Archive for category Corporate Updates
Happy Creek Updates on the Hen Property
Posted by admin in Corporate Updates, News Releases on October 1st, 2009
Happy Creek Minerals Ltd. has completed 842 metres of trenching on its 100-per-cent-owned Hen property, located approximately 45 kilometres northeast of 100 Mile House and 10 kilometres southeast of the former Boss Mountain molybdenum mine in south-central British Columbia.
The Anomaly Creek prospect
The company recently completed 371 metres in 12 trenches covering portions of a positive 3-D induced polarization and magnetic geophysical anomaly and widespread positive copper, lead and zinc values in soil and surface rock samples. This prospective area is approximately one kilometre by one kilometre in dimension and is part of a much larger mineralized system that remains open in extent. Trenches were located on the west and east side of a northerly trending swampy area that is approximately 500 metres to a kilometre in width and over two kilometres in length.
Geologically, the Anomaly Creek area is underlain by the northerly trending contact between rocks of monzodiorite to quartz diorite composition and volcanic and minor sedimentary rocks of the Nicola group. Dikes of intermediate to mafic composition cut the volcanic and intrusive rocks. All rocks are moderate to strongly fractured and contain variable amounts of dominantly quartz and sericite alteration minerals that are either in veinlets or disseminated. Trace to 15 per cent pyrite (iron sulphide) and variable concentrations of gypsum and chalcopyrite (copper sulphide), sphalerite (zinc sulphide), and galena (lead sulphide) occur in all trenches.
The results to date from the Anomaly Creek prospect are thought to reflect potential for a new bulk-tonnage copper deposit that remains untested by drilling.
The Hen prospects
To the east of the Anomaly Creek prospect, the Hen and Ledge prospects were trenched with 471 metres in 11 trenches. This work was focused on the Dyke zone, where previous chip sampling returned 3.5 metres grading 3.46 grams per tonne gold that remained open in extent, and grab samples contain up to 35.0 g/t gold. Farther east, the Ledge and Southeast skarn showings have returned grab samples containing a large number of geochemically anomalous samples (greater than 40 parts per billion) up to 1.10 g/t gold.
These positive gold values occur along a three-kilometre easterly trending zone of hornfelsed, calc silicate and quartz-carbonate-altered volcanic and sedimentary rocks and contain abundant pyrrhotite, pyrite (iron sulphides) and locally arsenopyrite (arsenic sulphide), stibnite (antimony sulphide) and chalcopyrite (copper sulphide) trace elements.
Hawthorne Gold and Eureka Resources Announce Independent Mineral Resource Estimate for Frasergold Project Confirms Gold System
Posted by admin in Corporate Updates, News Releases on October 1st, 2009
Hawthorne Gold Corp. and Eureka Resources Inc.’s independent mineral resource estimate has been completed using information from the 2007-2008 drill program on the Main zone of the Frasergold project, located approximately 100 kilometres to the east of Williams Lake, B.C.
“Hawthorne is pleased to see not only the completion of the estimate at Frasergold, but also the results of that estimate at Frasergold, and looks forward to publishing the National Instrument 43-101 technical report and mineral resource estimate. The mineralized system has been traced for 10 kilometres and completing a resource estimate on approximately 1.5-kilometre portion of the zone is an important milestone for the project. The company is now determining its action plan for both the Frasergold project and the surrounding exploration camp,” commented Richard Barclay, president and chief executive officer of Hawthorne.
SUMMARY OF MINERAL RESOURCE ESTIMATE AT
A 0.30-GRAM-PER-TONNE AU CUT-OFF
Zone Class Tonnes Au (g/t) Au (grams) Au (ounces)
Main Measured 11,470,000 0.595 6,824,650 219,418
Main Indicated 22,610,000 0.540 12,209,400 392,541
---------- ----- ---------- -------
M+I 34,080,000 0.559 19,034,050 611,959
---------- ----- ---------- -------
Main Inferred 26,530,000 0.473 12,548,690 403,450
NW Inferred 45,790,000 0.538 24,635,020 792,034
SE Inferred 2,990,000 0.343 1,025,570 32,973
---------- ----- ---------- ---------
Inferred 75,310,000 0.507 38,209,280 1,228,457
---------- ----- ---------- ---------
“Eureka originally acquired the Frasergold project as our management team believed it to contain a significant gold system that extended over an approximate length of 10 kilometres. This estimate confirms Eureka’s historical exploration work on the property in the 1980s and 1990s, and Hawthorne’s work over the past two years. The resource estimate only tested a small portion of the mineralized system and we look forward to defining the full potential of this deposit through our continued relationship with Hawthorne Gold,” stated John J. O’Neill, chief executive officer and president of Eureka Resources.
