(TheNewswire)
Spring program to follow 2022 success at Baie Verte
Leocor Gold Inc. (the “ Company ” or “ Leocor ”) (CSE:LECR ) , ( OTC:LECRF) is pleased to announce that RAB drilling has begun on the Dorset Project within the Company’s Baie Verte District landholdings, Newfoundland, Canada.
The Baie Verte District is home to the Point Rousse gold mine now owned by Signal Gold and the Ming copper and gold mine belonging to Rambler Metals and Mining (Figure 1).
“We are excited to announce the beginning of our RAB drilling at Dorset as part of Leocor’s planned $1.2 million 2023 exploration program,” said CEO, Alex Klenman. “RAB drilling is a very mobile and cost-effective tool we are utilizing to target the sub-surface with instant XRF analysis and downhole optical viewing. The Dorset Project remains a top priority for Leocor based on our impressive inaugural RAB results from 2022, and we’re looking forward to continuing the project’s development,” continued Mr. Klenman.
Figure 1. Regional location of Leocor’s Baie Vert District landholdings
Dorset (Baie Verte District)
A total of 16 RAB drill holes are planned for the Dorset Project. RAB drilling will continue to test and expand on the Sharpie Ridge gold occurrence with seven RAB holes where in late 2022 drilling returned 2.32 g/t Au over 10.67 m and 10.2 g/t Au over 1.52m . An additional two RAB holes will be completed at Copper Creek target where in 2022 drilling returned 0.58% % Cu over 9.12m, which includes 1.095% Cu over 1.52m .
Two RAB holes will be completed at the Dorset Gunshot/Braz occurrence where in 2022 drilling returned 3.18 g/t Au over 4.57 m . An additional seven RAB holes will target the Dorset Trend where a large 1 x 2 km gold-in-soil anomaly was outlined by 2022 soil sampling efforts (Figure 2). The extensive gold-in-soil anomaly is “one of the most clustered and anomalous” he has seen, says Leocor’s Technical Advisor, Shawn Ryan.
Figure 2. Planned 2023 RAB drill holes at the Dorset Project
RAB Drilling
The RAB drilling will be completed by GroundTruth Exploration Inc. using their “GT RAB Drill,” a Heli-Portable, wireless remote-controlled, rubber tracked platform with a hydraulic tilting mast assembly and rotary drill head. The GT RAB Drill is environmentally friendly with low-ground pressure and minimal surface disturbance. Individual drill holes can be up to 100m in depth and are paired with onsite XRF analysis and optical televiewer surveys, allowing rapid evaluation of the target areas.
Qualified Person
Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.
About Leocor Gold Inc.
Leocor Gold Inc. is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada. Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte Mining District. Leocor’s Bae Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous nearly 2,000-hectare exploration corridor. The Company also controls the 6,847-ha grassroots Startrek project near Gander, as well as three district scale land packages in North Central Newfoundland, known as Robert’s Arm, Hodge’s Hill, and Leamington, (collectively “Western Exploits”) representing over 144,000 hectares (1,440 square kilometers) of prospective exploration ground.
Contact Information
Leocor Gold Inc.
Alex Klenman, Chief Executive Officer
Email : aklenman@leocorgold.com
Telephone : (604) 970-4330
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release .
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the terms and conditions of the Option. Although Leocor believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. Leocor cautions investors that any forward-looking information provided by Leocor is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the agreement of the parties to proceed with the proposed transaction on the terms set out in the Option Agreements or at all; Leocor's ability to exercise the Options; the state of the financial markets for Leocor's securities; the state of the natural resources sector in the event the Option, or any of them, are completed; recent market volatility; circumstances related to COVID-19; Leocor's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that Leocor is unaware of at this time. The reader is referred to Leocor's initial public offering prospectus for a more complete discussion of applicable risk factors and their potential effects, copies of which may be accessed through Leocor’s issuer page on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date of this press release. Leocor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Gold is once again drawing the attention of investors as prices continue to rise, recently surging above US$2,000. Many investors are looking beyond commodity trading and placing their bets on gold mining companies to further capitalize on this upward trend. This has shifted the focus to proven gold mining jurisdictions, such as Nevada’s booming gold mining industry. Yet, while Nevada is well known for gold — there’s new jurisdiction that’s quickly gaining traction — one that is severely underexplored: Newfoundland and Labrador.
Mining companies are flocking to the region hoping to find the next big deposit. Over 80,000 claims were staked in Newfoundland between January 2021 and July 2021. The presence of gold in Newfoundland has been known since the 1980s, but due to the price of gold at the time, companies walked away from promising exploration results. Now, improved exploration technology and a soaring gold price is making the mining world take a second look at Newfoundland, and it likes what it sees. Billionaire Eric Sprott recently invested in multiple junior gold mining companies, including four exploration companies in Newfoundland, attracting even more attention to the province.
Discoveries made by legendary prospector Shawn Ryan are partially responsible for the renewed interest in Newfoundland. Ryan is directly responsible for the discovery of millions of ounces of gold in the Yukon, where he worked for decades. But now Newfoundland has caught his attention after his signature soil-sample technique yielded promising results. Coupled with intriguing discoveries made by other mining companies, Newfoundland is experiencing a historic gold rush. Even though Ryan found success in the Yukon, he recently said, "If I was 25 years younger and I found Newfoundland first instead of the Yukon, I’d be in Newfoundland.”
Leocor Gold (CSE:LECR, OTC:LECRF, FRA:LGO) is a junior exploration and development company focused on undervalued and underexplored gold projects throughout Newfoundland and Labrador, Canada. The company believes in the upside potential of the undiscovered or underdeveloped gold mineralizations within its three district-scale holdings spread throughout the region. On top of acquiring promising assets, the company is led by a strong management team with extensive experience in the mining industry, including the renowned prospector, Shawn Ryan.The company’s district-scale portfolio covers 153,000 hectares of potential gold claims in three notable, yet separate, mining districts: The Western Exploit District, Baie Verte District, and the Gander District. Historic exploration data has already confirmed multiple high-grade gold mineralizations, while Ryan’s exploration data suggest new discoveries in entirely unexplored territory.
Alex Klenman, CEO, explained why the company is so optimistic about its holdings during an interview with INN, “Very few places on the planet, where you're going to find such an underexplored geologically favorable theater to work in. And we get that in Newfoundland."
Leocor Gold’s flagship project is within the Baie Verte District. Known as the Dorset Project, this asset contains two notable mineralized quartz veins, which are often indicative of gold deposits. Dorset encompasses 600-hectares with known occurrences of gold mineralizations, including extensive surface showings. Additionally, other projects within the district have promising historic results alongside new encouraging exploration data.
In 2022, Leocor Gold entered into an option agreement to purchase the Joes Lake Property consisting of a 300-hectare exploration-stage parcel also located in Newfoundland.
The company is led by an experienced management team with decades of experience in the mining industry. Shawn Ryan is leading the exploration charge as a technical advisor, while CEO Alex Klenman brings 30 years of experience in business development, finance, marketing and corporate communications. Heidi Gutte, CFO, brings her expertise in corporate financing, taxation and overall accounting experience to the company. Alexander Stares and Newman Wayne Reid, directors, both have decades of experience in exploration and mining to add additional expertise to the team.
