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VANCOUVER , Nov. 20, 2018 /CNW/ – Mirasol Resources Ltd. (TSXV: MRZ), (OTCPK: MRZLF) (the “Company” or “Mirasol“) is pleased to update the Company’s shareholders on exploration activities in progress and scheduled at the company’s projects in Chile and Argentina for the coming exploration season.
Mirasol’s President and CEO, Stephen Nano , stated, “The company looks forward to reporting to shareholders the exploration results from what is anticipated to be one of the most active exploration season in the Company’s history, and that will include drill programs on a number of its Au+Ag projects in Chile and Argentina.”
JV partners Newcrest Mining, OceanaGold Corporation and Hochschild Mining have notified Mirasol they have budgeted a combined total in excess of C$7 million for drill programs and extensive surface exploration at Mirasol’s Joint Venture projects in Chile and Argentine this financial year (to June 30 th, 2019). In Chile, this spend will be directed to testing compelling high sulfidation epithermal drill targets at the Altazor Au project and Intermediate Au+Ag targets adjacent mine infrastructure at the Indra project. In Argentina our JV partner OceanaGold Corporation has committed C$1.56 million ( US$1.2 million ) through to December 2018 for exploration for the Claudia project and a 3,000 m drill program currently underway at the Curva Au project.
Over the same period, Mirasol will invest approximately C$4.5 million advancing exploration of the Company’s prospective Mio-Pliocene and Paleocene Au+Ag+Cu pipeline projects in Chile and the Nico high-grade Au+Ag project in Argentina. Mirasol is well advanced with a program of geophysics, geological mapping and detailed geochemical sampling at the Nico project’s Aurora and Vittoria prospects, in preparation for drill testing. In parallel, Mirasol is progressing drill permitting for the Nico project, where the company is targeting a January 2019 start-up for a phase I drill test of the Resolution, Aurora and Vittoria prospects.
Mirasol strong commitment to business development is timely. There is a surge in interest in the Company’s Au+Ag+Cu project portfolio in Chile and in Argentina from companies interested in new JVs. Expressions of interest are broad based, coming from mid-tier to major producers, as well as private and publicly traded junior resource companies. The Company’s business development team is focused on completing new joint ventures that will secure further partner funding to advance exploration of the project portfolio. Notably, expressions of interest for potential new joint ventures for the Argentine projects are being received from in-country precious metal producers as well as from companies interested in making new or first-time investments in the country.
Argentina is again experiencing high inflation and has implemented a new temporary export tax to increase government revenues. Neither event has had a measurable impact on Mirasol’s day-to-day operations as a project generator and exploration company in Argentina . The Company is continually monitoring the investment and operational environment in Argentina and will adjust its activities if conditions adversely change.
Mirasol’s exposure to Argentina is balanced with its activities in Chile where the Company has three active joint ventures and a strong commitment to business development and early stage project exploration, designed to deliver new quality Au and Cu projects to the development pipeline.
Mirasol remains in a strong financial position with approximately C$24 million in treasury as of Q1, financial year 2019 and anticipates receiving in excess of C$1.5 million in option payments and joint venture management fees this financial year, including the recently announced C$650,000 (US$500,000) option payment received from Newcrest Mining when it exercised its Farm-in option at the large Altazor Au project in Chile .
Mirasol invites its shareholders to follow the progress of this season’s exploration via our website (mirasolresources.com).
About Mirasol Resources Ltd
Mirasol is a premier project generation company that is focused on the discovery and development of profitable precious metal and copper deposits. Mirasol employs an integrated generative and on-ground exploration approach, combining leading-edge technologies and 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 gold – silver 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.
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.
SOURCE Mirasol Resources Ltd.
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Is Novo about to snatch defeat from the jaws of victory?Bob Moriarty
Novo Resource shares hit a high of $8.83 in October of 2017, up from $.75 a share on April 1, 2017 and have since declined to a recent low of $1.89. Disappointed shareholders who managed to buy at high prices are now screaming in anger looking to burn someone at the stake. Anyone would do.
By accident that press release made a whole series of assumptions many of which proved dead wrong over time. There was one sample taken from Purdy’s Reward that was split and sent to the lab for assay. One half of the split was 87.76 g/t gold, the other 46.14 g/t gold. Call them 3 ounce and 1.5-ounce gold for simplicity.