The Frasergold project is a large-tonnage, low-grade gold deposit, and is located in the Cariboo gold district of British Columbia. The resource estimate was prepared by Dr. K.V. Campbell, PhD, PGeo, of ERSi Earth Resource Surveys Inc., and G.H. Giroux, MASc, PEng, of Giroux Consultants Ltd.
The 2009 Frasergold resource estimate is based on a total of 160 diamond drill holes and 242 reverse circulation holes sampling a combined 49,691 metres. The drilling was completed by Eureka and optionees, from 1983 to 1993, and Hawthorne Gold Group in 2007 and 2008. Hawthorne geologists determined three-dimensional solids for a high-grade zone surrounded by a lower-grade envelope and two less densely drilled extensions, one projecting the mineralization to the northwest and the other to the southeast. Individual drill hole assays were tagged, sample statistics were run and erratic high assays were capped for each zone. Uniform five-metre downhole composites were formed and modelled using pairwise relative semi-variograms. Blocks 10 by 10 by five metres in dimension were estimated for gold by a combination of ordinary and indicator kriging. The bulk density was established from 128 core samples measured at site. Blocks were classified as measured, indicated or inferred based on grade continuity as established from the semi-variograms analysis.
Due to the uncertainty of inferred mineral resources it cannot be assumed that all, or any part of this resource will be upgraded to an indicated or measured resource as a result of continued exploration. To justify upgrading of the mineral resource to a mineral reserve, demonstrated economic viability is required. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues.
About Frasergold project
The Frasergold project, optioned from Eureka Resources, is located in the Cariboo gold camp, situated in the historic Quesnel trough area of central British Columbia, and has a long history of continued exploration since the 1970s. A combination of quartz veins and knotted phyllites host gold mineralization containing coarse free gold and finer-grained sulphide-bearing gold. Previous operators identified a 10-kilometre belt of gold mineralization on the property through drilling, soil sampling, induced polarization geophysical surveys and surface exploration.
In 2007, the Hawthorne completed a 16-hole diamond drill program (3,617 metres), a series of 211 vertical channel samples taken across the entire 130-metre strike length of the underground workings and a series of 11 200-kilogram bulk samples across the same length of the channel samples. In addition, an airborne geophysical survey was completed by Aeroquest International Ltd. The survey covered the entire area between the Frasergold project and Crooked Lake, encompassing the Eureka Frasergold claims, the optioned Dajin Resources Corp. claims and claims acquired or optioned in 2007.
Subsequently, in 2008, Hawthorne completed a 58-hole 10,405-metre diamond drill program, a soil sampling program and a reconnaissance exploration exercise. Total drilling on the property now exceeds 50,000 metres, including work from 2007-2008 and in the 1980s and 1990s. The 2008 exploration program focused within the Main zone, located in the centre of the identified 10-kilometre mineralized zone. The total land position, totalling 11,293 hectares or 41 claims, is under option agreements with Eureka Resources and Dajin Resources.
For further information on the Frasergold project, including additional information on lab and assay procedures, please refer to Hawthorne’s website.
Mr. Giroux carried out the mineral resource estimate of the Frasergold deposit, and both Mr. Campbell and Mr. Giroux are qualified persons in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. They have verified the mineral resource information presented in this news release. Mr. Campbell and Mr. Giroux are currently preparing the National Instrument 43-101 technical report and mineral resource estimate on the property, which will be filed on SEDAR within 45 days from the date of this press release. Mr. Campbell and Mr. Giroux have visited the site and reviewed all the quality assurance-quality control data received to date.
