Archive for category Property Agreements
Cariboo Rose Resources Announces Ground Added to Woodjam Project, BC
Posted by admin in News Releases, Property Agreements on June 7th, 2011
| Vancouver, BC, Jun 7, 2011 – Cariboo Rose Resources Ltd. (TSX-V: CRB) and Fjordland Exploration Inc. (TSX-V: FEX), 40%-60% partners in the Woodjam Joint Venture (”WJV”), and Gold Fields Limited’s (NYSE: GFI) exploration company, Gold Fields Horsefly Exploration Corporation (”Gold Fields”), have signed an option agreement with private vendors for the 625-hectare Magalloy-Magex Property. Magalloy-Magex is located in the Woodjam North Property, currently being explored by Gold Fields under an option agreement with the WJV. The Woodjam North Property is located 45 km east of Williams Lake, in south-central British Columbia. The option agreement was completed to cover prospective ground along an interpreted SW-NE trend of mineralization, which includes the Megabuck and Takom zones on the Woodjam North Property, where significant “porphyry-style” copper and gold mineralization has been identified by drilling.
For the option to acquire a 100% interest in the Magalloy 1-14 and Magex 1-12 mineral claims, Gold Fields, on behalf of the WJV, will make cash payments to the vendors totaling $300,000 over a four-year term and will reserve a 1.5% net smelter royalty for the vendors that may be purchased outright for a cash payment of $1.5 million. The cash payments required to be made shall be attributed to Gold Fields’ earn-in expenditures relating to the Woodjam North option agreement with the WJV. The Magalloy-Magex Property is located 3.5 km to the south-southwest of the Megabuck Zone and 1.0 km to the west of the Takom Zone on the Woodjam North Property. The Magalloy-Magex option is underlain by extensive glacial drift; however, a few exposures of intrusive rocks and Nicola Group volcanic rocks have been mapped. Previous soil, silt and lake geochemical surveys indicate copper and molybdenum anomalies on the Property. Also, a reconnaissance induced polarization (IP) survey, completed in 2008 by the WJV, has outlined a potential 1.2-km southwesterly extension to the large IP chargeability anomaly covering the Takom Zone. The nearest drill hole on the Takom Zone (W07-75), located approximately 350 m east of the Magalloy-Magex Property boundary, returned a 12.3m interval grading 0.13% copper and 0.037g/t gold. The WJV and Gold Fields plan to explore the Magalloy-Magex option during 2011, as part of their aggressive multi-million dollar exploration programs on the Woodjam North and Woodjam South projects. G. 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. About Cariboo Rose Resources Limited Cariboo Rose Resources Ltd. is a mineral exploration company with six gold, copper and molybdenum exploration projects in British Columbia and the Yukon. The Woodjam North and Woodjam South properties (totaling 56,150 ha) are part of the Woodjam Joint Venture between Cariboo Rose (40%) and Fjordland Exploration Inc. (60%); both properties are now under option to Gold Fields Horsefly Exploration Corporation. Additionally, Cariboo Rose has two other gold-copper exploration projects adjoining the Woodjam Properties, a gold exploration project in the White Gold District of the Yukon, and a copper exploration project south of BC’s Kemess mine. Cariboo Rose trades on the TSX Venture exchange under the symbol “CRB”. For more information please visit the Company’s website at www.cariboorose.com. About Gold Fields Limited Glen Garratt, P.Geo, Director. |
Spanish Mountain Gold Acquires Cedar Mountain Property
Posted by admin in News Releases, Property Agreements on June 16th, 2010
Spanish Mountain Gold Ltd. (”the Company”) (SPA-TSXV) announces that the Company and Cedar Mountain Exploration Inc. (”Cedar Mountain”) have entered into a binding agreement whereby the Company will acquire a 100% interest in the Cedar Creek Property from Cedar Mountain (”the Transaction”).
The Cedar Creek Property (the “Property”), which occupies an area of approximately 14 square kilometers (or 5 square miles), is contiguous to the western boundary of the Company’s flagship Spanish Mountain Gold Project near Likely, British Columbia. The location of both properties occupying a combined area of over 51 square kilometers (or 20 square miles) is shown in the maps (Fig. 1 & Fig. 2) attached to this news release.
Details of the Transaction are as follows:
- The Company may acquire a 100% undivided interest in the Property by making a cash payment to Cedar Mountain of CAN$500,000.
