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Toronto, Ontario and Vancouver, British Columbia–(Newsfile Corp. – December 12, 2018) – Minera Alamos Inc. (TSXV: MAI) (“Minera Alamos” or the “Company”) is pleased to announce it has obtained $2 million of early funding in connection with its previously announced royalty agreement (the “Royalty Option Agreement”) through the execution of a secured senior convertible loan agreement (the “Loan” or “Loan Agreement”) with Osisko Gold Royalties Ltd (TSX: OR) (“Osisko”). The Loan may be converted into a 1% NSR on the La Fortuna gold project pursuant to the Royalty Option Agreemententered into with Osisko in May 2017, as detailed below.
Further to the Company’s news release dated November 21st, 2018 (“Minera Alamos Receives Positive Notice Regarding Permit Applications for La Fortuna Gold Project in Durango, Mexico“), the majority of the new funds are destined for a change of land use payment requested by the Mexican authorities (Secretaria de Medio Ambiente y Recursos Naturales – “SEMARNAT”) in conjunction with the La Fortuna gold project permit applications. Following the completion of the change of land use payment, SEMARNAT will then be in a position to issue the formal approval documentation for the La Fortuna project.
“As stated previously, the receipt of formal permit notifications for the La Fortuna gold project represents a major milestone for the Company. We are appreciative of the support provided by Osisko Gold Royalties allowing for us to meet the permitting payment deadlines,” stated Minera Alamos CEO Darren Koningen. “We can now look forward to 2019 and the beginning of site preparation work leading to a construction decision later in the year.”
“We are pleased to provide continuing support to the efforts of the Minera Alamos team as they successfully advance the La Fortuna gold project through permitting and toward a production decision,” stated Sean Roosen, Chairman and Chief Executive Officer of Osisko Gold Royalties. “The progress that Minera Alamos has made this year is a testimony to their ability to advance their development portfolio and we look forward to working with them as they transition to a gold producer.”
$2 MILLION SENIOR SECURED LOAN
Under the terms of the Loan Agreement, Osisko has provided Minera Alamos with a $2 million (the “Principal Amount”) loan. The Loan has a maturity date of 18 months from the date of issue and interest shall be payable on the Principal Amount at a rate per annum that is equal to LIBOR plus 8.5%, compounded monthly. Accrued interest shall be payable at maturity. At Osisko’s election, the Principal Amount may be converted in to a 1% NSR on the La Fortuna gold project pursuant to the Royalty Option Agreement (see press release dated May 30th, 2017). In addition, at the sole discretion of Osisko, the maturity date of the Loan could be advanced earlier than 18 months subject to providing 60 days notice to Minera Alamos. While the Loan is outstanding, it is secured by substantially all of the assets of Minera Alamos.
The Company has also issued 200,000 common share purchase warrants (the “Warrants”) to Osisko. Each Warrant entitles Osisko to acquire one common share at a price of $0.30 during the term of Loan.
The loan will be used for the change of land use payment required as part of the recent notice received by the Company regarding the Company’s ETJ-MAI permit applications for the proposed La Fortuna gold project and for other Project development purposes such as site preparation work in advance of the arrival of the Company’s previously acquired 2,000 tpd mill.
The entering into the Loan Agreement, the Amendment of the Royalty Option Agreement, the issue of the Warrants, the granting of the Security and the other transactions contemplated by the Loan Agreement, are considered to be a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) as a result of Osisko owning 46,080,000 (~15.3%) of the common shares of the Company. Notwithstanding the foregoing, the transactions are exempt from the requirement to obtain a formal valuation pursuant to section 5.5(b) of MI 61-101, as the common shares of Minera Alamos are not listed on any of the specified markets and exempt from the requirement to obtain minority approval pursuant to 5.5(a) of MI 61-101, as at the time the transactions were agreed to, neither the fair market value of the subject matter of, nor the fair market value of the consideration for the transactions, insofar as it involves interested parties, exceeded 25 per cent of the Company’s market capitalization. The material change report to be issued in connection herewith is being filed less than 21 days in advance of the closing of the Loan as the Company requires the consideration it will receive in connection with the Loan immediately to make certain property payments.
ROYALTY OPTION AGREEMENT AND INVESTMENT AGREEMENT
Further to a Strategic Partnership entered into between Minera Alamos and Osisko in May 2017, Osisko was provided certain rights that included:
As part of the early funding arrangement, the Royalty Option Agreement was amended to provide the earlier conversion of the loan into a 1% NSR royalty that provides the Company increased flexibility. In addition, amendments were made to provide for liquidated damages and pursuant to the Investment Agreement to remove the 10% shareholding requirement in relation to the rights granted to Osisko under the Royalty Option Agreement as noted above.
For Further Information Please Contact:
Minera Alamos Inc.