Michael Petrina, PEng, the company’s vice-president of mining and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
About the Frasergold option agreement
Pursuant to an option agreement dated Oct. 31, 2006, between Hawthorne and Eureka, Hawthorne can earn a 51-per-cent interest in the Frasergold project by completing sufficient exploration expenditures totalling $3.5-million (expended), completing a feasibility study by April 30, 2010 (April 30, 2012, with extensions), and making cash payments totalling $175,000 ($125,000 paid to date) before Oct. 31, 2009. Hawthorne can earn a further 9 per cent (for a total of 60 per cent) by arranging financing for 70 per cent of the estimated capital costs for production.
International Wayside Gold Mines Announces Upcoming Resource Development and Drill Programs
Posted by admin in Corporate Updates, News Releases on September 16th, 2009
International Wayside Gold Mines announced today its near term development and drill programs designed to advance its NI 43-101 compliant resources at the Cariboo Gold Project.
Wayside’s current NI 43-101 resources are as follows:
| Area | Category¹ | Tonnes | Grade (g/t) | Contained Gold Ounces² | Prepared by |
| Cariboo Gold | Indicated | 6,013,000 | 2.23 | 430, 885 | Giroux 2006 |
| Quartz | Inferred | 1,527,000 | 1.85 | 90, 936 | |
| Measured | 234,677 | 6.69 | 50,392 | ||
| Bonanza Ledge | Indicated | 334,433 | 5.31 | 57,140 | Mintec 2009 |
| Inferred | 373,123 | 6.10 | 73,087 | ||
| BC Vein | Indicated | 296, 000 | 5.31 | 50,600 | Giroux 2002 |
| Inferred | 291,000 | 2.40 | 22, 400 | ||
| QR | Pre-feasibility study to be completed September 2009 | ||||
¹ Conforms to NI 43-101, 43101CP and current CIM definitions for resources. All numbers are rounded.
² Cutoff grade is 0.69 gpt Au.
Upcoming Drill Programs and Resource Development
Bonanza Ledge –
Management received a positive Pre-Feasibility Study (”PFS”) on the proposed Bonanza Ledge open pit gold mine (see News Release 09-22, Sept. 10, 2009) and is taking the necessary steps to advance the project to production. In addition, drilling to improve the resources is in progress.
With a $950 per ounce gold price, project economics in the PFS outline pre-tax cash flow during the 4 year mine life at $20.5 million, a pre-tax internal rate of return of 111.8% and a net present value (5% discount) of $16.3 million. The net present value figure applies only to the proposed Bonanza Ledge open pit gold mine and does not represent value relating to the Company’s other NI 43-101 compliant resources.
Cariboo Gold Quartz –
A Notice of Work has been submitted to begin drilling 202 holes below the 1200′ Level to develop additional ounces underneath the current NI43-101 compliant resource. Historic mining records suggest the grade is continuous with the area having a similar tonnage potential as that above the 1200′ Level.
Wayside President J. Frank Callaghan states, “A Notice of Work will also be submitted to twin historic drill holes above the 1200′ Level at Cariboo Gold Quartz, with the objective to bring the current 43-101 back to its pre-43-101 resource of 1 million ounces, indicated by two resource estimates”.
BC Vein –
In March 2000, the Bonanza Ledge Zone was discovered in the footwall of the BC Vein on Barkerville Mountain. The BC Vein has now been traced as much as 1600 meters beyond the Bonanza Ledge Zone. Additional drilling on Cow Mountain to delineate the BC Vein’s strike extension offset by the Lowhee Fault is in progress.
The current BC Vein NI 43-101 resource estimate will be updated to include an additional 106 drill holes (15,273 meters) drilled by the Company to date that have cut into the BC Vein and have not yet been added to the resource model.
About International Wayside Gold Mines
The Company has been developing its 106,484 hectare Cariboo Gold Project in Barkerville, B.C., which encompasses (from northwest to south east) the former producing Hardscrabble Tungsten Mine, Mosquito Creek Gold Mine (on care and maintenance), Aurum Mine, Island Mountain Mine, Cariboo Gold Quartz Mine, Bonanza Ledge (proposed mine), the Cariboo Thompson Gold & Silver Mine and the Cariboo Hudson Mine.