Around Egina has a lot of it. And we panned tailings left over from the miner who has been working one of the two mining leases granted and permitted. We found a lot of small gold. Since it came from somewhere it infers that the surrounding conglomerate rocks could be drilled with conventional drilling. You wouldn’t be able to measure the nuggets but you could measure the small gold component.
And in a giant leap forward for the company, Novo tested a sorting machine from Tomralate last week. Initial tests show a reduction of mass of 99%. It appears to work with both the hard rock from Karratha and the alluvial material similar to around Egina. The machines have a high capacity potential of up to 1000 tons per hour.
What people need to think about is that there is a lot of gold in Karratha and Egina and within the Pilbara. Much of it we have no clue as to how it got there or even why it’s there. This project is a work in progress and many questions may never be answered. But there is a lot of gold there and Quinton is figuring out how to extract it at a profit. |
Copyright ©2001-2018 321gold Ltd. All Rights Reserved
VANCOUVER, British Columbia, Nov. 19, 2018 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to discuss positive initial results from mechanical rock sorting tests being undertaken by TOMRA Sorting Pty. Ltd., Castle Hill, New South Wales (“TOMRA”). TOMRA is the foremost mechanical rock sorting company in the mining industry.
TOMRA Mechanical Sorting Test Highlights:
Four, +5 tonne bulk samples from Comet Well, three from the Upper Cannonball Conglomerate and one from the Lower Cannonball Conglomerate, have undergone successful sorting (Figure 1; https://youtu.be/ljMtA1cKNts)
“Mechanical rock sorting tests with TOMRA have yielded very encouraging results,” commented Rob Humphryson, CEO and director of Novo Resources Corp. “Although full assays are needed from all respective concentrate and reject fractions, the very low mass pull achieved by the TOMRA mechanical sorter bodes well for efficient concentration of gold. The highly nuggety mineralization at Karratha has proven to be a challenge with respect to assaying, but it may prove to be a benefit with respect to metallurgical recovery of gold. We see additional value being created by the use of mechanical sorting at Karratha, Egina and perhaps other Novo gold projects in the Pilbara.”
Dr. Quinton Hennigh, P. Geo., the Company’s President and Chairman and a qualified person as defined by National Instrument 43-101, has approved the geological content of this news release.
About Novo Resources Corp.
Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 12,000 sq km with varying ownership interests. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com
On Behalf of the Board of Directors,
Novo Resources Corp.
“Quinton Hennigh”
Quinton Hennigh
President and Chairman
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 news release.
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, statements as to planned exploration activities and the expected timing of the receipt of results. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the mineral resource industry as well as the performance of services by third parties.
(Figure 1 – TOMRA mechanical ore sorter at TOMRA Sorting Pty. Ltd.’s Castle Hill, New South Wales testing laboratory. This sorter employs XRT to identify rocks containing particles of high atomic mass such as gold and electromagnetic induction EM to identify rocks with a propensity to become electrically charged due, occasionally, to the presence of metallic particles.)
(Figure 2 – Left, looking down on the conveyor discharge from the TOMRA ore sorter. The conveyor on the left is reject material and that on the right carries a very small fraction of concentrate. Right, discharge bins, concentrate in the foreground and reject in the background.)
(Figure 3 – Left, pieces of concentrate with exposed gold nuggets. Right, X-Ray image of concentrate with red arrows pointing to dense particles of matter, black, embedded in rock.)
(Video 1 – Video of the sorting chamber within the TOMRA mechanical sorter. Comet Well material is being sorted. XRT and EM scanners examine rock before it enters the chamber on the right. A computer tracks each rock particle, and those deemed to be of interest are jetted by air into the shoot on the left hand side.)
PDFs accompanying this announcement are available at:
http://resource.globenewswire.com/Resource/Download/95350226-871d-467f-9d4a-61c4462b9463
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VANCOUVER, British Columbia, Nov. 19, 2018 (GLOBE NEWSWIRE) — Aben Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF) (Frankfurt: E2L2) (the “Company”) reports further results from the recently completed drill program at the Forrest Kerr Project. Drilling has extended the mineralized envelope surrounding the 2017 and 2018 high-grade gold discoveries at North Boundary. This round of focused drilling tested for the depth and lateral extension of known mineralized shear and vein sets located in the North Boundary Zone. Broad horizons of low to moderate grade gold mineralization were encountered in several of the 15 drill holes (FK18-22 à36) reported herein, while all drill holes encountered discrete polymetallic vein hosted mineralization with gold values ranging from trace amounts to 13 grams per tonne (g/t) over 1 meter.
