Precious Metals



  • - $1.5 million exploration program includes diamond drilling, trenching, and regional exploration on the Golden Baie Project, a large claim package in southern Newfoundland that is highly prospective for orogenic gold mineralization.

    - Drilling is expected to commence by early June and will focus on the Kendell Prospect and the Blow Out Prospect, building on the field work from 2020.

    • - The Kendell Prospect has the best grab samples (up to 4,485 g/t gold) and the best trench intercepts encountered on the Project to date.

      - The Blow Out Prospect area has multiple gold occurrences at surface grading up to 32 g/t gold and gold-in-soil anomalies spanning over 1,200 metres along strike by up to 300 metres wide.

    - Ground magnetic surveys have been completed in the Kendell and Blow Out areas to aid with structural interpretation and trenching to refine drill targets is permitted and underway.

    - Regional exploration will evaluate the more remote claim blocks of the 62,175 hectare property in an effort to extend the strike length of surface gold occurrences defined to date, which currently span approximately 40 km on the Golden Baie property.

Toronto, Ontario TheNewswire - May 25, 2021 – Canstar Resources Inc. (TSXV:ROX ) & ( OTC:CSRNF) (" Canstar" or the "Company ") is pleased to announce details of its 2021 exploration program on the Golden Baie Project in southern Newfoundland.  The exploration program is budgeted for $1.5 million and will include at least 2,500 metres of diamond drilling, which will be the first drilling on the property in over a decade.  Subject to receipt of drill permits, drilling using a track-mounted drill rig is expected to commence by early June and continue into July.  This allows for a potential second phase of the 2021 field program, if warranted by drill results from the first phase of drill testing.

Exploration Objectives

The 2021 exploration program was designed with two primary objectives:

  1. 1. Drill testing of the priority Kendell and Blow Out prospect areas - These two areas, which are approximately 1.25 km apart in the central portion of the Golden Baie property (see Figure 1), have only five shallow historic drill holes.  Recent surface exploration results have made these areas the top drill targets due to the discovery of multiple styles of gold mineralization, including free gold in quartz veins, and due to the extent of gold mineralization based on grab sampling and gold-in-soil anomalies. Drilling will follow trenching work to expose veins and provide a better understanding of structural controls and lithology.

  2. 2. Grass roots exploration and target generation on remote claims - Some of the claim blocks that comprise the Golden Baie Project are remote and have seen little or no historical exploration even though they have similar lithology and proximity to the Day Cove Thrust fault like the other gold occurrences identified at Golden Baie.  A LiDAR survey is planned to identify regional structures and will be supplemented by lake sediment sampling, grass roots prospecting work, and geochemistry.

Rob Bruggeman, CEO of Canstar, stated: "Our exploration team is excited to be back out in the field at Golden Baie after a short but productive field season in late 2020.  Our understanding of the Golden Baie property has advanced substantially since last fall due to compilation of considerable historical data, much dating from the 1980s, analysis of last year's results, and detailed ground magnetic surveys that were recently completed at the Kendell and Blow Out prospects. A key focus of this year's program will be to identify broader widths of gold mineralization and to vector in on potential high grade gold zones associated with orogenic style gold mineralization."

Click Image To View Full Size

Figure 1 - Golden Baie claims map with known gold occurrences

Kendell Prospect

The Kendell Prospect is located in the central portion of the Golden Baie property.  It is a high priority target for drilling because grab samples from Kendell contain the highest grades of gold mineralization encountered on the property to date.  It was in the Kendell area in 2019 that the visible gold was first discovered on the Golden Baie property, with historical 1 grab samples assaying up to 4,485 g/t gold.  Canstar's 2020 prospecting at Kendell identified multiple outcrop and float samples with visible gold in quartz stockwork and quartz breccia associated with intense silicification. ( Note: the reader is cautioned that rock grab samples are selective by nature and values reported may not represent the true grade or style of mineralization across the property.)