The Company has also entered into a letter of intent with 0373849 B.C. Ltd. (formerly Cross Lake Minerals Ltd.) (”Cross Lake”) pursuant to which Wayside will purchase a subsidiary of Cross Lake holding all of Cross Lake’s interest in the QR Mine and Mill (the “Sale Transaction”). Concurrently with the completion of the Sale Transaction, Wayside will enter into a Spin-off Transaction to transfer all of its properties, including the QR Mine and Mill, Cariboo Gold Project, and its assets, liabilities and obligations, to Barkerville Gold Mines Ltd. (”Barkerville”), a wholly-owned subsidiary of Wayside, in exchange for shares of Barkerville (the “Barkerville Shares”) and will then distribute the Barkerville Shares to the shareholders of Wayside on the basis of one Barkerville Share for each share of Wayside. The Sale Transaction and Spin-Off Transaction (together, the “Transactions”) will be structured as a Plan of Arrangement involving Wayside, its security holders, Cross Lake and Barkerville pursuant to the provisions of the B.C. Business Corporations Act. The final terms of the Transactions will be modified to the extent necessary to give effect to tax and legal advice to be sought by the parties.
Barkerville will make an application to list its shares on the TSX Venture Exchange (the “TSX.V”). This transaction is subject to meeting the usual listing requirements of the TSX.V, which will include having the necessary funds to meet the obligations of operating the QR Mine and Mill, conduct recommended work programs on its Cariboo Gold exploration projects, satisfy the necessary general and administrative expenses and having unallocated working capital. Completion under the Plan of Arrangement will also be subject to obtaining the necessary shareholder, regulatory and court approvals.
Drill Program Planned at Pat Copper-Gold Project, Cariboo Region of BC
Posted by admin in Corporate Updates, Field Work, News Releases on September 16th, 2009
Cariboo Rose Resources and Astorius Resources are pleased to report Astorius has signed a drill contract with Phil’s Diamond Drilling Ltd. of Kamloops, BC to complete a drill program on the Pat mineral property located approximately 15 kilometres east of Horsefly, in the Cariboo Region of central British Columbia.
The Pat project, encompassing 1,330 hectares, was staked to cover a prominent magnetic anomaly indicated in government surveys within the prolific Quesnel terrane. The magnetic feature at Pat is approximately 4.0 kilometres across and roughly circular. The Pat airborne magnetic anomaly is comparable in area and intensity on government airborne survey maps to the magnetic feature which occurs at Imperial Metal Corporation’s (TSX: III) Mount Polley copper-gold mine some 35 kilometres to the northwest. A strong induced polarization (IP) anomaly, detailed by Cominco Limited in 1990, occurs immediately to the east of the magnetic anomaly and although drilled without significant results in 1991, can be reinterpreted as a pyrite halo.
The Pat property is bounded to the south and west by the Woodjam North property owned by Cariboo Rose and Fjordland Exploration Inc. (TSX-V: FEX) which recently became subject to an option agreement with a member of the Gold Fields Limited group of companies (NYSE: GFI). The Pat property is also located 12 kilometers to the north of hole WJ-08-84, drilled in 2008 on the Cariboo Rose and Fjordland Exploration Inc. owned Woodjam South property which intercepted 201 metres grading 1.01% copper and 0.44 g/t gold. Astorius and Cariboo Rose anticipate drilling four wide spaced holes in the target.
The Pat property is owned by Cariboo Rose Resources and is subject to an option agreement which gives Astorius the right to earn a 60% interest in it by completing $1.2 million dollars in exploration, and paying $150,000 in cash and issuing 200,000 shares to Cariboo Rose, before July 9, 2011.
International Wayside Receives Positive Pre-Feasibility Study and Updates Resources at Bonanza Ledge Gold Project, B.C.
Posted by admin in Corporate Updates, News Releases on September 10th, 2009
International Wayside Gold Mines announces that it has received a Preliminary Feasibility Study (”PFS”) including an updated NI 43-101 compliant resource estimate, on the Bonanza Ledge Gold Project, B.C. Canada. The Base Case economics at $750 per ounce gold show a pre-tax Internal Rate of Return of 44% and a pre-tax cash flow of US$6.7 million. The payback period for the initial capital of US$3.6 million is approximately 2.5 years. The open pit operation will mine ore at a rate of 220 tons (200 tonnes) per day and is expected to produce an average of 20,000 ounces of gold per year by batch tolling milling at a nearby CIP plant for an estimated mine life of 4 years.
