Search Results for "quebec"

NovX21 in Talks with Quebec Government Over Plant Financing

 NovX21 (TSXV:NOV) confirmed it is in talks with the Quebec provincial government to finance the construction of a commercial extraction plant at the Thetford Mines. The funding was requested under the Créativité Quebec financial aid program.

According to the press release:

Funding for the project was requested under the new “Créativité Quebec” financial aid program, which will see the Quebec government assume a greater partnership role in innovative projects that strengthen and diversify Quebec’s economy. The Créativité Quebec program provides funding to enable businesses to acquire new technologies or develop or improve products and processes.

Click here to read the Novx21 Inc. (TSXV:NOV) press release
Click here to see the Novx21 Inc. (TSXV:NOV) profile.


NovX21 Enters Framework Supply Agreement with Quebec Association of Auto Parts Recyclers

NovX21 (TSXV:NOV) has signed a framework supply agreement with the Québec Association of Auto Parts Recyclers . The association focuses on the sale of high-quality, controlled-origin recycled car and truck parts and the green recycling of end-of-life vehicles.

As quoted in the press release:

The framework agreement was signed following negotiations between NovX21, the Chairman of the Board, Pierre Robitaille, and ARPAC president and CEO Simon Matte, and the Company’s presentation at ARPAC’s Annual Meeting on September 19 and 20, 2014.

Click here to read the NovX21 (TSXV:NOV) press release
Click here to see the NovX21 (TSXV:NOV) profile.


Rockland Minerals Corp. Earns 100% Interest of Retty Lake Cu-Ni-PGM Property in Quebec

Rockland Minerals Corp. (TSXV:RL) has entered into an agreement to earn 100% interest on the Retty Lake Cu-Ni-PGM property in Quebec. To complete the option, the Company will pay Ernest D. Black a final payment of 1,600,000 common shares.

As quoted in the press release:

Rockland had approximately $620,000 in work commitments remaining on the Retty Lake property and the final share payment to E.D. Black will eliminate the work commitment.

Click here to read the Rockland Minerals Corp. (TSXV:RL) press release

See this press release on Marketwire
Click here to see the Rockland Minerals Corp. (TSXV:RL) profile


Rockland Minerals Intercepts Strong Platinum-Palladium Values At Blue Lake in Quebec

Rockland Minerals Corp. (TSXV:RL) announced assay results from the first two drill holes at the Blue Lake Cu-Ni-PGM in Quebec: both holes are at the base of meters-thick massive sulfide bodies, occurring at the bottom of the “middle sill” (peridotite) hosting the Blue Lake deposits, and are intervals with multi gram-per-tonne precious metals values.

As quoted in the press release:

These platinum and palladium grades are demonstrably higher than surrounding holes drilled in the 1960s and 1980s. Technical reports from that period mention recovery problems in the loose, crumbly zones containing strong Pt-Pd values, which were often washed-away during earlier drilling campaigns. These thin, Pt-Pd zones were observed in the Blue #1 bulk sample adit. Grades of Pt, Pd, Cu and Ni were higher in the underground samples, than were predicted by surrounding diamond drill holes.

George F. Sanders, Rockland Director and Qualified Person for the technical content of this news release under National Instrument 43-101, states, “We expect similar results in the balance of the drilling, due to very good core recovery. This modern drilling, with better technology, and more careful core recovery, is helping recover the precious metals at Blue Lake, and we are expanding the potential of this mineralization.”

Click here to read the Rockland Minerals (TSXV:RL) press release

See this press release on Marketwire
Click here to see the Rockland Minerals (TSXV:RL) profile


Drills Turning at Rockland Minerals’ Blue Lake Property in Quebec

 Rockland Minerals Corp. (TSXV:RL) commenced its summer 2012 drilling program at the Blue Lake Cu-Ni-Pt-Pd Property, Labrador Trough, Quebec.

As quoted in the press release:

The drill program at Blue Lake will be designed to test historically important areas and new areas for Cu-Ni-Pt-Pd mineralization. Over recent months, Rockland’s geological team has been systematically bringing all available historical information related to the Blue Lake project into the 21st century by digitizing and creating a modern database, creating an exploration platform to expand known mineralization to unlock the potential of this property.

Click here to read the Rockland Minerals (TSXV:RL) press release

See this press release on Marketwire


5 Top Weekly TSX Stocks: Ivanhoe Mines Rises as Platreef Progresses

The S&P/TSX Composite Index (INDEXTSI:OSPTX) edged up last week, rising 0.42 percent to close the five-day period at 16,020.19 points.

Despite that overall increase, Reuters says the index fell for a second consecutive day on Friday (November 3) after reaching record highs earlier in the week.

On Friday, gold hit a one-week low as the US dollar strengthened; silver was also on track for a weekly loss. Base metals were hurt by a strong dollar as well, but nickel was set to gain nearly 10 percent for the week.

Against that backdrop, a number of TSX-listed stocks in the mining sector saw share price increases last week. The five top gainers are as follows:

  • Largo Resources (TSX:LGO)
  • Chalice Gold Mines (TSX:CXN)
  • Ivanhoe Mines (TSX:IVN)  
  • Orocobre (TSX:ORL)
  • Brio Gold (TSX:BRIO)

Here’s a look at those companies and the factors that moved their share prices last week.

Largo Resources

Largo Resources is focused on the production of vanadium pentoxide at its Vanadio de Maracas Menchen mine. Largo also has interests in a portfolio of other projects, including the Currais Novos tungsten tailings project, the Campo Alegre de Lourdes iron-vanadium project and the Yukon-based Northern Dancer tungsten-molybdenum property.

The company’s latest news came on October 26, when it announced the results of a life-of-mine study for Maracas Menchen. Its share price gained 21.84 percent last week to reach $1.06.

Chalice Gold Mines

Chalice Gold Mines is an exploration and development company with a portfolio of “high-reward” exploration projects in mining jurisdictions that are known to host world-class mineral deposits. Currently it holds properties in Quebec, Western Australia and Australia’s Northern Territory. 

On October 27, the company released its quarterly activities report. Last week, Chalice Gold saw its share price spike 13.51 percent to close the five-day period at $0.21.

Ivanhoe Mines

Ivanhoe Mines is advancing three projects in Africa: the Platreef platinum-palladium-gold-nickelcopper discovery in South Africa’s Bushveld Complex; the Kamoa-Kakula copper project in the Central African Copperbelt; and the Kipushi zinc-copper-silver-germanium mine, also in the Copperbelt.

Last week, Ivanhoe’s share price increased 12.06 percent to close at $4.74. During the period, the company announced that Shaft 1 at Platreef has reached a depth of 500 meters; that’s more than halfway to the planned depth of 980 meters. Initial concentrate production is expected by 2022.

Orocobre

Orocobre is building a substantial Argentina-based industrial chemicals and minerals company through the construction and operation of its portfolio of lithium, potash and boron projects and facilities in the Puna region of the country. On October 27, the company published its quarterly activities report. Last week, Orocobre’s share price increased 6.05 percent to close the five-day period at $5.26.