Doug Ramshaw, President
Tel: 604-600-4423
Email: dramshaw@mineraalamos.com
Website: www.mineraalamos.com
About Minera Alamos
Minera Alamos is an advanced-stage exploration and development company with a growing portfolio of high-quality Mexican assets, including the La Fortuna open-pit gold project in Durango with positive PEA completed, the Santana open-pit heap-leach development project in Sonora with test mining and processing completed and the Guadalupe de Los Reyes open-pit gold-silver project in Sinaloa with mine planning in progress. The Company is awaiting the pending approval of permit applications related to the commercial production of gold at both the Santana and Fortuna projects.
The Company’s strategy is to develop low capex assets while expanding the project resources and pursue complementary strategic acquisitions.
Mr. Darren Koningen, P. Eng., Minera Alamos’ CEO, is the Qualified Person responsible for the technical content of this press release under National Instrument 43-101. Mr. Koningen has supervised the preparation of, and approved the scientific and technical disclosures in this news release.
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking information and Minera Alamos cautions readers that forward-looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Minera Alamos included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. These statements are based on information currently available to Minera Alamos and Minera Alamos provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements with respect to Minera Alamos’ future plans with respect to the Projects, objectives or goals, to the effect that Minera Alamos or management expects a stated condition or result to occur and the expected timing for release of a resource and reserve estimate on the Projects. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, the economics of processing methods, project development, reclamation and capital costs of Minera Alamos’ mineral properties, the ability to complete a preliminary economic assessment which supports the technical and economic viability of mineral production could differ materially from those currently anticipated in such statements for many reasons. Minera Alamos’ financial condition and prospects could differ materially from those currently anticipated in such statements for many reasons such as: an inability to finance and/or complete an updated resource and reserve estimate and a preliminary economic assessment which supports the technical and economic viability of mineral production; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Minera Alamos’ activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Minera Alamos’ forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Minera Alamos’ forward-looking statements. Minera Alamos does not undertake to update any forward-looking statement that may be made from time to time by Minera Alamos or on its behalf, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
In a wide-ranging conversation, Bob Moriarty of 321 Gold discusses with Maurice Jackson of Proven and Probable geopolitics, economics, Bitcoin, precious metals and more.
Source: Maurice Jackson for Streetwise Reports (12/11/18)
In a wide-ranging conversation, Bob Moriarty of 321 Gold discusses with Maurice Jackson of Proven and Probable geopolitics, economics, Bitcoin, precious metals and more.
1) Bob Moriarty: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: Miramont Resources, Irving Resources and Novo Resources. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: Miramont Resources, Irving Resources and Novo Resources are sponsors of 321 Gold and/or 321 Energy.
2) Maurice Jackson: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: Irving Resources and Novo Resources. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: Miramont Resources, Irving Resources and Novo Resources are sponsors of Proven and Probable. Proven and Probable disclosures are listed below.
3) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click herefor important disclosures about sponsor fees.
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As time has gone by I have grown increasing respectful of Trump. Not only he is doing what he said he would, but he is also among those rare people who understand the problems that the West faces. Trump is having to deal with the massive problems that the earlier—short-terministic, populist and vision-less—regimes left behind. But people’s failure to put issues into perspective means that it is Trump who gets the blame. That is why I don’t like democracy, for most people use soundbite-level, isolated information—mostly rationalizations—to reach conclusions. Or more accurately they look for justifications for their emotions.
Despite all its flaws, the USA is still among the best places in the world.
As a child, I often dreamt of emigrating to America. America’s military-industrial complex rightly has a bad name. But, alas, if I had a switch to get rid of it, I would not use it. Without US interference, the world would be an extremely unstable place. For example, had the USA not interfered, Saudi Arabia, Iran, Iraq, Brazil, Libya, etc. would have all had nuclear weapons. Perhaps humanity would have seized to exist. Without US interference, the Third World tyrannies, tribal-warfare and massacres would have been much worse, which would have rightly kept their population-number under control, but also refugees would have flooded the West:
On investments…
Linked is a recent discussion with Cory Fleck on how I go about investing in the mining sector. In the same talk I mention a few stocks.
Here are some more that I like:
On other matters…
Videos of last year’s Capitalism & Morality are now available. They are linked here.
The next Capitalism & Morality will be held on 3rd August 2019. Please register using the Paypal button on this page, if you haven’t already done so. One-third of the seats are already gone, and being a capitalist I do increase the ticket price—very substantially—as we get closer to the event.
Warm regards,
Disclaimer: All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. The sole purpose of these musings is to show my thinking process when analyzing a stock, not to provide any recommendation. I will not and cannot be held liable for any actions you take as a result of anything you read here. Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.
TORONTO , Dec. 10, 2018 /CNW/ – Anaconda Mining Inc. (“Anaconda” or the “Company”) – (ANX.TO) (ANXGF) is pleased to announce the filing of the updated technical report prepared in accordance with National Instrument 43-101 regarding an update to the Mineral Resource Estimate (“Mineral Resource”) for its 100%-owned Goldboro Gold Project (“Goldboro”, or the “Project”) in Nova Scotia, Canada .
The technical report is available under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at www.anacondamining.com.