Two sequential trenches excavated in the Kendell area in 2020 uncovered quartz veins extending approximately 70 metres along strike (Figure 2).  Channel sampling of the trench included intercepts of 10.0 g/t gold over 3.0 metres (channel G) and 6.2 g/t gold over 5.0 metres (channel F) in trench TGB-20-01.  Channel cut C is also of significant interest, as it encountered multiple mineralized intervals in the vicinity of two quartz veins that appear to have undergone significant deformation and faulting. The vein structure encountered in trenches TGB-20-01 and TGB-20-02 may continue along strike based on rock and soil samples as well as ground magnetics, so these trenches are currently being extended.

At least six short drill holes are planned at Kendell to evaluate the dip and vertical continuity of the veins encountered in trenches TGB-20-01 and TGB-20-02.  Drill holes will test for the vertical continuation of mineralization identified at surface and advance the understanding of structural controls on gold mineralization.

Click Image To View Full Size

Figure 2 - Kendell trenches TGB-20-01 and TGB-20-02

Landing Target

The Landing Target is located approximately 250 metres to the north northwest of the Kendell Prospect (Figure 3). Five out of fourteen historic float samples along an access trail in this location graded over 1 g/t gold, ranging from 11.8 to 33.4 g/t gold (averaging 21.1 g/t gold).  This area is wooded with little or no outcrop, so there has been minimal exploration.  Trenching is planned at the Landing Prospect to attempt to identify the source of the float samples (primarily angular boulders) along with additional prospecting work.  At least two drill holes are planned to test this area.

Blow Out Prospect

The Blow Out Prospect is located approximately 1.25 km NE of the Kendell Prospect.  A 1,450 x 400 metre soil sampling grid on 50 metres spacing completed in November 2020 indicated several anomalies with gold values up to 255 ppb gold along over 1 km along strike and up to 300 metres wide (Figure 4).  This soil grid is being expanded in the 2021 exploration program as two boulders grading 19.2 g/t gold and 36.1 g/t gold were discovered outside of the soil grid in late 2020.  The soil sampling will also be extended to the southwest, where additional gold mineralization has been identified along strike.  The size of the soil-in-gold anomalies and corresponding rock samples with gold mineralization grading up to 36 g/t gold make this area one of the priority targets for advanced exploration in 2021.

Click Image To View Full Size

Figure 3 - Drone photo of the Golden Baie property near the Kendell and Blow Out Prospects, looking northeast

A ground magnetic survey recently completed by Canstar has aided the structural interpretation of the Blow Out Prospect.  There is ~500 metre wide magnetic high corridor that trends NE-SW, parallel to the Day Cove Thrust fault.  Interpreted east-west structures that are oblique to the main regional trend may help explain the clusters of grab samples with anomalous gold mineralization.  Trenching and drilling will evaluate the continuity and orientation of gold mineralization in this area with at least ten drill holes planned.  Initial drill holes will be short in order to confirm the vertical continuity of mineralization identified at surface.  If warranted by the initial drill holes, steeper and deeper holes will be drilled to test the continuity, thickness and grade of gold mineralization.

Canstar wishes to acknowledge its deep appreciation to the Government of Newfoundland and Labrador for the airborne geophysical surveys conducted across most of the Golden Baie property.  The surveys and maps provided are extremely beneficial to junior exploration companies like Canstar. We would also like to acknowledge the Government of Newfoundland and Labrador's financial support of the 2021 exploration program through the Junior Exploration Assistance Program.

Click Image To View Full Size

Figure 4 - Gold in soil anomalies and rock samples at the Blow Out Prospect

Golden Baie Project Overview

The Golden Baie Project has mineral occurrences at surface spanning 40 km along strike (Figure 1).  The mineralization generally occurs subparallel to a major regional thrust fault, the Day Cove Thrust, in rocks associated with metasedimentary and metavolcanic rocks of the Bay d'Espoir Group in the Dunnage Zone (Figure 5).  The Day Cove Thrust is believed to be the tectonic boundary between the Exploits Subzone of the Dunnage Zone and the Gander Zone in southern Newfoundland and it may be a continuation of the Gander River Ultramafic Belt ("GRUB line") to the north.