Forrest Kerr Drill Hole Plan View Map:
https://abenresources.com/site/assets/files/4855/abn_fk_north_boundary_inset_drilling.jpg
President and CEO, Jim Pettit states: “The 2018 season has been a geologic and technical success in terms of what we have accomplished this year. We started out with a 5000 meter drill program and expanded it to 10,000 meters after success with the drill. We raised $5.2 million and an additional $1.7 million from the exercise of warrants. Logistically, we adapted quickly and efficiently on the fly and actually substantially reduced our overall cost of drilling per meter. We have identified the Boundary Zone as a very large, robust environment for gold mineralization and discovery. We have 9 more holes to report on from this season and we look forward to compiling all the data available to us generated from this 2018 drilling program as well as new geochemical and geophysical analysis. It is also important to note we have the funds in the treasury for the 2019 exploration and drill program.”
Analytical results indicate that a coherent zone of vein-hosted mineralization extends up to 30 meters outward from the high-grade Au reported in holes FK18-4,5,6 & 10 (see News Releases Nov. 6, 2017 and Aug. 9, 2018). Results from this area include 0.8 g/t Au over 11 meters (m) in hole FK18-32, 0.7 g/t Au over 14 m in FK18-33, 1.2 g/t Au over 21 m in FK18-34, 0.8 g/t Au over 15 m in FK18-35 and 0.46 g/t Au over 17 m in FK18-36 (chart below). The mineralization defined by these holes extends for over 30 meters along strike and remains open in multiple directions.
View Forrest Kerr Drill Hole Cross Sections:
https://www.abenresources.com/projects/photo-gallery/
Drilling to date has shown that mineralization extends several meters outboard of the high-grade area within subordinate shear structures and vein arrays. Oriented core tooling was utilized for this phase of drilling in order to collect structural data that will help determine the orientation of both the main and subsidiary mineralized structures. The oriented core data, combined with the surface mapping data and a growing subsurface database at the Boundary Zone will assist greatly in planning future targeted drill programs.
Aben Resources completed 9900 meters of NQ drilling in 2018 on a low cost per meter basis. The number of available drill locations was constrained due to a delay in receiving an updated MX Permit from the British Columbia Provincial Government in response to extreme forest fire activity in the area. As a result the last phase of targeted drilling was completed from only 3 pad locations with fan arrays from each set-up. Subsequent to completion of the summer drill program Aben received the much anticipated 5 year Multi-Year Area Based (MYAB) permit, which will allow for more extensive drill programs going forward.
Mineralization at Boundary North is structurally controlled and hosted in a package of volcanic and volcaniclastic rocks from the Jurassic Hazelton Group. Several generations of quartz and quartz-carbonate veining are important hosts to mineralization, as are subordinate breccia zones with strong chlorite, hematite and carbonate alteration. The Boundary Zone lies between the Forrest Kerr Fault to the west, a major deep-seated crustal feature, and the unconformable contact between the Jurassic Hazelton Group and the Triassic Stuhini Group to the East. The rock reflects a prolonged history of strong hydrothermal activity combined with brittle deformation. The host package Hazelton is known to be a prolific host to several deposits throughout the region.
Golden Triangle, B.C., claims map:
https://www.abenresources.com/site/assets/files/4287/fk-003.jpg
Hole ID | From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Cu (ppm) | |
FK 18-32 | 43.0 | 54.0 | 11.0 | 0.8 | 3.4 | 1923 | |
FK 18-33 | 48.0 | 62.0 | 14.0 | 0.7 | 1.1 | 615 | |
FK 18-34 | 46.0 | 67.0 | 21.0 | 1.2 | 0.9 | 704 | |
incl | 46.0 | 57.0 | 11.0 | 2.2 | 1.4 | 717 | |
FK 18-35 | 38.0 | 53.0 | 15.0 | 0.8 | 0.6 | 375 | |
FK 18-36 | 47.0 | 64.0 | 17.0 | 0.5 | 0.6 | 858 |
Analytical and QA/QC Description:
All 1 or 2 meter drill core samples were delivered to ALS Global prep facility in Terrace, British Columbia where they were crushed until 70% passed a 2mm sieve, then a 250g split was pulverized until better than 85% passed a 75 micron screen. Gold was tested via fire assay method Au-ICP21 with all ore-grade samples (>10 g/t) undergoing fire assay with gravimetric finish. ALS performed multi-element ICP-AES package ME-ICP41 in their Vancouver facility to test for 35 other elements. In addition to the quality assurance and quality control program performed by ALS, Aben personnel insert lab certified standards, field blanks and duplicates into the sample stream at the rate of one QA/QC sample in every 10 samples.