“The filing of the technical report represents the culmination of significant milestones to date in the development of the Goldboro Gold Project. Just over a year and a half ago, we acquired the project at a compelling valuation and in a short period of time, we have produced a positive preliminary economic assessment, registered the project for environmental permitting, initiated a 10,000-tonne bulk sample, and drilled a further 12,000 metres which increased the deposit to over 600,000 ounces of Measured and Indicated Resources and over 450,000 ounces of Inferred Resources. We look forward to further progress in 2019 as we begin a feasibility study and continue to advance all required permits with the aim of beginning construction in 2020.”
~ Dustin Angelo , President and CEO
The technical report, entitled “Anaconda Mining Inc., Goldboro Project Mineral Resource Update and Preliminary Economic Assessment” and which is dated October 25, 2018 , was authored by independent qualified persons Joanne Robinson , P.Eng., Garth Liukko , P.Eng., and Sebastian Bertelegni , P.Eng., all of WSP Canada Inc., J. Dean Thibault , P.Eng., of Thibault & Associates Inc., and non-independent qualified person Gordana Slepcev, P.Eng., of Anaconda.
Highlights of the Goldboro Gold Project Mineral Resource Update* (effective July 19, 2018 ):
Category** |
Tonnes (‘000) |
Grade (g/t Au) |
Ounces (Rounded) |
% Change in Grade |
% Change in Ounces |
Measured |
1,611.8 |
4.23 |
219,300 |
+ 42% |
+ 447% |
Indicated |
2,166.2 |
5.50 |
383,400 |
+ 18% |
(21%) |
Measured and Indicated |
3,778.0 |
4.96 |
602,700 |
+11% |
+15% |
Inferred |
2,126.4 |
6.63 |
453,200 |
+ 56% |
+ 30% |
* See Mineral Resource Estimate Notes below.
** Combined Open Pit and Underground Mineral Resources. Open Pit Mineral Resource based on a 0.50 g/t Au cut-off grade; Underground Mineral Resource based on 2.00 g/t Au cut-off grade.
*** Refer to the Company’s current technical report or technical report entitled “Goldboro Project Preliminary Economic Assessment” dated March 2, 2018 for further details (the “Previous Report“).
Goldboro Preliminary Economic Assessment
Anaconda is also pleased to report updated after-tax economics with respect to the Preliminary Economic Assessment study (“PEA”) on Goldboro . The change in after-tax economics reflects the confirmation with the Nova Scotia Department of Natural Resources of the application of a mineral royalty tax of a 1% net smelter return on gold production, which supersedes the higher mineral tax applied in the Previous Report. All dollar amounts are expressed in Canadian dollars unless otherwise noted.
1 Assumes a 0.77 USD : CAD exchange rate.
2 See Non-IFRS Measures below.
The updated PEA only reflects the change in the mineral royalty tax and does not incorporate increases to the Mineral Resource as at July 19, 2018 . The updated Mineral Resource does not affect the validity or currency of the PEA, which continues to use the Mineral Resource as reported in the Previous Report. With the increase in Mineral Resources announced today, Anaconda believes there is the potential for increased Project mine life and higher potential gold production due to the increase in grade, which will be assessed in future studies.
The PEA is preliminary in nature and includes the use of inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. Thus, there is no certainty that the results stated in the PEA will be realized. Actual results may vary, perhaps materially. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Mineral Resource Estimate Notes
Qualified Persons
Gordana Slepcev, P. Eng., Chief Operating Officer, Anaconda, is a “qualified person” as such term is defined in National Instrument 43-101 and has reviewed and approved the technical information and data included in this press release.
A version of this news release will be available in French on Anaconda’s website (www.anacondamining.com) in two to three business days.
ABOUT ANACONDA MINING INC.
Anaconda Mining is a TSX-listed gold mining, development, and exploration company, focused in the prospective Atlantic Canadian jurisdictions of Newfoundland and Nova Scotia . The Company operates the Point Rousse Project located in the Baie Verte Mining District in Newfoundland , comprised of the Stog’er Tight open pit mine, the Pine Cove open pit mine, the Argyle Mineral Resource, the fully-permitted Pine Cove Mill and 7-million tonne capacity tailings facility, and approximately 9,150 hectares of prospective gold-bearing property. Anaconda is also developing the Goldboro Gold Project in Nova Scotia , a high-grade Mineral Resource, subject of a 2018 a preliminary economic assessment which demonstrates a strong project economics.
The Company also has a wholly owned exploration company that is solely focused on early stage exploration in Newfoundland and New Brunswick .
NON-IFRS MEASURES
Anaconda has included certain non-IFRS performance measures as detailed below. In the gold mining industry, these are common performance measures but may not be comparable to similar measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Operating Cash Costs per Ounce of Gold – Anaconda calculates operating cash costs per ounce by dividing operating expenses per the consolidated statement of operations, net of silver sales by-product revenue, by the gold ounces sold during the applicable period. Operating expenses include mine site operating costs such as mining, processing and administration as well as royalties, however excludes depletion and depreciation and rehabilitation costs.
