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Proven and Probable
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Bob Moriarty
Archives
Dec 24, 2018
On January 26th of this year I wrote that sentiment indicators derived from the DSI put out by Jake Bernstein indicated that an even dozen commodities/markets were about to turn. All twelve did. There was not a bit of magic or voodoo involved. I just used information that anyone could have read and come to the same conclusion. That’s why I wrote Nobody Knows Anything. There are no experts or gurus. If you learn to think for yourself and you have access to the right data, you can move the odds in your favor.
This time I am going to throw in some voodoo. As Tom McClellan has pointed out a number of times in the past, full moons tend to mark either turning points or where a commodity accelerates faster in the direction it has been moving. Let’s see if we have turns or acceleration higher and lower for these commodities. Saturday the 22nd of December showed a full moon and if it really does move markets we should see it now.
As measured by the DSI, T-Bond futures hit a high of 94 on the 19th of December. It’s been higher at other turns but with ten other commodities showing extremes of emotion that easily could have said a turn lower is at hand for T-Bonds. On the 21st of December both the S&P Index and the Nasdaq Index futures showed a value of 5. Again there have been turns in the past that went lower but both indexes are showing signs of fatigue and I suspect may be turning higher and want to join the party. The VIX hit 96 on Friday. You have to go back almost three years to find a higher reading so I believe the VIX is going to run lower from here.
The theory behind the DSI says nothing about the commodity involved, it’s not as if gold hits an extreme so silver has to. Commodities trade higher and lower and are rarely synchronized but the Canadian dollar futures hit a low of 9 and that may well mark a low. In the energy space Crude Light hit a low of 6 on the 18th of December while Heating Oil and Gasoline futures showed values of 7. Crude has been as low as 4 in the middle of November but for sure that wasn’t the low. Maybe the energy commodities are tired of crashing and are about to turn higher. Copper hit a low of 7 on the 18th as well and we will have to see if that marks a low or if it will accelerate lower.
In the soft commodities, cotton hit a value of 7 and if everything else with a low value wants to make a turn, I think cotton will as well. And since the CRB Index itself is a measure of commodities it showing a value of 8 on the 18th reflects a turn for a lot of commodities to move higher.
The DSI is not a magic bullet but it is one of the cheapest and most valuable tools an investor can use. I made my first trade in financial markets in early 1970 and in between then and now I have never seen anyone forecast a dozen commodities turning with accuracy. I managed it in January of this year with nothing but a chart of the DSI; let’s see how many of eleven I can get right this time.
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Bob Moriarty
President: 321gold
Archives
321gold Ltd
Watch the video and visit our website for more details http://proven.flinnwestsolutions.com/.
James Pettit the President, CEO, and Director of Aben Resources sits down with Maurice Jackson of Proven and Probable to discuss the exciting final results of the 2018 drilling program on the Forrest Kerr Flagship Project located in the Golden Triangle of British Columbia. Mr. Pettit, provides a thorough analysis of this years drilling program. Equally important Mr. Pettit provides an update to current and prospective shareholders on the Justin Gold Project in the Yukon.
VIDEO
AUDIO
https://soundcloud.com/proven-and-probable/aben-resources-2
TRANSCRIPT
Original Source: https://www.streetwisereports.com/article/2018/12/22/exploration-company-diversifies-with-three-canadian-projects.html
Source: Maurice Jackson for Streetwise Reports (12/22/18)
James Pettit, CEO of Aben Resources talks with Maurice Jackson of Proven and Probable about his company’s summer drill program in the Golden Triangle, as well as projects in the Yukon and Saskatchewan.
Maurice Jackson: Welcome to Proven and Probable. I’m your host, Maurice Jackson. Joining us today is James Pettit, the president, CEO and director of Aben Resources Ltd. (ABN:TSX.V; ABNAF:OTCQB). Mr. Pettit, welcome to the show, sir.
James Pettit: Thank you very much. Glad to be here.