Project Economics & Metal Price Sensitivities
|
Economic Case |
Average Gold Price (US$) |
Pre-Tax Cash Flow (US$) |
Pre-Tax IRR % |
Pre- Tax NPV @ 5% Discount (US$) |
Pre- Tax NPV @ 8% Discount (US$) |
| Low |
650 |
742,344 |
6.3 |
131,501 |
(164,400) |
| Base |
750 |
6,698,638 |
43.8 |
5,060,800 |
4,262,079 |
| Moderate |
850 |
13,364,446 |
77.7 |
10,509,332 |
9,124,933 |
| Moderate-High (Current Price) |
950 |
20,497,198 |
111.8 |
16,319,433 |
14,299,970 |
| High |
1050 |
27,755,213 |
140.4 |
22,207,927 |
19,527,628 |
Metal prices for the Base Case were established by EBA Engineering Consultants Ltd. (”EBA”) and assume $750 per ounce of gold for the life of mine. The Company has also run project sensitivity analyses using variations of capital and operating costs as well as metal recoveries. These analyses indicate that the project is relatively insensitive to capital costs but more sensitive to operating costs, metal recoveries and pricing. Other defining parameters of the study are:
- The strip ratio for this reserve is estimated at an average of 18:1 over a mine life of 4 years. The first year has an average strip ratio of 33:1 including pre-stripping. An optimized Phase I starter pit can reduce the first years strip ratio to 12:1.
- Average predicted mill recoveries are 93% for gold.
- Overall pit slopes are estimated at 37 degrees.
Capital & Operating Costs
- Initial capital costs are estimated at US$3.6 million, including a 15% contingency and, working capital of US$130 thousand. Sustaining capital costs are estimated at US$260 thousand over the 4 years mine life.
- Cash operating costs for life of mine are approximately US$509 per ounce of gold.
The study has taken 14 months to complete and has involved the focused efforts of a team of independent qualified persons, professionals and consulting companies that included EBA (Overall Report), F. Wright Consulting Inc. (Metallurgy), and Mintec (Resources and Reserves).
Proven and Probable Reserves (August 31, 2009)
| Bonanza Ledge Mineral Reserves | |||||
|
Reserve |
Metric |
Au |
Short |
Au |
Contained Gold |
| Proven |
130,726 |
10.23 |
144,099 |
0.298 |
42,900 |
| Probable |
166,810 |
8.11 |
183,875 |
0.237 |
43,500 |
1 Conforms to NI 43-101, 43101CP and current CIM definitions for resources. All numbers are rounded.
2 Cutoff grade is 2.44 gpt Au. These reserves are diluted and mine recoverable.
The following resource table shows the Measured, Indicated and Inferred Mineral Resources that include the Mineral Reserves and are based on 230 drill holes.
Measured, Indicated and Inferred Mineral Resources (August 31, 2009)
| Bonanza Ledge Mineral Resources | |||||
|
Resource |
Metric |
Au |
Short |
Au |
Contained Gold |
| Measured |
234,677 |
6.69 |
258,685 |
0.195 |
50,392 |
| Indicated |
334,433 |
5.31 |
368,645 |
0.155 |
57,140 |
| Inferred |
373,123 |
6.10 |
411,293 |
0.178 |
73,087 |
1Conforms to NI 43-101, 43101CP and current CIM definitions for resources. All numbers are rounded.
2 Cutoff grade is 0.69 gpt Au.
EBA including N. Eric Fier, CPG, P.Eng., Lara Reggin, P.Geo., Scott Martin, P.Eng.; F Wright Consulting including Frank Wright P.Eng.; and Mintec including Abdullah Arik, AusIMM are the Independent Qualified Persons for this news release and have reviewed and approved its contents. An NI 43-101 Technical Report detailing the results of the PFS and increased resources will be filed on SEDAR within 45 days of this release.
J Frank Callaghan, President and CEO of the Company stated, “We are pleased to have completed and received the PFS and updated NI43-101 resource on the Bonanza Ledge Gold Project and are excited with the results. The Company continues to take positive steps towards our stated goal of project development in Q4 2009 pending receipt of required operating permits. Existing resources combined with the exploration upside on the Company’s projects, cast a bright light leading us forward”.