All-In Sustaining Costs per Ounce of Gold – Anaconda has adopted an all-in sustaining cost performance measure that reflects all of the expenditures that are required to produce an ounce of gold from current operations. While there is no standardized meaning of the measure across the industry, the Company’s definition conforms to the all-in sustaining cost definition as set out by the World Gold Council in its guidance dated June 27, 2013 . The World Gold Council is a non-regulatory, non-profit organization established in 1987 whose members include global senior mining companies. The Company believes that this measure will be useful to external users in assessing operating performance and the ability to generate free cash flow from current operations.
The Company defines all-in sustaining costs as the sum of operating cash costs (per above), sustaining capital (capital required to maintain current operations at existing levels), corporate administration costs, sustaining exploration, and rehabilitation accretion and amortization related to current operations. All-in sustaining costs excludes capital expenditures for significant improvements at existing operations deemed to be expansionary in nature, exploration and evaluation related to growth projects, financing costs, debt repayments, and taxes. Canadian and US dollars are noted for realized gold price, operating cash costs per ounce of gold and all-in sustaining costs per ounce of gold. Both currencies are considered relevant and the Company uses the average foreign exchange rate for the period.
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking information” within the meaning of applicable Canadian and United States securities legislation. Forward-looking information includes, but is not limited to, disclosure regarding the economics and project parameters presented in the PEA, including, without limitation, IRR, all-in sustaining costs, NPV and other costs and economic information, possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future development and exploration activities on the Company’s projects; success of development and exploration activities; permitting time lines and requirements; time lines for further studies; planned exploration and development of properties and the results thereof; and planned expenditures and budgets and the execution thereof. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “does not anticipate”, or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved”. Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Anaconda to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Anaconda’s annual information form for the fiscal year ended December 31, 2017 , available on www.sedar.com.
Although Anaconda has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Anaconda does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Anaconda Mining Inc.
View original content: http://www.newswire.ca/en/releases/archive/December2018/10/c5373.html
VANCOUVER , Dec. 10, 2018 /CNW/ – Mirasol Resources Ltd. (TSX-V: MRZ, OTCPK: MRZLF) (the “Company” or “Mirasol“) is pleased to report that it has entered into a non-binding heads of agreement (the “HoA“) with Newcrest International Pty Limited, a wholly owned subsidiary of Newcrest Mining Limited (“NCM“), for an Option to Farm-in on the Gorbea High-Sulfidation Epithermal (HSE) gold projects (the “Project“) in Chile , and is terminating the previously announced (news release February 26, 2018 ) NCM option agreement on the Zeus Project (Figure 1).
The Gorbea HoA is subject to NCM completing its due diligence review of the claims and the parties executing a formal option agreement (the “Agreement“) on or before January 15, 2019 or such later date as may be agreed. The key terms of the Agreement having been settled, the parties will execute the final Agreement once due diligence has been completed. Mirasol has granted an exclusivity period to NCM to complete these conditions.
The Gorbea Project comprises a package of projects totaling 26,684 ha, including the Atlas Au+Ag and the Titan Au (Cu) projects, located in the Mio-Pliocene age mineral belt of northern Chile. The Gorbea properties were subject to a previous joint venture that was terminated in April 2018 , after the partner had incurred exploration expenditures in excess of US$ 8 million. The exploration identified a significant body of HSE gold mineralization at the Atlas project, which returned a drill intercept of 114 m grading 1.07 g/t Au, including 36 m grading 2.49 g/t Au (news release September 11, 2017 ). Mirasol is undertaking an integrated analysis of the extensive Atlas database and will provide a technical update on the project in the near term.
Option to Farm-in Agreement:
Under the terms of the HoA, NCM will have the right to acquire, in multiple stages, up to 75% of the Gorbea Project by completing a series of exploration and development milestones and making staged option payments to Mirasol. NCM has committed to spend a minimum of US$4 million and complete a minimum of 3,000 m of drilling over an initial 18-month period, subject to drill permitting timelines. NCM has assembled a Chilean based exploration team with significant HSE exploration experience and will operate the Gorbea exploration program.
Stephen Nano , CEO of Mirasol, stated that “we are pleased to again be partnering with the Newcrest team to explore some of our prospective Mio-Pliocene belt projects for district scale gold deposits. Newcrest has allocated a combined US$7.3 million in separate agreements, for the exploration of Mirasol’s Gorbea and Altazor projects over the next 12 to 18 months. We are working with Newcrest to advance the permitting process for the Atlas project in the Gorbea package, with the objective of drilling during the southern hemisphere summer.”
Terms:
Option phase:
Farm-in phase:
After NCM has met the minimum commitment in the Option phase, NCM may terminate at any time without liability. In the event that NCM should complete Stage 1, but elect not to proceed to Stage 2, then NCM’s 51% interest shall be adjusted to a 49% interest. In the event that NCM completes Stage 2, but elects not to proceed to Stage 3, then NCM’s 65% interest shall be adjusted to a 60% interest and the parties may agree to halt further exploration or continue and contribute in proportion to their interests or be diluted.
