Posts Tagged Gold
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.
GWR Resources Releases Drill Results from Lac La Hache, BC and Exploration Strategy
Posted by admin in Corporate Updates, Drill Results, News Releases on July 11th, 2009
GWR Resources Inc. has released the initial results from five of seven holes drilled to follow up previously reported high-grade gold-copper within hydrothermal breccia in hole AZS08-07, targeted on a modelled, deep induced polarization (IP) response. The work on the Aurizon South zone was one of several recommendations made in a 43-101 report filed yesterday on SEDAR, prepared by GWR’s former geologist.
Lac La Hache program strategy
Similar to many other properties, the Lac La Hache property has a long exploration history. Historical drilling has used conventional exploration models, soil geochemistry, induced polarization (IP), trenching, bedrock mapping, and geochemistry, resulting in discovery of skarn-hosted and several porphyry copper-gold zones within or adjacent to monzonitic intrusions. A new strategy, incorporating deeper-sensing IP, new soil geochemical methods and integration of the commonly shallow-drilled historical results, will target specific areas where deeper, potentially economic zones are indicated. New geological, structural and alteration features recognized during large, focused drilling programs in 2007-2008 (mainly Peach 1, Peach 2 and Aurizon areas) support a new, property-specific model, wherein rock-type, alteration-style/intensity and geophysical responses are integrated with the historical results to predict extensions to existing zones or possibly deeper mineralization lying below existing drilling. For one example, alteration and mineralization reported in historical drilling within the Ann North prospect can now be placed within the model, in relation to new deep IP and improved geological/structural interpretation, suggesting valid new exploration targets northeast of currently defined copper-gold mineralization.
2009 exploration
The initial focus in 2009 has been drill testing of the high gold values within Aurizon South. This first phase is nearing completion, and available results are reported below. New detailed bedrock mapping has also been completed in specific areas. Targets defined in other areas on the property, such as Ann Northeast extension, Central Aurizon extension and the Jack claims, will be re-evaluated along with the latest Aurizon South results to determine highest potential targets. Additional bedrock geological mapping, mobile metal ion soil sampling and drilling will be completed.
Phase 1 update: Aurizon South drilling
The IP anomaly at Aurizon South can be described as a 300-metre (north-south) by 70 metres (east-west) chargeability high (up to 10 millvolts per volt). The 2009 drilling has targeted two sections across this trend, where previous drilling cut high gold values on lines 7800N and 7600N.
As reported on June 3, 2009, hole AZS09-11 was collared 25 metres east of AZS08-07 (line 7800 area) at the same collar dip (minus-60 degrees), but steepened during drilling and was terminated prematurely at 498 metres due to stuck NQ drill rods, within similar-looking mineralized hydrothermal breccia. This confirmed the interpreted projection of the structure approximately 300 metres vertically below its intersection in AZS08-07 and AZS08-10. Assays have now been received for the NQ portion of the hole (see assay table attached) and the company is pleased that the bottom 3.9 metres of NQ core contain higher gold values than the corresponding upper breccias in AZS08-07. Drilling continues using BQ rods, to test the extent and tenor of the breccia.
Hole AZS09-13 was positioned 25 metres north of AZS08-7, intersected strong alteration, moderate mineralization (see assay table attached), and appears to define the top of interpreted northeast-plunging zone. This interpretation was subsequently confirmed by the results of AZS09-15 (25 metres east of AZS09-13) which cut a two-metre interval containing over 12 grams per tonne gold and 1.8 per cent copper, within a 28-metre intersection (see assay table attached).
Hole AZS09-17 was drilled approximately 180 metres grid north of hole AZS09-15, to confirm deep mineralization in AZ08-063 (ended in mineralization grading 1.57 grams per tonne gold and 0.80 per cent copper over 2.6 metres) located along the eastern side of the Aurizon zone. Assays are pending.
