The new World Gold Analyst is live!
The new World Gold Analyst is live!
31 October: Corvus Gold (TSX: KOR, OTCQX: CORVF) has dramatically increased gold resources at North Bullfrog project, in Nevada, after including drilling results from its 2016 and 2017 programmes.
For the 2017 estimate, the company has split the resources based on the phasing of exploitation, with an early stage, higher grade mix of predominantly oxide mill processing and oxide heap leach processing (Phase 1) being followed by exploitation of mainly heap leach mineralisation (Phase 2).
Phase 1 M&I resources amount to 35.0 Mt at a grade of 0.80 g/t gold for 904 koz of gold contained. Corvus plans to process 614 koz of this mixed oxide and sulphide resource through a mill. This is the first time that the company has included sulphide resource in its mine plans. It hopes to recover the 89 koz of sulphide material at a grade of 1.46 g/t gold in M&I resources by utilising Ambient Atmospherics Oxidation (AAO) processing. AAO testwork on this material has indicated recoveries ranging between 87% and 94%.
Phase 2 M&I resources are 123.1 Mt at a grade of 0.22 g/t gold for 855 koz of gold contained. And 86% of this material will be processed via the heap leach.
30 October: West African Resources (WAF: ASX, TSXV) has made significant upgrades to part of its resource base at its 90%-owned Sanbrado gold project, in Burkina Faso.
Since the February 2017 resource estimate, the company has completed 36,000 m of RC and diamond drilling, most of which it directed at infilling and extending very high-grade gold mineralisation at the M1 South deposit and at the southern end of the M5 deposit. This has allowed it to increase tonnes, grade, ounces and confidence levels in these two deposits. In addition, it has separated the M1 South resource into an open pit and underground component.
The total Indicated resource estimate at M1 South is now 1.2 Mt at a grade of 14.4 g/t gold (556 koz gold contained) from 0.96 Mt at a grade of 7.2 g/t gold (224 koz gold contained). At M5, the Indicated resource is 35.9 Mt at a grade of 1.3 g/t gold (1.46 Moz gold contained, which is a 40% increase in contained ounces and a 7% increase in grade compared to the February 2017 Indicated resource of 27.7 Mt at 1.2 g/t gold (1.05 Moz gold contained).
Trek Mining Inc. (TSXV: TREK), NewCastle Gold Ltd (TSX: NCA) and Anfield Gold Corp (TSXV: ANF) are entering into a business combination to form Equinox Gold Corp. Equinox will have two advanced-stage gold projects in Aurizona, in Brazil, and Castle Mountain, in California.
Well-known mining entrepreneur, Ross Beaty, chairman of Anfield, will join as chairman and invest approximately US$20 million to own approximately 11% of Equinox. Current Trek CEO, Christian Milau, will become CEO of the new entity.
The transaction is expected to close after shareholders of Newcastle and Anfield meet to approve the deal in December 2017.
World Gold Analyst will be initiating coverage of Equinox in December.
25 October: Sabina Gold & Silver (TSX:SBB) has signed a binding term sheet setting out the terms of a definitive Framework Agreement (FA) with the Kitikmeot Inuit Association (KIA), which owns 92,619 km2 of surface Inuit Owned Land over which parts of the Back River project footprint overlay.
The FA will allow Sabina access and rights for exploration and development work for the Back River project. The KIA will receive a 1% NSR royalty, 6.7 million Sabina shares, an initial investment of C$4 million in regional wealth creation initiatives, an annual payment of up to C$1 million to cover the cost of implementing the FA and an Inuit Impact and Benefits Agreement setting out commitments associated with Inuit employment, training and education and Kitikmeot business opportunities.
The FA, which will have a maximum term of 20 years, is expected to be finalised in early 2018.
25 October: Victoria Gold Corp (VIT:TSXV) has released the assay results from two drillholes that have intersected gold grades adjacent to, and below, the proposed Eagle pit boundary. The results so far, with results from two holes awaited, confirm that there is consistent mineralisation beyond the pit walls and thus suggest that there is potential to improve the economics of the project.
The second hole, DG17-922C, intersected 624.1 m at a grade of 0.50 g/t gold from surface, including 371.1m at 0.65 g/t gold from 185.9 m, 37.2m at 1.27 g/t gold from 249.8 m and 38.8 m at 1.20 g/t gold from 468.3 m. This hole, into the Eagle Deeps area, backs up the results from the first hole in this programme, which intersected 423 m at a grade of 0.59 g/t gold from 221.0 m earlier in October.