The HoA also contains other customary terms including extension rights to increase the duration of each stage 1, 2 or 3 for cash payments to Mirasol and pre-emptive rights provisions should either party elect to sell its interest in the Project.
Early Termination of the Zeus Agreement:
The companies have also agreed to the early termination of the Zeus Option to Farm-in Agreement that was previously announced on February 26, 2018 . Under the terms of the Zeus agreement, NCM had a minimum spend commitment of US$1.5 million in the first 18-month exploration program. The balance of the minimum commitment expenditures for Zeus that have not yet been incurred, will be applied towards the $4 million initial commitment for the Gorbea Project. NCM has also agreed to a US$200,000 early termination payment to Mirasol. Upon termination, NCM will have no retained rights in the Zeus project.
Mirasol wishes to thank NCM for its investment that has advanced exploration of the Zeus project. Mirasol will report the exploration results from last season’s Zeus exploration program shortly. Mirasol has initiated the business development process to identify a new joint venture partner to continue exploration at the Zeus project during the 2019 southern hemisphere summer season. Mirasol maintains the view that Zeus is a prospective, underexplored, Au+Ag project located in prospective geological setting, 43km East of the Goldfields Salares Norte HSE project2 (of 3.7 Moz Au at 4.89 g/t Au and 49.5 Moz Ag contained within 23.3 Mt) in the Mio-Pliocene belt of Northern Chile .
About Newcrest Mining Limited
Newcrest is one of the world’s largest gold mining companies, operating five mines in Australia , the Asia – Pacific and Africa regions. Newcrest has extensive experience developing and operating successful underground and open pit mines in culturally and geographically diverse environments. Newcrest seeks to identify and secure large mineral districts, or provinces, in order to establish long term mining operations.
About Mirasol Resources Ltd
Mirasol is a leading project generation company focused upon the discovery, and development of economic precious metal and copper deposits via a hybrid Joint Venture and self funded drilling business model. Strategic Joint Ventures with major precious metal producers have enabled Mirasol to maintain a tight share structure while advancing its priority projects that are focused in high-potential regions of Chile and Argentina. Mirasol employs an integrated generative and on-ground exploration approach, combining leading-edge technologies and with experienced exploration geoscientists to maximize the potential for discovery. Mirasol is in a strong financial position and has a significant portfolio of exploration projects located within the Tertiary Age Mineral belts of Chile and the Jurassic age Au+Ag district of Santa Cruz Province Argentina .
Stephen Nano , President and CEO of Mirasol, has approved the technical content of this news release. Mr Nano is a Chartered Professional geologist and Fellow of the Australasian Institute of Mining and Metallurgy (CP and FAusIMM) and is a Qualified Person under NI 43 -101.
Under the terms of the pervious Gorbea Joint Venture (terminated in April 2018 ), all exploration was managed by the then joint venture partner. Pre-joint venture exploration on the projects was managed by Stephen C. Nano , who is the Qualified Person under NI 43-101. Exploration data generated from the previous Gorbea Joint Venture program was reviewed and validated by Mirasol prior to release. The technical interpretations presented here are those of Mirasol Resources Ltd.
Mirasol applies industry standard exploration sampling methodologies and techniques. All geochemical rock and drill samples are collected under the supervision of the company’s geologists in accordance with industry practice. Geochemical assays are obtained and reported under a quality assurance and quality control (QA/QC) program. Samples are dispatched to an ISO 9001:2008 accredited laboratory in Chile for analysis. Assay results from surface rock, channel, trench, and drill core samples may be higher, lower or similar to results obtained from surface samples due to surficial oxidation and enrichment processes or due to natural geological grade variations in the primary mineralization.
Forward Looking Statements: The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Mirasol disclaims any obligations to update or revise any forward looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
1 |
“Bankable” is defined as suitable to be submitted to a recognized financial institution as a basis for lending funds for the development of a mine |
2 |
Gold Fields. (2017). Integrated Annual Report 2017. |
SOURCE Mirasol Resources Ltd.
View original content: http://www.newswire.ca/en/releases/archive/December2018/10/c5011.html
TSX VENTURE SYMBOL: FUU
Drilling to Commence on Wales Lake in December
KELOWNA, BC , Dec. 11, 2018 /CNW/ – FISSION 3.0 CORP. (“Fission 3” or “the Company“) is pleased to announce its Athabasca Basin winter exploration drilling program. This winter, the company plans to drill approximately 4,400 meters in 18 holes on 4 of its high-priority projects, prospective for hosting shallow, high-grade mineralization. The projects are located in 3 major regional districts of the Athabasca Basin: the emerging PLS area uranium camp in the southwest, the historic Key Lake area mining camp in the southeast and also the northern area of the Athabasca Basin. The program will shortly commence with two holes on the Wales Lake property located in the PLS area, where surveys have identified high-priority targets.