Maurice Jackson: Mr. Pettit, we’re glad to have you back on the show. We have some exciting news coming out of your flagship project, the Forrest Kerr, which is located in the Golden Triangle of British Columbia. But before we proceed, for someone who is new to the story, who is Aben Resources and what is the thesis you’re attempting to prove?
James Pettit: Aben Resources is a gold exploration company. We basically have taken on some relatively new projects that at the same time are old. They just haven’t been worked for a long time but they all have a lot of data. Our flagship is the Forrest Kerr. We have a project in the Yukon called the Justin project and we have a project in Saskatchewan called the Chico project. Our project portfolio is based in Western Canada, which is a very good mining jurisdiction known to be a very safe, politically stable jurisdiction to work. Canada has a remarkable mining history and there are a number of discoveries from the past, and we have an extensive resource database available to us on our projects and properties culminated with our proven management and technical expertise.
Maurice Jackson: In our last interview, we discussed the discovery of a new boundary zone at the Forrest Kerr. Today we will discuss Aben Resources’ two most recent press releases regarding high-grade gold discoveries at the northern boundary of the Forrest Kerr and the final results of the 2018 program. Mr. Pettit, what can you share with us?
James Pettit: In our last discussion, Aben had moved the rig a kilometer and a half south of the North Boundary Zone from our initial discovery, and we drilled three holes and we issued press release regarding the results. We were very encouraged because we hit some very good mineralization, in broad zones of lower grade, which excited us because we know that may have been one degree or two degrees off to the north, south, east or west and we could have hit potentially what we had already discovered at the North Boundary Zone! This, in essence, tells us that the whole Boundary Zone in general is alive. We have identified extensive mineralization. We are in an area that’s two kilometers wide by about four kilometers long and everywhere we drill, we have been successful in hitting mineralization. The mineralization does varies from low grade to very high grade.
This year’s drill program to date has been very encouraging, we were able to see sections that are very high grade and in the surrounding area, as it either carries on or diminishes. As a reminder, at the very beginning of our program this year, we hit very high grade, 30 to 38 grams over 10 meters respectively. Thereafter, on our next 10 holes we drilled stepouts and we were continuing to hit some really good intersections consisting of a lot of lower grade interspersed within it. I’m talking 70 to 100 meters. As we get away, we’re now into the last two news releases that we’re going to talk about now and as we moved away from the high-grade North Boundary Zone, consisting of high-grade intercepts, they tend to diminish, instead of being 30 grams, there may be 5 to 14 grams and we also have intercepts that might be one to two meters wide and then they are surrounded by a lower grade that could be anywhere from 0.5 gram, 2, 3 grams.
We have broad intersections in most of the holes. Some of the holes, we didn’t hit anything. As I recall, two press release ago we published the results on holes 22 to 36. And now we have issued the results from holes 37 to 45 concluding this year’s drill program. Most of those holes were exactly indicating what I was referencing, very broad intersections of low grade with the occasional high-grade spike. That definitely has our interest. Because it tells us we are in an environment that’s extremely alive. We have the right rock package, in the right location, and we will continue with our efforts in 2019 to drill more.
A side note, all the drilling we’ve done since the initial discovery is oriented core drilling, which is a technique that allows us to understand the orientation, which is very important because it will indicate to us where to drill. Also, another side note, the reason we went to the South Boundary Zone for three holes is that we wanted to allow ourselves time to get some assays back to provide us information on the North Boundary Zone where the high-grade discovery was to give us an indication of where we should be drilling. So those three holes, although it was a side note, turned out to be extremely exciting for us because we know we can go down there and do a lot more drilling.