Get access to more exclusive Gold Investing Stock profiles here
Leocor Gold Inc. (the " Company " or " Leocor ") (CSE:LECR ) ( OTC:LECRF) is pleased to provide an exploration update for its gold projects located in Newfoundland, Canada (Figure 1). With over 150,000 hectares within the Central Newfoundland Gold Belt, targeting and exploration plans have been finalized for the Dorset and Startek gold properties. The Central Newfoundland Gold Belt hosts such notable deposits such as Marathon Gold's Valentine gold project (TSX:MOZ) and the Queensway gold project currently being drilled by New Found Gold (TSXV:NFG) (Figure 2
Figure 1. Regional land positions of Leocor Gold in Newfoundland.
Figure 2. Gold mines and deposits of the Central Newfoundland Gold Belt.
Dorset (Baie Verte District)
RAB drilling will continue to test and expand on the Sharpie Ridge gold occurrence with 6-8 RAB holes where in late 2022 RAB holes returned 2.32 g/t Au over 10.67 m and 10.2 g/t Au over 1.52m . An additional four RAB holes will be completed at Copper Creek target. Two more RAB holes will be completed at the Dorset Gunshot/Braz occurrence where in 2022 RAB drilling returned 3.18 g/t Au over 4.57 m . An additional six RAB holes will target the Dorset Trend where a large 1 x 2 km gold-in-soil anomaly was outlined by 2022 soil sampling efforts. Additional exploration efforts will include 45-line km of an UAV magnetic survey on the western edge of the Property and general prospecting and mapping (Figure 3). Exploration will commence as soon as ground conditions permit, anticipated to be late April and into May.
Figure 3. Exploration targeting for the 2023 field season at Dorset.
Startrek
The Startrek Property contains 50+ gold occurrences through previous trenching and grab samples. Several areas of epithermal gold mineralization have been identified on surface from 2022 rock sampling and historical data. The proposed 2023 field season will focus largely on the Stallion Trend where 2022 grab samples by Leocor reported values up to 40 g/t Au with coincident arsenic and antimony in quartz stockwork veining. Integrating results from ground geophysics, and detailed soil sampling will provide viable data to potentially conduct 22 RAB holes designed to test geophysical contacts and conductive bodies at depth that relate to mineralization on surface. A total of 345 line km of an UAV magnetic survey is also proposed over the South Benton and Startrek SW areas during the 2023 field season. (Figure 4).
Figure 4. Exploration targeting for the 2023 field season at Startrek.
RAB Drilling
The RAB drilling will be completed by GroundTruth Exploration Inc. using their "GT RAB Drill," a Heli-Portable, wireless remote-controlled, rubber tracked platform with a hydraulic tilting mast assembly and rotary drill head. The GT RAB Drill is environmentally friendly with low-ground pressure and minimal surface disturbance. Individual drill holes can be up to 100m in depth and are paired with onsite XRF analysis and optical televiewer surveys, allowing rapid evaluation of the target areas.
"We are eager to get to work in the upcoming 2023 field season and building on the success of 2022," said CEO, Alex Klenman. "We take a very systematic approach to exploration and out technical team has provided the expertise to efficiently and cost effectively advance these projects to the next exploration level. We look forward to providing our shareholders with additional positive results as the field season progresses," continued Mr. Klenman.
Qualified Person
Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company. Grab samples are selected samples and not necessarily representative of the mineralization hosted on the property.
About Leocor Gold Inc.
Leocor Gold Inc. is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada. Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte Mining District. Leocor's Bae Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous nearly 2,000-hectare exploration corridor. The Company also controls the 6,847-ha grassroots Startrek project near Gander, as well as three district scale land packages in North Central Newfoundland, known as Robert's Arm, Hodge's Hill, and Leamington, (collectively "Western Exploits") representing over 144,000 hectares (1,440 square kilometers) of prospective exploration.
Contact Information
Leocor Gold Inc.
Alex Klenman, Chief Executive Officer
Email : aklenman@leocorgold.com
Telephone : (604) 970-4330
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release .
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the terms and conditions of the Option. Although Leocor believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. Leocor cautions investors that any forward-looking information provided by Leocor is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the agreement of the parties to proceed with the proposed transaction on the terms set out in the Option Agreements or at all; Leocor's ability to exercise the Options; the state of the financial markets for Leocor's securities; the state of the natural resources sector in the event the Option, or any of them, are completed; recent market volatility; circumstances related to COVID-19; Leocor's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that Leocor is unaware of at this time. The reader is referred to Leocor's initial public offering prospectus for a more complete discussion of applicable risk factors and their potential effects, copies of which may be accessed through Leocor's issuer page on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date of this press release. Leocor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Copyright (c) 2023 TheNewswire - All rights reserved.
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(TheNewswire)
Leocor Gold Inc. (the " Company " or " Leocor ") (CSE:LECR ) ( OTC:LECRF) is pleased to provide an exploration update for its over 150,000-hectare combined gold projects located in Newfoundland, Canada. The following summaries encompass exploration work to date at each of the Company's five prospective gold projects. Work programs for the 2023 field season are being finalized presently and will be announced in the coming weeks
Dorset (Baie Verte)
34 rock samples taken.
442 soil samples
18 RAB drill holes – 1023 meters – 681 samples
RAB drilling results received in late summer 2022 with 10.2 g/t Au gold intercept on a new drill target (Sharpie Ridge), and Over 1% Cu intercept on Copper Creek target (see Company news release dated December 7, 2022) warrant further drilling plans on Dorset. RAB or diamond drilling will be used to test the extents of mineralization on these higher-grade targets. Drilling on other targets along the "Dorset Trend" Au soil anomaly will focus on geophysical bodies identified at depth which are thought relate to structure and mineralization at surface.
Leamington
102 rock samples taken on target areas formulated from 2021 soils and airborne geophysics.
6,662 soils taken.
Prospecting identified a low-grade gold and copper target that needs to be further assessed on desktop for historical data, and in the field by a team of geologists. The scope is to identify zones of higher-grade Au + Cu near that target since there are large structures and favorable geology present. Northern areas of Leamington remain relatively unexplored due to access, and the central part of the project was unexplorable for part of last season due to fires. These areas will be scouted and explored along geological and geophysical contacts that have anomalous soil. South Leamington may warrant trenching or bedrock interface drilling where the till is deeper.
Robert's Arm
161 rock samples taken on target areas determined from soil and airborne geophysical survey.
3,712 soil samples
Further follow up on soil anomalies, geophysical contacts, and geological contacts is needed on Robert's Arm. The prospecting covered a large area of road accessible targets identified from 2021 soil sampling and airborne geophysical surveys. The comprehensive 2022 soil sampling program has generated additional targets for exploration efforts in 2023.
Hodges Hill
60 rock samples taken on target areas determined from soil and airborne geophysical survey.
3,838 soils taken.
Further follow up on soil anomalies and geophysical contacts is needed on Hodges Hill. Hand/mechanical trenching, or bedrock interface drilling may be necessary to further explore through the till layers on this project. The 2022 soil sampling program has generated new target areas for 2023 exploration efforts.
Startrek
1319 soils taken.
56 rock samples taken in areas of interest.
12 line-km of ground Mag-VLF (geophysical survey)
Several areas of low-grade epithermal gold have been identified on surface from 2022 rock sampling and historical data. This paired with results from ground geophysics, and detailed soil sampling will provide viable data to conduct a short hole RAB drill hole program. The drill program is designed to test geophysical contacts and conductive bodies at depth that relate to mineralization on surface. Most of the drilling would target the Stallion Trend which is outlined by a large antimony anomaly on the project. Further prospecting is scheduled to be conducted on areas outside the Stallion Trend. There are historical reports of Zinc values up to 3.3%, and Silver up to 24 g/t where large structures are apparent in the LiDAR survey.