International Wayside Gold Mines Ltd. Resources 0.69 gpt Cutoff
|
Area |
Category1 |
Tonnes |
Grade (g/t) |
Contained Gold |
Prepared by |
|
Cariboo Gold |
Indicated |
6, 013, 000 |
2.23 |
430, 885 |
Giroux 2006 |
|
Quartz |
Inferred |
1, 527, 000 |
1.85 |
90, 936 |
|
|
|
|
|
|
|
|
|
|
Measured |
234,677 |
6.69 |
50,392 |
|
|
Bonanza Ledge |
Indicated |
334,433 |
5.31 |
57,140 |
Mintec 2009 |
|
|
Inferred |
373,123 |
6.10 |
73,087 |
|
|
|
|
|
|
|
|
|
BC Vein |
Indicated |
296, 000 |
5.31 |
50, 600 |
Giroux 2002 |
|
|
Inferred |
291, 000 |
2.40 |
22, 400 |
|
1 Conforms to NI 43-101, 43101CP and current CIM definitions for resources. All numbers are rounded.
2 Cutoff grade is 0.69 gpt Au.
About International Wayside Gold Mines
International Wayside Gold Mines has been developing its Cariboo Gold Project in Barkerville, B.C., which encompasses (from northwest to south east) the former producing Hardscrabble Tungsten Mine, Mosquito Creek Gold Mine (now on care and maintenance), Aurum Mine, Island Mountain Mine, Cariboo Gold Quartz Mine, Bonanza Ledge (proposed mine), the Cariboo Thompson Gold & Silver Mine and the Cariboo Hudson Mine.
The Company has also entered into a letter of intent with 0373849 B.C. Ltd. (formerly Cross Lake Minerals Ltd.) (”Cross Lake”) pursuant to which the Company will purchase a subsidiary of Cross Lake holding all of Cross Lake’s interest in the QR Mine and Mill (the “Sale Transaction”). Concurrently with the completion of the Sale Transaction, the Company will enter into a Spin-off Transaction to transfer all of its properties, including the QR Mine and Mill, Cariboo Gold Project, and its assets, liabilities and obligations, to Barkerville Gold Mines Ltd. (”Barkerville”), a wholly-owned subsidiary of the Company, in exchange for shares of Barkerville (the “Barkerville Shares”) and will then distribute the Barkerville Shares to the shareholders of the Company on the basis of one Barkerville Share for each share of Wayside. The Sale Transaction and Spin-Off Transaction (together, the “Transactions”) will be structured as a Plan of Arrangement involving the Company, its security holders, Cross Lake and Barkerville pursuant to the provisions of the B.C. Business Corporations Act. The final terms of the Transactions will be modified to the extent necessary to give effect to tax and legal advice to be sought by the parties.
Barkerville will make an application to list its shares on the TSX Venture Exchange (the “TSXV”). This transaction is subject to meeting the usual listing requirements of the TSXV, which will include having the necessary funds to meet the obligations of operating the QR Mine and Mill, conduct recommended work programs on its Cariboo Gold exploration projects, satisfy the necessary general and administrative expenses and having unallocated working capital.
Completion under the Plan of Arrangement will also be subject to obtaining the necessary shareholder, regulatory and court approvals.
Cariboo Rose, Fjordland and Gold Fields Execute Definitive Agreement on Woodjam “North” Gold-Copper Project, British Columbia
Posted by admin in Corporate Updates, Field Work, News Releases, Property Agreements on July 30th, 2009
Cariboo Rose Resources and Fjordland Exploration report that the Woodjam Joint Venture (WJV), comprising Fjordland (60%) and Cariboo Rose (40%), has signed an Option and Joint Venture Exploration Agreement granting an option to Gold Fields Horsefly Exploration Corporation, a member of the Gold Fields Limited group of companies (NYSE: GFI), to earn up to a 70% interest in the northern portion of the Woodjam gold-copper property (Woodjam North Property). Gold Fields may earn an initial 51% interest by expending $7 million in exploration, and making $350,000 in cash payments to the WJV, over a three year period with a minimum expenditure of $1 million in the first year. Gold Fields may extend the option to earn a further 19% interest in the Woodjam North property by funding a further $12 million in exploration over a 4-year period (see CRB/FEX News Release, June 3, 2009 for further details).