The Golden Baie property has undergone major deformation as evidenced by mylonitization of the Baie d'Espoir Group extending several kilometres to the northwest from the Day Cove Thrust, across the Golden Baie property. Regional structures, such as the Collins Brook and Le Pouvoir faults, run subparallel to the Day Cove and there are defined and inferred secondary structures that are oblique to the regional faults.  Deep rooted mineralizing fluids are believed to have used these structures as conduits and are important for guiding exploration efforts to areas with potentially higher grades or larger volumes of gold mineralization.

Click Image To View Full Size

Figure 5 - Golden Baie simplified lithology map with key faults (based on work by Evans, 1996, and Dickson, 1988)


All rock and soil samples were collected by company personnel and sent to Eastern Analytical of 403 Little Bay Road, Springdale, NL, a commercial laboratory that is ISO/IEC 17025 accredited and completely independent of Canstar Resources Inc. Most rock samples were crushed to 10 mesh (2000 μm) and a 250g split pulverized to 150 mesh (89 μm). The 2020 channel samples were entirely pulverized to 150 mesh (89 μm). Splits of the pulverized samples were analyzed for gold using fire assay (30g) with AA finish and an ICP-34, four acid digestion followed by ICP-OES analysis for 34 additional elements. Soil samples were dried and sieved to 80 mesh (177 μm) and a split analyzed for gold using fire assay (30g) with AA finish and an ICP-34, four acid digestion followed by ICP-OES analysis for 34 additional elements. In addition to Eastern Analytical's quality control program of standards, blanks and duplicates, Canstar utilizes its own reference materials to ensure data quality.

Qualified Person

Bob Patey, B.Sc., P.Geo, Senior Geologist of Canstar, and a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, is responsible for the scientific and technical data presented herein and has reviewed and approved this release.

About Canstar Resources Inc.

Canstar is focused on the discovery and development of economic mineral deposits in Newfoundland and Labrador, Canada. Canstar has an option to acquire a 100% interest in the Golden Baie Project, a large claim package (62,175 hectares) with recently discovered, multiple outcropping gold occurrences on a major structural trend in south-central Newfoundland. The Company also holds the Buchans-Mary March project and other mineral exploration properties in Newfoundland. Canstar Resources is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ROX and trades on the OTCPK under the symbol CSRNF.

For further information, please contact:

Rob Bruggeman, President & CEO


Phone: 1-416-884-3556

Forward-Looking Statements

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 News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

1 Historic samples were not collected by the Company and have not or cannot be verified for accuracy.

Copyright (c) 2021 TheNewswire - All rights reserved.

News Provided by TheNewsWire via QuoteMedia

Canstar Resources

Canstar Resources


Newfoundland is becoming known for more than just beautiful scenery, ocean-fresh seafood and its strategic importance in defense, transportation and communications as Canada’s easternmost province. Hundreds of millions of years ago, the area where Newfoundland is now located was host to crustal-scale tectonic activity that primed the geological terrain for orogenic style, high-grade gold mineralization.

Compared to other gold belts in Canada, Newfoundland had been relatively underexplored due to a lack of understanding of the controls on high grade gold mineralization.

In recent years, however, this has changed. With the recognition of high-grade gold mineralization along major fault structures identified in other companies’ recent drill programs, Newfoundland is becoming one of the world’s most exciting areas for new gold discoveries. With excellent infrastructure, good road access, and a skilled workforce in a safe jurisdiction with straightforward permitting processes, Newfoundland is experiencing revitalized interest in gold exploration and mining.

Canstar Resources (TSXV:ROX,OTCQB:CSRNF) is a Canadian exploration company with two district-scale mineral exploration projects on the island of Newfoundland. The resurgence of gold exploration in the province and a company market cap of approximately C$21 million primes Canstar for tremendous upside potential for investors based on its district scale property holdings in Newfoundland.

In September 2020, Canstar Resources partnered with mining heavyweight Altius Minerals (TSX:ALS,OTCQX:ATUSF) on an option agreement to acquire 100 percent interest in 61,150 hectares of Golden Baie claims. Altius is a half-billion-dollar base metals royalty company with extensive project generation experience in Newfoundland, so this strategic relationship gives Canstar access to Altius’ technical team and adds a lot of market credibility.