- The 100% undivided interest in the Property is subject to an underlying net smelter return (”NSR”) royalty of 2.5% in favour of a third party. The royalty may be purchased by the Company through the payment to the holder of the royalty CAN$500,000 per 1% NSR.
The maps attached to this release also display areas of the Property that are considered to be prospective for gold mineralization.
Brian Groves, President and CEO of the Company commented: “Our primary focus is the advancement of our Spanish Mountain Gold Project. We have identified areas on the Cedar Creek Property and close to the common property line which we believe have the potential to host gold mineralization. We will work quickly to better define these areas as targets for drilling.”
About Spanish Mountain Gold
Spanish Mountain Gold Ltd is focused on advancing its flagship Spanish Mountain gold project in central southern British Columbia. The Company has a current cash position of approximately $7.0 million and has applied for Mineral Exploration Tax Credit refund from the Province of British Columbia totaling $1.9 million. These funds are expected to be received in the second quarter of 2010.
On Behalf of the Board,
SPANISH MOUNTAIN GOLD LTD
Brian Groves
Brian Groves.
President and CEO
Gold Fields Exercises Right of First Refusal on Woodjam South, BC
Posted by admin in News Releases, Property Agreements on January 16th, 2010
Cariboo Rose Resources Ltd. (TSX-V: CRB) and Fjordland Exploration Inc. (TSX-V: FEX), the Woodjam Joint Venture (”WJV”) 40%/60% partners, are pleased to report that Gold Fields Horsefly Exploration Corporation (a member of the Gold Fields Limited group of companies (NYSE: GFI)) has provided written notice that it intends to exercise a right of first refusal with respect to the WJV’s Woodjam South copper-gold property. This offer matches one presented by another major international mining company.
Pursuant to the offer, Gold Fields can earn a 51% interest in the Woodjam South Property in consideration for expending US$7 million on exploration over 42 months and the purchase of a total of C$500,000 of common shares of the WJV partners, which will divided relative to their interests. The offer includes the right to increase the earned interest to 70% by financing a bankable feasibility study. The transaction is subject to due diligence and the execution of a definitive agreement. A draft agreement is expected shortly; its terms will be released upon signing.
Gold Fields right of first refusal is contained in the existing Option and Joint Venture Exploration Agreement relating to the adjoining Woodjam North Property. The WJV recently released drill results which is part of a comprehensive exploration program budgeted at $3 million and operated by Gold Fields on this 40,750-hectare property (see January 12, 2010 News Release for details). Drilling is scheduled to resume in early February.
The 13,807-hectare Woodjam South Property includes the Southeast Zone, discovered in late 2007 by the WJV partners. Drilling of 7,700 m in 18 holes during 2007 and 2008 of a large, 1.5 km by 1 km, induced polarization (IP) target tested a length of 1,000 m, a width of 500 m and to a depth of 700 m. Fifteen of these holes were drilled on a grid pattern 600 m by 300 m. Porphyry-style copper-gold-molybdenum mineralization was intersected from the bedrock surface to the end of the hole in all 18 holes. The best intercepts (hole 08-84) included: 359.1 m grading 0.69% Cu, 0.27 g/t Au and 0.006% Mo, including 200.8 m grading 1.01% Cu, 0.44 g/t Au and 0.002% Mo. Less than one quarter of the IP anomaly has been tested. During 2009, no drilling was carried out at Woodjam South. A high resolution, low level airborne magnetometer survey was completed over the property and several prospective new anomalies were identified.
Tom Schroeter, President of Fjordland commented, “The earn-in proposal for the WJV’s Woodjam South Property by a major international mining company and the subsequent notice to exercise its right of first refusal by Gold Fields represents another important step in the WJV’s objective of advancing the entire Woodjam property without significant equity dilution.”
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.
Fjordland Stakes Moffat Property Near Woodjam
Posted by admin in News Releases, Property Agreements on September 18th, 2009
Fjordland Exploration has acquired a 100-per-cent interest in 11 new claims totalling 4,548 hectares (Moffat property), about 30 kilometres south of Horsefly in central British Columbia. The new property is situated approximately six kilometres south of the Woodjam joint venture’s (60 per cent Fjordland and 40 per cent Cariboo Rose Resources Ltd.) newly discovered Southeast zone copper-molybdenum-gold mineralization on its recently expanded “Woodjam South” property (13,388 hectares), where drilling of hole WJ-08-84 in 2008 intercepted 201 metres grading 1.01 per cent copper and 0.44 gram per tonne gold. The Moffat property adjoins part of the Woodjam South property to the south (a map of the property will be available shortly on the company’s website).
