V ancouver , British Columbia - TheNewswire - December 14th, 2020  - Visionary Gold Corp (" Visionary " or the " Company ") (TSXV:VIZ) is pleased to provide initial results from its 2020 exploration program at the Wolf Gold Project in Fremont County, Wyoming. In 2020 Visionary assembled, through leasing and staking, a 10.25km 2 land position within the historic Lewiston Gold District, a historically productive gold-rich area within the South Pass Greenstone Belt of Wyoming. The initial focus has been on characterising the known high-grade mineralisation at the historic Wolf Mine and identifying drill targets along the Wolf Shear Zone; a chlorite - hematite altered shear zone that has been mapped at surface for over 1,000m with a known surface expression up to 50m wide.

Highlights include:

  • - Rock chip samples of a fault gouge within the Wolf Shear Zone returning 19.87 grams per tonne gold (g/t) and 20.63 g/t gold.

    - Rock chip channel samples across a portion of the alteration envelope within the Wolf Shear Zone returning 8.0m of 2.13 g/t gold including 2.0m of 5.67 g/t gold.

    - Additional Rock Chip and Surface samples ranging from 2.63 g/t gold up to 15.46 g/t gold in the alteration envelope within the Wolf Shear Zone.

    - Induced polarisation (IP) test survey indicates coincident IP response and resistivity response may be the signature for mineralisation along the Wolf Shear Zone.

Visionary CEO Wes Adams comments, "We are very encouraged by these results that have highlighted a clear initial target for drilling, as the Wolf Shear Zone is showing high-grade potential at surface, which coincides with a geophysical anomaly at depth. The next objective is to develop a better understanding of the grade and continuity of mineralisation along strike and to further examine the relationship between gold mineralisation and the underlying geophysical anomaly. We look forward to seeing additional results from phase two rock sampling, initial geochemical soil sampling and additional geophysical surveying on the Wolf Claim Group as we work toward phase one drilling in 2021, the first ever at Wolf."

Rock-chip sampling summary

Historical shafts, tunnels and prospect pits along strike surrounding the historic Wolf Mine appear to have targeted high-grade gold mineralisation within the visibly altered greywacke host rock, from surface to depths of 15m. Initial sampling targeted exposed outcrop and dumps near the shafts, tunnels and prospect pits to determine potential grades of gold mineralisation occurring in the historically mined area. A channel sample collected across the interpreted strike of the altered Wolf Shear returned 8.0m of 2.13 g/t gold including 2.0m of 5.67 g/t gold. This sample stopped just short of historical shafts sunk on an approximately 2m fault gouge due to inaccessibility, however samples along the fault gouge returned values of 19.87 g/t and 20.63 g/t gold approximately 10m southeast of the aforementioned channel sample (figure 1). In total 76 rock chip samples taken regionally have been assayed and analyzed for gold and pathfinder elements using 35-Element ICP analysis.  Of the 76 samples reporting results from across the Wolf Claim Group, 47 had anomalous values over 0.2 g/t gold and 22 had values over 1g/t gold. Complete sample tables will be posted to the company's website ( once all data has been received, reviewed and interpreted.

Summary of 2020 Exploration Program

In addition to rock chip sampling, Visionary has conducted regional geochemical soil sampling on the Wolf and Miz prospects, evaluated the use of ground magnetic surveys on a portion of the Wolf prospect and evaluated induced polarization geophysical surveying on the Wolf and Miz prospects. A summary of work conducted in 2020 is shown in the table below.

Summary of work completed





rock samples collected




soil samples collected




ground magnetic survey (linear km)




induced polarisation survey (linear km)




Initial Geophysical Analysis

Geophysical surveys were contracted from Collier Consulting of Lakewood, CO; additional data processing was contracted from Kenco Minerals of Littleton, CO. Geophysical data review is on-going with that on the Wolf Mine presented within.

IP geophysical surveying was used to determine if the Wolf Mine had a geophysical signature for this survey method. Given the alteration, veining and inferred sulphide content it was expected that a coincident relatively moderate resistivity measurement along with a relatively moderate to strong IP response would represent a potential target in the shear zone. Results from the evaluation survey, using both the 25m spaced and 50m spaced dipoles, show an apparent resistivity break and chargeability high indicating a potential zone of silicification and weak sulphide mineralisation at depth below the oxidized area of known high-grade gold mineralisation at the Wolf Mine, shown in figure 2. The coincident responses as hypothesised should provide quality targets in the sheared and altered greywackes (figure 2) both in the Wolf Shear Zone and other similar structures in the district.