Update on the Justin Gold Project, Yukon Territory, Canada
Aben Resources is currently finalizing analytical results from field work completed in September 2018 on its 100% owned Justin Gold Property in the Yukon Territory. The geologic team reports visible gold in trenches and channel samples from quartz stockwork veining in bedrock at the Lost Ace Zone, a gold-bearing zone discovered in 2017. Channel sampling in 2017 at Lost Ace returned 1.44 g/t Au over 5m including 4.77 g/t Au over 1.0 m in addition to a bulk soil sample that contained 1135 visible gold grains, the majority of which were termed ‘pristine’ indicating a proximal bedrock source for the gold. Lost Ace is an exciting new prospect on the Justin Property as it is located within 2km of the main mineralized POW Zone and bears striking similarities to Golden Predators adjacent 3 Ace Property.
Cornell McDowell, P.Geo., V.P. of Exploration of Aben Resources, has reviewed and approved the technical aspects of this news release and is the Qualified Person as defined by National Instrument 43-101.
About Aben Resources:
Aben Resources is a Canadian gold exploration company developing projects in British Columbia’s Golden Triangle, the Yukon, and Saskatchewan.
For further information on Aben Resources Ltd. (ABN.V), visit our Company’s web site at www.abenresources.com.
ABEN RESOURCES LTD.
“Jim Pettit”
____________________________
JAMES G. PETTIT
President & CEO
For further information contact myself or:
Don Myers
Aben Resources Ltd.
Director, Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
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.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
OTTAWA, Nov. 19, 2018 (GLOBE NEWSWIRE) — Orezone Gold Corporation (ORE.V) (“Orezone” or the “Company”) is pleased to provide the following key updates on its 90%-owned Bomboré Gold Project:
This update to the 2018 FS will not impact the ongoing development and schedule of the Bomboré project as presented in the 2018 FS. As stated in the Company’s press release of November 8th, 2018, the current project is being designed as a 5.2 Million tonne per annum (“Mtpa”) operation and is currently advancing through detailed engineering with first gold production scheduled to commence by October 2020.
Patrick Downey, President and CEO, stated that “We are very excited to commence an updated feasibility study to evaluate the potential upside of a sulphide circuit to meaningfully contribute to the project’s future gold production as part of a phased expansion to the 2018 FS oxide mine plan. Previously, the sulphides at Bomboré were viewed as a large low-grade deposit. However, a recent detailed review of the Measured and Indicated (“M&I”) sulphide resources by the Company and our consultants has identified continuous zones of significantly higher grade, near surface mineralization which warrants a more in-depth analysis. In addition to the higher grade sulphides at P17S, we have successfully identified four additional areas of thick and continuous higher-grade M&I sulphide resources located directly beneath current oxide reserves. Historical metallurgical test work together with pit geotechnical evaluations have been previously completed on these sulphides which will allow for rapid advancement of this update to the 2018 FS, which we are targeting for completion by the end of Q2 2019.”
Feasibility Update for Phase II Sulphide Expansion
Test work and previously released studies indicate that the sulphide process plant extension will consist of a crushing and grinding circuit that feeds into a leaching circuit that will be designed to provide the first the 24 hours of leaching. This partially-leached material will then be fed to the main oxide carbon in-leach circuit where overall leaching of the blended material will be completed, and the gold recovered to the oxide plant carbon elution circuit. Test work to date on sulphide material indicates recoveries ranging from 73% in the north (Maga and P8/P9) to over 90% in the south (Siga and P17S). The gold recovery, tailings and reagent systems of the oxide plant design in the 2018 FS will remain unchanged as will the main project infrastructure. The overall plant throughput is currently contemplated to remain at 5.2Mtpa with these higher-grade sulphides replacing lower-grade oxides. Over the past quarter, the Company, in conjunction with its consultants, has been reviewing the sulphide mineralization beneath the current oxide reserve pits in the 2018 FS. The 2017 Resource statement estimated that the sulphide zones contained 96M tonnes of M&I resources at a gold grade of 0.83 g/t (above a lower cut-off grade of 0.38 g/t), including 71M tonnes of M&I resources at a gold grade of 0.97 g/t over a higher cut-off grade of 0.5 g/t (refer to Appendix B for the pit design parameters used by RPA for the resource estimation).