With over 20 high-grade gold occurrences along 30 kilometers of strike on the company’s 620 km2 Golden Baie property, Canstar has the potential of soon mimicking the exploration successes of New Found Gold Corp (TSXV:NFG), which is in the same gold belt and currently has a market cap of C$550 million. In 2019, New Found Gold reported drill results that included 92.9 g/t gold over 19 meters in a geological setting that is very similar to that found at Golden Baie.

Canstar’s primary focus is on its flagship Golden Baie gold project situated in southcentral Newfoundland. With very limited historical drilling on the massive claim package, Canstar has an abundance of opportunity to make new discoveries at Golden Baie. This project has already shown notable visible gold occurrences, including one grab sample that assayed 4,485 grams per tonne (g/t) gold. In addition, the company owns the Buchans-Mary March and Daniel’s Harbour projects in Newfoundland, which both demonstrate the potential for high-grade base metal and precious metal mineralization in the vicinity of historical high-grade mines.

Canstar has likened the Golden Baie property’s geological structure and style of gold mineralization to other world-class orogenic gold deposits, such as Kirkland Lake Gold’s Fosterville deposit in Australia. In both cases, visible gold is found as disseminated fine specks within quartz veins and spatially associated with antimony mineralization in the form of stibnite. However, such visible gold mineralization has been found at surface on the Golden Baie project while it was not found until a depth of 800 meters at Fosterville.

Less than 10,000 meters of drilling has been done historically on the Golden Baie project, with most of that being shallow drilling done in the 1980s along a small portion of the 95 kilometers of potential strike on the property. In other words, Golden Baie has tremendous discovery potential, both along strike and at depth. Much of the property has seen little or no exploration and even a short exploration program conducted by the company in 2020 has already demonstrated the potential for new discoveries.

In December 2020, the company announced new assay results confirming high-grade gold mineralization at the Blow Out target on the Golden Baie property, located to the north of the Kendell Showing where visible gold was discovered in 2019. New grab samples from the Blow Out target contained grades up to 36.14 g/t gold and expanded the Blow Out target from 325 meters to a potential strike length of approximately 1 kilometer.

Visible gold in quartz from the Golden Baie Kendell Showing

In late December 2020, Canstar announced the closing of a C$1.3 million flow-through financing. The company intends to use this financing to incur Canadian exploration expenses in 2021 that will include drilling on multiple gold targets on the Golden Baie project.

The Canstar Resources’ management team and board of directors are seasoned veterans of the Canadian exploration sector with a history of success. Directors include Dr. David Palmer who was key in the success of Probe Mines, which was acquired by Goldcorp in 2015 for $526 million. The company’s recently hired CEO, Robert Bruggeman, played a key role in the turnaround and recapitalization of AbraPlata Resource Corp. (TSXV:ABRA), increasing the market cap from $5 million in 2019 to over $200 million today. Canstar has a good ownership structure with management and insiders controlling approximately half of the shares.

Company Highlights

  • Canstar Resources is a mineral exploration and development company focused on district-scale mineral properties in Newfoundland, Canada.
  • In September 2020, Canstar Resources partnered with Newfoundland-based Altius Minerals on an option agreement to acquire a 100 percent interest in approximately 62,000 hectares of Golden Baie claims. This strategic partnership solidly positions Canstar for shareholder value growth at a time when gold prices are rising and gold exploration in Newfoundland is seeing a resurgence.
  • The company’s flagship Golden Baie project has widespread high-grade gold mineralization on over 30 kilometers of strike length, with much of the property yet to be explored. Gold grades discovered in the past year have been as high as 4,485 g/t gold in grab samples.
  • The company currently has a market cap of C$21 million, with almost half of shares presently held by insiders and management.
  • In November 2020, the company announced completion of phase one field exploration of its Golden Baie project and the identification of new gold mineralization zones. Float samples assayed up to 33 g/t gold, with additional assay results still to be announced. The company is excited about the larger exploration program planned for 2021, which will include the drilling of multiple gold targets.