The acquisitions were completed to cover prospective ground in an area covered by extensive overburden, but interpreted to cover a geological contact zone between alkalic and calcalkalic intrusive bodies, which are known locally to host significant quantities of gold-copper-molybdenum porphyry-style mineralization.
Fjordland acquired nine of the claims that comprise the Moffat property by staking. For a 100-per-cent ownership in two additional claims totalling 869.7 hectares, Fjordland will pay to John Peters, a consultant to the company, $349.25 to cover the cost of staking and issue 20,000 shares of Fjordland Exploration, subject to approval of the TSX Venture Exchange.
The Moffat property includes the Harrison Creek occurrence which was discovered by the B.C. Geological Survey Branch (GSB) during its 2008 mapping program. The occurrence was exposed as a result of 2008 logging, and comprises pyrite, chalcopyrite, magnetite and malachite within and along quartz-epidote-potash feldspar veins that cut monzodiorite. A grab sample of this mineralized vein material, taken by the GSB, returned 1,671 parts per million copper, 1,432 parts per million silver and 105 parts per billion gold. During a recent visit to the area, Fjordland geologists noted areas of extensive 2009 logging activities that have exposed numerous new outcrops of a similar geological nature as noted above. The company is looking forward to conducting follow-up work.
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.
Tiex Corporate Update
Posted by admin in Corporate Updates, News Releases, Property Agreements on July 3rd, 2009
Tiex Inc. has granted incentive stock options to directors, officers and employees of the company to purchase up to 560,000 common shares in the capital stock of the company pursuant to a share option plan approved by shareholders. The options are exercisable at a price of 18 cents per share, and have a term of up to five years.
Tiex amends advanced royalty
Tiex has entered into two amended purchase agreements with Lloyd Addie amending the advanced royalty payments that are currently due from $40,000 to $10,000. The prior agreements required additional cash payments of $20,000 annually, but have been amended to $7,000 annually.
Tiex has entered into an amended purchase agreement with George Addie amending the advanced royalty payment that is currently due from $20,000 to $5,000. The prior agreement required additional cash payments of $10,000 annually and has been amended to $3,500 annually. All the agreements retain a 2-per-cent net smelter return of which half can be purchased by the company for payment of $1-million. The one million escrowed common shares of Tiex that were issued for the properties were not amended. The properties are located in the historic Cariboo gold mining district of central British Columbia and are in the vicinity of Hawthorne Gold Corp./Eureka Resources Frasergold property.
Candorado Commences 2009 Drilling Program on Deer Lake Property, Amends Property Agreement, Announces Private Placements
Posted by admin in Corporate Updates, Financings, News Releases, Property Agreements on June 12th, 2009
Candorado Operating Company Ltd. anticipates its 2009 drill program on its Deer Lake property, located in south-central British Columbia, to commence shortly. The Deer Lake property is a vital part of the company’s Quesnel trough property package.
Murphy Lake property agreement amendment
The company, Ron McMillan and Ross Blusson have agreed to amend the terms of the mineral property option agreement dated Feb. 11, 2004, wherein Candorado was granted an option to acquire a 100-per-cent interest in two contiguous mineral claims comprising of 24 mineral claim units, located in the Cariboo mining division, collectively referred to as the Murphy Lake (Muir) property, for consideration of one million shares of Candorado subject to TSX Venture Exchange approval, saving the company from total costs of $625,000. The amended agreement still retains the 2-per-cent net smelter return royalty payable to Mr. McMillan and Mr. Blusson.
Non-flow-through private placement
The company has arranged a non-brokered private placement for up to one million units at a price of four cents per unit for total proceeds of up to $40,000. Each unit will consist of one common share plus one warrant entitling the investor to purchase one common share for a period of 24 months at a price of 10 cents per share.
The proceeds of this private placement will be used to finance the company’s continuing exploration commitments on its British Columbia properties and working capital.
Flow-through private placement
The company has arranged a non-brokered private placement of four million flow-through units at a price of five cents per flow-through unit for total proceeds of $200,000. Each flow-through unit will consist of one flow-through common share plus one share purchase warrant entitling the investor to purchase one non-flow-through common share for a period of 24 months at a price of 10 cents per share.
The proceeds of this private placement will be used to finance the company’s continuing exploration commitments on its B.C. properties.