Also on the Dublin Gulch property, Victoria has received promising results from drilling at the Catto zone, located between the proposed Eagle pit and the Olive-Shamrock deposit.
Highlights from the 11 holes drilled include 24.4 m at a grade of 1.64 g/t gold (from 33.5 to 57.9 m); 21.4 m at 0.99 g/t gold (from 138.8 to 155.2 m); 7.4 m at 1.19 g/t gold (from 119.6 to 127.0 m) and 1.4 m at 4.51 g/t gold (from 160.0 to 161.4 m).
The zone hosts several historic past gold producers but has not seen any modern, systematic drill-testing.
October 10: Dalradian Resources (TSX:DNA; AIM:DALR) is raising C$84.75 million (approximately £51 million) from two new strategic investors – Orion Mine Finance II LP and Osisko Gold Royalties Ltd.
Orion will make an investment of C$50 million to acquire 34.0 million shares at a price of C$1.47/share and Osisko will make an investment of C$28.25 million to acquire 19.2 million shares at the same price in terms of a non-brokered private placement, which is expected to by close 30 November 2017.
In addition, Osisko plans to exercise 6.25 million warrants immediately at a price of C$1.04/warrant, for receipts to Dalradian of C$6.5 million.
Upon closing of the placement, Orion’s and Osisko’s respective interests in the company will be 9.75% and 9.1%.
The company has stated that it intends to use the proceeds for general working capital purposes.
2 Oct: Dalradian Resources (TSX:DNA; AIM:DALR) has released results of step-out surface drilling at its Curraghinalt gold deposit that indicate continuity of some of its resource veins some 400 m to the west. Wide-spaced drilling intersected 1.98 m oat a grade of 32.54 g/t gold from the 106-16 vein in hole 17-CT-427 and 0.94 m at a grade of 30.89 g/t gold from the T17 vein in hole 17-CT-428.
The company is drilling 30,000 m from surface with five rigs turning.
Also, as part of its 10,000 m in-fill programme, drilling from underground intersected highlights of 1.21 m at a grade of 76.22 g/t gold from the No.1 vein in hole 17-CT-415 and 1.51 m at 41.04 g/t gold from the 106-16 vein in hole 17-CT-424. True thicknesses are roughly 80% of down-hole widths.
11 September: Victoria Gold Corp (VIT:TSXV) has reported encouraging results from its 2017 drilling programme at the Olive zone, part of the Eagle gold project where mine construction has commenced.
The company has drilled seven diamond holes (2,428 m) targeting areas south and west of the main Olive zone. Highlights include 33.3 m at a grade of 1.54 g/t gold; 9.1 m at 3.14 g/t gold and 13.9 m at 1.56 g/t gold. Confirming the geological interpretation for the property, the holes intersected gold mineralisation within the granodiorite, with lower grades where the host metasediments were intersected.
The current Olive M&I resource is 10.0 Mt at a grade of 1.07 g/t gold and the Inferred resource is 7.0 Mt at a grade of 0.89 g/t gold. Both were included in the 2016 feasibility study. The 2017 drilling programme is aimed at increasing these resource estimates.
Victoria is also drilling elsewhere on the Dublin Gulch property at Shamrock and the new Spinach target.
11 September: Dalradian Resources (TSX:DNA; AIM:DALR) has completed a sensitivity exercise on two of the major veins that form the reserves and resources at its Curraghinalt gold project that suggest an increase in contained gold. In addition, these ounces could be recovered using more efficient longhole stoping. We believe this finding, when applied to the resources and reserves as a whole, could have a positive effect on the economics of the project when the company completes the current feasibility optimisation study.
The company re-examined its 2016 resource estimation models for the T17 and V75 veins using a heavier emphasis on logged geology and estimated a 37% increase in grade and a 10% increase in ounces.
When the company assessed the impact of the revised modelling methodology on potentially mineable material for the two veins it estimated that this approach would lead to a higher potentially mineable tonnage of 34% and a corresponding increase in mineable ounces of 32% in those two veins.
As Dalradian comments, this can in part explain the positive reconciliation between mill and resource (42% more ounces) resulting from the test stopes completed in 2016.
Using the new estimating methodology, for the T17 and V75 veins leads to an additional tonnage of 403 kt (up 34%) in reserves and 124 koz additional gold ounces (up 32%), with 76 koz of those additional ounces available for longhole stoping.
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