From this review, the Company has outlined several higher-grade sulphide zones located within the Main M&I sulphide. Subsets of the 2017 RPA M&I resource estimates for these zones are included in table 1 below. For the initial review, these zones of higher-grade sulphides have been constrained to a maximum depth of 100 m but the mineralization remains open at depth.
Table 1: Subsets of RPA 2017 M&I Resource Estimate
Table 1 is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/26e493cd-38b0-43ad-bf59-cd6299d920d8
Notes:
A review of these zones by the Company’s consultants has indicated sufficient thickness and continuity to advance to detailed feasibility to evaluate the potential to convert these resources into reserves (see location of areas of interest, Appendix A). These zones will be included in the updated FS in combination with the lower transition oxides and P17S.
The Company has retained its previous consultants from the 2018 FS for this FS update. Lycopodium Minerals Canada Ltd. will act as lead study manager together with AMC Consultants, Knight Piésold Consulting and RPA. The FS update will be based on the construction of the sulphide circuit in Year 2 of commercial production to allow the Company to access up to two years of operating cash flow to self-fund the expansion.
Significant historical metallurgical, environmental and geotechnical test work has already been completed on the sulphide material from these zones and been included in previously filed NI 43-101 reports. Work includes:
The Company will benefit from the extensive database of existing test work in reducing both the costs and schedule of this FS update.
In 2012, McClelland performed a feasibility-level test work program. The testwork included ore variability composite testing, comminution testing, CIL/CIP leaching, residue characterization, and waste rock testing. The sulphide composites were tested at two grind sizes (-75 and -53μm). The results, which are taken directly from Table 13.13 in the August 23rd, 2018 NI 43-101 technical report are summarized in Appendix C.
A 2009 AMMTEC metallurgical program included in the August 23rd, 2018 NI 43-101technical report in Tables 13.5 and 13.6 provide additional recovery data for the sulphide resources. The samples provided to AMMTEC were PQ and HQ drill cores taken from the fresh rock, transition, and oxide ore zones. Summary results from the AMMTEC program are presented in Appendix D.
Bomboré Resource Update by RPA
The resource estimate update will be performed by RPA who completed the 2017 Resource estimate. The new resource estimate will include oxide material from the previously excluded Restricted Zones based on all prior drilling up to February 2016. This material is located within the flood zones of seasonal river crossings (see Appendix A). Any material within the Restricted Zones that falls within an updated mine plan will be mined and subsequently backfilled with waste from the same area during each year’s dry season of November to April. Permitting of the Restricted Zones is advanced with submission of an Environmental and Social Impact Assessment report as the next steps.
The RPA resource update will also include the near surface P17S sulphide deposit. This deposit does not have significant oxide mineralization and therefore, is currently outside of the existing mining permit. A resource estimate for P17S was included in the 2017 Resource based on limited drilling to February 2016 which identified a M&I resource of 335,000 tonnes at a gold grade of 2.52 grams per tonne (“g/t”). This resource was to a depth of ~100 m and down dip extension of ~190 m from surface. Over the past two years, the Company has conducted successful follow-up drilling at P17S (see Company’s Press Release of July 16, 2018) which has materially increased the size of the deposit. The drilling continued to define the extensions of the deposit, which is hosted in a series of shallowly-plunging granodiorite thickened fold hinges, with the most recent drilling having intersected new fold hinges and defined the down-plunge extension of the original deposit over a distance of at least 500 m, to a vertical depth of about 200 m. All new drilling data available as of October 2018 will be incorporated within the new resource estimate by RPA.
Qualified Persons
Tim Miller, SME and COO, Pascal Marquis, Geo and SVP and Patrick Downey, P.Eng and CEO of Orezone, are Qualified Persons under National Instrument 43-101 and have reviewed and approved the information in this news release. Orezone has also prepared and filed a current technical report on the Bomboré Project titled “NI 43-101 Technical Report Feasibility Study of the Bomboré Gold Project Burkina Faso” with a date of 23 August 2018, and which is available at www.sedar.com and at www.orezone.com. The technical report includes relevant information regarding the effective dates and the assumptions, parameters and methods of the mineral resource and reserve estimates at the Bomboré Project, as well as information regarding data verification, and other matters relevant to the scientific and technical disclosure contained in this news release. Readers should also refer to the annual information form of Orezone for the year ended December 31, 2017 and other continuous disclosure documents filed by Orezone since January 1, 2018 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.