Gold Fields Options Woodjam “North” Gold-Copper Project; Woodjam “South” Covering Southeast Copper-Gold-Molybdenum Zone Excluded
Posted by admin in News Releases, Property Agreements on June 3rd, 2009
Cariboo Rose Resources is pleased to report that the Woodjam Joint Venture, comprising Fjordland Exploration (60%) and Cariboo Rose (40%), has signed a Letter Agreement granting an option to Gold Fields Netherlands Services BV, a member of the Gold Fields Limited group of companies (NYSE: GFI), to earn up to a 70% interest in a portion of the Woodjam gold-copper property, referred to as Woodjam North. This Letter Agreement is subject to a due diligence period of 35 days.
Located in south-central British Columbia, 45 km east of the city of Williams Lake, the Woodjam North property includes the Megabuck, Takom and Deerhorn zones and a large tract of claims to the north, east and west of those targets (in total an area of 40,500 hectares). The option excludes the newly-discovered Southeast copper-gold-molybdenum zone, as well as claims to the south and southwest (in total an area of 7,500 hectares).
Gold Fields may earn an initial 51% interest by expending C$7.0 million in exploration, and making $350,000 in cash payments to the Joint Venture, over a three year period with a minimum expenditure of $1.0 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 C$12.0 million in exploration over a 4-year period. Should Gold Fields elect not to extend the option, then the Woodjam Joint Venture (Fjordland/Cariboo Rose) will have the right to make an offer for Gold Fields’ 51% interest and if it is not accepted it then will have the right of first refusal on any offers to acquire Gold Fields’ vested 51% interest.
The Woodjam Joint Venture is very pleased to have Gold Fields as a partner in exploring the gold-rich porphyry systems at Woodjam and to benefit from its expertise in gold exploration. Fjordland President, Tom Schroeter stated, “This partnership with one of the world’s largest gold producers not only allows for aggressive advancement of the gold-dominant property, but also allows the Woodjam Joint Venture to independently explore and develop the very exciting Southeast Zone copper-gold-molybdenum discovery and pursue new target development on the ‘Woodjam South’ portion of the Property”.
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.
International Wayside: Court Approval for Acquisition Granted
Posted by admin in News Releases, Property Agreements on May 28th, 2009
Further to International Wayside Gold Mines Ltd.’s news from May 19, 2009, that as previously stated, the creditors of Cross Lake Minerals Ltd. approved an amended and restated plan of compromise and arrangement, which amended, in a number of technical respects, the plan of compromise and arrangement filed on April 7, 2009, pursuant to the Companies’ Creditors Arrangement Act and B.C. Business Corporations Act.
On May 25, 2009, the British Columbia Supreme Court issued the final order to approve the plan, which among other things, allows for a subsidiary of Cross Lake to hold all of Cross Lake’s interest in the QR mine and mill (the QR Subco). Wayside intends to proceed to enter into an agreement whereby Wayside will purchase the QR Subco. Completion of the agreement is subject to the satisfaction of a number of conditions including, but not limited to, completion of due diligence and obtaining the necessary shareholder, regulatory and court approvals.
The 900-tonne-per-day QR mill, which was fully operational until February, 2009 (now on care and maintenance), is a CIP mill designed for an output of 70,000 ounces of gold per year for that location. The mill is located 110 kilometres by road from Wayside’s Cariboo gold project and proposed Bonanza Ledge mine. Following a positive feasibility study in 1994, Kinross Gold Corp. constructed the QR mill with capital costs estimated at over $40-million.
Cross Lake commenced operations at the QR mine in 2007 after spending over $34-million in the preceding 24 months on project acquisition ($4.3-million), exploration and development ($20-million), and refurbishing the mill facilities ($10.3-million). Cross Lake expended an additional $3-million on asset retirement obligations, including having B.C. Hydro bring three-phase power to the project. It is Wayside’s objective to process material from its proposed Bonanza Ledge mine at the QR mill, in addition to recommencing operations at the QR mine.
The company initiated operations in the Cariboo district in 1994 and since that time has focused on the exploration and development of its gold properties. Mineral tenures in the Historic Cariboo Goldfields encompass approximately 1,065 square kilometres (106,484 hectares) over a 60 km long by 20 km wide belt. In the Barkerville gold camp, 101 creeks have reported placer gold production. Recorded gold production from the area totals more than 3.8 million ounces, including an estimated 2.64 million ounces from placer mining and 1.23 million ounces from lode mining.
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2012-02-02 09:46