Brio Gold

Last but not least is Brio Gold, which has significant gold production-, development- and exploration-stage properties in Brazil. The company’s portfolio includes three operating mines: the Fazenda Brasileiro mine, the Pilar operation and the RDM mine; its Santa Luz mine is currently on care and maintenance.

On October 31, the company released its third-quarter financial results. Its share price rose 5.88 percent on the news to end at $1.80.

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Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.

Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.


Platinum Mining in Canada

Platinum mining in Canada began after the metal was first discovered in Ontario in 1888 among nickelcopper ores. In deposits, the metal can usually be found alongside other platinum-group metals (PGMs).

Today, the majority of the world’s platinum comes from South Africa, while Canada is the fourth-largest producer. It put out 9,000 kilograms of platinum last year — that’s just 5 percent of the world’s total output, but a significant increase from the 7,600 kilograms mined in the country in 2015.

Most platinum mined in Canada is a by-product of nickel mining, and the majority of the country’s platinum-producing mines are in Ontario’s Sudbury Basin. Ontario accounts for nearly 80 percent of Canada’s platinum output and leads Canadian output for gold and nickel as well. The area’s mineral deposits have been formed in multiple ways, such as a meteorite strike and volcanic belt activity.

Platinum is also produced at Quebec’s Raglan nickel mine and at the Lac des Iles mine in Western Ontario. The former is owned by major diversified miner Glencore (LSE:GLEN), while the latter is owned by North American Palladium (TSX:PDL).

While those large miners are key platinum producers in Canada, there are also smaller companies that are exploring and developing platinum-focused projects in the country. Here’s a look at four of them.

New Age Metals (TSX:NAM)

New Age Metals is focused on the exploration and development of its River Valley PGMs project, one of the largest primary PGMs assets in Canada. Located in the Sudbury Basin, River Valley has a measured plus indicated mineral resource of 2.5 million ounces of PGMs.

The company is currently conducting a drill program and induced polarization survey at River Valley in order to establish a resource base for a preliminary economic assessment (PEA). The company plans to complete the report before the end of 2018.

Transition Metals (TSXV:XTM)

Project generator Transition Metals holds interests in a number of different exploration projects in Canada, but its main platinum asset is the Ontario-based Sunday Lake nickel-copper-PGMs project. Sunday Lake is a joint venture with Impala Platinum (JSE:IMP), and in June the companies signed a definitive option agreement for the project with North American Palladium. The agreement allows North American Palladium to acquire 75-percent ownership of Sunday Lake by completing $4.5 million in work commitments and paying $3.5 million in cash over five years.

Transition Metals also owns the Aer-Kidd nickel-copper-PGMs project in Ontario, but it has not been active at the asset since 2016.

Wallbridge Mining Company (TSX:WM)

Wallbridge Mining is focused on the acquisition, discovery and development of gold, copper, nickel and PGMs projects. In July, the company closed a private placement of just over $1.5 million to fund surface and bulk sample exploration at its Fenelon gold project in Quebec. The plan is to follow up on high-grade nickel, copper and PGMs mineralization intersected in 2016.

Under a September 2015 agreement, major PGMs producer Lonmin (LSE:LMI) may earn up to a 50-percent interest in Wallbridge’s Parkin properties by funding aggregate payments and exploration expenditures of C$11.083 million over four years. Lonmin can then earn up to an additional 15-percent stake in the properties by funding them through to a feasibility study. The joint venture is currently conducting exploration drilling at the properties.

Wellgreen Platinum (TSX:WG)

Wellgreen Platinum is advancing its Yukon-based Wellgreen PGMs and nickel project toward production. According to a 2015 PEA, the project is envisioned as a conventional open-pit operation with selective higher-grade underground mining. The company’s recent developments include a private placement of $9.53 million and an update on an infill drilling program. The program is nearly 40 percent complete and is aimed at obatining samples for use in metallurgical testwork.

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This is an updated version of an article originally published by the Investing News Network in 2013.

Securities Disclosure: I, Sivansh Padhy, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Wallbridge Mining Company is a client of the Investing News Network. This article is not paid-for content.


Sphinx Announces the Generation of the Tessouat Zinc Project, Ziac District, Pontiac MRC

Sphinx Resources Ltd. (TSXV:SFX) is pleased to announce that it has entered into an agreement with Resources Tranchemontagne Inc. and Gardin Inc. (“Tranchemontagne” and “Gardin”) to acquire a 100% undivided interest in 22 claims (13 km2) (the “Claims”), held by Tranchemontagne. The Claims are known as the Tessouat Project (the “Project”), located in the Pontiac MRC in southwestern Quebec.

Under the terms of this agreement, Sphinx acquires the Claims for a consideration that consists of:

  • a payment of $ 26,000;
  • the issuance of 100,000 common shares of Sphinx;
  • carrying out exploration work totaling $ 70,000 over a period of two years with work completed prior to August 1st, 2019; and
  • the grant of a net smelter return of 2%.

The shares to be issued have a deemed price of $ 0.045 per share and will be subject to a four-month hold period. The agreement is subject to TSX Venture Exchange approval and other customary closing conditions. Pursuant to Policy 5.9 of the TSX Venture Exchange and Multilateral Instrument 61-101 (“MI 61-101”), the proposed transaction may be classified as a “related party transaction” as Gardin is a principal shareholder of the Corporation. In reviewing the applicable valuation and minority shareholder approval requirements under MI 61-101, the Corporation is relying on the exemptions from such valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and (b) and 5.7(a) of MI 61-101.

The Project is located 5 km northeast of the municipality of Waltham with excellent road access throughout the year. The Project is located at the northern end of a northwest trending corridor as defined by zinc-bearing dolomitic marbles. This corridor has a length of 40 km and is named “Ziac” (abbreviation for “zinc-Pontiac”). The corridor includes the historic New Calumet zinc-lead-silver-gold mine (30 km southeast of the Project) which was operated from 1943 to 1968, the Calumet-Sud project currently explored by Sphinx and its partner SOQUEM, and Sphinx’s Green Palladium project (see press release of August 3, 2017).

Sphinx has designed a $ 20,000 exploration program to be completed this summer. The program will consist of soil sampling (approximately 400 samples) that will aim to identify the most prospective areas and define drill targets in this high grade metamorphic environment.

The technical information presented in this press release has been approved by Normand Champigny, President and Chief Executive Officer of Sphinx, and a Qualified Person as defined by NI 43-101.

About Ressources Tranchemontagne and Gardin

Tranchemontagne is a mineral exploration company incorporated in Quebec and is wholly owned by Gardin, itself owned by Michel Gauthier, PhD, géo and director of the Corporation.

About Québec and Sphinx

Quebec has established itself as one of the world’s most attractive mining jurisdictions, ranking 6th globally (Fraser Institute press release, February 28 2017). The Quebec government has created market confidence by following a proactive approach to mining policy. Quebec’s mining sector has also been encouraged by the clarity and certainty of the legal and regulatory framework adopted by its government. Sphinx is engaged in the generation and acquisition of exploration projects in Québec.