Next Steps

Drilling in 2021 will test the IP target below the historic Wolf Mine to characterise the alteration, determine the extent of oxide gold mineralisation and the possible extension of mineralisation into the underlying sulphides. Drilling will also help Visionary gain a better understanding of the structural controls of mineralisation, which will be important as exploration efforts expand regionally. Additional IP geophysical surveying along the known Wolf Shear Zone and  broadening the soil survey to cover the entire Wolf claim group is also a top priority.

Visionary Gold Corp , (TSX-V: VIZ) is a precious metals focused, mineral exploration company based in Vancouver, Canada, with Operations in Wyoming, USA. The company is currently focused on the Wolf Gold Project, in Fremont County Wyoming, USA. For additional information, please visit the Company's website at:


Wes Adams, Chief Executive Officer

Visionary Gold Corp.

410-325 Howe Street

Vancouver, BC V6C 1Z7

Tel: (303) 809-4668

Figure 1: Sample locations along and adjacent to the historical Wolf Mine and shear zone.

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Figure 2: Test IP line across the historic Wolf Mine and shear structure.

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Disclosure Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. These include, without limitation, statements with respect to the advancement of the Wolf Gold Project. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to capital and operating costs varying significantly from management estimates; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; inflation; fluctuations in commodity prices; delays in the development of projects; and the other risks involved in the mineral exploration and development industry generally. Although the Company believes that the assumptions and  factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply 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. Except where required by law, Visionary disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Technical Disclosure

To date, 130 rock chip, dump and grab samples were taken on the Company's claims with 76 samples reported herein; gold values ranged from detection limit to 20.63 g/t with a median value of 0.402 g/t. Dump, grab and rock samples are selective in nature whereas the chip channel and rock chip samples were collected on a defined width as semi-representative material across geological features. Channel and chip samples were collected at one metre intervals or at 0.3 metre intervals. No certified reference material was used in the sample stream during this initial field program and the Company has relied on the respective Laboratory's re-analysis procedure and the use of laboratory standards, Field programs subsequent to this 2020 program will have in place an internal QA/QC procedure and sampling protocols that match industry best practices. Laboratories used for the analyses of the samples included Paragon Geochemical Ltd (ISO/IEC 17025:2017) of Sparks, NV using codes Au-OES30 and Au_GRAV30 for over-limits and 35AR-OES for multi-element analysis (main field program, approximately 30% of the samples; contracted laboratory for 2020 field program); American Analytical Services (ISO/IEC 17025:2005) of Osborn, ID using code FA-Ag/Au (reconnaissance samples, approximately 40% of the submitted samples), and Skyline Assayers and Laboratories (ISO/IEC 17025:2017; ISO 9001:2015) of Tucson, AZ using codes FA-01-50g and TE-2 for multi-element analysis (property due diligence samples, approximately 30% of the submitted samples).

The ground magnetic survey was undertaken on a prescribed grid with line spacing 100m apart collecting continuous data along the lines using a Geometrics G-859 magnetometer rover system with a G-857 base station. Induced polarisation data was collected initially with a 25m spaced dipole-dipole and then with a 50m spaced dipole-dipole setup.

All scientific and technical information contained within this press release was prepared under the supervision of Darren Lindsay, P.Geo. (EGBC), a Qualified Person as defined by NI 43-101.  Mr. Lindsay is a Director of the Company.

It should be noted that the potential quantity and grade of the exploration targets disclosed in this press release is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource as per the NI 43-101 reporting standards.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Copyright (c) 2020 TheNewswire - All rights reserved.

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Tourmaline Oil Corp. (TSX: TOU) ("Tourmaline" or the "Company") is pleased to announce the completion of its previously announced acquisition of Rising Star Resources Ltd. (the "Transaction"). The purchase price for the Transaction included 6,000,000 common shares ("Topaz Shares") of Topaz Energy Corp. ("Topaz") currently owned by Tourmaline and $67,770,000 . In connection with this disposition of Topaz Shares, Tourmaline has filed an Early Warning Report as required by applicable securities laws.

Tourmaline Oil Corp. (CNW Group/Tourmaline Oil Corp.) (CNW Group/Tourmaline Oil Corp.)

Required Early Warning Disclosure

This disclosure is being provided pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues , which also requires a report to be filed by Tourmaline with the regulatory authorities in each jurisdiction in which the Company is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report").

Prior to the Transaction, the Company held 51,149,494 Topaz Shares, representing approximately 35.5% of the issued and outstanding Topaz Shares. Following the closing of the Transaction, the Company holds 45,149,494 Topaz Shares, representing approximately 31.3% of the issued and outstanding Topaz Shares.