National Instrument 43-101 Disclosure
Jodie Gibson, P.Geo., consultant, and a Qualified Person as defined by National Instrument 43-101, has reviewed, and approved the scientific technical content of this release.
About Leocor Gold Inc.
Leocor Gold Inc. is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada. Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte Mining District. Leocor's Bae Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous nearly 2,000-hectare exploration corridor. The Company also controls the 6,847-ha grassroots Startrek project near Gander, as well as three district scale land packages in North Central Newfoundland, known as Robert's Arm, Hodge's Hill, and Leamington, (collectively "Western Exploits") representing over 144,000 hectares (1,440 square kilometers) of prospective exploration
Contact Information
Leocor Gold Inc.
Alex Klenman, Chief Executive Officer
Email : aklenman@leocorgold.com
Telephone : (604) 970-4330
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release .
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the terms and conditions of the Option. Although Leocor believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. Leocor cautions investors that any forward-looking information provided by Leocor is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the agreement of the parties to proceed with the proposed transaction on the terms set out in the Option Agreements or at all; Leocor's ability to exercise the Options; the state of the financial markets for Leocor's securities; the state of the natural resources sector in the event the Option, or any of them, are completed; recent market volatility; circumstances related to COVID-19; Leocor's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that Leocor is unaware of at this time. The reader is referred to Leocor's initial public offering prospectus for a more complete discussion of applicable risk factors and their potential effects, copies of which may be accessed through Leocor's issuer page on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date of this press release. Leocor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Copyright (c) 2023 TheNewswire - All rights reserved.
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Vancouver, British Columbia TheNewswire - December 7, 2022 - Leocor Gold Inc. (the " Company " or " Leocor ") (CSE: LECR, OTCQB: LECRF; Frankfurt: LGO) is pleased to announce it has received Rotary Air Blast ("RAB") drill results on the Company's Baie Verte project located near Anaconda Mining's Pine Cove Mine and Rambler Metal's Ming Mine in northwestern Newfoundland.
The Phase 1 program tested at least six different target areas for gold and/or copper mineralization with 18 RAB drill holes and was designed to follow up on previously announced soil and GT Probe results (1) ; evaluating the targets for potential follow up diamond drilling as warranted. Results from 12 of the holes on the gold targets are discussed in this news release, and the results from the additional six holes on the Copper Creek Trend will released in due course.
Highlights from the gold targets include:
Sharpie Ridge Target: 2.32 grams-per-tonne ("g/t") gold ("Au") over 10.67m; including 10.2 g/t Au over 1.52m. New target that is open along strike and at depth.
Braz NE Target: 3.18 g/t Au over 4.57m from surface. New target that is open along strike and at depth.
Dorset Main Target: 1.41 g/t over 7.62m. Confirming geometry of the mineralized zone.
"We're very pleased with the new discoveries on the consolidated Baie Verte package," said CEO, Alex Klenman. "The technical team has done great work to advance the project and our understanding of the mineralized zones. These new targets represent even more upside, and it appears the ground has more to give. We're anxious to see the upcoming Copper Creek results, then we'll move towards diamond drilling," continued Mr. Klenman.
2022 RAB Drill Program
The 2022 RAB Drilling program consisted of 1023m of drilling over 18 holes and tested 6 target areas across the Baie Verte property including the Dorset, Gunshot, Gunshot Extension, Sharpie Ridge, Braz NE, and Copper Creek target areas. The program followed up on previously announced gold and copper soil and GT Probe results over a 7km trend across the property (1) and is designed to evaluate the targets for potential diamond drilling. Results for 12 of the 18 holes, focused on the gold target areas, are included in this release. Additional result from the Copper Creek Trend will be released in due course.
The RAB drilling was be completed by GroundTruth Exploration Inc. using their "GT RAB Drill," a Heli-Portable, wireless remote-controlled, rubber tracked platform with a hydraulic tilting mast assembly and rotary drill head. The GT RAB Drill is environmentally friendly with low-ground pressure and minimal surface disturbance. Individual drill holes can be up to 100m in depth and are paired with onsite XRF analysis and optical televiewer surveys, allowing rapid evaluation of the target areas.
Individual results for the drilling ranged from below detection to 10.2g/t Au and are summarized in Table 1 below. A drill collar table and associated map for the results included in this release are included in Table 2 and Figure 1 below. All intervals are reported as drilled and there is not currently enough information to determine true thickness at this time. It should also be noted that none of the holes reached the originally planned 100m target depth do to challenging ground conditions.
(1) See the Companies new release dated May 19, 2022. Available at leocorgold.com and SEDAR.
Table 1: RAB Drill Results from gold targets on the Baie Verte Project
Hole ID | Target | From (m) | To (m) | Interval (m) | Au g/t) |
DORRAB22-001 | DOR Main | 28.96 | 36.58 | 7.62 | 1.41 |
DORRAB22-002 | DOR Main | 28.96 | 35.05 | 6.10 | 1.14 |
DORRAB22-003 | DOR/Gunshot Extension | 27.43 | 30.48 | 3.05 | 0.57 |
DORRAB22-004 | DOR/Gunshot Extension | No Significant Results | |||
DORRAB22-005 | DOR/Gunshot Extension | 1.52 | 19.81 | 18.29 | 0.21 |
DORRAB22-006 | Sharpie Ridge | No Significant Results | |||
DORRAB22-007 | Sharpie Ridge | 15.24 | 25.91 | 10.67 | 2.32 |
Incl. | 15.24 | 16.76 | 1.52 | 10.2 | |
DORRAB22-008 | Sharpie Ridge | No Significant Results | |||
DORRAB22-009 | Sharpie Ridge | No Significant Results | |||
DORRAB22-010 | BRAZ NE | 0.00 | 4.57 | 4.57 | 3.18 |
DORRAB22-011 | Gunshot | 18.29 | 19.81 | 1.52 | 0.64 |
DORRAB22-012 | Gunshot | No Significant Results |
Table 2: RAB Drill Collars from gold targets on the Baie Verte Project
Hole ID | Target Area | Easting | Northing | Elevation (m) | Azimuth | Dip | Depth (m) |
DORRAB22-001 | DOR Main | 555375.1 | 5527046 | 103 | 135 | 55 | 42.67 |
DORRAB22-002 | DOR Main | 555383.5 | 5527058 | 101 | 135 | 55 | 39.62 |
DORRAB22-003 | Gunshot Extension | 554554.6 | 5526404 | 176 | 135 | 60 | 56.39 |
DORRAB22-004 | Gunshot Extension | 554641.2 | 5526466 | 159 | 135 | 60 | 71.63 |
DORRAB22-005 | Gunshot Extension | 554648.6 | 5526588 | 158 | 135 | 60 | 53.34 |
DORRAB22-006 | Sharpie Ridge | 553510.7 | 5526370 | 206 | 295 | 60 | 79.25 |
DORRAB22-007 | Sharpie Ridge | 553491.8 | 5526318 | 204 | 295 | 60 | 53.34 |
DORRAB22-008 | Sharpie Ridge | 553508.4 | 5526240 | 197 | 295 | 60 | 70.1 |
DORRAB22-009 | Sharpie Ridge | 553513.2 | 5526237 | 197 | 115 | 60 | 44.2 |
DORRAB22-010 | BRAZ NE | 555081.6 | 5527013 | 134 | 135 | 60 | 48.77 |
DORRAB22-011 | Gunshot | 555063.7 | 5527091 | 135 | 135 | 60 | 51.82 |
DORRAB22-012 | Gunshot | 555058 | 5527093 | 140 | 315 | 60 | 48.77 |
Figure 1: Fall 2022 drill locations, Dorset claims, Baie Verte Project, NW Newfoundland
Sharpie Ridge
Four holes (006 – 009) were drilled on the Sharpie Ridge target. The drilling was assessing alteration and mineralization along a NE trending fault-controlled contact of fuchsite altered ultramafic and metavolcanic rocks. The holes were drilled over a 130m strike length and were centered on an outcrop of strongly silicified outcrop with assays up to 1.31 g/t Au. Hole -007 was drilled adjacent to the mineralized outcrop and intersected strongly silicified and quartz veined metavolcanic and ultramafic returning 2.32 g/t Au over 10.32m from 15.24m depth; including 10.2 g/t Au over 1.52m. Holes (006 & 008/009) were collared 55 and 80m north and south of -007; respectively. These holes failed to interest the mineralized structure due to hole placement/dip, and only returned anomalous results. The drill results on Sharpie Ridge are significant because it is a new discovery and is at the NE end of a 1.8km gold in soil anomaly associated with the same faulted contact. Follow up drilling will continue to assess the strike and dip extent of mineralization on the target.