For further information, please consult Sphinx’s website.

Neither 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 press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Sphinx’s periodic reports including the annual report or in the filings made by Sphinx from time to time with securities regulatory authorities.

CONTACT INFORMATION


Platinum Group Metals Closes US$20.0 Million Bought Deal Financing

Platinum Group Metals Ltd. (TSX:PTM)(NYSE MKT:PLG) (“Platinum Group Metals” or the “Company”) announces that further to its press release of April 18, 2017, it has closed its public offering of common shares (the “Offering”). Pursuant to the Offering, the Company has issued 15,390,000 common shares (the “Shares”) at a price of US$1.30 per Share, for aggregate gross proceeds of US$20,007,000. BMO Capital Markets acted as the sole underwriter for the Offering.

The net proceeds of the Offering will be used for (i) underground development and production ramp-up of the Maseve Mine; (ii) working capital during start-up; (iii) repayment of the remaining US$2.5 million outstanding amount of a prior advance under the Company’s credit agreement with a syndicate of lenders led by Sprott Resource Lending Partnership; and (iv) general corporate purposes.

The Offering was made pursuant to an effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and a corresponding Canadian base shelf prospectus filed with the securities regulatory authority in each of the provinces of Canada, except Quebec. A prospectus supplement relating to the Offering was filed with the SEC and with the securities regulatory authority in each of the provinces of Canada, except Quebec.

The full press release is available here. 


Wallbridge Files Prefeasibility Study at Fenelon

Toronto, Ontario — Wallbridge Mining Company Ltd. (TSX:WM, FWB:WC7) is pleased to announce that it has filed a National Instrument (“NI”) 43-101 Technical Report dated effective March 3, 2017 with respect to the Pre-Feasibility Study (“PFS”) for the development of Fenelon Gold Mine (“Fenelon”) in Quebec, Canada. The PFS supports the positive results which were announced in a February 2, 2017 press release.

“We are very encouraged by the positive economic results of the PFS, but perhaps more importantly by the potential for resource expansion within the existing and planned underground infrastructure that Wallbridge has identified and which is supported by the study,” said Marz Kord, President & CEO of Wallbridge.

“Based on recent exploration results at Fenelon, we are very optimistic that we can add a significant amount of additional ounces with very limited drilling by initially pursuing high-quality targets around the known deposit used in the PFS,” Mr. Kord added. “In addition to this drilling from surface expected to start this quarter, our plan is to add immediate value for shareholders by beginning gold production as soon as possible which will generate near-term cash flow and also allow us to continue exploration from underground to take advantage of the identified potential to expand the deposit to depth and along strike. Permitting is currently underway and a production decision is expected in Q2, 2017.”

The PFS demonstrates the attractive economics of Fenelon within only the top 100 meters of the deposit. Key findings are (all dollar amounts in Canadian dollars):

  • Estimated project pre-tax cash flow of $6.62 million, a project pre-tax internal rate of return (“IRR”)  of 92% over 18 months; and an NPV of $5.84 million (at a 5% discount rate), based on a 6-month trailing average gold price in Canadian dollars of $1,689 per ounce.
  • Initial construction capital of $5.24 million.
  • Mineral reserves of 96,721 tonnes at grade of 9.30 grams per tonne of gold for 28,922 ounces of gold in the top 100 meters of the deposit (6,770 tonnes of proven ore at 9.3 grams per tonne and 89,951 tonnes of probable ore at 9.3 grams per tonne).
  • Total revenues of $47.4 million with total costs of $40.8 million generating pre-tax cash flow of $6.62 million. Total costs include pre-production, capital and operating including milling and transportation, remote camp operation, general & administrative, contingencies as well as royalties.
  • Most cost estimates are based on firm quotations from mill, mining and transportation contractors. Mining contractors have shown interest in supplying the working capital (part of capital expenses) until mill payments are received.
  • The Company intends to continue with permitting and the required studies with a production decision expected shortly thereafter.

The PFS can be found under Wallbridge’s profile at sedar.com and on the Company’s website at wallbridgemining.com.

Qualified Persons

Each of the qualified persons below has reviewed and approved the technical information for their specific items contained in the PFS and is independent of the Company. The qualified persons are:

Catherine Jalbert, P.Geo., B.Sc., and Pierre-Luc Richard, P.Geo., M.Sc. (InnovExplo), who prepared the mineral resource estimate in this press release;

George Darling, P. Eng., (SNC Lavalin), who prepared the mineral reserve estimate, mine plan infrastructure, cost estimate and financial evaluation.

Marie-Claude Dion St-Pierre (WSP Canada Inc.) who prepared the community & environment item.

Pierre Pelletier, ing. (InnovExplo) who prepared the metallurgical item.

Marz Kord, P. Eng. is the Qualified Person on behalf of Wallbridge and has approved the scientific and technical disclosures in this press release.

 

About Wallbridge Mining
Wallbridge is establishing a pipeline of projects that will support sustainable production and revenue as well as organic growth through exploration and scalability.Wallbridge is currently preparing to develop its 100%-owned high-grade gold Fenelon Mine project in Quebec with a production decision targeted for Q2 2017. Wallbridge is also in discussions regarding several other advanced stage projects which could become the Company’s next mines. These discussions benefit from the operating capabilities Wallbridge demonstrated by safely and efficiently mining the Broken Hammer deposit in Sudbury, which was completed in October 2015.

Wallbridge is also continuing active partner-funded exploration on its large portfolio of nickel, copper, and PGM projects in Sudbury, Ontario. Currently, Wallbridge is completing a 20,000 metre fully partner-funded drilling program on its high-grade Parkin nickel-copper-PGM project.

Wallbridge also has exposure to active exploration for copper and gold in Jamaica and British Columbia through its 15.5% ownership of Carube Copper Corp. (“Carube Copper”) (CUC:TSX-V, formerly Miocene Resources Limited).

For Further Information

Please visit the Company’s website at www.wallbridgemining.com, or contact:

Wallbridge Mining Company Limited
Marz Kord
President and CEO,
Tel: (705) 682-9297 ext. 251
Email: mkord@wallbridgemining.com

Linda Zubal
Vice President Corporate Communications
Tel: (705) 682-9297 ext. 263
Email: lzubal@wallbridgemining.com

This press release may contain forward-looking statements (including “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the operations of Wallbridge and the environment in which it operates. Generally, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”.

Wallbridge has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the ability to acquire the necessary permits and approvals to advance the Fenelon Mine Property toward production, the ability to safely and successfully dewater the underground workings at Fenelon, the ability to add to the existing resource base at Fenelon through drilling, the costs associated with the development and operation of its properties. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, the need for additional funding to continue exploration and development efforts, changes in general economic, market and business conditions, and those other risks set forth in Wallbridge’s most recent annual information form under the heading “Risk Factors” and in its other public filings. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Wallbridge. Although Wallbridge has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof.

Wallbridge disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws. The forward-looking statements contained herein are expressly qualified by this disclaimer.


Clean Commodities Corp. Announces Manitou Cobalt Project Transaction with Canadian International Minerals Inc.