To date, the WJV has spent approximately $7 million on the entire Woodjam property, including an estimated $4.7 million and $2.3 million on the Woodjam “North” and “South” Properties, respectively. The “North” Property (40,500 hectares) includes the Megabuck, Takom and Deerhorn zones; the “South” Property (7,500 hectares) includes the newly-discovered Southeast Zone.
The first year program, with a budget of about $3 million proposed by Gold Fields, consists of the following:
- A low-level airborne magnetic and radiometrics geophysical survey covering the entire area of the claim block.
- Grid-based line cutting and induced polarization geophysics focused on selected targets.
- Following data compilation and interpretation, a core drilling program of up to 6,000 metres is planned that will initially focus within the areas of known mineralization. Additional drill locations will be dependent on the compilation of geology, airborne-magnetic and IP results.
- Gold Fields has had crews on the Property for the past several weeks reviewing previous drill core, collecting soil samples and conducting geological mapping and prospecting programs.
The exploration program is managed and financed by Gold Fields Horsefly Exploration Corp. Gold Fields has recently appointed David Bailey, P.Geo, Ph.D., as Manager of the Woodjam North project. Dr. Bailey is a recognized expert in the Quesnel Terrane rocks in British Columbia.
The Property is road accessible and located in south-central British Columbia, 45 km east of Williams Lake; a regional centre for forestry, exploration, cattle ranching, tourism and two operating copper-gold-molybdenum mines (Mt. Polley and Gibraltar). Previous drilling on the Woodjam North Property totals approximately 21,260 metres in 91 holes. At the Megabuck deposit, 67 holes totaling 17,236 metres have been drilled defining a 200 metre wide, moderately plunging, mineralized envelope. Hole 04-32 assayed 1.03 g/t Au and 0.14% Cu over 274.9 metres. Gold-copper mineralization consists of quartz-chalcopyrite-magnetite stockwork veins in sub-alkaline monzonitic intrusions which are hosted by volcaniclastic and sedimentary rocks of Late Triassic to Early Jurassic age.
The Takom Zone, located 2.1 km south of the Megabuck Zone, has seen a limited amount of previous drilling (18 holes totaling 3,366 metres) mostly to shallow depths. Successive drilling programs have returned progressively better results; the highest grade and most northerly hole assayed 0.40 g/t Au and 0.26% Cu over 127.3 metres, including 32.8 metres grading 1.04 g/t Au and 0.45% Cu.
The Deerhorn Zone, located 800 metres to the northeast of the Megabuck Zone, was discovered in September, 2008, as a result of a 2-hole drilling program testing a large IP anomaly. Both holes, located 100 metres apart, intersected strong gold-copper mineralization near the overburden/bedrock interface. The second of the two holes included an intercept of 0.62 g/t Au and 0.25% Cu over 51 metres. Deerhorn is thought to be a very significant discovery due to its similar character and spatial association to the Megabuck area.
The Woodjam Joint Venture (WJV) retains the Woodjam South property, including the recently discovered Southeast Zone copper-gold-molybdenum occurrence where the WJV has completed 18 drill holes totaling 7,700 metres, all of which are mineralized from the bedrock interface to the bottoms of the holes. Hole 08-84 assayed 0.69% Cu, 0.27 g/t Au and 0.006% Mo over 359.1 metres, including 1.01% Cu and 0.44 g/t Au over 200.8 metres. Less than one quarter of the 1.5 km by 1.0 km induced polarization anomaly has been tested. The WJV intends to extend Gold Fields’ airborne geophysical survey to cover the Woodjam South property. The WJV will be planning a program on the Woodjam South Property to evaluate these claims, most of which have not seen modern exploration, and to advance the Southeast Zone.
G. L. Garratt, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
Taseko Provides Prosperity Update
Posted by admin in Corporate Updates, News Releases on July 28th, 2009
Taseko Mines is pleased to provide the following update on its Prosperity Gold-Copper project.
The Prosperity Project is currently undergoing both a provincial and federal Environmental Assessment process. The Government of British Columbia process, being conducted by the Provincial Environmental Assessment Office, is expected to conclude by the end of October 2009. The Government of Canada process, a Federal Review Panel coordinated by the Canadian Environmental Assessment Agency, is expected to be completed in early 2010.