Dorset
Two holes (-002 & -002) were drilled on the Dorset target evaluating the historic Dorset prospect which hosts rock samples up to 57.2 g/t Au from NE striking, steeply west dipping quartz veins and breccia zones sericite-ankerite alteration and pyrite, arsenopyrite, and, locally, visible gold mineralization. The holes were drilled approximately 15m apart and were designed to evaluate the geometry and dip of the mineralization. Both holes interested intersected mineralization at 28.96m depth and returned 1.41 g/t over 7.62m (-001) and 1.14 g/t Au over 6.10m (-002); respectively. The holes confirmed the geometry of the mineralized zone and will guide follow up drilling efforts to assess the strike and dip extent of the zone and evaluate it for higher grade, plunging shoots, of gold mineralization.
DOR/Gunshot Extension
Three holes (-003 to -005) were drilled on the DOR/Gunshot Extension target, located approximately 950m SW of Dorset. The target consists of 1.6km, NE trending, gold in south anomaly with anomalous GT Probe results (up to 1.19 g/t Au). RAB drilling was conducted on the NE end of the trend with the three holes placed approximately 100m apart. Holes -003 and -005 returned zones of anomalous Au mineralization (>0.1 g/t Au) with highlights of 0.57 g/t Au over 3.05m from 27.43m depth from hole -003 and 0.21 g/t Au over 18.29m from 1.52m depth in hole -005.
Gunshot
Two holes (-011 & -012) were drilled on the Gunshot target located approximately 345m west of the Dorset target. The drilling was targeting NE striking gold in soil and GT Probe anomalies (up to 1.97 g/t Au). The holes were, effectively, drilled from the same location (with 5m) at azimuths of 135 and 315; respectively. Only hole -011 encountered anomalous mineralization with the best intercept returning 0.64 g/t Au over 1.52m from 18.29m depth.
Braz NE
One hole was drilled on the Braz NE target, located 80m south of Gunshot. The drilling was targeting a 5m wide outcrop of sheared metavolcanic rocks with sheeted quartz veins and sericite alteration. The hole returned 3.18 g/t Au over 4.57m from surface and will be a target for follow up drilling on the property.
Assay Methodology and QA/QC
All RAB samples were prepared and analyzed by Bureau Veritas Laboratories. Samples were submitted to their Timmins, ON laboratory for preparation with pulps sent to their Vancouver, BC laboratory for assay. The samples were were crushed to 70% passing -2 mm and then splitting off and pulverizing a 250-gram split to 85% passing -75 microns (PRP70-250). A 0.5 gram cut of the pulp was analyzed by AQ201, an aqua regia digestion followed by ICP-MS analysis for 36 elements. Gold was analyzed for by FA430 using a 30-gram charge for a standard fire assay with an AA finish. If Au results were >10 g/t a second 30-gram charge was used for a standard fire assay with a gravimetric finish.
The reported work will be completed using industry standard procedures, including a quality assurance/quality control ("QA/QC") program consisting of the insertion of certified standard, blanks, and duplicates into the sample stream.
Figure 3 – Regional Setting of the Baie Verte Project
About Leocor's Baie Verte Project
The Baie Verte Peninsula represents one of the more productive and historical gold and base metal mining districts in Canada. The former Terra Nova base metal mine – one of several copper mines of the region, which operated during the late 1880's to early 1900's – lies 200 meters west of Leocor's Copper Creek claims. Former gold mining operations in the area include the Goldenville mine (of 1903-1906), located 8 km NE of the property, and the more recent Nugget Pond mine (1997-2000) of the eastern Baie Verte Peninsula area. Currently producing mines in the area include the Rambler base metal-gold mine (1961-present), located 14 km ESE of Baie Verte, and the Pine Cove and Stogertite mines (collectively, 2011-present) located 1.6 km and 5.4 km NE of the current property.
The Baie Verte project combines the Dorset, Dorset Extension, Five Mile Brook and Copper Creek projects consisting of fourteen mineral licenses, totalling 80 claims, and covering 1995 hectares (19.95 square km).
The Dorset Gold Project is a 275-ha gold exploration project, located south of the Pine Cove Gold Mine, and features multiple zones of high-grade gold mineralization. The Main Dorset Zone includes three historic showings, referred to as Dorset 1, 2 and 3 Showings. Grab samples from Dorset 1 returned 407.9, 349.2, 147.1, 143.9, 138.2, 108.0, 106.7, 72.4 and 30.0 g/t Au. Grab samples from Dorset 2 returned 167.0, 96.12, 84.3, 49.7, 23.8,4.33 and 1.33 g/t Au (MacDougall and Walker, 1988) and a "combined assay of 56.0 g/t Au over 2.5m" (MacDougall 1989) . Historic drilling includes DDH 87-1, which intersected 9.5 g/t Au over 1.3m (MacDougall and Walker, 1988).
Historic select sampling at the Braz Zone returned values of 314 g/t Au, 40 g/t Au, 31.4 g/t Au, 21.2 g/t Au, 19.2 g/t Au and 14.8 g/t Au. Historic channel sampling across the vein returned 9.5 g/t Au over 0.4m, 5.7 g/t Au over 0.5m and 1.2 g/t Au over 0.65m. Weighted averages of historic rock sampling encompassing vein and mineralized wall rock returned values of 5.8 g/t Au over 1.9m, 3.1 g/t Au over 2m and 2.5 g/t Au over 1.5m (MacDougall, 1990).
Other zones include The Albatross, where historic rock sampling of mineralized zones returned values up to 30.3 g/t Au. Assay results from three 1987 diamond drill holes include 1.0 g/t Au over 7.3m, 1.81 g/t over 4.3m and 1.02 g/t over 2.2m and the Gunshot Zone, where veins containing visible gold and pyrite returned grab samples that assayed up to 162 g/t Au and channel samples that assayed up to 18 g/t Au over 0.4m (MacDougall, 1989)
In the Phoenix Zone, "assays from initial grab samples returned 5.8 and 5.5 g/t within the gabbro. Quartz veins have returned 1.4, 0.6 and 0.5 g/t Au. Similar mineralization located 500m north east returned 3.3 g/t." (MacDougall, 1987). Diamond drilling hole intersected of 1.07 g/t Au over 5.45m (MacDougall, 1989).