Current and prospective shareholders should note, on top of everything else, we have a lot more targets to work with in this total Boundary Zone that we haven’t conducted. The future is looking very bright for Aben Resources. We believe once we get all the data compiled from this year’s drill program, we’re going to be a lot smarter. We are permitted. We were hoping to have the pad location permits earlier in the season, which would have allowed us to move the drill around on new pads so that we get better angles and orientation, but that wasn’t the case. We got that permit after the season and it was delayed specifically because of the amount of fires we had in the area last year. The ministry stopped issuing permits, which was unfortunate, because that limited us to 10 pads. We now have 40 permits for 40 new pad locations, all pre-approved, and that will get us through the next few years.
Maurice Jackson: Mr. Pettit, how would you grade the 2018 season’s work and the results on the Forrest Kerr?
James Pettit: I would say the work so far to date has been very exceptional. We did discover a zone right out of the shoot and it was our number 1 target out of about 15 for this whole area and we’re still on it. That’s a big deal, because we discovered this essentially through the data compilation and a little additional field work that we conducted in 2017. We did come up with some success right away and we’re still there and it brought us to this very large zone, which was an old geochemical anomaly that was discovered back in the early 1980s and we’ve made it bigger. We have filled in some gaps. We are going to be doing a geophysical airborne survey with a drone early this coming season, that’ll probably be in May that will overlay everything we’re looking at. We’ve got several more targets to work with.
2018 really is the first season on concentrating on the boundary zone, and I would say with the data we’ve accumulated, it’s extremely good. I believe we have a lot ahead of us.
Maurice Jackson: Moving on to the remaining project portfolio. Can you please provide us with some updates on each of them respectively?
James Pettit: At our Justin property in the Yukon, very quietly, we have done some trenching and more soil sampling work up there this year, which actually started last year. We ended up with some really good results from golden soil, an anomaly and so we did a golden grain count where you actually extract the gold grains from a 30 kilograms bulk sample, and it came back incredibly high, approximately 1,200 gold gains. They were jagged, meaning they’re pristine, indicating they haven’t traveled very far through glaciation. So we’re sitting on what we feel is very close to or on top of the source.
Select Coarse Gold Grains from Justin Project, Lost Ace Zone, Yukon
We went in this year with a small mechanical excavator that we took up by helicopter and we did some excavating and channel sampling throughout that whole area. Specifically, two targets were 125 meters apart. Both targets had a tremendous amount of coarse and visible gold in the soils and what you extract from the channel samples. So we sent in a lot of assays. Those results are expected very soon. They may in fact be in the hands of the geo right now. Aben will be coming out with some information on that in the near future. You can see some of the gold analysis on our website. We have visible gold on the website from the Justin project. It’s pretty incredible. We may have an extension of Golden Predators’ 3 Aces project, which is very high-grade gold, and that ties in nicely with what we drilled several years ago back in 2012 on that property. We may very well have an intrusion related gold system, which is generally lower grade, but large like Fort Knox or Virginia Gold.
These are very structurally controlled elements. They can prove to be very large, but we seem to have an overprinting of two different mineralizations happening because they’re very close to each other. So this is exciting for us. We’re going to spend more time and effort up there in the offseason for Forrest Kerr. We can probably get up there hopefully by March even though it’s in the Yukon, the project is located inland and to the east. So it’s away from the coast where you get some tremendous weather that is not conducive to doing any work.
In Saskatchewan, the Chico project is drill ready. We have some final negotiations that have been tied up. Everything’s looking good with the local native group. We should be good to go late February, early March there.
We expect to have a good drill program, probably no more than 10 holes, but we know where to drill. That was all set up last year and it’s following a model that SSR, which used to be Silver Standard, is doing on our northern boundaries. It has a very large program going on there because the company bought Claude Resources, which had the Seabee Mine and the Seabee and Santoy deposits in its property, right down to the Chico and it’s doing 40,000 meters of drilling. Half of that is for exploration, to increase the resource so it can keep the mine open for an additional 10 years or whatever it’s planning. But we’re following its exploration model as well.
In fact, I think basically this year was good enough that we raised the money we need to probably do everything we want. We may do another smaller financing next year, but we’re well positioned with cash. We’ve got $6 million in the till and that was raised at higher prices during the season this year, 30 cents and 45 cents (CAD).