Clean Commodities Corp. (TSX VENTURE: CLE) (“Clean Commodities” or the “Corporation”) is pleased to announced that it has entered into an agreement with Canadian International Minerals Inc. (“Canadian International”) in which Clean Commodities will acquire a 50% interest in the drill-ready Manitou Cobalt Project.

Highlights:

  • Project was previously held by Kaminak Gold Corp. (“Kaminak”) (since acquired by Goldcorp).
  • Historic cobalt sample of 0.46% Co.
  • AeroTEM II survey by Kaminak identified numerous conductors believed to be caused by magmatic sulphides.
  • Additional high-grade historic samples of up to 3.19% Cu, 1.06% Ni, and 4 g/t Pt-Pd-Au.
  • Inaugural field sampling/mapping work program planned for late-Q2/early-Q3 2017, funded by Clean Commodities.
  • An objective of the upcoming field program will be to confirm drill site locations previously identified by Kaminak for a potential drill campaign in Q3 2017, funded under a JV structure.

“The Manitou Cobalt-Nickel-PGE project is an advanced exploration project which has attracted considerable technical interest within our industry. We are pleased to be working with Canadian International to move this high-impact nickel-cobalt exploration project forward during 2017,” commented Ryan Kalt, Chief Executive Officer of Clean Commodities Corp.

About the Manitou Cobalt-Nickel-PGE Project:

The Manitou Cobalt-Nickel-PGE Project is located in Quebec, Canada and consists of two sub-project areas, Manitou and Return Lake. The Manitou project area encompasses one claim block totaling 2,174 ha and the Return Lake project area encompasses four claim blocks totaling 1,577 ha (see Figure 1).

At Manitou, initial priority will be assigned to four target areas identified by way of past work by Kaminak, referenced as the NE1, NE2, NE3 and NE7 targets, including enhancement of our confidence in the proposed drill targets and collar locations.

At Return Lake, initial interest is the examination of a large-scale EM anomaly defined by Kaminak and referenced as the C1 target (see Figure 2). The target coincides with an olivine-showing cross-referenced to government data in the central portion of the anomaly which may correlate to a mafic/ultramafic intrusion.

Additional project information can be found through the following Canadian International presentation:
http://ow.ly/RfrG309dYIA

Transaction Terms:

Under the agreement, Clean Commodities will finance an inaugural sampling/mapping exploration program at the project of no less than $50,000, as well as pay for certain claim renewal fees. Subsequent to the initial exploration program, Clean Commodities and Canadian International shall jointly conduct exploration at the project under a 50/50 joint-venture arrangement, subject to customary conditions and with Clean Commodities as the initial Operator.

Qualified Person

Thomas Hasek, P.Eng., a Technical Advisor of Canadian International and a Qualified Person (Q.P.) under National Instrument 43-101, has reviewed and approved the technical information provided in this news release.

About Clean Commodities Corp.

Clean Commodities Corp. (TSX VENTURE: CLE) is an exploration company holding a diverse portfolio of clean commodity assets including lithium, uranium, and cobalt exploration projects. For more information, please visit www.cleancommodities.com.

Signed,

Ryan Kalt, Chief Executive Officer

Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently expected or forecast in such statements.

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.

Image Available: http://www.marketwire.com/library/MwGo/2017/2/21/11G130944/Images/Figure_1_-_Manitou_Cobalt_Project_Map-f0c5af6303debe4189321e51511ee80a.jpg
Image Available: http://www.marketwire.com/library/MwGo/2017/2/21/11G130944/Images/Figure_2_-_Return_Lake_C1_Anomaly-fb9856f920b7aca5ab144d0d72fe4c85.jpg

Contact Info:

Ryan Kalt
Chief Executive Officer
604-652-1710
info@cleancommodities.com
www.cleancommodities.com


Northern Shield Mobilizes Drill to Séquoi

Northern Shield Resources (TSXV:NRN) reported that a drill crew is being mobilized to its 100 percent owned Séquoi property in the Labrador Trough, northern Quebec.

As quoted in the press release:

The program plans for 5-7 drill-holes totalling 1,000 meters to test 5 geophysical targets that the Company believes to represent large scale Ni-Cu-(PGE) magmatic deposits. The Séquoi targets sit at the head of a large lake bottom sediment dispersion train highly anomalous in Ni-Cu. Each target is of very high conductivity (3-4,000 Siemens) with strong coincident magnetism. The targets are clustered over a larger and deeper magnetic body interpreted by the Company to be an ultramafic magma chamber.

A pilot scale till sampling program was also recently completed at Séquoi and the neighboring Sé2 property. The principal purpose of this test program was to determine the suitability of the overburden for further till sampling in 2017.

However, results of potential importance include:

Three till samples collected immediately overlying VTEM anomaly SQ8 returned nickel and copper values approximately 2 – 3 times back ground. The three till samples assayed 66, 62 and 61 ppm copper and 74, 81 and 63 ppm nickel. Background values for copper and nickel in the area is 30 and 24 ppm respectively. One sample also returned significant gold (164 ppb).
A large angular boulder of semi-massive sulphides was also discovered in SW Séquoi. The rock consists of semi-massive sulphides (pyrrhotite and chalcopyrite) hosted in a re-crystallized chert and assayed 1.85% Cu with moderately elevated Zn. We believe this represents a new target type in southwestern Séquoi.
A full-scale till sampling program is planned for Sé2 in 2017.

Click here for the full press release.


Northern Shield Completes First Phase of Drilling at Huckleberry; Prepares for Drilling at Séquoi

Northern Shield Resources (TSXV:NRN) announced that the initial drill program has been completed at the Huckleberry property in northern Quebec.

As quoted in the press release:

Seven holes totaling 2,053 meters were drilled, including one hole abandoned for technical reasons. A first batch of samples is in process at the analytical lab and the remainder are in transit. The drilling program is being executed under the terms of the option agreement with South32 Limited, announced on June 7, 2016.

The drill-hole locations were selected to test certain electromagnetic (“EM”) anomalies identified from the VTEM (Versatile Time Domain Electromagnetic) survey as well as to add geological knowledge from different portions of the Huckleberry intrusion. While more detailed interpretation and analysis will be provided on receipt of assay results, drilling continues to show the olivine melagabbro and peridotite of the western copper zone to be the primary target of interest.

In addition, a 1,000-1,500 meter drill program at the Company’s 100% owned Séquoi property is expected to commence in mid-November after the ground has frozen and the weather stabilized.


Matamec Retains CHF Capital Markets

MONTREAL, QUEBEC–(Marketwired – Oct. 3, 2016) – Matamec Explorations Inc. (“Matamec” or the “Company”) (TSX VENTURE:MAT)(OTCQX:MHREF) is a junior mining exploration company whose main focus is on developing projects in Quebec and Ontario related to gold and elements essential for energy-related technologies. Today, the Company announced it has engaged CHF Capital Markets (“CHF”), a highly regarded Canadian firm headquartered in Toronto, as its investor relations partner.