Copper Creek (1,025-ha) hosts a number of gold prospects and copper occurrences associated with extensive alteration/shear zones developed within a thrust-faulted sequence of quartz-Fe-carbonate-fuchsite-altered gabbros, ultramafics and mafic volcanics, of the Advocate (ophiolite) Complex, and intermediate to silicic volcaniclastics & tuffs and microgabbroic dykes/sills, of the Flatwater Pond (cover sequence) Group. Historical results at Copper Creek – Biarritz zone include "values ranging from 1.3 to 16 g/t Au from grab samples and a combined assay of 3.9 g/t Au over 4.0m from detailed chip sampling." Additionally, "300m SW along strike exposed a 5-10m shear zone with similar alteration returned which returned sporadic values up to 9,2 g/t Au from grab samples" Noranda drilled several diamond holes in the area including A-88-7 which returned 0.66 g/t Au over 1.5 m and A-88-9 which returned 3.11 g/t Au over 0.5 m. (MacDougall, 1989).
Five Mile Brook (350-ha) has been subject to minimal exploration in the past but shows potentially important geological continuity to the Company's Dorset Gold Project, which lies directly contiguous to the northern boundary.
* Historic rock samples and grab samples mentioned in this release are selective by nature and are unlikely to represent average grades of the property
* The reported drill intercept is an intersected length and is not a true width
The data reported here is historic in nature and has not yet been verified by a Qualified Person. Leocor has relied on the information supplied in the Noranda assessment reports (quoted above) and from information found in MODS (Mineral Occurrence Data System) published by the Newfoundland Department of Natural Resources.
National Instrument 43-101 Disclosure
Jodie Gibson, P.Geo., consultant, and a Qualified Person as defined by National Instrument 43-101, has reviewed, and approved the scientific technical content of this release.
About Leocor Gold Inc.
Leocor Gold Inc. is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada. Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte Mining District. Leocor's Bae Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous nearly 2,000 hectare exploration corridor. The Company also controls the 6,847-ha grassroots Startrek project near Gander, as well as three district scale land packages in North Central Newfoundland, known as Robert's Arm, Hodge's Hill, and Leamington, (collectively "Western Exploits") representing over 144,000 hectares (1,440 square kilometers) of prospective exploration
Contact Information
Leocor Gold Inc.
Alex Klenman, Chief Executive Officer
Email : aklenman@leocorgold.com
Telephone : (604) 970-4330
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release .
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the terms and conditions of the Option. Although Leocor believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. Leocor cautions investors that any forward-looking information provided by Leocor is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the agreement of the parties to proceed with the proposed transaction on the terms set out in the Option Agreements or at all; Leocor's ability to exercise the Options; the state of the financial markets for Leocor's securities; the state of the natural resources sector in the event the Option, or any of them, are completed; recent market volatility; circumstances related to COVID-19; Leocor's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that Leocor is unaware of at this time. The reader is referred to Leocor's initial public offering prospectus for a more complete discussion of applicable risk factors and their potential effects, copies of which may be accessed through Leocor's issuer page on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date of this press release. Leocor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Copyright (c) 2022 TheNewswire - All rights reserved.
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Results from Phase 2 drilling confirm McNabs East as a high-priority target for follow-up exploration, with diamond drilling to commence in November
Ordell Minerals Limited (ASX Code: “ORD”) (“Ordell” or “the Company”) is pleased to announce significant drill results from recent, shallow, wide-spaced Reverse Circulation (RC) drilling at its Barimaia Gold Project (“Barimaia”), located near Mount Magnet in the Murchison region of Western Australia.
Key Points:
The RC drilling program was completed in September and October 2024 as the second phase of a larger, ongoing program to systematically test at shallow depths (typically < 80m vertical) the currently defined 2.5km strike extent of gold mineralisation at Barimaia.
Results from the program continue to confirm shallow, open pit potential, with coherent zones of gold mineralisation starting to be defined within an extensive gold system that remains untested at depth and remains open along strike.
Drilling completed on section 585,640E (see Figures 1 and 2) returned significant high-grade gold mineralisation in 24BARC083 (2Gm @ 2.52g/t Au from 81m) to the end of the hole (EOH) at 110m.
Visible gold was panned in the interval from 107m to 108m, which returned an intercept of 1m @ 47.5g/t Au.
Strong gold mineralisation was also returned from 24BARC087 (25m @ 1.50g/t Au from 56m) on section 585,550E (see Figures 1 and 3), adjacent to where a robust zone of gold mineralisation was intersected in drilling completed in August 2024 in 24BARC056 (21m @ 1.60g/t Au from 62m) and 24BARC057 (36m @ 0.85g/t Au from 50m). This interpreted flat-lying zone of gold mineralisation is over 80m wide on section.
Drilling completed on the eastern limit of the Phase 2 program on section 586,300E (see Figures 1 and 5) returned high-grade gold mineralisation in two separate zones, including 4m @ G.62g/t Au from 5Gm in 24BARC102 including 1m @ 32.7g/t Au from 60m; and 5m @ 4.61g/t Au from 61m in 24BARC104 including 1m @ 1G.6g/t Au from 64m. Importantly, no RC drilling has been completed east of this line along the interpreted strike of the mineralisation.
Management Comment
Commenting on the results, Ordell’s Managing Director, Michael Fowler, said:
“Our second drill program at Barimaia has delivered some great results, with wide zones of shallow gold mineralisation intersected within the targeted felsic intrusion host rock. Importantly, a number of high- grade gold results were returned from the program which are open at depth and along strike.
“This shows the potential of the mineralised system, which is beginning to take shape, pointing to significant future growth opportunities as our drilling programs advance.
“We have now completed over 5,000m since we listed on the ASX in July, with the results from this drilling showing clear potential for shallow open pits at Barimaia.
“Our next step is to complete a diamond drilling program in November to help confirm the orientation, lithologies and geometry of the significant mineralisation centred on section 585,550E. This drilling will be followed up by further extensional and in-fill drilling in the coming months.”
Figure 1. Results from RC drilling at the McNabs East Prospect at Barimaia. September to October 2024 intercepts are highlighted in dark yellow boxes. The location of section lines for Figures 2 to 5 are shown in blue.
Ordell’s exploration at Barimaia is targeting new discoveries of a similar style to the Eridanus deposit, which forms part of Ramelius Resources’ (ASX: RMS) Mount Magnet gold mining operations (Figure 6).
Eridanus lies approximately 6km north-west of Barimaia and hosts a current Mineral Resource Estimate of 21Mt @ 1.7g/t Au for 1,200,000oz of contained gold1, with an additional +300,000 ounces of gold already mined from the open pit.
Click here for the full ASX Release
This article includes content from Ordell Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Patronus Resources Limited (ASX: PTN; “Patronus” or “the Company”) is pleased to advise that the Northern Territory Government has approved the amended Mining Management Plan (MMP) for its 100%-owned Fountain Head Gold Project, located in the Pine Creek region 170km by road from Darwin in the Northern Territory.
Highlights
Approval was granted by the NT Minister for Lands, Planning and Environment, the Honourable Joshua Burgoyne, for the amended MMP submitted on 13 December 2023. Environmental approval for the project was granted on 17 February 2023 under the NT Environment Protection Act 2019.