Key Projects

Golden Baie Gold Project

Canstar has option agreements to acquire 100% of the Golden Baie land package, which covers over 62,000 hectares along a major gold-bearing structure. With limited exploration and known high-grade mineralization in many areas that have seen historic exploration work, this flagship gold exploration project demonstrates a tremendous opportunity for new discovery.

Located within the Coast of Bays region of south-central Newfoundland, the Golden Baie project site is well positioned with good access, straight forward permitting, and prospectivity for high-grade orogenic gold mineralization dating back to the crustal scale tectonic activity that created the island of Newfoundland.

The past year’s exploration program highlighted samples grading up to 4,485 g/t gold, with many float samples running grades of 30 g/t gold. The orogenic gold mineralization includes disseminated gold in the form of specks within its broad quartz veins, in association with other minerals like antimony. These characteristics are remarkably similar to the mineralization found at New Found Gold’s Queensway project, located to the north in Newfoundland, and also in the high-grade Swan zone at Kirkland Lake Gold’s Fosterville deposit in Australia.

2021 will be a big year for the Golden Baie project. The company intends to conduct the first systematic exploration program on the property in decades. The planned exploration program will include broad exploration using soil sampling and geophysics to identify new targets, plus detailed exploration and drilling of the property’s multiple known gold targets.

Buchans-Mary March Project

The Buchans-Mary March project sits within the same geographical group that hosts the past-producing Buchans mine in Newfoundland. Mineral deposits in this region have historically ranked as some of the world’s highest grade polymetallic VMS deposits, including zinc, iron, copper, gold and silver. With limited exploration compared to other VMS projects, Canstar has a large and attractive land position with this key project.

The property spans approximately 23,000 hectares, 92 stake claims and several patented lots and licenses.

In 2020, Canstar examined core samples and mapping that revealed a high-grade copper-gold occurrence near the historic Mary March discovery hole from the previous year. At near-surface level, approximately 12.2 g/t gold, 660 g/t silver and 16.8 percent zinc were discovered in one drill hole. These noteworthy figures have received attention from investors as Canstar continues to explore more of this prospective property.

Daniel’s Harbour Project

This project was acquired through RTO transactions with Altius Minerals (TSXV: ADZN) in August 2018. The land package comprises 100 percent interest in two licenses containing 360 claims, and it spans approximately 9,000 hectares. The project site is also advantageously positioned directly next to the past-producing Daniel’s Harbour zinc mine.

Limited exploration on this property presents Canstar Resources with tremendous opportunity for the discovery of Mississippi Valley-type (MVT) mineralization with structural and stratigraphic controls.

Hermitage Property

The Hermitage property is comprised of three map-staked licenses containing 607 claims covering 15,175 hectares (151.75 km 2 ) contiguous with the Company's Golden Baie project and expanding its total claims in the area to 77,350 hectares (774 km 2 ).

Canstar optioned the Golden Baie project claims due to their proximity to the Day Cove Thrust, the tectonic boundary between the Gander and Dunnage (Exploits subzone) tectonostratigraphic zones. The Baie d'Espoir volcanic and metasedimentary rocks to the west of the DCT host extensive gold anomalies at surface that strike parallel to the DCT.

According to Matthieu Lapointe, VP Exploration of Canstar, the Golden Baie project has tremendous potential for orogenic gold discoveries, based on the extent of anomalous gold in rock samples collected and our initial drill program.

Canstar purchased the Heritage claims from Altius Resources Inc., a wholly owned subsidiary of Altius Minerals Corporation (TSX: ALS). The acquisition agreement grants Canstar 100 percent interest in the Hermitage Property, subject to the retention by Altius of a 2.0 percent net smelter return royalty from all commercial production.

Management Team

Robert Bruggeman, P. Eng, CFA - President, CEO & Director

Robert Bruggeman has over 20 years of experience in corporate development, equity research and institutional sales and trading. He has a deep understanding of Canadian equity markets and the mining sector, having worked as a sell-side research analyst, desk analyst on the proprietary trading desk at TD Securities and head of the sales and trading desk at a boutique brokerage firm in Toronto. Bruggeman is also Chairman of the Board of AbraPlata Resource Corp., a TSX-Venture listed company focused on silver-gold exploration in Argentina. Bruggeman is a licensed Professional Engineer (Ontario) and a CFA charter holder.