News Highlights
Ross McElroy , COO, and Chief Geologist for Fission, commented,
“Having recently completed an $8M financing, Fission 3 has both the funds and the backing to aggressively explore multiple properties. Our award-winning technical team has built an exceptional portfolio in the Athabasca Basin region that encompasses emerging and historic major uranium mining areas, with a particular focus on the potential to host shallow, high-grade mineralization. This winter will see an exciting start to a strategic and systematic campaign to discover new occurrences of high-grade uranium mineralization on Fission 3’s projects in the Basin.”
Fission 3’s Portfolio Strategy. Within the Athabasca Basin region, the company’s properties are all located in areas that are prospective for near-surface uranium mineralization in both basement and unconformity hosted models. The emphasis for land selection has been on identifying shallow-hosted mineralization potential in conjunction with underlying structural and alteration features associated with appropriate lithologic units, with a focus on being near historic mining districts (such as Beaverlodge / Uranium City in north-western Athabasca Basin region and Key Lake area in the eastern Athabasca Basin region) or emerging major mining districts (such as the south-western Athabasca Basin region). As such, property locations tend to be proximal to the Athabasca Basin margins. Most properties are drill-ready with airborne and some ground geophysics completed in order to quickly vector in to target selection.
Further Details on Projects and Drill Programs
PLS Area
Located in the southwest region of the Athabasca Basin, the PLS area has been the focus of 2 of the most significant recent discoveries of high-grade uranium deposits; Fission Uranium’s Triple R and NexGen Energy’s Arrow deposits. The area is considered the most important, emerging uranium mining district of the Athabasca Basin. Fission 3 has a portfolio of 3 properties covering 83,763 ha in the region surrounding these major deposits; the Patterson Lake North package, including Patterson Lake North “PLN” and Patterson Lake Northeast “PLN-NE” is located immediately to the north of Triple R, while Wales Lake and Clearwater West properties surround the area to the west and south of Triple R.
During the winter season, drilling will focus on PLN and Wales Lake. While the bulk of drilling will focus on high-priority targets at PLN, starting in January 2019 , for logistics and seasonal considerations, the drilling will start off with testing two holes in December on Wales Lake – Block C.
Wales Lake: The 100% owned Wales Lake property comprises 30 claims in 3 non-contiguous blocks totaling ~35,440 hectares and is accessible by road with primary access from all-weather Highway 955. Similar to Fission Uranium’s PLS property, Wales Lake occupies the same stratigraphic position within the Clearwater Domain and represents relatively shallow depth basement hosted target areas outside of the margin of the Athabasca Basin. From west to east the 3 blocks are referred to as A, B and C respectively. Block A is the westernmost and is located ~30km west of Fission Uranium’s flagship high-grade Triple R uranium deposit. It comprises 2 claims in ~2,689 ha. Block B is located a further ~6km to the east and comprises 4 claims in ~10,549 ha. Block C is the both the eastern-most and southern-most as well as the largest block and is located a further ~7km to the southwest. It comprises 24 claims in ~22,201 ha, and is located ~25km south of the Triple R deposit.
Wales Lake Drilling: The first 2 holes of a planned minimum of 4 holes – 1,000m program for Wales Lake – Block C will be drilled in December, with additional drilling planned for an upcoming summer program. High-priority drill targets were developed using both airborne and ground geophysics surveys that were conducted by the Company. A helicopter-borne airborne geophysical versatile time domain electromagnetic “VTEM” survey that was flown in 2017 over Block C identified numerous electromagnetic “EM” conductors in a structurally complex setting. The survey showed multiple parallel and offset conductors in and along the edge of magnetic low corridors thought to represent either reactivated shear zones and/or pelitic lithologcial corridors, both known to be favorable to hosting uranium mineralization. Importantly a major structural flexure in the geology changes strike from NW-SE to NE-SW trend as is clearly seen in the magnetic survey. This feature may represent a setting favorable for developing faulting and hydrothermal alteration, which are key components to developing high-grade uranium mineralization. The Triple R deposit, located ~30km to the north of this flexure represents a similar geological setting. A 21 line-km small moving loop ground EM survey was completed in November 2018. The ground surveys consisted of collecting single lines of TDEM data over each of 12 airborne VTEM targets, to provide the detailed data required to prioritize drill targets.
PLN Package: The PLN package consists of a total of 36,537 ha in 37 mineral claims of which Fission 3 has a 90% interest in 27,408 ha (10 mineral claims) and a 100% interest in an additional recently staked 9,129 ha (27 mineral claims). Azincourt Energy Corp. holds a 10% interest in 27,408 ha of the PLN property.
The property, just inside the Athabasca Basin, is prospective for high-grade uranium at shallow depth. The property is adjacent to, and part of the same structural corridor as Fission Uranium’s PLS project, host to the Athabasca’s most significant major, shallow-depth, high-grade uranium deposit. Previous drill results show large scale potential. Drilling in 2014 identified a mineralized corridor associated with the A1 ~700m in strike length, where results returned significant mineralization and pathfinder elements (uranium, boron, copper, nickel and zinc) and included hole PLN14-019 which intercepted 0.5m at 0.047% U3O8 within 6.0m @ 0.012% U3O8.