Mr. André Gauthier, President & CEO of Matamec, commented, “We are pleased to retain CHF, as the firm has superior knowledge of the mining industry, as well as many decades of capital markets experience. This will be a true value-added partnership for Matamec.”

Effective immediately, the services agreement (the “Agreement“) is for a twelve-month period (the “Term“). Pursuant to the Agreement, CHF will notably conduct on behalf of the Company (the “Services“), in exchange for a monthly fee of $5,000, an investor relations outreach program (including road shows), featured articles about Matamec in its newsletter, social media outreach, and periodic communications with brokers and Company shareholders. The Parties have agreed to review the Agreement and Services following the initial six months of the Term at which time the Agreement may be terminated by Matamec. The Agreement remains subject to regulatory approval.

About CHF Capital Markets

CHF’s effective role is to act as the public company’s outsourced, low-cost equivalent to an internal investor relations department. CHF serves an international portfolio of TSX/TSX Venture and CSE listed companies, and others including private companies that may seek to list on North American Exchanges. CHF operates in a broad range of industries including mining exploration and producers, oil & gas, renewable energy and industrial services, high-tech, business solutions and products. The depth of capital market experience at CHF is formidable dating back to 1980.

About Matamec

Headquartered in Montréal, Québec, Matamec Explorations Inc. is a junior mining exploration company with two main areas of focus: gold and elements that are essential for energy-related technologies with properties containing lithium, cobalt, nickel, PGE and REE among others. It is developing the Kipawa HREE JV deposit owned at 72% by the Company and 28% by Ressources Québec (acting as agent of the Government of Québec); and Toyota Tsusho Corp. (Nagoya, Japan) holds a 10% royalty on net profit in the deposit.

In addition to the activities in the energy sector, the Company is also exploring for gold, with properties located in the eastern area of the Hoyle Pond Mine in Timmins, as well as in Quebec’s Plan Nord region in a parallel geological structure to the Casa Berardi Mine, in the same geological structure as the Éléonore Mine (in James Bay, QC), and just northeast of the former Troilus Mine.

Forward-Looking Statements: This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “scheduled”, “anticipates”, “expects” or “does not expect”, “pursue”, “targeted”, or “believes”, or variations of such words and phrases that state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Although Matamec has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to, those risk factors set out in the Company’s year-end Management Discussion and Analysis dated December 31, 2015 and other disclosure documents available under the Company’s profile at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Matamec disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

Neither 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.

Matamec Explorations Inc.
Andre Gauthier
President
(514) 844-5252
info@matamec.comCHF Capital Markets
Cathy Hume
CEO
+1 (416) 868-1079 x 231
cathy@chfir.com

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5 Top TSX Stocks: Exchange Slides on Decrease in Oil and Gold Price

The S&P/TSX Composite index (INDEXTSI:OSPTX) was down last week by 1.78 percent to 14,539.88 points

According to the Globe and Mail, the TSX was down due to a decrease in oil and gold prices and talks of the US Federal Reserves raising rates looming.

However, number of stocks still managed to make gains over the week.

Companies that were up for the week included:

Here’s a look at those companies:

Osisko Mining

Topping last week’s TSX list is Osisko Mining, whose shares rose 33.33 percent to $2.96.

The company is a mineral exploration company focused on the acquisition, exploration and development of precious metal resource properties in Canada.  On September 9, the company announced a $27.5 million bought deal financing.

Arizona Mining

Second on the list is Arizona Mining, a mineral exploration and development company focused on exploring and developing its 100 percent owned Hermosa Project in Arizona, as well as the Taylor Deposit, which is a leadzincsilver carbonate replacement deposit.

On September 8, the company announced its results of HDS_361 from its current program targeting the expansion of the Taylor sulfide deposit located on the Hermosa Project.

Last week, shares of Arizona Mining increased 17.82 percent to close the week at $2.38.

Wellgreen Platinum

Shares of Wellgreen Platinum increased 13.04 percent last week to reach $0.52.

Wellgreen Platinum is focused on advancing its 100 percent owned Wellgreen platinum and nickel project in the Yukon. The company has not released any news since August 15, wherein it announced the appointment of Joe Romagnolo as CFO.

Alamos Gold

Next is Alamos Gold, a gold producer with production from three operating mines: the Young-Davidson Mine in Ontario and the Mulatos and El Chanate Mines in Mexico.

The company is reportedly expected to launch a feasibility study for the Lynn Lake project, with a completion date by September 30, 2017.

Last week, shares of Alamos Gold increased 3.22 percent to $10.25.

Royal Nickel

Last but not least on the TSX top 5 is Royal Nickel, whose shares increased 2.7 percent to $0.38.

The company’s principal assets are the Beta Hunt gold and nickel mine in Western Australia, and the Dumont Nickel Project in Quebec. Royal Nickel also has a 30 percent interest in the producing Reed Mine in Manitoba.

On September 9, Royal Nickel announced a bought deal financing of up to $8 million and then announced an upsize offering of the bought deal financing.

Don’t forget to follow us @INN_Resource for real-time news updates.

Data for 5 Top TSX Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.

Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

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5 Top TSX Stocks: Stocks Rise on US Jobs Data

The S&P/TSX Composite index (INDEXTSI:OSPTX) was up last week by 1.15 percent to 14,795.70 points.

According to the Globe and Mail, the TSX in part gained on the US jobs data showing that employment growth slowed more in August than anticipated, which may put a hold on the Feds raising interest rates later in September.

With that in mind, a number of stocks also made some gains over the week.

Companies that were up for the week included:

Here’s a look at those companies:

Dalradian Resources

Dalradian Resources is a gold development and exploration company focused on advancing its high-grade Curraghinalt gold project in Northern Ireland. On August 31, the company released its grade reconciliation study showing an increase of 12 percent in grade and 16 percent in ounces within a portion of the V-75 vein.

Last week, shares of the company rose 12.78 percent over the five-day period–an increase of $0.17–to $1.50.

Lydian International

Up next is Lydian International, who wholly owns the Amulsar Gold Project, which is expected to be Armenia’s largest gold mine. Total estimated resources are 5 million ounces of gold with target production of 200,000 ounces annually.  Last week, the company announced the extension of the availability period for the second deposit.

Over the five-day period, shares of Lydian increased 12.64 percent to $0.49.

Imperial Metals

Shares of Ivanhoe Mines rose 9.58 percent last week to finish off at $1.83.

The company has three key development projects: the Platreef in South Africa, which is focused on platinum, nickel, copper and gold; the Kamoa in the Congo, which is Africa’s largest high-grade copper discovery; and the Kipushi, also in the Congo, which is a high-grade copper and zinc mine.

Balmoral Resources

Next is Balmoral Resources, an exploration company focused on high-grade gold and base metal assets in Canada. On August 29, the company announced it had gold recoveries of 99.5 percent and 96.3 percent from initial metallurgical test work done at its Northshore Property in Ontario.

Over the five-day period, shares of Balmoral Resources increased 8.41 percent to close the week out at $1.16.

Osisko Mining

Last but not least, is Osisko Mining, whose shares rose 8.11 percent to $2.40.