About Orezone Gold Corporation
Orezone is a Canadian company with a successful gold discovery track record and recent mine development experience in Burkina Faso, West Africa. The Company owns a 90% interest in Bomboré, a fully permitted, low cost, development stage gold project in Burkina Faso, situated 85 km east of the capital city of Ouagadougou, adjacent to an international highway.
For further information please contact Orezone at +1 (613) 241-3699 or visit the Company’s website at www.orezone.com.
Orezone Gold Corporation
Patrick Downey
President and Chief Executive Officer
Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION: This news release contains certain “forward-looking statements” within the meaning of applicable Canadian securities laws. Forward-looking statements and forward-looking information are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur.
This news release includes certain forward-looking statements. These include statements regarding, among others, construction enhancement opportunities including expansion of plant processing capacity to 5.2Mtpa, successful permitting of the Restricted Zone oxides and P17S for inclusion into a new mine plan, the potential of processing higher grade sulphide material on a 3,000 to 3,500 tpd basis as supplemental plant feed into the 2018 FS oxide mine plan and the associated plant improvements required, the construction start-up of the sulphide plant extension in Year 2 of commercial production with commencement of gold production from the sulphide circuit starting in Year 3, the funding of the sulphide expansion from internal operating cash flow, and the completion of a feasibility update to the 2018 FS by the end of Q2 2019.
All such forward-looking statements are based on certain assumptions and analyses made by management and qualified persons in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in the circumstances. Readers are cautioned that actual results may vary from those presented.
In addition, all forward-looking information and statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, use of assumptions that may not prove to be correct, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management discussion and analysis filed on SEDAR on www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information or statements.
This news release also contains references to estimates of Mineral Resources and Mineral Reserves. The estimation of Mineral Resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource estimates may have to be re-estimated based on, among other things: (i) fluctuations in the price of gold; (ii) results of drilling; (iii) results of metallurgical testing, process and other studies; (iv) changes to proposed mine plans; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licenses.
Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Appendix A: Map of Sulphide Areas Considered
Appendix A is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/8e8e6b95-cc74-4f84-bddd-50245ba8b99d
Appendix B: Whittle Parameters for 2017 Resource Pit Shells
Appendix A is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/68006ada-2b26-451b-a36b-f6948315999c
Appendix C: McClelland Grind and Cyanide Concentration Optimization Tests
Appendix C is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/31a4aa17-137a-4edd-8037-96fbe1457686
Appendix D: AMMTEC Leach Extraction Results
Appendix D is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/ba398b1c-0a9a-4f2a-b3a0-39f15023f052
The Mercenary Geologist Mickey Fulp discusses with Maurice Jackson of Proven and Probable how peak oil could inform investment in gold miners.
Original Source: https://www.streetwisereports.com/article/2018/11/18/translating-the-mindset-of-peak-oil-to-peak-gold.html
Maurice Jackson: Joining us for a conversation is the Mercenary Geologist, Mickey Fulp. Pleasure to speak with you.
Mickey Fulp: Thank you, sir.
Maurice Jackson: Mickey, one of the concerns that I think speculators are having in the natural resource space is this concept of peak gold. What can you share with us?
Mickey Fulp: Well, there’s this idea now of peak gold. And it’s really morphed out of the concept of peak oil, which was promulgated by a famous geologist/geophysicist in the late 1950s on the idea that U.S. oil production would peak in 1970 and never reach that level again. His premise was based on the natural depletion of giant oil fields discovered in the United States, and he was right. But people have sort of bastardized that concept now into gold.
They took the tack that the world was running out of oil when we had reached peak production, and we would never achieve this sort of oil production in the U.S., for example, ever again. Well, lo and behold, it took 47 years for us to recover. But now we’re producing more oil than we ever have. So this idea that the world is going to run out of a natural resource or reach peak production is fraught with difficulty.