The approval of the MMP represents a key regulatory milestone, allowing the Fountain Head Gold Project to advance towards development.
As outlined in its recent activities update on 28 October (see Patronus ASX release 28 October 2024), Patronus has embarked on a 2,500m program of reverse circulation and diamond drilling to extend and upgrade the current 234koz Resource base at the Fountain Head Gold Project, which comprises the Fountain Head (96koz), Tally Ho (59koz) and Glencoe (79koz) gold deposits. Further drilling and an updated Mineral Resource Estimate are planned for 2025.
Patronus Resources’ CEO, John Ingram, said:
“We are delighted with the timely receipt of the MMP approval from Minister Burgoyne, and I would like to thank the NT Government for their efficient management and oversight of this process, which demonstrates their ongoing commitment to support the development of new resource projects in the Territory.
“This is an important regulatory approval which allows us to move the Fountain Head Project forward. We are looking forward to receiving assay results from the current RC drilling at Glencoe and the imminent commencement of diamond drilling at Fountain Head, as part of a new phase of work aimed at expanding and upgrading the current resources to inform future development scenarios.”
Click here for the full ASX Release
This article includes content from Patronus Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Despite its extensive portfolio and numerous exploration successes, Riverside Resources remains significantly undervalued compared to its peers. With a market capitalization of approximately C$10 million and no debt, the company offers a compelling investment opportunity for those looking to gain exposure to the mining sector.
Riverside Resources (TSXV:RRI) is a Vancouver-based exploration and project generation company focused on precious and base metals, with a unique business model designed to minimize financial risk while maximizing exploration opportunities.
Founded in 2007, the company has established a strong portfolio of properties across North America, particularly in Canada and Mexico. With more than 17 years in the industry, Riverside Resources leverages its "Data First" strategy, which uses data analytics and historical mining information to identify and acquire high-potential mineral properties. This methodical approach is complemented by a business model that relies heavily on joint ventures and partnerships, allowing the company to explore multiple projects simultaneously with minimal shareholder dilution. Riverside Resources has successfully advanced over 80 projects using more than $85 million in partner-funded exploration, showcasing its expertise in exploration and project development.
One of Riverside's key strengths is its diversified portfolio, which spans different geographies and commodities, including gold, silver, copper and rare earth elements (REE). The company's projects are located in Ontario and British Columbia in Canada, and across Mexico, focusing on areas with known mineralization and existing infrastructure. Riverside is well-capitalized, with over $5 million in cash on hand, no debt, and a well-established royalty portfolio. This strong financial position allows the company to continue exploring new opportunities while reducing operational risks.
Riverside has a proven track record of creating value for its shareholders through spin-outs and royalty transactions, having completed seven such deals since its inception. The company continues to seek out new opportunities for joint ventures, partnerships and royalty agreements, which will help to unlock further value from its portfolio. With several key exploration programs underway in 2024, Riverside is poised for a breakout year.
Riverside Resources operates its Ontario-based gold projects through its wholly-owned subsidiary, Blue Jay Resources. These projects are located in the Western Abitibi region, one of Canada's most prolific gold-producing areas. The company's assets are situated near Equinox Gold's Greenstone gold mine, one of the country's largest open-pit gold mines. This strategic location provides significant potential for future development or acquisition, as the Greenstone mine is expected to produce more than 390,000 ounces of gold annually for the first five years of its 15+-year mine life. As this mine nears the end of its life, Riverside's nearby properties could provide valuable ore, potentially making them attractive targets for acquisition by Equinox or other major players in the region.
The Ontario portfolio includes three significant gold assets: the Pichette, Oakes and Duc projects. The Pichette project, located near the Greenstone gold mine, has similar geological units and structures to the Hardrock deposit at Geraldton, one of the most significant gold deposits in the region. Pichette has already seen historical drilling that intercepted gold mineralization, with additional targets identified through recent drone magnetics surveys and field prospecting.
The Oakes gold project lies in the Archean Greenstone Belt of the eastern Wabigoon terrane that hosts several large-scale gold deposits. The project has yielded promising results from recent drilling, with gold assays up to 8 grams per tonne (g/t) and surface samples showing greater than 30 g/t gold. This project also benefits from significant past exploration, with over $5 million invested to date.
The Duc gold and critical metals project rounds out Riverside's Ontario portfolio. Situated in a highly prospective area which has been previously explored for nickel and PGM’s, this project has excellent infrastructure, with road access from the Trans-Canada Highway and proximity to past-producing mines. The Duc project offers both gold and critical metals potential, making it a valuable asset in Riverside's growing portfolio.
Riverside Resources also has a strong presence in Mexico, particularly in the state of Sonora, where it operates several gold and silver projects. The Cecilia project is a district-scale gold and silver low-sulfidation epithermal system, located near the town of Agua Prieta. This project is one of Riverside's flagship assets, featuring over 60 square kilometers of exploration territory with multiple high-priority targets. Riverside has partnered with Fortuna Silver Mines to advance exploration at Cecilia, with a drilling campaign which began in the fall of 2024. Fortuna's option agreement with Riverside includes a significant work commitment, with planned expenditures of $3.75 million to earn a 51 percent interest in the project, and the potential to earn up to 80 percent by spending $6 million. This partnership represents a significant catalyst for Riverside, as a major discovery at Cecilia could add further value to the company’s shareholders.
The Union project, also in Sonora, is another promising gold and silver asset. Situated in close proximity to several major mines, including Noche Buena, La Herradura and Cerro Colorado, the Union project has already yielded high-grade rock chip samples, with results as high as 59.8 g/t gold and 833 g/t silver. Historical production from the area averaged between 7 and 20 g/t gold and 300 g/t silver, highlighting the project's potential for future exploration success. Riverside continues to explore joint-venture and partnership opportunities to advance this project, making it a key component of the company's Mexican portfolio.
In addition to its gold and silver assets, Riverside Resources has expanded into rare earth elements (REE) and copper exploration. The company holds several REE projects in British Columbia, Canada, including the Revel and Taft projects, both of which are located in highly prospective carbonatite belts. These projects are part of Canada's Critical Minerals Strategy, which aims to secure the supply of minerals essential to the country's energy transition. REEs are crucial for the production of renewable energy technologies, such as wind turbines and solar panels, as well as advanced batteries and semiconductors. Riverside's exploration programs at Revel and Taft are ongoing, with results expected in the near future.
Riverside is also pursuing copper exploration in Mexico, with the Ariel copper-gold project being one of the most promising assets. This project is located in a highly prospective porphyry copper district, within sight of Mexico's second-largest copper mine, La Caridad. The Ariel project spans over 16 square kilometers and is fully permitted for drilling, making it a turnkey exploration opportunity. Copper is a key metal in the global energy transition, with demand expected to rise significantly in the coming years due to its use in electric vehicles, renewable energy infrastructure, and power transmission.
Riverside Resources remains significantly undervalued compared to its peers, given its extensive portfolio and exploration successes. With a market capitalization of approximately C$10 million and no debt, the company offers a compelling investment opportunity for those looking to gain exposure to the mining sector. Riverside's Project generator model, which minimizes financial risk by partnering with larger companies to fund exploration, provides shareholders with significant upside potential. The company's strong balance sheet, combined with its diversified portfolio of assets in stable mining jurisdictions, makes it well-positioned for future growth.