The company is a mineral exploration company focused on the acquisition, exploration and development of precious metal resource properties in Canada.  On August 31, Osisko announced new results from its 100 percent owned Windfall gold lake project. Earlier in the week, the company also announced a new gold discovery from its exploration drill program on its 100 percent owned Urban-Barry Project in Quebec.

Don’t forget to follow us @INN_Resource for real-time news updates.

Data for 5 Top TSX Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.

Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

Related reading:

5 Top TSX Stocks: Lithium Americas Leads the Way

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Northern Shield Mobilizes Drill to Huckleberry

Northern Shield (TSXV:NRN) has announced that a drill crew has been mobilized to the Huckleberry nickel-copper-platinum project in Quebec.

As quoted in the press release:

Four to five drill-holes totaling 2000 metres are planned for the initial drilling program at Huckleberry. While the drill-holes are targeting certain EM anomalies identified from the VTEM (Versatile Time Domain Electromagnetic) survey, the drill-hole locations are also selected to add geological knowledge at depth in different portions of the Huckleberry Intrusion. It is anticipated the program will take approximately 1 month to complete.

“We are very pleased with the progress of exploration,” states Northern Shield President and CEO, Ian Bliss. “The geology at Huckleberry is complex, but thanks to the tireless effort of our geoscientists and the input from our partners at South32, we have moved very quickly from a handful of samples to a drilling program. We look forward to seeing what comes out of the ground.”

The drilling program at Huckleberry will be overseen by Christine Vaillancourt, P. Geo., a Qualified Person under National Instrument 43-101.

Northern Shield Resources Inc. is a Canadian-based company focused on exploring for platinum group element (“PGE”) and nickel-copper-PGE deposits. It is known as a leader in grass roots exploration for Ni-Cu-PGEs and the understanding of magmatic systems as it applies to exploration.

Click here to read the full press release.


Cleghorn Minerals Announces Increase to Private Placement Financing and Qualifying Transaction Update

VAL-D’OR, QUÉBEC–(Marketwired – Aug. 12, 2016) –

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

Cleghorn Minerals Ltd. (“Cleghorn”) (TSX VENTURE:JZZ.H), a “capital pool company” under the policies of the TSX Venture Exchange, announces that, further to its news release of July 26, 2016, it has increased its non-brokered private placement offering (the “Financing”) to gross proceeds of a minimum of $600,000 and a maximum of $966,600 as follows:

  1. a minimum of 2,083,333 and a maximum of 3,679,998 flow-through units (the “FT Units”) at a per FT Unit price of $0.12 for gross proceeds of a minimum of $250,000 and a maximum of $441,600, each FT Unit consisting of one common share in the capital of Cleghorn issued on a flow-through basis under the Canada Income Tax Act and one-half of one non-transferable non-flow-through common share purchase warrant, each whole warrant entitling the holder to purchase one non-flow-through common share in the capital of Cleghorn at a per share price of $0.15 for 18 months from the date of issuance; and
  2. a minimum of 3,500,000 and a maximum of 5,250,000 units (the “Units”) at a per Unit price of $0.10 for gross proceeds of a minimum of $350,000 and a maximum of $525,000, each Unit consisting of one non-flow-through common share in the capital of Cleghorn and one non-transferable common share purchase warrant, entitling the holder to purchase one common share in the capital of Cleghorn at a per share price of $0.12 for 18 months from the date of issuance.

In connection with the Financing, Cleghorn will enter into finder’s fee agreements with various arms’ length parties to pay to such finders a fee equal to 8% of the gross proceeds raised from subscribers under the Financing who were introduced to Cleghorn by such finders (payable in cash or in Units at the election of the finder), plus non-transferable warrants (the “Finder Warrants”) equal to 8% of the aggregate number of the FT Units and Units purchased by subscribers introduced to Cleghorn by such finders. Each Finder Warrant will entitle the holder to purchase one common share in the capital of Cleghorn at a per share price of $0.12 for 18 months from the date of issuance.

The Financing is intended to close, on August 18, 2016, concurrent with completion by Cleghorn of its proposed acquisition (the “Acquisition”) of the Meech Lake – Matachewan Prospect, which is intended to serve as Cleghorn’s Qualifying Transaction in accordance with Exchange Policy 2.4. The Acquisition is a non-arm’s length transaction, which was approved by Cleghorn’s shareholders on June 25, 2015. In connection with the Acquisition, Cleghorn will issue an aggregate of 7,888,928 common shares (the “Payment Shares”) at the deemed price of $0.05 a share; allocated as follows:

Name of person to whom the
Payment Shares are to be issued
Number of Payment Shares
to be issued to such person
Siobhan Mullan 500,000
Taelan Mullan 500,000
Logan Mullan 500,000
Glenn Mullan 3,613,928
Joe Groia 2,625,000
Michael Rosatelli 150,000
Total: 7,888,928

Attached hereto as Schedule “A” are updated Pro Forma Financial Statements of Cleghorn as at March 31, 2016 which reflect the Financing and the Acquisition.

In accordance with applicable securities legislation, all securities to be issued under the Financing and the Acquisition will be subject to a hold period of four months and one day from the date of issuance.

The proposed Acquisition has been conditionally accepted by the TSX Venture Exchange subject to submission to the Exchange by Cleghorn of final materials related thereto on or prior to August 18, 2016. There can be no assurance that the proposed Acquisition and Financing will be completed as proposed or at all.

Cleghorn’s proposed Qualifying Transaction was previously announced by news releases on October 20, 2014, January 12, 2015, June 26, 2015, August 10, 2015, November 4, 2015, February 15, 2016, and May 19, 2016. Details of the proposed Acquisition by Cleghorn of the Meech Lake – Matachewan Prospect are included in the Information Circular prepared by Cleghorn’s management, which was mailed to shareholders in connection with the annual general and special meeting of shareholders held in Montréal, Québec, on Thursday, June 25, 2015. The Information Circular has been electronically filed with regulators and is available for viewing through the Internet at the SEDAR website (www.sedar.com) under Cleghorn’s issuer profile.

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and majority of the minority shareholder approval. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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 news release.