AZS09-12 was collared 200 metres south (line 7,600 area) of AZS08-07, representing a significant step-out along the Aurizon South deep IP anomaly. It was drilled to test below encouraging results in (shallow) hole 94-01, which had a long intersection of breccia containing up to 0.49 per cent copper and gold up to 11.4 grams per tonne. The new hole intersected mineralized (see assay table attached) hydrothermal breccia approximately 50 to 60 metres vertically below 94-01, and a deeper second breccia zone at 510 to 530 metres downhole, with stronger alteration (pyrite plus calcite plus chlorite plus albite) than in 94-01.
AZS09-14 was collared 45 metres east of AZS09-12, intersecting several strong but narrow copper-gold zones separated by unmineralized sections, over a 58-metre interval. The core showed intense alteration, hydrothermal breccia and abundant pyrite. A trend of increasing alteration, from 94-01 to AZS09-12 and AZS09-14, was noted.
AZS09-16 was collared 110 metres west of AZS09-12, to test the interpreted upward extension of the deep IP anomaly on this section. The results indicate the shallow IP is associated with strong pyritic (propylitic alteration. Assays are pending.
GWR is encouraged by these results, which demonstrate relationships between the IP anomalies, alteration patterns, hydrothermal breccias and copper-gold mineralization. These suggest new drill targets within the Aurizon South gold-copper zone, at possibly shallower depths in untested areas. Future drilling will continue to define this trend.The company maintains a quality-assurance/quality-control program that conforms to the requirements of National Instrument 43-101. Rob Shives, PGeo, is the qualified person (as defined by National Instrument 43-101) who accepts responsibility for the technical content of this news release.
Jiulian Resources Announces Option Agreement to Acquire up to a 65% interest in the Hawk and Grey Copper-Gold Property
Posted by admin in News Releases, Property Agreements on April 9th, 2009
JIULIAN RESOURCES INC. ANNOUNCES THE OPTION AGREEMENT TO ACQUIRE UP TO A 65% INTEREST IN THE HAWK AND GREY COPPER-GOLD PROPERTY AND TERMINATION OF PREVIOUSLY ANNOUNCED TRANSACTION
Jiulian Resources Inc. (JLR) has entered into an option agreement dated March 31, 2009, to earn up to a 65-per-cent interest from Happy Creek Minerals Ltd. in the mineral properties known as the Hawk property and the Grey property, located in the Clinton mining division, in the province of British Columbia. The proposed transaction described in the agreement will serve as JLR’s qualifying transaction pursuant to TSX Venture Exchange Policy 2.4. Upon completion of the proposed qualifying transaction, JRL will be involved in the mineral exploration industry sector.
The property is located approximately 36 kilometres (km) northeast of 100 Mile House in the south-central Cariboo region of B.C. The Hawk property comprises 16 contiguous mineral claims that cover 1,377.6 hectares (ha) on BCGS map sheet 092P.086. All of the 16 claims are 100 per cent owned by Happy Creek. The Grey property comprises three contiguous mineral claims that cover 589.9 ha and adjoin the Hawk property to the south. Happy Creek entered into an option agreement with the owner of the Grey property on June 11, 2007, pursuant to which Happy Creek was granted the right to earn a 100-per-cent interest in the Grey property. Access to the property is provided by paved and well-maintained gravel roads.
The property is underlain by geology of the central Quesnel trough, an island arc assemblage hosting a number of copper-gold-silver deposits and mines including Mount Polley to the northwest and Afton to the southeast. Widespread outcrops and boulders containing relatively high-grade copper, gold and silver values occur over an area approximately three kilometres by one kilometre in dimension. Historical drilling in the western portion of the property returned three metres grading 0.79 per cent copper, 1.73 grams per tonne (g/t) gold and 9.43 g/t silver, and 1.83 metres containing 0.93 per cent copper, 3.1 g/t gold and 12.34 g/t silver. Surface rock samples from the property include one metre containing 3.49 per cent copper, 7.29 g/t gold and 46.5 g/t silver, and subcrop and boulders have returned values up to 2.17 per cent copper and 5.35 g/t gold, and 0.528 per cent copper and 2.55 g/t gold. Between 2007 and 2008, a 3-D induced polarization (IP) geophysical survey was conducted over the property that identified a compelling bulk tonnage target located south and southeast of historical surveys and drilling. This positive 3-D IP anomaly remains open in extent.
