Posts Tagged Gold
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. |
FJORDLAND and CARIBOO ROSE: DRILLING AT WOODJAM SOUTH YIELDS 401 M GRADING 0.30% COPPER AND 0.006% MOLYBDENUM
Posted by admin in Drill Results, News Releases on October 4th, 2010
According to Fjordland Exploration Inc. and Cariboo Rose Resources Ltd., 60-per-cent/40-per-cent partners in the Woodjam joint venture (WJV), Gold Fields Ltd.’s exploration company, Gold Fields Horsefly Exploration Corp., has forwarded drilling results from the first seven holes (2,470 metres) of the 2010 campaign on the 13,827-hectare Woodjam South copper-gold-molybdenum property. The property is located 45 kilometres east of Williams Lake in south-central British Columbia.
Hole SE10-01 assayed 0.3 per cent copper, 0.07 gram per tonne gold and 0.006 per cent molybdenum over 400.9 metres. It was collared 200 m south-southwest of hole WJ08-84 which assayed 359.1 m grading 0.69 per cent Cu, 0.27 g/t Au and 0.006 per cent Mo, including 200.8 m grading 1.01 per cent Cu, 0.44 g/t Au and 0.002 per cent Mo.
Two holes (SE10-03 and SE10-05) were lost prematurely due to drilling difficulties. Hole SE10-06 was weakly mineralized with a few narrow intersections grading over 0.13 per cent copper.
Hole SE10-07 was highlighted by a 234.6 m interval grading 0.24 per cent Cu, including 83.6 m grading 0.38 per cent Cu and 0.001 per cent Mo. The hole was terminated in well-mineralized rock and the last 51.6 m averaged 0.45 per cent Cu, 0.05 g/t Au and 0.002 per cent Mo.
The focus of this year’s drilling on the Southeast zone was to expand the limits of the mineralized zone, as suggested by a two km by one km induced polarization anomaly. Wide-spaced drilling of the seven holes reported has now extended the area of mineralization to 1,500 m by 600 m. The new holes include SE10-04 and SE10-07, a 400 m step-out to the south and 280 m step-out to the north from previous drilling, respectively. As with the previous drilling of 18 holes during 2007 to 2008, all holes continue to be mineralized from the overburden/bedrock interface to the bottom of the holes, except for two occurrences of host rock displacement by narrow, younger basalt dikes.
SOUTHEAST ZONE: SUMMARY OF SIGNIFICANT INTERCEPTS Hole ID From (m) To (m) Int (m) Cu% Au g/t Mo% CuEq % SE10-01 104.1 505.0 400.9 0.30 0.07 0.006 0.38 including 104.1 203.0 98.9 0.34 0.13 0.002 0.43 SE10-02 81.4 408.0 326.6 0.10 0.02 0.005 0.14 including 81.4 127.0 45.6 0.18 0.04 0.002 0.21 including 332.0 372.0 40.0 0.10 0.01 0.002 0.20 SE10-04 152.5 325.0 172.5 0.19 0.02 0.001 0.29 including 277.0 293.0 16.0 0.29 0.02 0.004 0.53 SE10-07 176.9 411.6(i) 234.6 0.24 0.03 0.001 0.31 including 328.0 411.6(i) 83.6 0.38 0.04 0.001 0.49 including 360.0 411.6(i) 51.6 0.45 0.04 0.002 0.57 Intervals are core lengths; Cu equivalent in per cent calculated using $2.50 (U.S.)/pound copper, $950 (U.S.)/ounce Au and $15 (U.S.)/pound Mo and the formula ((Cu per cent multiplied by 22 multiplied by price Cu/pound) plus (g/t Au multiplied by 0.03215 multiplied by price Au/ounce) plus (Mo per cent multiplied by 22 multiplied by price Mo/pound)) divided by (price Cu/pound multiplied by 22). (i) End of hole.
Vein, fracture and disseminated porphyry-style mineralization in the Southeast zone, consisting of chalcopyrite, pyrite, molybdenite and trace bornite associated with potassic and phyllic alteration zones, is hosted by the Takomkane quartz monzonite intrusion and related aplite dikes.
Drilling is continuing as part of a planned 5,000 m drilling program. In addition, a planned 75 line km induced polarization geophysical surveying is in progress over the broad, unexplored area lying to the southwest of the Southeast zone. A drill location map may be viewed on-line.