This news release contains certain statements that may be deemed “forward-looking statements”. 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 that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Cleghorn believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Cleghorn’s management on the date the statements are made. Except as required by law, Cleghorn undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

SCHEDULE “A”

PRO FORMA FINANCIAL STATEMENTS AS AT MARCH 31, 2016

CLEGHORN MINERALS LTD.
(A Capital Pool Company)

Pro Forma Statements of Financial Position
As at March 31, 2016

Cleghorn Minerals Ltd.
Pro Forma Statement of Financial Position
(Unaudited)
(In Canadian dollars)

As at March 31, 2016
Cleghorn
Minerals
Ltd.
Pro
Forma
adjustments
Pro
Forma
Pro
Forma
Statement
Pro
Forma
Statement
notes (Min
Financing)
(Max
Financing)
$ $ $ $
ASSETS
Current
Cash and cash equivalent 56,256 (5,000 ) 4a 607,525 961,821
68,309 4c
(60,000 ) 4e
600,000 4f
(52,040 ) 4h
966,600 4i
(64,344 ) 4k
Receivables 68,309 (68,309 ) 4c
Sales taxes recoverable 342 342 342
Prepaid expenses 681 681 681
Total current assets 125,588 1,385,216 608,548 962,844
Non-current
Exploration and evaluation assets 5,000 4a 399,446 399,446
394,446 4b
Total assets 125,588 1,784,662 1,007,994 1,362,290
LIABILITIES
Current
Accounts payable, accrued liabilities
and total liabilities 396 135,800 4g 136,196 240,273
239,877 4j
EQUITY
Capital stock 880,100 394,446 4b 1,496,537 1,639,513
221,991
364,967
Contributed surplus 115,327 115,327 115,327
Warrants 190,169 190,169 297,412
297,412
Deficit (870,235 ) (60,000 ) 4e (930,235 ) (930,235 )
Total equity 125,192 1,408,985 871,798 1,122,017
Total liabilities and equity 125,588 1,784,662 1,007,994 1,362,290

The accompanying notes are an integral part of the interim financial statements.

Cleghorn Minerals Ltd.
Notes to Pro Forma Financial Statements

(All amounts are expressed in Canadian dollars, unless otherwise noted.)

As at March 31, 2016

1 – BASIS OF PRESENTATION

These unaudited pro forma financial statements have been compiled by management after giving effect to the Mineral Claim Purchase Agreement (the “Purchase Agreement”) entered into on January 5, 2015, as amended and restated on April 1, 2015 and further amended and restated on May 14, 2015, by Cleghorn Minerals Ltd (the “Company” or “Cleghorn” ) and 2973090 Canada Inc. (“2973090”) pursuant to which Cleghorn would acquire a 100% undivided interest in the Meech Lake – Matachewan Prospect (the “Property”).

These unaudited pro forma financial statements have been derived from Cleghorn March 31, 2016 annual audited financial statements and give effect to the Company’s proposed acquisition on a proforma basis. They have been prepared as if the proposed acquisition had occurred on March 31, 2016.

It is management opinion that these unaudited pro forma financial statements present, in all material respects, the proposed acquisition described in Note 3 and is in accordance with International Financial Reporting Standards (“IFRS”). These unaudited pro forma financial statements are not intended to reflect the financial position of the Company that would have resulted if the proposed acquisition reflected herein had occurred on the date indicated and further, they are not necesssarily indicative of the financial position that may be attained in the future. These unaudited pro forma financial statements should be read in conjonction with the Company’s March 31, 2016 audited financial statements included with this submission.

The Company’s pro forma effective income tax rate is 26.5% (Federal : 15%, Provincial : 11.5%)

2 – NON-ARM’S LENGTH TRANSACTION

2973090, the vendor, is a privately held mineral exploration company 100% owned by Glenn J. Mullan, who is also the president, CEO, secretary and a director of the Company. In addition, in case of a successful closing of the transaction, other directors of the Company would be receiving some of the shares to be issued by the Company in payment of the property.

3 – PROPOSED TRANSACTION

Acquisition of Meech Lake Matachewan Prospect

The Company entered into a Mineral Claim Purchase Agreement with 2973090 Canada Inc. to acquire a 100% undivided interest in the Meech Lake Matachewan Prospect. The Meech Lake Matachewan Prospect consists of three (3) mining claims overlying parts of the Argyle, McNeil and Robertson Townships, approximately 22 KM Northwest of Matachewan in Northeastern Ontario. Previous exploration work indicated the property to include several precious ands base metal showings with good potential for anomalous Nickel, Copper and Platinum Group Elements.

As consideration for the property, the Company shall, on the closing of the acquisition, a) pay to 2973090 $5,000 (representing staking fees with respect to the property), b) issue an aggregate of 7,888,928 common shares at a deemed price of $0,05 per share, c) grant 2973090 a 3% net smelter royalty on the property.

Cleghorn shall be entitled to repurchase 0.5% leaving the 2973090 with a 2.5% NSR, by paying to 2973090 $1,000,000 and an additional 1%, leaving 2973090 with a 1.5% NSR, by paying to 2973090 an additional $3,000,000.

The transaction is subject to the following conditions: a) the Company obtaining approval of the transaction by its minority shareholders, its board of directors and amongst others by the regulatory authorities, b) 2973090 providing the Company with a title opinion satisfactory to the Company, and c) a Technical Report with respect to the property prepared in accordance with the requirements of NI 43-101 that recommends a work program of at least $200,000 and indicates that at least $100,000 of expenditures have been incurred on the property.

Private Placement

Concurrent with the acquisition of the Meech Lake Matachewan Prospect, the Company intends to complete a non brokered private placement. The private placement will consist in the issuance of: (i) A minimum 3,500,000 non flow- through units at $0.10 per non flow-through unit and 2,083,333 flow-through units at $0.12 per flow-through unit; and (ii) A maximum 5,250,000 non flow-through units at $0.10 per non flow-through unit and 3,679,998 flow-through units at $0.12 per flow-through unit. Each non flow-through unit will include one common share and one warrant at an exercise price of $0.12 per share for 18 months from date of issuance. Each flow-through unit will include one common share and one-half of one warrant, each whole warrant to purchase one share at an exercise price of $0.15 for 18 months from date of issuance.

In connection with the non-brokered private placement, the Company will pay finder’s fees on arms’ length investment, in cash equal to 8% of the gross proceed plus non-transferable finder warrants equal to 8% of the aggregate number of the units. Each finder warrant will entitle the holder to purchase one common share at an exercise price of $0.12 for 18 months from the date of issuance. The Company will also pay one finder a settlement fee in cash of a maximum of $5,000.

4 – PROFORMA ADJUSTMENTS

The unaudited proforma financial statements include the following adjustments to reflect the proposed transaction: the cost of acquiring the legal rights to the Meech Lake Matachewan Prospect being presented as exploration and evaluation asset and the issue of common shares and warrants to finance future exploration programs on the property being presented in the equity section.

4a – Cash consideration

Cleghorn shall pay, on closing, to 2973090 the sum of $5,000, representing staking fees.

4b – Share consideration

On the closing date, Cleghorn shall issue 7,888,928 common shares of its capital at the deemed price of $0.05 per share (a total value of $394,446) to acquire the legal rights to the Meech Lake Matachewan Prospect from 2973090, The owner of the property, 2973090, has indicated a list of business associates and relatives to which it desires the Company to issue the 7,888,928 common shares. The Company is acquiring an exploration and evaluation asset that meets all the requirements to be capitalized and presented as such in its financial statements.

The shares issued as part of the acquisition are valued at $0.05 based on the closing price of the Company’s common shares on the Exchange on October 9, 2012, the last day the common shares traded prior to the trading halt on October 11, 2012.

4c – Reimbursement of cost of work done on the property

The cost of $68,309 representing the work performed on the property by the Company on behalf of 2973090 ($55,554) and Golden Valley Mines Ltd ($12,755) before its acquisition has been reimbursed in cash to the Company on August 3, 3016.