Sam Leung, P. Eng. - Director

Sam Leung is a mining professional with 15 years of international mining sector experience in due diligence, mergers and acquisitions and strategic evaluation of projects and operations. Since its IPO in 2017, Leung has been Vice President of Corporate Development for Adventus Mining Corporation. Leung is also a non-executive director of AbraPlata Resource Corp. Before Adventus, Leung was Director of Corporate Development at Lundin Mining Corporation. Here, he was a member of a small team that executed several successful transactions valued at over US$3.7 billion. Leung was also responsible for joint-venture related activities with Freeport-McMoran Inc. in Africa and Europe and strategic assignments at Lundin Mining’s operations in Europe and the Americas.

Before Lundin Mining, Leung served a global range of mining, financial and governmental clients as a due diligence and strategy consultant for Hatch Ltd.’s advisory practice based in London and Toronto. Leung began his career as a metallurgist and is a licensed professional engineer (Canada). Leung has a B.A.Sc. degree in Engineering Chemistry from Queen’s University at Kingston, Canada, with first-class honors.

David Palmer, Ph.D., P.Geo - Director

Dr. David Palmer has over 25 years of management, technical and exploration experience in the Canadian and international mining industry. Dr. Palmer was the President and CEO of Probe Mines from 2003 to 2015. He led his team to two successful significant mineral discoveries, including the multimillion ounce Borden Gold deposit, and he led the sale of the company to Goldcorp Inc. in 2015. As recognition of his team’s accomplishments at Probe Mines, he was the recipient of numerous awards, including the PDAC’s Bill Dennis Prospector of the Year (2015) and Northern Miner’s Mining Person of the Year (2014). Dr. Palmer holds a B.Sc. (Geology) degree from St. Francis Xavier University, M.Sc. and Ph.D. (Economic Geology) degrees from McGill University. He is a member of the Association of Professional Geoscientists of Ontario.

Dennis H. Peterson, LLB, Director - Non-Executive Chairman

A director of Probe Mines Limited from 2001 until its acquisition by Goldcorp in 2015, Peterson has 25 years of experience as a corporate securities lawyer specializing in corporate finance matters for small-cap companies. Most of Peterson’s practice focuses on junior natural resource companies. He has extensive experience with all aspects of prospectus financing, private placements and mergers and acquisitions in the junior public markets. Companies he has worked with are listed on the Toronto Stock Exchange and the TSX Venture Exchange.

T. Patrick Reid - Director

Patrick Reid is a long-term member of the Ontario Mining Association, serving as Executive Director and recently retired as its President and CEO. From 1967 to 1984, Reid served as the MPP for the riding of Rainy River, Ontario, and he held various senior positions both within government and opposition. He was awarded the CIMM fellowship in 2001 for his outstanding contribution to the Canadian mining industry and the CIMM.

John E. Hurley, CPA, CA - CFO

John E. Hurley, as one of the founding partners of McGovern, Hurley, Cunningham LLP, Toronto in 1980, worked on the initial TSX public offerings of such resource companies as Pangea Goldfields Inc. (acquired by Barrick Gold Corporation), Aurelian Resources Inc. (acquired by Kinross Gold Corporation), Detour Gold Corporation, Fronteer Gold Inc. and Labrador Iron Mines Holdings Limited, to name a few. Hurley graduated from Ryerson Polytechnical Institute (now Ryerson University) in Business Administration with a finance and accounting major. Hurley obtained his US CPA from the University of Illinois and his Canadian CA from the Ontario Institute of Chartered Accountants while articling with Price Waterhouse Co. in Toronto. Hurley retired from public practice in 2010.