PLN Drilling: A minimum 8-hole, 3,250m drill program has been approved by the PLN joint venture for 2019. Five holes in 1,850m will be drilled during the winter program. All five holes will test the A1 conductor stepping out 25m and 50m north along strike of prospective hole PLN14-019, targeting the same relative positioning of the mineralized pelite.
Key Lake Area
The Key Lake area is an important historic uranium mining district located in the southeast region of the Athabasca Basin. The Key Lake operations is owned by Cameco Corp. (83%) and Orano Canada Inc. (17%) and hosted the former Key Lake mine, which produced 208 million pounds of uranium between 1975 to 1997 and is home to one of the largest uranium mills in the world. The key Lake mill processed ore from the McArthur River uranium deposit, until Cameco announced in 2018 that McArthur River mining would be suspended indefinitely due to sustained low uranium prices. The area is considered highly prospective to discover significant new uranium occurrences. Fission’s Key Lake Area Property portfolio consists of the Ford Lake, Gryphon West, Hobo Lake, Karpinka Lake and Morin Lake properties and totals 24,490 ha in 5 separate, non-contiguous properties. Locally the Key Lake area lies within the Key Lake Shear Zone (“KLSZ”), which is characterized as a broad northeast-southwest trending primarily metasedimentary corridor, and is expressed as a magnetic low in geophysical surveys. Within the KLSZ corridor numerous basement EM conductors are present.
Key Lake Drilling: Winter drilling on the Hobo Lake and Karpinka properties are planned for March. The current plan calls for 1,300m in 9 holes. Several holes will target major structural jogs in conjunction with moderate to high conductivity bright spots and historic gravity lows. These are features commonly associated with uranium mineralization. Other drill holes will test nearby elevated boron and associated potential alteration halo, as well as up-dip historical elevated uranium between graphitic gneiss and granitic contact near bedrock surfaces from historical drilling.
Cree Bay: The Cree Bay property consists of 18 claims covering 14,080 ha located on the northern edge of the northern Athabasca Basin. The town of Stoney Rapids is 20km to the north and the historic Nisto uranium mine is 13km to the northeast. Previous work included a high resolution airborne magnetic and radiometric survey flown in 2015 and a ground DC resistivity survey in 2017.
Cree Bay Drilling: The current plan calls for 750m in 2 holes. The Cree Bay property is on a nearby parallel trend with the Nisto Deposit where drilling by Forum Energy Metals Corp., (formerly Forum Uranium Corp.) encountered strong clay alteration and 50m faulted offset associated with a major structural lineament thought to trend down through the Cree Bay property. A fence of two holes will be drilled on the same section targeting basement conductive features and resistivity low from DC resistivity survey conducted in 2017 on the northeastern resistivity grid. The resistivity low could indicate clay alteration associated with reactivated faults, often the focus of uranium mineralization fluids. A 9 line-km DC Resistivity ground geophysics survey will be conducted which will extend the existing northern resistivity grid to the southwest.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy , P.Geol. Chief Geologist and COO for Fission 3.0 Corp., a qualified person.
About Fission 3.0 Corp.
Fission 3.0 Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia . Common Shares are listed on the TSX Venture Exchange under the symbol “FUU.”
ON BEHALF OF THE BOARD
“Ross McElroy”
Ross McElroy , COO
Cautionary Statement: Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Fission 3.0 Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Fission 3 Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Fission 3.0 Corp.
Bill Pincus the President, Director, and CEO of Miramont Resources sits down with Maurice Jackson of Proven and Probable to discuss the latest exciting developments at the Cerro Hermoso and Lukkacha Projects. Specifically, we will highlight the recent press release the highly anticipated drilling permits for Cerro Hermoso.
Source: Maurice Jackson for Streetwise Reports (12/10/18)
Bill Pincus, president and CEO of Miramont Resources, speaks with Maurice Jackson of Proven and Probable about his company’s latest exploration efforts in Peru.
1) Bill Pincus: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: Miramont. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: Miramont.
2) Maurice Jackson: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: No. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: Miramont is a sponsor of Proven and Probable. Proven and Probable disclosures are listed below.
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5) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
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Proven and Probable LLC receives financial compensation from its sponsors. The compensation is used is to fund both sponsor-specific activities and general report activities, website, and general and administrative costs. Sponsor-specific activities may include aggregating content and publishing that content on the Proven and Probable website, creating and maintaining company landing pages, interviewing key management, posting a banner/billboard, and/or issuing press releases. The fees also cover the costs for Proven and Probable to publish sector-specific information on our site, and also to create content by interviewing experts in the sector. Monthly sponsorship fees range from $1,000 to $4,000 per month. Proven and Probable LLC does accept stock for payment of sponsorship fees. Sponsor pages may be considered advertising for the purposes of 18 U.S.C. 1734.