Fjordland president Tom Schroeter said: “The ongoing intersection of continuous copper-gold-molybdenum mineralization in the Southeast zone has significantly increased the size potential of the system. We look forward to building on this size, which remains open laterally in all directions and at depth, as well as determining the grade potential.”
Core samples were analyzed by ALS Chemex Laboratories, a certified facility in Vancouver, B.C. Mr. Schroeter, PEng/PGeo, who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
Woodjam North update
Phase two drilling is under way at the adjoining Woodjam North gold-copper property where approximately 5,000 metres of drilling are planned. Work at Woodjam North also includes a 26 line km induced polarization survey to identify further exploration targets.
FJORDLAND EXPLORATION and CARIBOO ROSE: WOODJAM NORTH; DRILLING AT DEERHORN ZONE YIELDS 115.9 M GRADING 0.287G/T GOLD AND 0.321% COPPER
Posted by admin in Drill Results, News Releases on July 27th, 2010
Fjordland Exploration Inc. and Cariboo Rose Resources Ltd., 60-40 partners in the Woodjam joint venture, have received Gold Fields Ltd.’s Gold Fields Horsefly Exploration Corp.’s drilling results from the Woodjam North gold-copper property. Drilling on the property, which is located 45 kilometres east of Williams Lake in south-central British Columbia, started earlier this year. Phase one drilling between February and June, 2010, totalled 8,433 metres in 34 holes, including 2,330 m in the Takom zone, 3,921 m in the Deerhorn zone and 2,182 m in the Spellbound area. The results reported in the table are for the last four holes (1,197.6 m) in Deerhorn and eight holes (2,182 m) in Spellbound.
Deerhorn zone
Assay results for the four new holes completed in 2010 are reported in the table.
From To Interval Au Cu Au equivalent Hole (m) (m) (m) (g/t) (%) (g/t) Deerhorn DH10-13 75.3 84.0 8.7 0.11 0.23 0.52 DH10-13 88.0 92.0 4.0 0.22 0.06 0.33 DH10-13 96.0 148.0 52.0 0.08 0.22 0.47 DH10-13 152.0 163.4 11.4 0.06 0.14 0.31 DH10-13 208.0 217.0 9.0 0.06 0.11 0.26 DH10-14 78.0 84.0 6.0 0.07 0.12 0.29 DH10-14 110.3 226.2 115.9 0.29 0.32 0.87 DH10-15 82.0 141.3 59.3 0.14 0.15 0.42 DH10-15 200.0 226.0 26.0 0.17 0.16 0.46 DH10-16 39.0 60.0 21.0 0.27 0.16 0.55 DH10-16 124.0 184.6 60.6 0.35 0.22 0.75 Spellbound SB10-04 51.0 55.0 4.0 0.08 0.12 0.30 SB10-09 28.0 36.0 8.0 0.18 0.16 0.47 SB10-09 110.0 119.0 9.0 0.03 0.17 0.33 SB10-10 5.3 13.0 7.7 0.28 0.34 0.89 SB10-10 17.0 23.0 6.0 0.07 0.09 0.24 SB10-10 35.0 68.2 33.2 0.10 0.15 0.37 SB10-10 257.0 272.0 15.0 1.01 0.004 1.02 Note: Intervals are core lengths. Au equivalent in grams per tonne is calculated using $950 (U.S.) per ounce Au and $2.50 (U.S.) per pound Cu. Metallurgical recoveries and net smelter returns are not considered.
These four holes were drilled to test the possible geometry of the mineralized zone in the area around hole DH10-09, which assayed 90.8 metres grading 0.58 gram per tonne Au and 0.39 per cent Cu, including 30.4 m grading 1.01 g/t Au and 0.72 per cent Cu. All four holes intersected mineralization. DH10-14 yielded 115.9 m grading 0.287 g/t Au and 0.32 per cent Cu. This hole was lost in mineralization at 226 m. The last two m graded 0.6 g/t Au and 0.28 per cent Cu. Additional step-out holes are planned to further test the zone. A drill location map may be viewed at Fjordland’s website.