Maurice Jackson: Well, that’s very encouraging to hear. Switching gears, the value proposition for Aben Resources in our view has only improved as management continues to meet and/or exceed timelines and goals with very positive results. Yet the share price has responded counterintuitively. What would you like to tell current and prospective shareholders regarding the stock price?
James Pettit: The reason I want to advance the Justin and the Chico projects is to keep that cyclical event from happening because if you look at the chart, you can see it. Last summer, big spike in share price and by the end of October the season is up in the Golden Triangle. It’s a very, very severe winter. It’s high altitude and it’s coastal mountains and you can get 30 to 40 feet of snow. So you’re not doing anything up there and you got to get out and that also coincides, like it or not, with tax-loss selling. So if you only have the one project, then you’re really going to subject yourself to this cyclical nature and the best time to buy the stock has always been November. Then you hold it and wait until you get going again, but what we’re doing is adding in these other two projects, which are going to add some life and I think you’re seeing it right now.
The stock did not come all the way down the way it did last year. As a matter of fact, I think I’m starting to see it bounce a little bit because tax-loss selling is pretty much over and I wouldn’t be surprised at all if you see this stock back up in where it should be, in the twenties.
Maurice Jackson: Mr. Pettit, can you please share the last time you purchased shares and at what price?
James Pettit: The last time would have been a financing, last year, 18 months ago. I just took down the warrants on that one. I didn’t sell anything. As a matter of fact, I’ve never sold anything. It was probably at 12 cents.
Maurice Jackson: For the record, we’re looking to continue to add to our position in Aben Resources in the near future as we like the proposition before us at the current share price. Before we close, Mr. Pettit, multilayered question, what is the next unanswered question for Aben Resources and when should we expect results and what determines success?
James Pettit: Well, the next unanswered question is when can we get back in there to do more work and that’s going to be next June, if not sooner. I think going forward in the immediate future, what’s on the horizon and that’s going to be the Justin project.
Maurice Jackson: Mr. Pettit, we’ve covered the good. What keeps you up at night that we don’t know about?
James Pettit: Well, right now, I’m starting to like gold. The gold price kept me awake for a while. This was what was going on for gold and I think we’re seeing a bit of relief and that’s a consequence of other external factors, macro, and I think we’re going to be looking at probably a good year for gold. But that has traditionally been what what’s kept me awake is the fear of gold dropping more and it’s actually held beautifully, I think.
Maurice Jackson: I would agree with that sentiment, sir. Finally, what did I forget to ask?
James Pettit: I think you got it. To be honest with you, I think you’ve got everything.
Maurice Jackson: Well, Mr. Pettit, for someone listening that wants to get more information on Aben Resources, please share the website address.
James Pettit: www.abenresources.com.
Maurice Jackson: As a reminder, Aben Resources trades on the TSX.V, symbol ABN, and on the OTCQB, symbol ABNAF. For direct inquiries, please contact Don Meyers at 604-639.3851. He may also be reached at info@abenresources.com.
As a reminder, Aben Resources is a sponsor of Proven and Probable. We are proud shareholders for the virtues conveyed in today’s message. Last but not least, please visit our website www.provenandprobable.com where we interview the most respected names in the natural resource space. You may reach us at contact@provenandprobable.com.
James Pettit of Aben Resources, thank you for joining us today on Proven and Probable. Thank you for joining us today on Proven and Probable.
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.
James Pettit: Thank you very much. Glad to be here.
Maurice Jackson: Mr. Pettit, we’re glad to have you back on the show. We have some exciting news coming out of your flagship project, the Forrest Kerr, which is located in the Golden Triangle of British Columbia. But before we proceed, for someone who is new to the story, who is Aben Resources and what is the thesis you’re attempting to prove?