The Information presented in Proven and Probable is provided for educational and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose. The Information contained in or provided from or through this forum is not intended to be and does not constitute financial advice, investment advice, trading advice or any other advice. The Information on this forum and provided from or through this forum is general in nature and is not specific to you the User or anyone else. You should not make any decision, financial, investments, trading or otherwise, based on any of the information presented on this forum without undertaking independent due diligence and consultation with a professional broker or competent financial advisor. You understand that you are using any and all Information available on or through this forum at your own risk.
Andy Schectman the President of Miles Franklin Precious Metals Investments sits down with Maurice Jackson of Proven and Probable to discuss the strategic advantages available to precious metals investors regarding tax loss selling, and the value proposition of owning precious metals IRA, which is redeemable in cash and or physical precious metals.
Source: Maurice Jackson for Streetwise Reports (12/10/18)
Andy Schectman of Miles Franklin Precious Metals Investments discusses with Maurice Jackson of Proven and Probable some benefits of holding precious metals in IRAs as well as some other tax advantages of precious metals.
1) Andy Schectman is the owner of Miles Franklin Precious Metals Investments.
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5) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
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The Information presented in Proven and Probable is provided for educational and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose. The Information contained in or provided from or through this forum is not intended to be and does not constitute financial advice, investment advice, trading advice or any other advice. The Information on this forum and provided from or through this forum is general in nature and is not specific to you the User or anyone else. You should not make any decision, financial, investments, trading or otherwise, based on any of the information presented on this forum without undertaking independent due diligence and consultation with a professional broker or competent financial advisor. You understand that you are using any and all Information available on or through this forum at your own risk.
TULSA, Okla., Dec. 10, 2018 (GLOBE NEWSWIRE) — Jericho Oil Corporation (“Jericho”) (TSX-V: JCO; OTC PINK: JROOF) announces through its Oklahoma STACK Joint Venture (“STACK JV”), that it has brought online a second high-rate single-mile lateral Meramec oil well within its contiguous Blaine County acreage position.
The Valkyrie 19-12-06 1H well is located within the STACK JV’s approximately 16,000 net acre position of the normally-pressured oil window of the STACK play. The Valkyrie achieved a peak 24-hour rate of 725 oil-equivalent barrels (“BOE”) per day (55% oil). The 30-day normalized rate (IP30) for this ~4,500 ft perforated lateral well was 625 BOE per day (52% oil). Initial rates of productivity from the Valkyrie continue to strongly support the Company’s confidence in its multi-zone developments and the overall value of our coveted STACK acreage position. The Valkyrie, in addition to the STACK JV’s previously announced Wardroom Meramec well, located 2 miles to the southeast, show consistent performance of the STACK resource, crucial to our Company’s long-term net asset value.
Jericho’s STACK JV owns a 24% working interest alongside Staghorn Petroleum II LLC (Staghorn) in the Valkyrie.
As a reminder, the Meramec and Osage formations, the principal targets of the STACK play, represent a combined oil-rich thick column of approximately 700 feet. Our experience throughout 2018, by way of drilling and participating in both target-zone formation wells, has provided our STACK JV the proper catalysts of data to leverage into the Company’s 2019 development program.
Brian Williamson, CEO of Jericho Oil, stated, “Our focus in participating with best in class operators is working and we are extremely encouraged with the results of the Valkyrie and surrounding Meramec wells, proving the extent, both geographically and geologically, of the formation. In addition to the Meramec, we continue to execute on successfully proving-up the large resource potential of the regionally deposited Osage formation. Ultimately, 2018 has been an extremely productive year which has allowed our Company to have ever-increasing confidence in repeatable, multi-zone development of our STACK resource which, over time, should benefit our strong shareholder base.”
About Jericho Oil Corporation
Jericho Oil (www.jerichooil.com) is focused on domestic, liquids-rich unconventional resource plays, located primarily in the Anadarko basin STACK Play of Oklahoma. Jericho’s primary business objective is driving long-term shareholder value through the growth of oil and gas production, cash flow and reserves. Jericho has assembled an interest in 55,000 net acres across Oklahoma, including an interest in ~16,000 net acres in the STACK Play. Jericho owns a 26.5% interest in STACK JV.
Jericho’s current operations are focused on the oil-prone Meramec and Osage formations in the STACK. The Jericho team applies advanced engineering analyses and enhanced geological techniques to under-developed resource areas.
Jericho, with operational headquarters in Tulsa, Oklahoma, trades publicly on the TSX Venture Exchange (JCO) and OTC Markets (JROOF). Jericho owns its net acre position in Oklahoma through, and participates in the STACK JV through, one or more wholly owned subsidiaries.
Cautionary Note Regarding Forward-Looking Statements: This news release includes certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual events and results to differ materially from Jericho’s expectations include risks related to the exploration stage of Jericho’s project; market fluctuations in prices for securities of exploration stage companies; and uncertainties about the availability of additional financing.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT:
Adam Rabiner,
Director, Investor Relations
1.800.750.3520
investorrelations@jerichooil.com