John-Mark Staude holds a PhD in economic geology and has over 20 years of diverse mining and exploration experience in precious and base metals. He earned a Masters of Science from Harvard University in 1989 and a PhD in Economic Geology from the University of Arizona in 1995. Held positions at Kennecott, BHP-Billiton, and most recently Teck Cominco. His technical and managerial experience spans more than 30 countries in diverse geologic environments. John-Mark is also a director and chairman of Capitan Mining.
Freeman Smith has 18 years of experience in the minerals industry focused on generating and evaluating exploration properties primarily in the Americas. Freeman has worked primarily with prospect generators and worked in Mexico with the prospect generator (Oro Gold). Freeman brings experience in Latin America, Northern Canada and Ontario-Quebec (Integra).
Rob Scott is an accomplished professional with more than 20 years of experience In accounting and corporate compliance, corporate finance, and merchant and commercial banking. He is a CPA, CA and a CFA charterholder and has spent the last 15 years as a senior officer and director of a number of issuers listed on the TSX Venture Exchange. In that time he has helped raise in excess of $200 million in equity and has gained extensive experience in initial public offerings, reverse takeovers, corporate restructuring and mergers, and acquisitions, as well as cost-effective management of operations.
Ben Connor received an honors degree in geographic science from the University of Western Ontario, followed by an advanced diploma in Geographic Information Systems from the British Columbia Institute of Technology. Connor further developed his technical and managerial expertise at companies such as BHP Billiton and Golder Associates before joining Riverside as a consultant in 2007. Connor has kept Riverside at the forefront of technology and data compilation; and has played an integral role in assisting and advising senior management on asset acquisitions, strategic partnering and asset divestments that have contributed to the company’s overall success.
Cruz Paez has more than 17 years’ experience in exploration and mining geology in Mexico and has been involved with the discovery and delineation of several mineral deposits that were developed into operating mines. Paez held the position of vice-president of exploration for Azure Minerals and more recently exploration manager at Gold Candle.
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX and TSXV, starting with a round-up of Canadian and US data impacting the resource sector.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) fell 2.87 percent on the week to close at 603.95 on Friday (November 1). Meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) was down 0.82 percent to 24,255.16.
Statistics Canada released its August GDP figures on Thursday (October 31). The data indicated GDP remained flat following a 0.1 percent increase in July. Headline data suggests finance, insurance and public administration sectors were up 0.1 percent while goods-producing sectors fell by 0.4 percent to their lowest since December 2021.
On a more granular level, the resource sector saw a 0.6 percent gain in August, led by 1.5 percent increase in oil and gas. Meanwhile, mining and quarrying posted a 0.7 percent increase, marking a fifth month in a row of gains. Iron ore mining increased 4.7 percent, while there was a 2.8 percent increase in copper, nickel, lead and zinc mining.
South of the border, three key releases this week painted a mixed picture of the US economy before a divisive presidential election on November 5, and the US Federal Open Market Committee's meeting on November 6 and 7.
First, on Wednesday (October 30), the US Bureau of Economic Analysis (BEA) released advanced GDP estimates for Q3. The data shows the pace of economic growth in the US may be slowing, posting a 2.8 percent increase, down from the 3.0 registered in the second quarter of the year. The numbers fell short of analysts’ expectations of 3.1 percent.
This was followed by the BEA’s release of September’s personal consumption expenditures price index data on Thursday. The index is the favored indicator of inflation by the US Federal Reserve in making its rate policy decisions. Data for the month showed a 0.2 percent month-on-month increase and was in line with analysts’ expectations. On a yearly basis the data indicated 2.1 percent growth to inflation, down from 2.6 percent just six months ago.
Lastly, the US Bureau of Labor Statistics released its October employment situation summary on Friday. The data indicates nonfarm payrolls remained virtually unchanged, with just 12,000 jobs added during the month — that's well short of the 110,000 expected by analysts. Unemployment remained at 4.1 percent, with 7 million people unemployed.
The agency notes that while disappointing, the lower figures are likely temporary as it’s the first labor force survey conducted since the dual impacts of hurricanes Helene and Milton. The bureau also said the collection period for October was toward the shorter end of the usual 10 to 16 days and likely had a larger influence on its data.
Gold continued to set new highs, climbing to US$2,787.04 per ounce on Wednesday before falling to US$2,733.88 on Friday at 4:00 p.m. EDT. Silver also remained elevated, trading as high as US$34.41 per ounce on Wednesday before regressing to US$32.44 on Friday. Copper was largely flat, closing at US$4.39 per pound on the COMEX.
More broadly, the S&P GSCI (INDEXSP:SPGSCI) fell 1.27 percent to close at 534.79.
Markets were in decline this week, with the S&P 500 (INDEXSP:INX) shedding 1.8 percent to finish at 5,728.81, and the Nasdaq-100 (INDEXNASDAQ:NDX) declining 2.06 percent to close Friday at 20,033.14. Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) fell 0.5 percent to reach 42,052.18.
Find out how the five best-performing Canadian mining stocks performed against that backdrop.
Weekly gain: 166.67 percent
Market cap: C$14.83
Share price: C$0.08
Explorer and developer Wolfden Resources is focused on base and precious metals projects in North America.
Up until February of this year, the company was working to advance its Pickett Mountain property in Maine, US. The site hosts a high-grade polymetallic massive sulfide deposit and sits within the Gander Terrane.
However, the company announced on February 15 that its rezoning application for the property was denied by commissioners for the Maine Land Use Planning Commission, despite evidence that weighed in favor of the approval.
While the company has not provided an update on Pickett Mountain, it said on Tuesday (October 29) that it has entered into an option agreement to earn a 75 percent stake in the Rockland Property in the Walker Lane Trend in Nevada, US.
The terms of Wolfden's agreement with Evergold (TSXV:EVER,OTC Pink:EVGUF) state that to earn an initial 51 percent interest it must complete US$1.18 million in exploration expenditures, including a minimum of 1,500 meters of drilling, and make cash payments totaling US$600,000 over three years by March 2028.
Wolfden can boost its stake to 75 percent by completing a prefeasibility study within five to eight years. It also holds first rights of refusal on the final 25 percent interest and royalties that can be purchased.
The 1,054 hectare property hosts a large epithermal gold-silver system with similar characteristics to Hecla Mining’s (NYSE:HL) neighboring Aurora project and has drill permits in place. The company said through due diligence it retrieved four rock and core assay reject samples containing between 1 gram per metric ton (g/t) gold and 10.4 g/t gold.
Weekly gain: 151.61 percent
Market cap: C$62.572
Share price: C$0.39
Formerly Butte Energy, Argenta announced on October 24 that it was changing its name, and would commence trading under the new symbol AGAG. The change comes after the completion of its acquisition of the El Quevar silver project following the takeover of Silex Argentina for total consideration of US$3.5 million.
The 56,709 hectare site hosts the Yaxtche deposit, which holds an indicated resource of 45.3 million ounces of silver with an average grade of 482 g/t from 2.93 million metric tons of ore. Yaxtche also has an inferred resource of 4.1 million ounces of silver with an average grade of 417 g/t from 310,000 metric tons of ore.
The project has seen more than 100,000 meters of historic drilling and comes with permitting in place. The company says the site is home to a 100 worker camp, with power and transportation already in place.
Additionally, the company announced the appointment of Joaquin Marias as vice president of exploration and development. Marias is a geologist and has been active at El Quevar for more than 10 years.
In the announcement, Argenta also said it had completed a non-brokered private placement for gross proceeds of C$15.27 million, as well as an additional C$925,000 in the form of unsecured, non-interest bearing one year term loans.