JLR entered into the agreement with Happy Creek for JLR to earn up to a 65-per-cent undivided interest in the property over a period of four years. Under the agreement, JLR has been granted, subject to an existing 2.5-per-cent net smelter return on the Hawk property and an existing 2-per-cent net smelter return on the Grey option, exclusive rights to acquire an undivided 55-per-cent legal and beneficial interest in the property by making total cash payments of $150,000, issuing a total of 700,000 shares to Happy Creek and incurring total exploration expenditures on the property of $700,000.
Pursuant to the agreement JLR has agreed to make the cash payment to Happy Creek as follows:
- $10,000 upon execution of the option agreement;
- $15,000 on the date of the final exchange bulletin;
- $20,000 on or before the first anniversary of the agreement date;
- $45,000 on or before the second anniversary of the agreement date;
- $60,000 on or before the third anniversary of the agreement date.
JLR has also agreed to issue a total of 700,000 shares to Happy Creek as follows:
- 100,000 shares on the date of the final exchange bulletin;
- 100,000 shares on or before the first anniversary of the final exchange bulletin;
- 200,000 shares on or before the second anniversary of the final exchange bulletin;
- 300,000 shares on or before the third anniversary of the final exchange bulletin.
JLR has agreed to incur expenditures of $700,000 on the property as follows:
- $200,000 on or before the first anniversary of the final exchange bulletin ($100,000 of which is a firm minimum commitment);
- $200,000 on or before the second anniversary of the final exchange bulletin;
- $300,000 on or before the third anniversary of the final exchange bulletin.
In addition, JLR also has the exclusive option right to acquire an additional 10-per-cent interest in the property (for a total undivided 65-per-cent legal and beneficial interest in the property if such option is exercised), by incurring additional exploration expenditures of $500,000 on the property on or before the fourth anniversary of the final exchange bulletin.
Happy Creek is a B.C. company which common shares are listed on the TSX Venture Exchange.
No new insiders will be created as a result of the transaction and no finder’s fees are payable in regard to the transaction. No concurrent financing is planned. The proposed qualifying transaction does not involve any non-arm’s-length parties.
There is no direct or indirect beneficial interest of any of the non-arm’s-length parties to JRL in the proposed significant assets. No non-arm’s-length parties to JRL are otherwise insiders of Happy Creek. There is no relationship between or among the non-arm’s-length parties to JRL and the non-arm’s-length parties to the qualifying transaction.
According to the policies of the exchange and corporate laws, shareholder approval of the qualifying transaction will not be required. A sponsor will not been retained by JRL.
JLR also announces that it has abandoned a proposed transaction that was previously announced in a news release dated Dec. 20, 2007, with the Inner Mongolia Tuoye Mining Development Co. China.
2008 Drilling Confirms Gold Mineralization at Frasergold Continues to Depth and Thickness of Main Zone Increases
Posted by admin in Drill Results, News Releases on February 5th, 2009
Hawthorne Gold and Eureka Resources are pleased to announce the results from 14 additional diamond drill holes (”DDH”) from the 2008 exploration program that consisted of 58 holes (totaling 10,405 metres) on the Frasergold property. The property located in the Cariboo Gold District of central British Columbia, Canada and is accessible by highway and logging roads year round. Further assaying from the remaining 37 holes is underway and results are expected shortly.
“Our geological team continues to focus on modelling the deposit to determine the full potential of the system and we are pleased with the success of the drill program to date,” commented Richard Barclay, President & CEO of Hawthorne.