James Pettit: Aben Resources is a gold exploration company. We basically have taken on some relatively new projects that at the same time are old. They just haven’t been worked for a long time but they all have a lot of data. Our flagship is the Forrest Kerr. We have a project in the Yukon called the Justin project and we have a project in Saskatchewan called the Chico project. Our project portfolio is based in Western Canada, which is a very good mining jurisdiction known to be a very safe, politically stable jurisdiction to work. Canada has a remarkable mining history and there are a number of discoveries from the past, and we have an extensive resource database available to us on our projects and properties culminated with our proven management and technical expertise.
Maurice Jackson: In our last interview, we discussed the discovery of a new boundary zone at the Forrest Kerr. Today we will discuss Aben Resources’ two most recent press releases regarding high-grade gold discoveries at the northern boundary of the Forrest Kerr and the final results of the 2018 program. Mr. Pettit, what can you share with us?
James Pettit: In our last discussion, Aben had moved the rig a kilometer and a half south of the North Boundary Zone from our initial discovery, and we drilled three holes and we issued press release regarding the results. We were very encouraged because we hit some very good mineralization, in broad zones of lower grade, which excited us because we know that may have been one degree or two degrees off to the north, south, east or west and we could have hit potentially what we had already discovered at the North Boundary Zone! This, in essence, tells us that the whole Boundary Zone in general is alive. We have identified extensive mineralization. We are in an area that’s two kilometers wide by about four kilometers long and everywhere we drill, we have been successful in hitting mineralization. The mineralization does varies from low grade to very high grade.
This year’s drill program to date has been very encouraging, we were able to see sections that are very high grade and in the surrounding area, as it either carries on or diminishes. As a reminder, at the very beginning of our program this year, we hit very high grade, 30 to 38 grams over 10 meters respectively. Thereafter, on our next 10 holes we drilled stepouts and we were continuing to hit some really good intersections consisting of a lot of lower grade interspersed within it. I’m talking 70 to 100 meters. As we get away, we’re now into the last two news releases that we’re going to talk about now and as we moved away from the high-grade North Boundary Zone, consisting of high-grade intercepts, they tend to diminish, instead of being 30 grams, there may be 5 to 14 grams and we also have intercepts that might be one to two meters wide and then they are surrounded by a lower grade that could be anywhere from 0.5 gram, 2, 3 grams.
We have broad intersections in most of the holes. Some of the holes, we didn’t hit anything. As I recall, two press release ago we published the results on holes 22 to 36. And now we have issued the results from holes 37 to 45 concluding this year’s drill program. Most of those holes were exactly indicating what I was referencing, very broad intersections of low grade with the occasional high-grade spike. That definitely has our interest. Because it tells us we are in an environment that’s extremely alive. We have the right rock package, in the right location, and we will continue with our efforts in 2019 to drill more.
A side note, all the drilling we’ve done since the initial discovery is oriented core drilling, which is a technique that allows us to understand the orientation, which is very important because it will indicate to us where to drill. Also, another side note, the reason we went to the South Boundary Zone for three holes is that we wanted to allow ourselves time to get some assays back to provide us information on the North Boundary Zone where the high-grade discovery was to give us an indication of where we should be drilling. So those three holes, although it was a side note, turned out to be extremely exciting for us because we know we can go down there and do a lot more drilling.
Current and prospective shareholders should note, on top of everything else, we have a lot more targets to work with in this total Boundary Zone that we haven’t conducted. The future is looking very bright for Aben Resources. We believe once we get all the data compiled from this year’s drill program, we’re going to be a lot smarter. We are permitted. We were hoping to have the pad location permits earlier in the season, which would have allowed us to move the drill around on new pads so that we get better angles and orientation, but that wasn’t the case. We got that permit after the season and it was delayed specifically because of the amount of fires we had in the area last year. The ministry stopped issuing permits, which was unfortunate, because that limited us to 10 pads. We now have 40 permits for 40 new pad locations, all pre-approved, and that will get us through the next few years.