Weekly gain: 76 percent
Market cap: C$18.32
Share price: C$0.22
Sabre Gold Mines is working to advance its Copperstone gold project located in Western Arizona, US. The site consists of 546 unpatented federal mining claims and two state mineral leases across a total area of 13.8 square miles.
According to the company, historic mining at the property between 1987 and 1993 produced 514,000 ounces of gold from 5.6 million metric tons of ore with grades of 2.8 g/t. Further operations between 2012 and 2013 produced an additional 16,900 ounces of gold from 163,000 metric tons of ore with grades of 3.2 g/t.
A resource estimate from February 2023 demonstrates 300,000 ounces of gold in the measured and indicated categories from 1.21 million metric tons of ore with an average grade of 7.74 g/t gold. Additional inferred values stand at 197,000 ounces of gold from 970,000 metric tons with a grade of 6.3 g/t gold.
An August 2023 preliminary economic assessment presents a base-case scenario with after-tax net present value of US$61.8 million, an internal rate of return of 50.5 percent and a payback period of 1.8 years.
Shares of Sabre surged this week after it announced on Monday (October 28) that it has entered into an agreement to be acquired by Minera Alamos (TSXV:MAI,OTCQX:MAIFF).
Weekly gain: 77.27 percent
Market cap: C$17.83
Share price: C$0.195
Compass Gold is an exploration and development company working to advance its Sikasso property in Mali into a small-scale mining operation. The site consists of a 1,176 square kilometer land package, which the company says makes it the largest ground position in Southern Mali, and hosts four primary gold trends.
To date, the company has completed 44,206 meters of drilling, confirming bedrock mineralization and identifying four areas with open-pit mining potential: Tarabala, Massala West, Farabakoura and Samagouela.
Compass' most recent news came on Monday, when it entered into a joint production agreement to process ore from the Massala prospect at Sikasso at the nearby small mining facility owned by Malian business group SMAT.
The company said it will allow Compass to advance near-term objectives and expedite near-surface gold production with minimal capital investment. The company still needs to apply for a small mining license from the Malian government; this will allow it to produce 160,000 ounces over a four year period. Funds generated from production will allow the company to repay debts and pursue opportunities to expand production at Sikasso.
Weekly gain: 31.03 percent
Market cap: C$35.01
Share price: C$0.19
East Africa Metals is a gold explorer and developer focused on its Adyabo and Harvest projects in Ethiopia’s Tigray region. Its principal asset is Adyabo, in which it holds a 30 percent net profit interest; Tibet Huayu Mining (SHA:601020) owns the remaining 70 percent. The 195.2 square kilometer site hosts two mining licenses, Mato Bula and Da Tambuk, that are located in an area known for high-grade gold and copper mineralization.
East Africa Metals also owns a 70 percent share of the Harvest polymetallic project, which hosts the Terakimti mining license, as well as a 30 percent streaming interest in the Magambazi gold mine in the Tanga region of Tanzania.
The company saw gains this week alongside a surging gold price, but did not release news.
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
As of June 2024, there were 1,630 companies listed on the TSXV, 925 of which were mining companies. Comparatively, the TSX was home to 1,806 companies, with 188 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Data for this 5 Top Canadian Mining Stocks article was retrieved at 12:00 p.m. EDT on November 1, 2024, using TradingView's stock screener. Only companies trading on the TSX and TSXVwith market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
The gold price was on the move once again this week, with December COMEX futures briefly passing US$2,800 per ounce on Wednesday (October 30), another new record for the yellow metal.
Gold had pulled back substantially by Friday (November 1), sitting at the US$2,735 level as of 12:00 p.m. PDT. The decline came despite a weak October US jobs report, which has boosted expectations for an interest rate cut next week.
With many undeniably influencing gold right now, arguably the most immediate is the US election.
As voting day approaches, the Investing News Network (INN) team has been asking experts whether the outcome matters for gold, and the responses have been interesting. Overall the consensus seems to be that while voting day turmoil may boost the yellow metal in the short term, larger forces are at play further ahead.
One point that was repeated many times is that neither Donald Trump nor Kamala Harris seems concerned about the growing level of debt in the US, which is an overarching driver for gold both now and in the future.
Here's how Chris Blasi of Neptune Global explained it:
Up until about eight years ago, maybe it was 10, you'd hear politicians talk about balancing the budget, getting the fiscal and financial house in order. No one even says it anymore — you'd look silly, right?
Gold is driven by the growth in debt and creation of money. They won't even give lip service to it anymore because it seems so outlandish. Now it's just about — the reality is debt will always grow, money will keep being created. That's why inflation is with us. So again, it just goes to in my opinion prove that those drivers that will continue to support the price of gold and continue to propel it are firmly in place, and not only is there no political will, but it's really past the point it could even be done. The economy could not survive with balanced budgets and reducing and paying down debt.
Craig Hemke of TFMetalsReport.com made a similar comment, saying that no matter which party ends up in power, the debt situation makes it key to own gold. This is what he said:
(The debt) is not going to change. It doesn't matter who's president, it doesn't matter which party is in charge of either side of the US Congress. This is going to continue.
And if we are in fact heading into a recession — which I have no doubt that we are, if it hasn't already begun — then your tax revenues are going to plummet, the spending is only going to increase. And that deficit and the total debt you're adding is only going to widen out on an annual basis.
So anyway, I have no idea who's going to win the election, but I think for people that are trying to plan for their financial security, to maintain their purchasing power, to see their way through this storm — whoever wins, you still want to keep buying your gold and buying your silver.
Joe Cavatoni of the World Gold Council took a different approach to the question, saying that investors should look six months down the line to see the election's impact on gold. Here are his comments:
Where the election will have impact (for gold) is on how policies will develop. That tends to show itself up six months or so post an election outcome when policies can be discussed, clarified and potentially start to be implemented. And that's why we think that six months into the election outcome is when you're going to start to see more of an effect on the gold price.
There might be, with the emotion that comes along with this election, there might be some increased levels of volatility, there may be some reaction, people looking to position around things. We might even see that globally in terms of some of the central bank behavior, the investors offshore who are looking at the US — looking at what's going to happen and how they're going to be impacted by the fiscal challenges that the US is facing. But overall you're going to need time to tell exactly how that'll play out as a policy — that'll lead to overall impact on the gold price.
The World Gold Council does make an interesting point in a recent report, noting that on average, US gold bar and coin demand seems to increase during Democratic presidencies, possibly because buyers may be Republican-leaning.
The US election is only a few days out, so it won't be long before we see gold's immediate reaction.
Check out the links below for more on how the election could affect gold, as well as other markets:
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
And don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Pinnacle Silver and Gold (TSXV:PINN) stands out as a promising precious metals explorer with its strategic focus on high-potential projects in North and South America. The company presents a compelling investment opportunity in the precious metals sector as it continues to advance its existing projects and pursue new opportunities, offering investors an attractive entry point into the dynamic world of silver and gold exploration.
The company is strategically positioned to capitalize on the growing demand for these valuable resources driven by several key factors including a robust pipeline of projects at various stages of exploration and development and effective capital management practices.
El Potrero lies within 35 km of four operating mines, including the 4,000 tons-per-day (tpd) Ciénega mine by Fresnillo, Luca Mining’s 1,000 tpd Tahuehueto mine, and the 250 tpd Topia mine owned by Guanajuato Silver. The El Potrero property had undergone small-scale production from 1989 to 1990 and contains a 100 tpd plant that can be refurbished/rebuilt at relatively low cost.
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