Of interest, DDH FG08-322C intersected 39.77 metres grading 0.952 g/t Au, including 8.59 metres grading 2.528 g/t Au, and DDH FG08-323C intersected 41.93 metres grading 1.503 g/t Au, including 7.00 metres grading 5.909 g/t Au and demonstrated that mineralization continues to depth. All drill holes intersected estimated true width of the mineralized zones. Historical drilling completed in the 1980s and 1990s focused only on defining a mineralized zone close to surface. Hawthorne’s 2007 and 2008 drilling campaigns have demonstrated that mineralization does continue to depth and also extended the known width of the mineralized zone. The goal of the drill program is to work towards the definition of a National Instrument 43-101 compliant gold resource at Frasergold.
“In the 1980s and 1990s our geological teams focused on defining a near surface resource and never fully explored the deposit to depth. Hawthorne is making significant progress at understanding the magnitude of the mineralization that extends for approximately ten kilometres,” stated John J. O’Neill, CEO and President of Eureka.
Highlights from the drill holes are listed in the table given below:
|
Hole No. |
|
From |
To |
Length |
Au |
|
FG08-312C |
|
102.21 |
128.57 |
26.36 |
0.892 |
|
|
includes |
121.04 |
128.57 |
7.53 |
2.351 |
|
|
|
||||
|
FG08-314C |
|
143.87 |
180.89 |
37.02 |
0.832 |
|
|
includes |
145.39 |
152.34 |
6.95 |
4.334 |
|
FG08-317C |
|
209.09 |
228.20 |
19.11 |
0.498 |
|
|
includes |
222.98 |
228.20 |
5.22 |
1.079 |
|
|
|
(m) |
(m) |
(m) |
g/t |
|
FG08-318C |
|
105.35 |
172.75 |
67.40 |
0.527 |
|
|
includes |
157.78 |
167.30 |
9.52 |
1.444 |
|
|
|
||||
|
FG08-320C |
|
107.49 |
141.57 |
34.08 |
0.902 |
|
|
includes |
107.49 |
115.10 |
7.61 |
2.850 |
|
|
|
||||
|
FG08-321C |
|
132.20 |
165.90 |
33.70 |
0.397 |
|
|
includes |
158.44 |
165.90 |
7.46 |
0.845 |
|
|
|
||||
|
FG08-322C |
|
130.32 |
170.09 |
39.77 |
0.952 |
|
|
includes |
140.06 |
148.65 |
8.59 |
2.528 |
|
|
|
||||
|
FG08-323C |
|
105.77 |
147.70 |
41.93 |
1.503 |
|
|
includes |
108.60 |
115.60 |
7.00 |
5.909 |
|
|
|
||||
|
FG08-325C |
|
147.15 |
190.09 |
42.94 |
0.802 |
|
|
includes |
164.87 |
167.92 |
3.05 |
2.871 |
|
|
|
||||
|
FG08-329C |
|
132.90 |
134.92 |
2.02 |
5.200 |
|
|
|
||||
|
FG08-331C |
|
123.00 |
155.45 |
32.45 |
0.687 |
|
|
includes |
124.05 |
136.20 |
12.15 |
1.142 |
|
|
|
||||
|
FG08-332C |
|
127.02 |
200.61 |
73.59 |
0.444 |
|
|
includes |
157.56 |
163.37 |
5.81 |
1.204 |
| FG08-349C and FG08-310C No Significant Intersections | |||||
For lab and assay procedures see news release dated January 28, 2009.
Michael Petrina, P.Eng., 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.
Soil Sampling Program Yields Highly Anomalous Zone 1,000 Metres Northwest of Main Zone at Frasergold Property
Posted by admin in Field Work on February 3rd, 2009
Hawthorne Gold and Eureka Resources are pleased to announce that recently received analyses, obtained from a soil sampling program 1,000 metres northwest of the Main Zone on the Frasergold Property, identified an area with a highly anomalous gold signature including values as high as 18.77 g/t.
“Hawthorne continues to expand the size of the gold system with the new highly anomalous soil samples and the previously announced high-grade and lower grade wide drill hole intercepts. Our geological team continues to deliver promising results and is working hard to model this deposit to determine the full potential of the mineralized system. The goal is to gain a better understanding of the deposit and define a National Instrument 43-101 compliant gold resource estimate at Frasergold,” commented Richard Barclay, President & CEO of Hawthorne.