Tourmaline disposed of the Topaz Shares as part of a long-term plan to reduce its equity position as Topaz develops and continues to succeed as an independent royalty and infrastructure company. Tourmaline's reduction in Topaz equity is also consistent with its commitment to continue to reduce overall debt levels of Tourmaline and accelerate shareholder returns. The disposition will expand Topaz's free-trading share float and provide new and existing shareholders with enhanced trading liquidity which is in-line with Topaz's strategic objectives.

Tourmaline intends to hold its Topaz Shares for investment purposes. Tourmaline may from time to time, depending on market and other conditions, acquire additional Topaz Shares or dispose of Topaz Shares through market transactions, public offerings, private agreement or otherwise.

The Early Warning Report with additional information in respect of the foregoing matters will be filed and made available on the System for Electronic Document Analysis and Review (SEDAR) at under Topaz's issuer profile. A copy of such report may also be obtained by contacting the secretary of Topaz, on behalf of Tourmaline, at telephone number (587) 747-4830.

Tourmaline's head office is located at Suite 2900, 250 6th Avenue SW, Calgary, Alberta T2P 3H7 and Topaz's head office is located at Suite 2900, 250 6th Avenue SW, Calgary, Alberta T2P 3H7.

Reader Advisories


All amounts in this news release are stated in Canadian dollars unless otherwise specified.


This news release contains forward-looking information and statements (collectively, "forward-looking information") within the meaning of applicable securities laws. The use of any of the words "forecast", "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "on track", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information. More particularly and without limitation, this news release contains forward-looking information concerning Tourmaline's plans relating to the Common Shares The forward-looking information is based on certain key expectations and assumptions made by Tourmaline.

Although Tourmaline believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Tourmaline can give no assurances that it will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

Additional information on these and other factors that could affect Tourmaline, or its operations or financial results, are included in the Company's most recently filed Management's Discussion and Analysis (See "Forward-Looking Statements" therein), Annual Information Form (See "Risk Factors" and "Forward-Looking Statements" therein) and other reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website ( ) or Tourmaline's website ( ).

The forward-looking information contained in this news release is made as of the date hereof and Tourmaline undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless expressly required by applicable securities laws.


Tourmaline is Canada's largest and most active natural gas producer dedicated to producing the lowest-emission and lowest-cost natural gas in North America . We are an investment grade exploration and production company providing strong and predictable operating and financial performance through the development of our three core areas in the Western Canadian Sedimentary Basin. With our existing large reserve base, decades-long drilling inventory, relentless focus on execution and cost management, and industry-leading environmental performance, we are excited to provide shareholders an excellent return on capital, and an attractive source of income through our base dividend and surplus free cash flow distribution strategies.

SOURCE Tourmaline Oil Corp.

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Gran Tierra Energy Inc. Announces Second Quarter 2022 Results

Gran Tierra Energy Inc. Announces Second Quarter 2022 Results

Gran Tierra Energy Inc.. (“Gran Tierra” or the “Company”) (NYSE American:GTE) (TSX:GTE) (LSE:GTE) today announced the Company’s financial and operating results for the quarter ended June 30, 2022 (“the Quarter”). All dollar amounts are in United States dollars, and production amounts are on an average working interest (“WI”) before royalties basis unless otherwise indicated. Per barrel (“bbl”) and bbl per day (“BOPD”) amounts are based on WI sales before royalties. For per bbl amounts based on net after royalty (“NAR”) production, see Gran Tierra’s Quarterly Report on Form 10-Q filed August 8, 2022.
  • Average Total Production of 30,607 BOPD, Highest since Fourth Quarter 2019
  • Total Average Production Up 4% from First Quarter 2022 and 33% from Second Quarter 2021
  • Generated Net Income of $53 Million
  • Increased Adjusted EBITDA(1) to $140 Million, Up 286% Year-on-Year
  • Grew Net Cash Provided by Operating Activities to $143 Million, Up 285% Year-on-Year
  • Increased Funds Flow from Operations(1) to $104 Million, Up 345% Year-on-Year, Highest since First Quarter 2013
  • Generated Free Cash Flow(1)of $38 Million
  • Credit Facility Repaid in Full
  • As of June 30, 2022, Cash Balance of $109 Million and Net Debt(1) of $491 Million

Key Highlights of the Quarter:

  • Net Income: Gran Tierra generated net income of $53 million, up 275% from first quarter 2022 (“the Prior Quarter”), and versus a net loss of $18 million in second quarter 2021.
  • Diluted Earnings Per Share: Gran Tierra generated earnings of $0.14 per share, up from $0.04 per share in the Prior Quarter and compared to a net loss of $0.05 per share in second quarter 2021.
  • Significant Growth in Net Cash Provided by Operating Activities: The Company realized net cash provided by operating activities of $143 million, up 285% from second quarter 2021.
  • Highest Funds Flow from Operations(1) since First Quarter 2013: Funds flow from operations(1) increased to $104 million, the highest since first quarter 2013, which was up 19% from the Prior Quarter and up 345% from second quarter 2021. On a diluted per share basis funds flow from operations was $0.28, which was up from $0.06 per share in second quarter 2021 and up from $0.23 per share in the Prior Quarter.
  • Strong Free Cash Flow(1): Gran Tierra generated free cash flow(1) of $38 million while completing the majority of the Company’s development programs in Acordionero and Costayaco.
  • Rapid Debt Reduction: Gran Tierra has repaid its credit facility. In only two years, Gran Tierra fully paid down its credit facility balance from $207 million to zero, which demonstrates the Company’s commitment to rapidly reduce debt with its free cash flow(1). As of June 30, 2022, the Company had a cash balance of $109 million and net debt(1) of $491 million. The Quarter’s net debt to annualized EBITDA(1) ratio was below 1.0 times and the Company is targeting a long-term net debt to EBITDA ratio of under 1.0 times at an assumed $60/bbl Brent oil price.
  • Annual Production Growth: Production was in-line with the budget and averaged 30,607 BOPD, up 4% compared to the Prior Quarter and 33% from second quarter 2021.
  • Additional Key Financial Metrics:
    • Capital Expenditures: Capital expenditures of approximately $65 million were higher than the Prior Quarter’s level of $41 million, as the majority of Gran Tierra’s capital programs in both Costayaco and Acordionero were completed during the Quarter.
    • Increased Oil Sales: The Brent oil price averaged $111.98/bbl, up 14% from the Prior Quarter and up 62% year-on-year. Gran Tierra generated oil sales of $206 million, up 18% from the Prior Quarter and 113% from the second quarter of 2021. The significant annual increase in oil sales was driven by the Company’s 33% increase in quarterly production year-on-year, combined with the increase in the Brent oil price over the same period.
    • Strong Operating Netback(1)(2): The Company’s operating netback(1)(2) of $59.62/bbl was the highest netback since third quarter 2014, and was up 14% from the Prior Quarter and up 81% year-on-year. This strong annual increase was driven by Gran Tierra’s 33% rise in quarterly production year-on-year and the strong growth in the Brent oil price.
    • Operating Expenses: Compared to the Prior Quarter, Gran Tierra’s operating expenses increased 8% to $14.38/bbl, up from $13.34/bbl, due to higher workover and power generation costs. Compared to the second quarter of 2021, operating expenses increased by 12% on a per bbl basis, primarily as a result of workover costs.
    • Other Expenses:
      • The quality and transportation discount increased 3% to $13.00 per bbl, compared to $12.57 per bbl in the Prior Quarter, because of widening Castilla and Vasconia oil price differentials to Brent.
      • General and administrative (“G&A”) expenses before stock-based compensation were $2.86 per bbl, down from $2.97 per bbl in the Prior Quarter and $3.49 per bbl in second quarter 2021. This decrease was driven by the Company’s higher sales volumes in the Quarter.

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"Fully owning the Toledo Refinery provides a unique opportunity to further integrate our heavy oil production and refining capabilities," said Alex Pourbaix, Cenovus President & Chief Executive Officer. "Operating the refinery will open up additional synergies and capital efficiency opportunities, including connectivity with our nearby Lima Refinery. This transaction solidifies our refining footprint in the U.S. Midwest and increases our ability to capture margin throughout the value chain."

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Suncor Energy Reports Second Quarter 2022 Results

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"Driven by a strong business environment, Suncor (TSX: SU) (NYSE: SU) generated record adjusted funds from operations of approximately $5.3 billion, or $3.80 per common share, in the second quarter of 2022, as we executed planned maintenance across our asset base," said Kris Smith, interim president and chief executive officer. "Our confidence in our business and expected annual cash flows enabled us to return approximately $3.2 billion of value to our shareholders, which includes both the highest dividend per share and highest rate of share repurchases in the company's history."

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The Offering is expected to close on or about August 17, 2022 . The Company intends to use the net proceeds of the offering to redeem or repurchase its outstanding cumulative redeemable five-year rate reset preferred shares, series C (TSX: ALA.PR.U).

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