4d – Royalty

No value has been allocated to the 3% NSR. Being given the grass root stage of exploration of the Meech Lake Matachewan Prospect and the prerequisite of commercial production before any royalty payment, the Company considered the 3% NSR did not meet the basic definition of financial liability.

4e – Transaction cost

As part of the proposed acquisition, the Company anticipates incurring professional fees and other transaction related costs of approximately $60,000.

4f – Financing – Minimum Level Assumption

Gross proceeds of $600,000 from the issuance of 3,500,000 units at a price per unit of $0.10 and 2,083,333 flow- through units at a price of $0.12.

4g – Warrants – Minimum Level Assumption

The 3,500,000 warrants issued with the regular shares have been valued at $104,167 using the residual method; the Company considering it was the most appropriate valuation method being given the trading history of the Company’s shares. The 1,041,666 warrants issued with the flow-through shares have been valued at $10,033 using the Black- Scholes valuation method. The difference of $135,800 between the gross proceeds and the value of the flow-through shares and the related warrants is the obligation related to the tax benefit renunciation and is included in short term liabilities.

4h – Finder’s Fees – Minimum Level Assumption

The Company anticipates to incur total Finder’s fees and cash settlement fees of $57,176 of which $52,040 will be settled in cash. The value of the finder’s warrants has been estimated using the Black-Scholes Method to $5,136.

4i – Financing – Maximum Level Assumption

Gross proceeds of $966,600 from the issuance of 5,250,000 units at a price per unit of $0.10 and 3,679,998 flow- through units at a price of $0.12.

4j – Warrants – Maximum Level Assumption

The 5,250,000 warrants issued with the regular shares have been valued at $262,500 using the residual method; the

Company considering it was the most appropriate valuation method being given the trading history of the Company’s shares. The 1,839,998 warrants issued with the flow-through shares have been valued at $17,723 using the Black- Scholes valuation method. The difference of $239,877 between the gross proceeds and the value of the flow-through shares and the related warrants is the obligation related to the tax benefit renunciation and is included in short term liabilities.

4k – Finder’s Fees – Maximum Level Assumption

The Company anticipates to incur total Finder’s fees and cash settlement fees of $81,533 of which $64,344 will be settled in cash. Two finders elected to get their finder fee paid, or partly paid, with the issue of 147,840 non flow- through units; each unit comprising one common share and one warrant at an exercise price of $0.12 per share for 18 months from the date of issuance. The total value of the finder’s warrants has been estimated at $17,189; $8,992 using the residual method for the warrants issued in lieu of cash and $8,197 using the Black-Scholes valuation method for the other warrants.

5 – SHARE CAPITAL

Upon completion of the proposed acquisition and financing, the Company’s pro forma share capital will be as follows:

The capital stock of the Company consists only of fully paid common shares.
Authorized
Unlimited number of common shares, without par value, voting and participating.

Unlimited number of preferred shares, without par value, non-participating. The directors will define the rights.

Financing Maximum
allotment
notes Common
shares
outstanding
Capital
Stock
Contributed
Surplus
Warrants Deficit Total
Equity
Number $ $ $ $ $
Balance at March 31, 2016 4,400,500 880,100 115,327 -870,235 125,192
Common shares issued to acquire
Meech Lake Matachewan Prospect 4b 7,888,928 394,446 394,446
Units issued by private placement 4i, 4j 8,929,998 446,500 446,500
Compensation units issued 4j 280,223 280,223
Units issue expenses 4k 147,840 -81,533 17,189 -64,344
Net loss 4e -60,000 -60,000
Balance at March 31, 2016 21,367,266 1,639,513 115,327 297,412 -930,235 1,122,017
Financing Minimum
allotment
Common
shares
outstanding
Capital
Stock
Contributed
Surplus
Warrants Deficit Total
Equity
Number $ $ $ $ $
Balance at March 31, 2016 4,400,500 880,100 115,327 -870,235 125,192
Common shares issued to acquire
Meech Lake Matachewan Prospect 4b 7,888,928 394,446 394,446
Units issued by private placement 4f, 4g 5,583,333 279,167 279,167
Compensation warrants issued 4g 185,033 185,033
Units issue expenses 4h -57,176 5,136 -52,040
Net loss 4e -60,000 -60,000
Balance at March 31, 2016 17,872,761 1,496,537 115,327 190,169 -930,235 871,798
Glenn Mullan
President, Chief Executive Officer, Secretary and Director
(819) 824-2808

Wallbridge Mining Announces Updated Resource for Fenelon Property

Wallbridge Mining Company (TSX:WM,FWB:WC7) announced that it has received the updated mineral resource estimate for Discovery Zone on the Fenelon Property in Quebec which it is in the process of acquiring from Balmoral Resources Ltd.

As quoted in the press release:

Highlights:

  • A 90% increase in tonnes, and a 26% increase in contained ounces, relative to the previous historic Measured and Indicated Resource estimate, to 91,100 tonnes grading 12.97 g/t Au containing 38,000 ounces of gold.
  • A large proportion of the resource is located in close proximity to existing underground workings at shallow depth.
  • The bulk of the resource is located in the first 150m from surface (87% of the tonnes and 91% of the ounces).
  • There are several opportunities to add additional resources to the Fenelon Property by drilling 1) depth extensions of the ore shoots that originate in the resource area, 2) in-fill drilling on modelled exploration targets currently not included in the resource, 3) subparallel mineralized zones in the vicinity of the currently identified zones.

Wallbridge Mining President and CEO, Marz Kord, stated:

We are extremely pleased that the InnovExplo resource estimate has confirmed our own work in terms of tonnes, grade, and exploration potential, upon which we based our decision to acquire this very attractive, underground accessible, high-grade gold property. We will be moving forward rapidly to complete the acquisition of the Fenelon Property and advance permitting. Our goal is to, quickly after acquisition, dewater the existing workings and commence additional underground exploration, which together with completion of a feasibility study in early 2017, will allow us to rapidly reach a production decision.

Connect with Wallbridge Mining Company (TSX:WM,FWB:WC7) to receive an Investor Presentation.


Northern Shield Signs Option Agreement With South 32

Northern Shield Resources (TSXV:NRN) has announced that it has signed a definitive Option Agreement and pre-negotiated Joint Venture Agreement with South32 Limited regarding its Huckleberry property in Northern Quebec.

As quoted in the press release:

Under the terms of the agreement South32 can earn a 50% interest in the Huckleberry property by incurring C$2,500,000 in exploration expenditures within the first two years of the agreement and by making an upfront cash payment to Northern Shield of C$200,000. On successfully earning a 50% interest, South32 can elect to increase its interest to 70% by incurring a further C$2,500,000 of exploration expenditures by the end of the third year. Northern Shield will be operator during the earn-in and be paid a management fee of 10% of the cost of all exploration programs.  Northern Shield’s interest will be free carried to the completion of a PEA (Preliminary Economic Assessment) study on the Huckleberry property. South32 will have a first right of refusal on Northern Shield’s neighbouring Séquoi Property.

Click here to read the full press release.