Russell Hallbauer, President and CEO of Taseko says, “Taseko has put forward an innovative and comprehensive fish and fish habitat management plan to compensate for the impact the project will have on the 111 hectare Fish Lake. Last week, on July 22, 2009, the Canadian Government’s Federal Department of Fisheries and Oceans (DFO) provided clarification on its evaluation of the compensation plan, advising that DFO will be guided by the fisheries objectives set by the Province of British Columbia, which is responsible for managing the fisheries resource affected by the development project. This clarification is an important step and consistent with the efforts both governments have been making over many years to achieve greater harmonization on such matters.
With both regulatory review processes continuing to move forward, the Company anticipates being in a position to make a decision on building the project in March of 2010.”
Several First Nations, including those in closest proximity to the project, are participating fully in the Federal Review process.
Those interested in tracking the progress of the regulatory process can do so at the website for the Canadian Environmental Assessment Agency Registry for the Prosperity Gold-Copper Mine Project: http://www.ceaa-acee.gc.ca/050/details-eng.cfm?cear_id=44811 where all federal-related documents and information are posted and at the Environmental Assessment Office website http://a100.gov.bc.ca/appsdata/epic/html/deploy/epic_project_home_6.html for all documents and information relating to the provincial review process.
Taseko Mines Announces Production Upgrade at Gibraltar
Posted by admin in Corporate Updates, News Releases on July 27th, 2009
Taseko Mines is pleased to provide the following update on production and cost results for the second quarter 2009.
During the second quarter of 2009, the Gibraltar Mine produced 19.1 million pounds of copper and 217 thousand pounds of molybdenum. For the first six months of 2009, Gibraltar has produced 39.0 million pounds of copper and 404 thousand pounds of molybdenum, representing a 46% increase in copper production compared to the same period in 2008. These quarterly production figures are in line with annual production guidance of 80 million pounds of copper and 800 thousand pounds of molybdenum.
Total (on-site and off-site) cash costs for the second quarter were US$1.30 per pound. For the first six months of 2009, total cash costs averaged US$1.23 per pound.
Russell Hallbauer, President and CEO of Taseko stated, “These production and cost results demonstrate the improved capabilities of Gibraltar’s upgraded concentrator and new mining equipment. The copper price strengthened during the second quarter, averaging US$2.12 per pound on the London Metals Exchange. Today’s price is over US$2.50 per pound and with our recent mine enhancements, Taseko is well positioned to capitalize on the much improved price environment.”
Mr. Hallbauer continued, “Concentrator upgrade work recommenced in the second quarter with the installation of the new vertimill will increase metal recoveries by an estimated 3%. In conjunction with additional capital projects, we are on track to achieve annual production capacity of 115 million pounds of copper by the middle of 2010. Engineering and operations personnel are currently examining ways to accelerate this timeframe.”
Hawthorne Gold Settles Statement of Claim by SCS Diamond Drilling
Posted by admin in Corporate Updates, News Releases on July 12th, 2009
Hawthorne Gold announces that the Company was served with a Writ of Summons and a Statement of Claim in an action commenced in the Supreme Court of British Columbia by 669856 B.C. Ltd., doing business as SCS Diamond Drilling.
The Company has entered into an agreement with the Plaintiff to settle this matter for a lump sum payment of $587,500. The payment is due on or before 4:00 p.m. (Vancouver time) on July 15, 2009.
The Statement of Claim alleged breach of contract in connection with a drilling agreement (the “Drilling Agreement”) entered into between the Company and the Plaintiff. Pursuant to the terms of the Drilling Agreement, the Plaintiff acted as a contractor and performed certain drilling services for the Company in British Columbia. The Plaintiff sought a judgment against the Company in the amount of $4,848,277.53 representing an outstanding account balance, alleged delay charges and/or a termination fee. The Plaintiff also sought damages, interest and costs.
The Plaintiff is not under contract to perform any additional drilling or other services for Hawthorne and the Company’s current drill program is moving ahead as scheduled. The drilling services for the Company’s current drill program are being performed by a new drilling contractor. For further details on Hawthorne’s current drill program, see Hawthorne’s news release of June 24, 2009.
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2012-05-16 15:53