Prior to the completion of the 2008 Frasergold exploration season, the Company completed a soil geochemical sampling program to follow the strike of known mineralization to the northwest. Sample collection was focused within a 1,000 m by 300 m area approximately one kilometre northwest along the strike of the Main Zone and was conducted every 25 metres along ten lines spaced 100 metres apart connected by a baseline. A total of 114 samples was collected with two returning 18.77 g/t and 5.67 g/t Au. The strong results demonstrate the effective nature of geochemical sampling programs in the area and the opportunity to identify new high-priority zones along strike.
“The Frasergold property is historically known to contain a potential gold system that extends for approximately ten kilometres. These soil sample results validates Eureka’s exploration work on the property in the 1980s and 1990s,” stated John J. O’Neill, CEO and President of Eureka.
Highlights of the assay results are presented below:
- One sample yielded 18.77 g/t Au (18.77 part per million or ppm Au)
- One sample yielded 5.67 g/t Au
- One sample yielded 1.61 g/t Au
- One sample yielded 1.28 g/t Au
- One sample yielded 0.60 g/t Au
- One sample yielded 0.59 g/t Au (590 part per billion or ppb Au)
- 8 samples over 100 ppb
- 19 samples between 51 and 100 ppb
- 52 samples between 20 and 50 ppb
Assay Procedure and Results
All soil samples were collected from the B horizon and were sent to International Plasma Labs (IPL) for Au and ICP analyses. Please visit http://www.hawthornegold.com for the 2008 Drill Program Plan Map, Section 52+00E, and the Soil Sampling Grid Map.
Michael Petrina, P.Eng., 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 October 31, 2006 between Hawthorne and Eureka, Hawthorne can earn a 51% interest in the Frasergold property by completing sufficient exploration expenditures totaling $3.5 million (expended), completing a feasibility study by April 30, 2010, and making cash payments totaling $175,000 ($125,000 paid to date) before October 31, 2009. Hawthorne can earn a further 9% (for a total of 60%) by arranging financing for 70% of the estimated capital costs for production. Hawthorne Gold Corp. (”Hawthorne”) (TSX-V: HGC) and Eureka Resources Inc. (”Eureka”) (TSX-V: EUK) are pleased to announce that recently received analyses, obtained from a soil sampling program 1,000 metres northwest of the Main Zone on the Frasergold Property, identified an area with a highly anomalous gold signature including values as high as 18.77 g/t.
“Hawthorne continues to expand the size of the gold system with the new highly anomalous soil samples and the previously announced high-grade and lower grade wide drill hole intercepts. Our geological team continues to deliver promising results and is working hard to model this deposit to determine the full potential of the mineralized system. The goal is to gain a better understanding of the deposit and define a National Instrument 43-101 compliant gold resource estimate at Frasergold,” commented Richard Barclay, President & CEO of Hawthorne.
Prior to the completion of the 2008 Frasergold exploration season, the Company completed a soil geochemical sampling program to follow the strike of known mineralization to the northwest. Sample collection was focused within a 1,000 m by 300 m area approximately one kilometre northwest along the strike of the Main Zone and was conducted every 25 metres along ten lines spaced 100 metres apart connected by a baseline. A total of 114 samples was collected with two returning 18.77 g/t and 5.67 g/t Au. The strong results demonstrate the effective nature of geochemical sampling programs in the area and the opportunity to identify new high-priority zones along strike.
“The Frasergold property is historically known to contain a potential gold system that extends for approximately ten kilometres. These soil sample results validates Eureka’s exploration work on the property in the 1980s and 1990s,” stated John J. O’Neill, CEO and President of Eureka.