We produce more oil in the world right now than we ever have. And next year, we’ll produce even more because demand continues to rise, at about 1.5% a year. So in the oil business, we’re now using 100 million barrels of oil a day. Five years ago, we were using about 92–93 million barrels a day. And where’s that production come? Well, it’s come from peak, or from shale oil, and technology catches up. If the demand is there, my opinion is that the supply will be found—70% of the oil in the world is still left in the ground. I’ve taken that concept and applied it to the gold business.
Maurice Jackson: And what do we see as far as peak gold?
Mickey Fulp: Well, starting in 1900, the world produced 393 tons of gold. That would be something on the order of 10 to 12 million ounces a year, more or less. Now we produce 3,150 tons per gold in 2017, an all-time high. That’s 98 million ounces per year. So more than an eight times increase. And that’s been driven in cycles of exploration, so things like economics, world economics, wars, prices of gold, all effect that production.
But the real key to increases in production, at least since gold was floated by Nixon in 1971, is the exploration cycle. Generally, what we’ve seen over the years is gold increasing, but kind of in a two steps forward, one step back way. It’s a somewhat jagged line, but with these long runs of increased production. And then we’ll have a war, we’ll have a depression, and gold protection with the war will go down; with the depression, it goes up.
And so we keep going and going and going. Since 2008, we’ve been on a steep curve of increasing gold production. The CEO of Goldcorp Inc. (G:TSX; GG:NYSE) came out in the early part of the year and said all the good gold deposits have been found. There’s no giant deposits that are going to be found anymore. And the world’s going to never produces much gold. Well, I think he’s talking his own book and if you look at Goldcorp, of course production over the last three years, it’s going down.
It’s gone down 25% from 2015 to 2017. You look at the other major miners, such as Barrick Gold Corp. (ABX:TSX; ABX:NYSE), which is down 40% off its peak around 2005. Newmont Mining Corp. (NEM:NYSE) is about the same amount off its peak production in 2006. So I would take the tack, that the major gold miners have reached peak production, peak gold. But that’s been filled.
Where’s all this additional production coming from? It’s coming from the new companies, the new mid-tiers that have been built since the year 2005. As a whole, you know, there’s about nine mid-tiers now. And then it’s also been filed by a number of small miners in all parts of the world. The majors are down something like, all told, 50% of their gold production since mid-2000s. Meanwhile, production is up about the same amount, it’s up 37% since 2008. It’s filled by new companies.
Maurice Jackson: So would you say then that the majors have a flawed business plan?
Mickey Fulp: Absolutely.
Maurice Jackson: And in what regard?
Mickey Fulp: The biggest flaw in the industry amongst the majors—and it applies to other companies too—is they’re focused on growth. And mining is not a growth industry. Mining is the value industry. So when prices were high, they lost a view of what they should be doing, which was producing high margin ounces. It’s about the margin, the cost of production, versus the amount you sell, and that’s your profitability. So they’ve had this grow, grow, grow mentality—what I would call a New York style of capitalism. It does not work in the mining industry. And it certainly has not worked for the major gold mining companies.
Maurice Jackson: So what do you share with your subscribers? Are you more focused on juniors or mid-tiers?
Mickey Fulp: Always juniors. I don’t want to own miners, to tell you the truth. I’ve focused on exploration companies. I wrote a piece a couple of months ago called Why I Don’t Want to Own Any Miners. Now I do own a few miners, but they’ve become miners from exploration companies that I own or they’ve been taken out by miners exploration. But the real value in these businesses is in the juniors. And my particular sweet spot would be the advanced explorers because I think that’s where you have the lowest risks for the potential highest rates
Maurice Jackson: Mickey, if someone wants to get more information regarding your work, please share the contact details.
Mickey Fulp: MercenaryGeologist.com. I run a free subscription service as you well know, Maurice. And to get my stock picks you need to be a free email subscriber. We have a very active Twitter feed, @mercenarygeo, 55,546 Twitter followers as of today, and we’re quite active in that venue.
Maurice Jackson: And also, please visit our website which is ProvenandProbable.com. Mickey Fulp, the Mercenary Geologist, thank you for joining us today on Proven and Probable.
Mickey Fulp: Thank you, Maurice.
Maurice Jackson: Thank you for joining us today on Proven and Probable. Remember to like and subscribe for more conversations with the most respected names in the natural resource space. Check out our website at www.provenandprobable.com.
Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will enrich the world.
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I think the questions a tax preparer asks are far more important.
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