Matthieu Lapointe, P.Geo - Vice President, Exploration

Matt Lapointe has over 15 years of greenfield and brownfield precious metal exploration throughout Canada and internationally. Most recently Mr. Lapointe was VP Exploration at Labrador Gold Corp., where he led the team that discovered the Big Vein on the Kingsway property in Newfoundland. Mr. Lapointe’s previous experience includes being Chief Geologist at TMAC Resources (“TMAC”), Senior Project Geologist at IAMGOLD, and Geologist at Sabina Gold & Silver. At TMAC, Mr. Lapointe developed exploration strategy and managed regional exploration of the 1,600 km 2 Hope Bay Project in Nunavut, including brownfield targeting at the active Doris gold mine and two advanced stage gold deposits.

gold bars with stock chart

5 Top Weekly TSX Performers: Assay Results Send Xtra-Gold Higher

The S&P/TSX Composite Index (INDEXTSI:OSPTX) was trading at 19,030.09 early last Friday (June 24) morning. The index was on the rebound, and managed to close the week up at 19,061.98.

Looking over to the commodities sector, oil prices were on the rise by the end of the week, while gold and silver were on track for weekly declines.

"Our expectation is that prices do rise beyond September, October," Jeffrey Christian of CPM Group told the Investing News Network at this year’s Prospectors and Developers Association of Canada convention.

Keep reading...Show less
four stacks of gold coins superimposed over a city nightscape

5 Top Weekly TSXV Performers: Gold Explorers Find Support as Commodities Prices Fall

Major markets were on course for their first weekly gain in a month last Friday (June 24), while the S&P/TSX Venture Composite Index (INDEXTSI:JX) began to claw back losses seen late Thursday (June 23).

Dipping to a five day low of 623.48 overnight, Canada’s junior index moved to 637.83 after the morning bell. It ultimately closed the period slightly higher at 647.33.

Growing recession concerns were bolstered last week after reports that Canada’s inflation rate rose to a 39 year high of 7.7 percent in May. These fears are mounting below the border as well, and have been reflected in the plunging value of copper, a base and industrial metal heavily that is correlated to economic growth.

Keep reading...Show less
Challenger Exploration

Ongoing Drilling at Hualilan Solidifies Outlook for a Significant Uplift to Recently Reported Maiden MRE

Challenger Exploration (ASX: CEL) (“CEL” the “Company”) is pleased to announce results from recent drilling targeting extensions to the mineralisation at the Company's flagship Hualilan Gold Project, in San Juan Argentina. The results include the first drill holes that were not included in the Company’s recent maiden 2.1 million ounce AuEq1 Mineral Resource Estimate (MRE) which includes a high-grade core of 1.1 Moz at 5.6 g/t AuEq1 .

Keep reading...Show less
Top 10 Central Bank Gold Holdings (Updated 2022)

Top 10 Central Bank Gold Holdings (Updated 2022)

Global central bank gold reserves top 35,500 metric tons (MT), approximately one-fifth of all the gold ever mined. The vast majority of central bank gold holdings were acquired in the last decade, when national banks became net buyers of the yellow metal.

Central banks purchase gold for a number of reasons: to mitigate risk, to hedge against inflation and to promote economic stability. In its most recent annual survey released in June 2022, the World Gold Council (WGC) said that 61 percent of central bankers expect global gold reserves to increase over the next 12 months. Nearly three-quarters of respondents cited the precious metal’s “long-term store of value” as a guiding factor in gold purchases.

Central banks added 463 MT of gold to their vaults in 2021, signaling a significant turnaround in demand after the 255 MT decade low experienced in 2020.

Keep reading...Show less
gold bar with stock chart

VIDEO — Adrian Day: Recession, Stagflation, Crash? Where We're Going, What it Means for Gold

Adrian Day: Recession, Stagflation, Crash? Where We're Going, What it Means for

The US Federal Reserve hiked interest rates by 75 basis points last week in its ongoing fight against inflation, amping up its efforts to tame prices and leaving market watchers wondering what's next.

Speaking just ahead of the central bank's meeting, Adrian Day, president of Adrian Day Asset Management, said usually the Fed starts out hawkish and then backs off. But this time around the opposite is happening.

This is due to various factors, but US President Joe Biden's recent meeting with Fed Chair Jerome Powell is among them — in their discussion, Biden expressed that inflation is the Fed's responsibility.

Keep reading...Show less

Latest Press Releases

Related News