Highlights of the assay results are presented below:
- One sample yielded 18.77 g/t Au (18.77 part per million or ppm Au)
- One sample yielded 5.67 g/t Au
- One sample yielded 1.61 g/t Au
- One sample yielded 1.28 g/t Au
- One sample yielded 0.60 g/t Au
- One sample yielded 0.59 g/t Au (590 part per billion or ppb Au)
- 8 samples over 100 ppb
- 19 samples between 51 and 100 ppb
- 52 samples between 20 and 50 ppb
Assay Procedure and Results
All soil samples were collected from the B horizon and were sent to International Plasma Labs (IPL) for Au and ICP analyses. Please visit http://www.hawthornegold.com for the 2008 Drill Program Plan Map, Section 52+00E, and the Soil Sampling Grid Map.
Michael Petrina, P.Eng., 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 October 31, 2006 between Hawthorne and Eureka, Hawthorne can earn a 51% interest in the Frasergold property by completing sufficient exploration expenditures totaling $3.5 million (expended), completing a feasibility study by April 30, 2010, and making cash payments totaling $175,000 ($125,000 paid to date) before October 31, 2009. Hawthorne can earn a further 9% (for a total of 60%) by arranging financing for 70% of the estimated capital costs for production.
Hawthorne Reviews 2008 and Moves Forward into 2009
Posted by admin in Corporate Updates, News Releases on January 15th, 2009
Hawthorne Gold Corp. (”Hawthorne” or the “Company”) (TSX-V: HGC) is pleased to provide the following review of the events and corporate progress the Company has made during 2008. Many milestones were successfully reached and significant steps were taken to ensure the Company has a productive 2009.
“During 2008, the Company advanced each of its gold projects in British Columbia, Canada, and is preparing for another busy year in 2009. In summary, the Company successfully completed the acquisition of Cusac Gold Mines Ltd., completed two exploration drilling programs at two different gold camps, consolidated the Cassiar Gold Camp, and completed rehabilitation work of the Table Mountain mine site on surface and underground. Our experienced operational, geological, and technical teams are planning for the new season, and with the forthcoming completion of the comprehensive digital geological model of Table Mountain mine, we anticipate an exciting exploration and development season. Our team has taken significant steps to ensure that the Company is prepared to become a junior gold producer in the latter part of 2009,” commented Richard Barclay, President and CEO of Hawthorne.
Cassiar Gold Camp — Table Mountain Mine and Taurus Deposit
Table Mountain Mine
In April 2008, the Company completed the acquisition of Cusac Gold Mines Ltd. (”Cusac”) and immediately consolidated the Cassiar Gold Camp by staking and acquiring an area totaling 56,300 hectares surrounding the existing Table Mountain mine. The Table Mountain mine site comprises a permitted and operating mill and tailings facility, 13 adits/portals and approximately 25 km of underground infrastructure. Highway #37 runs directly through the property and the Cassiar airstrip is also accessible about 10 km from the mine site.
Upon completion of the Cusac acquisition, Hawthorne’s geological teams commenced compilation of a digital geological model of all of previous mining operations and exploration projects, using available data from the past 40 years. Hawthorne also conducted a detailed property-wide geophysical survey and a reconnaissance exploration exercise to efficiently “ground truth” priority areas in preparation for 2009. The digital model, when combined with the geophysics and reconnaissance program, will be a key factor in the development of the 2009 exploration program and contribute to maximizing the Company’s use of funds in its exploration for additional gold resources. In late 2008, Hawthorne completed a fifteen (15) HQ/NQ diamond drill hole exploration program at Table Mountain totaling 2,536 metres and currently is waiting for assay results.
The East Bain Vein on Table Mountain hosts an NI 43-101 compliant indicated resource estimate of approximately 17,000 ounces consisting of 22,157 tons at a grade of 0.77 oz/ton and an inferred resource consisting of 6,600 ounces consisting of 1,276 tons at a grade 5.19 oz/ton (please refer to: Update of Technical Report on the Table Mountain Property, Liard Mining District, BC on the Table Mountain Property prepared by Beacon Hill Consultants (1988) Ltd. – June 1, 2008).