Spellbound area
Reconnaisance drilling of eight (of 11) holes (totalling 2,182 m) which reached their targets in the Spellbound area, targeting coincident copper and molybdenum soil anomalies, resulted in the discovery of gold-copper mineralization over a large area located to the east of the Deerhorn zone and to the north of the Southeast zone. Three assay intervals greater than 0.24 g/t gold equivalent are reported in the table.
The best results from Spellbound are from SB10-10, located in the southern part of the Woodjam North property, approximately 1.5 km north of the Southeast zone on the Woodjam South property. Intersections included 33.2 m grading 0.103 g/t Au and 0.148 per cent Cu as well as 15 m grading 1.014 g/t Au and 0.006 per cent Cu. These intersections occur within broader zones of mineralized Takomkane quartz monzonite containing fine disseminated chalcopyrite, rare molybdenite and bornite in quartz veinlets. The zone remains prospective with a strong affinity to the style of mineralization encountered in the Southeast zone. Additional induced polarization, ground magnetic and soil sampling surveys are in progress. Follow-up drilling is planned. A drill location map may be viewed at the Fjordland’s website.
Fjordland’s president, Tom Schroeter, said: “These new drill results from the Deerhorn zone and the discovery of mineralization in the Spellbound area on the Woodjam North property provide a great platform for follow-up drilling in our phase two drilling program (5,000 m planned) which has started on the Takom zone and will be followed by drilling on the Deerhorn zone, the Spellbound area and initial holes on the Corner Lake area north of the Deerhorn zone.”
Mr. Schroeter, PEng, PGeo, is a qualified person within the context of National Instrument 43-101. He has read and takes responsibility for this news release.
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
Cariboo Rose, Fjordland Exploration and Gold Fields Drill Results from Woodjam North
Posted by admin in Drill Results, News Releases on April 21st, 2010
Gold Fields Horsefly Exploration Corporation, a member of the Gold Fields Limited group of companies, has forwarded the first results of the 2010 drilling program on the Woodjam North gold-copper property, located 45 kilometres east of Williams Lake in central British Columbia, to Fjordland Exploration Inc. and Cariboo Rose Resources Ltd., the Woodjam joint venture (WJV) 60-per-cent/40-per-cent partners.
The winter program recommenced in early February in the Takom zone where seven holes totalling 2,330.5 metres were completed and the results are reported in the table (a drill plan map may be viewed at the company’s website). The drill then moved to the Deerhorn zone where nine new holes totalling 2,459.4 metres have recently been completed with results pending. Drilling is continuing at the Deerhorn zone and will shortly move to the Spellbound target area, on the eastern side of the Woodjam North property, where there has been no previous drilling.
TAKUM ZONE: SUMMARY OF SIGNIFICANT INTERCEPTS
Hole From To Int. Cu Au Au eq.
ID(i) (m)(i) (m)(i) (m)(i) % g/t g/t(i)
TK10-12 67.00 215.00 148.00 0.26 0.40 0.92
including 108.10 170.00 61.90 0.41 0.82 1.63
TK10-13 174.00 248.00 74.00 0.15 0.16 0.46
including 174.00 200.00 26.00 0.20 0.30 0.70
TK10-14 103.00 147.00 44.0 0.11 0.05 0.27
TK10-15 10.51 60.00 49.49 0.11 0.04 0.26
TK10-16 114.30 147.6 33.30 0.13 0.07 0.33
TK10-17 29.00 79.00 50.00 0.17 0.05 0.39
168.00 202.00 34.00 0.14 0.07 0.35
237.00 294.00 57.00 0.10 0.03 0.23
TK10-18 159.00 183.00 24.00 0.18 0.03 0.39
(i) Intervals are core lengths; Au equivalent in grams per tonne
calculated using $950 (U.S.) per ounce gold, $2.50 (U.S.) per pound
copper and the formula: (per cent Cu times 22 times price
Cu per pound) and (g/t Au times 0.029166 times price Au per ounce)
per price gold per ounce times 0.029166. Metallurgical recoveries
and net smelter returns are assumed to be 100 per cent.
