition to the laboratory’s own quality assurance program.

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Eastfield Acquires Gold Property in British Columbia

Eastfield Resources has recently staked a new property in British Columbia named Kilometre 26. The property is located 55 kilometres northwest of Fort St. James and is easily accessed by a major industrial road.

The property, which covers approximately 1,840 ha, is centred and extends 15 km along the regional Pinchi Fault Zone. The property was staked to cover the area where, in 1983, Cominco discovered a boulder which repeatedly returned assay grades ranging around 8.1 g/t gold. The style of mineralization and alteration encountered on the property with the boulder is similar to what has been called Mariposite Ore, in the historic Motherlode district of California.

The Pinchi Fault is a major structural feature that separates distinct geological terranes. It extends in a northwesterly orientation for more than 450 kilometres. Current hot spring activity on the Pinchi Fault at Tchentlo Lake, located 50 kilometres to the north of the Kilometre 26 property, confirms that this activity continues.

The Pinchi Fault with its terrane bounding character, ultramafic intrusive affinities, mercury mineralization and hot spring activity is analogous to the Melones Fault (Motherlode District) and the Stony Creek Fault (Mclaughlin Mine), both in California, and offers potential for hosting major gold deposits. Much of the area is overburden covered. Eastfield is inviting joint venture partners to fund exploration on Kilometre 26.

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Skeena Acquires Gold Project in Toodoggone

Skeena Resources Ltd. has acquired a high-grade gold occurrence covered by the historic Mets mining lease in the Toodoggone precious metals district in north-central British Columbia. This area was one of the more actively explored in B.C. during the 1980s and 1990s, firstly for near-surface, epithermal-style, high-grade gold and silver, and later for porphyry-style copper-gold deposits.

The single-most significant development in the area is the 55,000-ton-per-day Kemess porphyry copper-gold mine, 40 miles to the south of Mets. Other past producers in the area include the Lawyers mine, located 10 miles to the south, which produced 174,000 ounces of gold and 3.6 million ounces of silver, and the Baker and Shasta mines, located 14 miles south, which also saw intermittent production between 1980 and 1996. At Baker (now owned and seasonally operated by Sable Resources), approximately 81,878 tonnes were mined at an average grade of 15.68 grams per tonne gold and 291 g/t silver, while at Shasta, 113,113 tonnes were mined at an average grade of 5.33 g/t Au and 292 g/t Ag.

At the Mets property, the main area of interest consists of a tabular core of silicified rock and quartz-barite veining in three separate but genetically related zones: the A zone (and its extension), the footwall zone and the 400 South zone. Exploratory work between the mid-1980s and 1992 consisted of various geological and geochemical surveys, excavator trenching, 8,784 metres of diamond drilling, and 350 metres of underground development on one level. On this basis, two previous operators calculated a gold resource. These historic tonnages are quoted here for context only, as the calculations are not compliant with current Canadian Securities 43-101 reporting guidelines and will require both verification and updating. The A zone has a strike length of 140 metres, a true thickness of six to 10 metres and vertical extent of up to 75 metres. Measured geological resource for the A zone is 143,321 tonnes grading 11.31 grams per tonne gold (assessment report 16692, source B.C. Minfile). Inferred resource for the less tested combined footwall and N75 zones are 317,485 tonnes grading 11.31 g/t Au (source B.C. Minfile, property file — MEG Talk, Nov. 18, 1987).

In 1992, Cheni Gold Mines Inc. optioned the Mets property, completed an in-house feasibility study, permitted the project and undertook a brief underground program. Its last recalculation of the A zone resource was a “diluted mine reserve” of 53,215 tonnes grading 11.6 grams per tonne gold. Development material from this deposit was to have been trucked over two field seasons to the nearby Lawyers mill. The program was abandoned when the French owners of Cheni prematurely shut down their Canadian gold operations. In 1993, the stockpiled development rock was placed back underground, the adit was sealed and the site reclaimed.

At least five other areas of alteration, quartz veining and mineralization occur elsewhere on the Mets property with previous trench results up to 12 g/t Au over two metres. None of these targets have yet been drill tested. The interpreted fault offset of the A zone presents another priority target where a single diamond drill hole yielded 22.834 g/t Au over a core length of 7.1 metres.

The property acquisition also includes the nearby Belle claims which host two significant, undrilled occurrences. Previous work at the Belle South prospect has identified an argillic alteration zone 200 metres long by two metres wide where grab samples yielded up to 107 grams per tonne gold and 30 to 103 g/t silver. The Belle North prospect consists of a poorly exposed quartz-barite vein structure with a surface trace of greater than 450 metres and a width of 0.75 to 1.8 m. Grab samples of float were reported to assay up to 1,960 parts per billion Au and 12,400 ppb Ag.

The purchase agreement, with two non-arm’s-length directors of the company, provides for Skeena to acquire a 100-per-cent interest in the two properties for one million shares and the reservation of a 2-per-cent net smelter return (NSR) royalty interest. The NSR interest is purchasable at any time for $500,000. The agreement, which is subject to regulatory approval, was reviewed by an independent committee of the company.

The company will undertake a program of environmental assessment and re-engineering this season in order to again permit the property under the small mine section of the British Columbia Mining Act (health, safety and reclamation code).

The qualified person responsible for review of the technical data in this news release is J.R. Allan, PGeol, the company’s president and chief executive officer.

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Alpha Gold Provides Corporate Update

Alpha Gold reported that Richard Whatley has been named Interim CEO, following the passing of George A. Whatley, on December 16 of British Columbia, Richard earned degrees in both chemical engineering and biomedical engineering. He has worked as a professional consulting engineer and is experienced in the environmental aspects of mining.

Interim CFO is Natalie Whatley, who has managed the accounting for the Company for many years now. The Company’s near term objectives are to finalize the third quarter interim reports, pursue the completion of the NI 43-101 technical report on the Canyon Creek Skarn, and prepare for exploration after the spring thaw at Lustdust.

Alpha Gold’s corporate office will be maintained at 410 Donald Street, Coquitlam, British Columbia, V3K 3Z8.

Mr Whatley commented “With almost $3.5 million in working capital, Alpha Gold is well positioned to carry out additional exploration work in 2009. We look forward to announcing the current year’s program once the Board has had a chance to receive and review the technical report and recommendations from our geological advisor. The Board is also reviewing options to add strength to Alpha’s management and technical teams in due course.”

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