Taurus Deposit
In late 2008, the Company advanced its strategy of consolidating the Cassiar Gold Camp by acquiring the remaining 70% interest of the Taurus deposit. The purchase of the remaining 70% was strategic to the Company as it will save up to $6 million in future cash payments, provides the Company 100% control of the deposit, increases Hawthorne’s gold resource portfolio at a low acquisition cost (estimated at less than $2.75 per ounce), and allows the Company to move forward with its exploration and development strategic plan in and around the Taurus Deposit.
The Taurus Deposit hosts an NI 43-101 compliant inferred gold resource estimate of 1.04 million ounces consisting of 32.4 million tonnes at a gold grade of 1.0 g/t (please refer to Technical Report Prepared by Wardrop Engineering that is titled, “Report on the Taurus Deposit — Liard Mining District, B.C.” and dated June 2007, which is available at www.sedar.com). In addition, there is significant upside potential for future resource development. Company research indicates there may be strategic higher grade zones that can be stockpiled as supplemental mill feed as Table Mountain Mine prepares to go into production in the latter part of 2009.
Cariboo Gold Camp — Frasergold Project
During 2008, the Company completed a 58-hole diamond drill program totaling approximately 10,400 metres at the Frasergold property in central British Columbia, which is optioned from Eureka Resources Inc (TSX-V: EUK). Initial results, reported late November 2008, continue to indicate positive assay results both in low grade and high grade intervals. Of note, 54% of all holes encountered visible gold in the core and 83% of the holes within the northwest zone encountered visible gold.
The Company is compiling the remainder of the assays, which are expected to be released soon, and will initiate a NI 43-101 technical report on a potential resource estimate in the area of 2008 drilling. This report will serve as the starting point to determine the next steps in the continued exploration of the project.
The Outlook For 2009
Our experienced operations team intends to focus on expanding the gold resources within the Table Mountain Camp through a systematic approach of prioritizing exploration targets and evaluating opportunities for defining additional ounces of gold. The goal is to initially firm up resources that would provide for two years of production at the Table Mountain Mine, which is estimated to commence at an annualized production rate of approximately 25,000 ounces. The geological and technical team would then focus on identifying additional new ounces to ensure the mine remains in operation. As indicated above, the Taurus Deposit could potentially offer additional mill feed from near surface high grade zones, if necessary. With the combination of a favourable location in a prolific mining camp, a broad portfolio of exploration targets, and completion of a fully digital geological model, the Company is confident that Table Mountain can be advanced to pre-production mine development in the latter part of 2009 and subsequently move into production. A feasibility study has not been completed and there is no certainty the disclosed targets will be reached nor that the proposed operations will be economically viable.
The Company will also focus on the expansion of existing resources on its Taurus and Frasergold projects, and to fully examine the potential of the Cassiar Gold Camp including the Bain, Taurus II, Pete, Vollaug, Bear, Main Mine, Rory, The Gap, Sky, Cusac and new gold zones that may be discovered.
Hawthorne has continued to evaluate potential opportunities to acquire additional undervalued attractive gold projects in or close to production that could add to shareholder value. Hawthorne appreciates the support of its many shareholders, and we look forward to 2009 as a year of continued growth for the Company.
Michael Petrina, P.Eng., the Company’s Vice President of Mining and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical disclosure contained in this news release.
Skygold Intersects High Grade Gold at Spanish Creek
Posted by admin in Drill Results, News Releases on January 14th, 2009
Skygold Ventures is pleased to announce the discovery of a new zone of gold mineralization (“Thunder Ridge Showing”) on its 100% owned Spanish Creek Project in central British Columbia. The Spanish Creek Project is located approximately 100 km southeast of Skygold’s flagship Spanish Mountain Project. An initial phase of drilling, completed late in 2008, returned values up to 223.0 g/t (6.79 oz/t) gold over 0.5 metres. While Skygold continues to focus on advancing the Spanish Mountain Project, the high grade nature of the Thunder Ridge Showing highlights the potential of the Company’s other projects.
Highlights:
- Hole SC-005 intersects 45.49 g/t gold over 2.5 metres including 223.0 g/t gold over 0.5 metre.