Takom zone drilling
Drilling in the Takom zone area was directed at defining the geometry of the mineralized diorite intrusion intersected by previous drill holes, as well as step-out holes to explore for new mineralized areas. Assay results from previous drilling indicate a zone of high-gold-to-copper-ratio mineralization, similar to the Megabuck and Deerhorn zones to the north, that follows a northeasterly trending positive magnetic feature. Drill hole TK10-12 intersected 148.0 metres grading 0.40 gram per tonne Au and 0.26 per cent Cu (including 61.9 m grading 0.82 g/t Au and 0.41 per cent Cu). Drill holes TK10-13 through 16 were also drilled along this trend and all intersected copper-gold mineralization. Gold Fields anticipates further drilling in this area to vector the high-grade mineralization in the core of the target.
New Southeast zone-style discovery at Takom
Drill hole TK10-17 was drilled into a magnetic low area on the southeast portion of the Takom main magnetic zone and discovered a new area of mineralization associated with a quartz monzonite intrusion, similar to the Takomkane intrusive suite which hosts the Southeast zone. This is interpreted as a younger-aged mineralizating event than the Takom/Megabuck/Deerhorn and is similar in style to the Southeast zone two kilometres to the east on the Woodjam South property, where all 18 drill holes to date have intersected significant copper-gold-molybdenum mineralization. Hole TK10-17 returned 50 m grading 0.17 per cent Cu with anomalous molybdenum, similar to the first holes on the periphery of the Southeast zone, and opens up a large new target area for further drilling. This hole also lies near the western end of an east-west-trending gravity anomaly that encloses the Southeast zone.
New Takom area discovery
Drill hole TK10-18 stepped out 450 m southward from the Takom zone drilling and tested an area with epidote-tourmaline altered and hydrothermally brecciated volcanic rocks and a coincidental copper-in-soil anomaly. The hole was lost due to ground conditions at 194 m; however, 24.0 m grading 0.18 per cent Cu was intersected near the end of the hole. This represents a new area of mineralization where there has been no previous drilling, adding significantly to the potential of the area. This hole is near the northern boundary of the adjacent Woodjam South property.
Management of Fjordland and Cariboo Rose is very pleased with these recent results, as drilling continues to demonstrate high potential in what is now clearly a large cluster of mineralized intrusions throughout an area of at least 20 square kilometres, covering only a small portion of the property explored to date.
Gold Fields has an option to earn up to a 70-per-cent interest in the Woodjam North property by spending $19-million in exploration over the next seven years (see news July 30, 2009). Gold Fields budgeted approximately $3-million for the first-year work program including drill testing, IP geophysical surveying, soil geochemical and high-resolution airborne geophysical surveying on the 40,750-hectare property.
In addition, Cariboo Rose and Fjordland look forward to completing the Woodjam South agreement with Gold Fields (see news Jan 15, 2010) and commencing an extensive exploration program on this very significant copper-gold-molybdenum property. The best assay result from previous drilling on the Southeast zone is 200.76 metres grading 1.01 per cent Cu and 0.44 g/t Au.
T.G. Schroeter, PEng, PGeo, who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release. Gold Fields, as operator of the exploration program, has quality assurance-quality control procedures in place.
About Gold Fields
Gold Fields is one of the world’s largest unhedged producers of gold with attributable production of 3.6 million ounces(i) per year from nine operating mines in South Africa, Ghana, Australia and Peru. Gold Fields also has an extensive growth pipeline with both greenfields and near-mine exploration projects at various stages of development. Gold Fields has total attributable mineral reserves of 81 million ounces and mineral resources of 271 million ounces.
(i) Based on the annualized run rate for the first quarter of fiscal year 2010.
Gold Fields Doubles Drilling Plans at Woodjam North, B.C.
Posted by admin in Corporate Updates, News Releases on March 2nd, 2010
Cariboo Rose Resources and Fjordland Exploration, the Woodjam Joint Venture (’WJV’) 40%/60% partners, have been informed by Gold Fields Horsefly Exploration Corporation (a member of the Gold Fields Limited group of companies (NYSE: GFI)) that it has recently decided to increase its planned winter drilling program, which resumed on February 10, 2010, to 7,000 metres. The 12-month program which began in July, 2009 is budgeted at $3 million.
Gold Fields now plans to drill several additional holes tracing the northeasterly mineralized trend in the Takom Zone, as previously described. The drill will then move onto the Deerhorn Zone and Spellbound Area, as reported earlier.
Tom Schroeter, President of Fjordland commented, ”The WJV is pleased with Gold Fields’ recent decision to significantly expand the winter drilling program. We look forward to receiving results of the drilling program over the next several months and reporting on them in a timely manner.
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.
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.
Three New Zones of Pyrite Gold Mineralization Discovered at Bonanza Ledge – New Drill Program Begins
Posted by admin in Corporate Updates, News Releases on November 16th, 2009
International Wayside Gold Mines announced today that it has identified three new zones of replacement style gold mineralization at its Bonanza Ledge gold project and that a new drill program has been initiated. A full drill program is currently being planned to incorporate recent results to delineate the new zones.
Diamond drill hole BC09-14B, part of the 18 hole in-fill program at Bonanza Ledge, hit 20.0 feet of 1.28 g/t replacement style gold mineralization between 471.0 feet and 491.0 feet below surface and underneath the proposed open pit at Bonanza Ledge (summary in table below).
Hole MW09-01 hit two zones of Bonanza Ledge style pyrite replacement mineralization approximately 290 meters southwest from the center of the proposed gold mine in a rock sequence referred to as the Lowhee Unit. The two replacement zones included 1.3 meters (4.4 feet) of 1.86 g/T (0.054 oz/t) gold between 17.6 and 22 feet below surface, and 0.5 meters (1.5 feet) of 2.58 g/T (0.075 oz/t) gold between 90.8 and 92.3 feet below surface (summary in table below). MW09-01 was one of eight water monitoring holes drilled in preparation to open pit mine the Bonanza Ledge gold deposit.
Company President and CEO J. Frank Callaghan stated, “Management and our exploration team are very encouraged with the recent drill results. Hole BC09-12 was our best drill hole to date having an intercept 100 feet longer than any other previous drill hole and the best grades to date. Furthermore, the Company has discovered Bonanza Ledge style mineralization at depth and below the proposed Bonanza Ledge open pit mine, as reported in both BC09-14B and BC09-16. Both of these holes intersected gold mineralization 200 — 300 feet below the original resource depth of approximately 250 feet, opening the exploration potential at depth substantially. On October 7 the Company announced the discovery of Bonanza Ledge style mineralization 2200 meters northwest of the Bonanza Ledge Zone on Cow Mountain and the Company has now discovered the same type of mineralization 290 meters southwest of the proposed Bonanza Ledge open pit mine. An extensive exploration program is currently in planning for the purpose of further extending and defining these new zones.”
The recently completed infill diamond drill program in the Bonanza Ledge Zone will upgrade its existing NI43-101 resource from an inferred to indicated category. Company consultants Mintec Inc. is currently upgrading the resource based on these results.
Taseko Announces Third Quarter Financial Results
Posted by admin in Financials, News Releases on November 12th, 2009
Taseko Mines announces the results for the three and nine months ended September 30, 2009. This release should be read with the Company’s Financial Statements and Management Discussion & Analysis, available at www.tasekomines.com and filed on www.sedar.com. Currency is Canadian dollars unless otherwise indicated.
For the quarter ended September 30, 2009, the Company reports an operating profit of $9.4 million and earnings before tax and other items of $4.7 million, compared to an operating profit of $5.2 million and a loss before tax and other items of $1.8 million for the three months ended September 30, 2008. Other items include unrealized (non cash) loss attributable to derivative instruments. For nine months ended September 30, 2009, the operating profit was $32.7 million and earnings before tax and other items were $24.0 million, compared to an operating profit of $49.3 million and earnings before tax and other items of $29.9 million for the nine months ended September 30, 2008.
Revenue was $40.1 million from the sale of 12.7 million pounds of copper and 149,000 pounds of molybdenum at an average realized price of US$2.65 per pound for copper and US$12.37 per pound for molybdenum.
Russell Hallbauer, President and CEO of Taseko commented, “Taseko ended the third quarter in excellent financial shape, with over $40 million in cash on hand. The US$20 million added to our debt facility, which was funded in September, will provide the required cash to complete Gibraltar expansion plans.
The newly installed tower regrind mill is being integrated into the concentrator circuit and the Gibraltar operations team is making steady progress on its optimization. Construction continues on the remaining projects which will increase Gibraltar production capacity to 115 million pounds of copper per year. We expect to increase the ore crushing capacity by mid-2010 with the completion of the new in-pit crusher and overland conveyor system. To better optimize the Semi-Autogenous Grinding (”SAG”) mill performance, design is underway to bypass the current stockpile feed system, eliminating the expensive secondary crushing system. We expect to start construction in the spring of 2010.”