- Hole SC-007 intersected 1.23 g/t gold over 11.5 metres including 4.83 g/t gold over 1.5 metres and 1.32 g/t gold over 6.5 metres in separate horizons.
- 5 of the 7 holes intersected anomalous gold mineralization with assays of at least 0.30 g/t gold including hole SC-002 with 28.2 metres of 0.48 g/t gold and hole SC-007 with 28.0 metres of 0.68 g/t gold.
- A number of sub-parallel structures have been interpreted from the soil geochemical data and drilling results. Holes SC-005 and SC-007 are approximately 600 metres apart.
The Spanish Creek Project is located approximately 50 kilometres northeast of the town of 100 Mile House in central British Columbia. The property is underlain by a sequence of Triassic black phyllite similar to the rocks that underlie the Main Zone at the Spanish Mountain Property. Gold mineralization is associated with silica flooding and quartz veining within northeast trending structures.
The 2008 drill program consisted of 7 holes totaling 1552 metres and targeted structures defined by northeast trending soil geochemical anomalies. The property has been the subject of very little previous exploration, has no outcrop exposures and had never been drilled. The results from drilling have identified a corridor at least 400 metres wide and 750 metres long that contains numerous sub parallel quartz veins with anomalous gold, silver and arsenic values. The corridor appears to be open in all directions. A map showing the location of drill holes may be viewed by visiting the Company’s website – www.skygold.ca
Brian Groves, President of Skygold stated: “We are extremely pleased with the results from our initial drilling program at Spanish Creek. The fact that 5 of 7 holes intersected gold mineralization, with high grades intersected in hole SC-005, in an area that has been the subject of limited previous surface work is very encouraging. The broad zones of quartz veining and the scale of the initial soil anomaly indicate a very high priority target that warrants further exploration. While Skygold’s focus remains on the advanced stage exploration project at Spanish Mountain, the new discovery at Thunder Ridge continues to demonstrate the potential of the Company’s portfolio of projects.”
Project Quality Control / Quality Assurance
NQ core samples were logged and cut with a diamond saw on site. Recoveries were generally better than 90%. Samples were shipped directly to ALS Chemex. ALS Chemex of North Vancouver BC, a BC accredited laboratory which is independent of the Company, is conducting the sample preparation and analyses of samples. Skygold routinely submits standards, blanks and duplicates into the sample stream to maintain quality control. All gold analyses will utilize standard screen metallic assay techniques. Robert Darney, P.Geo. and R. Bob Singh P.Geo are the qualified persons (as defined in NI 43-101) who have reviewed this news release.
Cariboo Stock Quotes
CRB.V 0.07 +0.00
FEX.V 0.05 +0.00
III.TO 11.91 +0.02
TKO.TO 2.78 -0.07
VHV.V 0.00 +0.00
SPA.V 0.46 +0.01
ETF.V 0.06 +0.00
TIX.V 0.03 +0.00
WYG.V 0.00 +0.00
CDO.V 0.03 +0.00
HGC.V 0.00 +0.00
ASQ.V 0.16 +0.00
NMG.V 0.01 +0.00
BML.V 0.04 -0.01
HPY.V 0.12 +0.01
JLR.P.V 0.00 +0.00
EUK.V 0.09 +0.00
DJI.V 0.04 +0.00
AKV.V 0.03 +0.00
GWQ.V 0.18 +0.00
2012-05-16 15:53
Welcome to Cariboo Gold District
Posted by admin in Commentary, Maps on June 10th, 2009
This site is about the perennially developing Area Play in the Cariboo Region of south central British Columbia. The purpose of cariboogolddistrict.com is to make everyone’s life easier by giving a snapshot of the the publicly listed mineral producers and explorers in the Cariboo Region. This site will be updated daily with news releases, if any, and items of interest. There are gold, copper and molybdenum sections, the main commodities produced or explored for in the Cariboo region, gold being number one of course. Please bookmark this site or check back daily!
Map of the Cariboo Region
Area Play, Cariboo Mining District, copper, Gold, Molybdenum
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