Mr Hallbauer continued, “In regards to the Prosperity project, the reserve increase just announced1 affirms the inherent value and importance of the project to all Taseko stakeholders. With 7.7 million ounces of recoverable gold and 3.6 billion pounds of recoverable copper, Prosperity has the largest gold reserve of any mining project in Canada and will be one of the largest mines built in the last decade.
The Environmental Review of our Prosperity Project is very close to completion. We remain extremely confident that the Environmental Assessment Office will not find any obvious encumbrances with the project and that the Provincial government will make their decision early in 2010. The Federal government review process also continues and the Panel will hold public hearings as early as mid-January. Following conclusion of the hearings, the Panel has 45 days to submit their findings to the Federal Minister of Environment for a decision.”
Wayside’s Trench Sampling Returns 30 Feet of 26.8 g/T Gold in Trench 1 and 9 Feet of 97.4 g/T Gold in Trench 2
Posted by admin in Field Work, News Releases on November 9th, 2009
International Wayside Gold Mines announced today that the database of results from both the 2009 infill drill program and 148 channel samples from three trenches on the surface of the Bonanza Ledge gold deposit were sent to Mintec Inc., an independent consulting company contracted to upgrade the resource at the Bonanza Ledge deposit.
The Company sampled three trenches, which totalled 55 meters (180 feet) long, to provide metallurgical and ore zone data for oxidized mineralization at bedrock. The trenches ranged from 5.5 to 11.3 metres (18 to 37 feet) wide at the toe and were from 4.6 to 6.1 metres (15 to 20 feet) deep.
The trenching was highly successful in defining the top of portions of the gold deposit, and in showing that the high grades encountered in the drilling, continue to the top of bedrock. The following summarizes the results, while detailed descriptions are found in Table 1.
- Trench 1 – Northeast side of the proposed Bonanza Ledge open pit mine
- 9 ft @ 11.0 g/T in channel closest to collapse
- 3 ft @ 23.8 g/T in channel 10 feet east of the first channel
Most of trench one was completed north of the main mineralization trend. In its southern extension, strongly sericite altered argillite carried good gold grades.
- Trench 1-South – East and southeast of the center of the proposed open pit
- 30 ft @ 26.8 g/T in channel closest to the proposed open pit
- 15 ft @ 18.3 g/T in channel 10 feet east of the first channel
- Trench 2 – Southwest of the proposed open pit
- 9 ft @ 97.4 g/T in channel closest to proposed open pit
- 15 ft @ 26.7 g/T in channel 10 feet to the west of the first channel
- 6 ft @ 19.6 g/T in channel 20 feet to the west of the first channel
- 9 ft @ 7.1 g/T also in the channel 20 feet to the west of the first channel
The second trench exposed the strongly graphitic Footwall Fault and vein near its southern end. Immediately north of this fault, the argillite is bleached white, shows extreme sericite alteration, and returned very strong gold grades, up to 146 g/T.
- Trench 3- Centered approximately 45.7 meters (150 feet) east of the proposed open pit
- 6 ft @ 11.3 g/T in channel just west of the center of the trench
- Several scattered samples between 1 g/T and 5 g/T
The third trench exposes an area of transition, from weak gold mineralization to the immediate west, and strong gold bearing mineralization to the east. Near the middle of the trench, a northerly trending zone of quartz was encountered, suggesting that a northerly fault is controlling the mineralization. There was also a graphitic quartz vein in the southwest corner of the trench, which might be an offset extension of the Footwall Fault.
The contact between the overburden toe and the bedrock was surveyed with a theodolite, as was the crest, which provided elevation data for the bedrock surface and overburden thickness. The channel sample lines were 3.0 metres (10 feet) apart, with samples collected every 0.9 metres (3 feet) along the lines. Since metallurgical tests were anticipated, sample volumes averaged one half of a five gallon bucket. Concurrent with the sampling, the geology of the bedrock surface was mapped.
A total of 148 samples were collected from the trenches and sent to Eco Tech Laboratory Ltd., in Kamloops, B. C., for 28-element ICP geochemistry, plus gold by fire assay with atomic absorption finish.
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2012-02-02 09:46