Maurice Jackson: Mr. Pettit, how would you grade the 2018 season’s work and the results on the Forrest Kerr?
James Pettit: I would say the work so far to date has been very exceptional. We did discover a zone right out of the shoot and it was our number 1 target out of about 15 for this whole area and we’re still on it. That’s a big deal, because we discovered this essentially through the data compilation and a little additional field work that we conducted in 2017. We did come up with some success right away and we’re still there and it brought us to this very large zone, which was an old geochemical anomaly that was discovered back in the early 1980s and we’ve made it bigger. We have filled in some gaps. We are going to be doing a geophysical airborne survey with a drone early this coming season, that’ll probably be in May that will overlay everything we’re looking at. We’ve got several more targets to work with.
2018 really is the first season on concentrating on the boundary zone, and I would say with the data we’ve accumulated, it’s extremely good. I believe we have a lot ahead of us.
Maurice Jackson: Moving on to the remaining project portfolio. Can you please provide us with some updates on each of them respectively?
James Pettit: At our Justin property in the Yukon, very quietly, we have done some trenching and more soil sampling work up there this year, which actually started last year. We ended up with some really good results from golden soil, an anomaly and so we did a golden grain count where you actually extract the gold grains from a 30 kilograms bulk sample, and it came back incredibly high, approximately 1,200 gold gains. They were jagged, meaning they’re pristine, indicating they haven’t traveled very far through glaciation. So we’re sitting on what we feel is very close to or on top of the source.
Select Coarse Gold Grains from Justin Project, Lost Ace Zone, Yukon
We went in this year with a small mechanical excavator that we took up by helicopter and we did some excavating and channel sampling throughout that whole area. Specifically, two targets were 125 meters apart. Both targets had a tremendous amount of coarse and visible gold in the soils and what you extract from the channel samples. So we sent in a lot of assays. Those results are expected very soon. They may in fact be in the hands of the geo right now. Aben will be coming out with some information on that in the near future. You can see some of the gold analysis on our website. We have visible gold on the website from the Justin project. It’s pretty incredible. We may have an extension of Golden Predators’ 3 Aces project, which is very high-grade gold, and that ties in nicely with what we drilled several years ago back in 2012 on that property. We may very well have an intrusion related gold system, which is generally lower grade, but large like Fort Knox or Virginia Gold.
These are very structurally controlled elements. They can prove to be very large, but we seem to have an overprinting of two different mineralizations happening because they’re very close to each other. So this is exciting for us. We’re going to spend more time and effort up there in the offseason for Forrest Kerr. We can probably get up there hopefully by March even though it’s in the Yukon, the project is located inland and to the east. So it’s away from the coast where you get some tremendous weather that is not conducive to doing any work.
In Saskatchewan, the Chico project is drill ready. We have some final negotiations that have been tied up. Everything’s looking good with the local native group. We should be good to go late February, early March there.
We expect to have a good drill program, probably no more than 10 holes, but we know where to drill. That was all set up last year and it’s following a model that SSR, which used to be Silver Standard, is doing on our northern boundaries. It has a very large program going on there because the company bought Claude Resources, which had the Seabee Mine and the Seabee and Santoy deposits in its property, right down to the Chico and it’s doing 40,000 meters of drilling. Half of that is for exploration, to increase the resource so it can keep the mine open for an additional 10 years or whatever it’s planning. But we’re following its exploration model as well.
In fact, I think basically this year was good enough that we raised the money we need to probably do everything we want. We may do another smaller financing next year, but we’re well positioned with cash. We’ve got $6 million in the till and that was raised at higher prices during the season this year, 30 cents and 45 cents (CAD).
Maurice Jackson: Well, that’s very encouraging to hear. Switching gears, the value proposition for Aben Resources in our view has only improved as management continues to meet and/or exceed timelines and goals with very positive results. Yet the share price has responded counterintuitively. What would you like to tell current and prospective shareholders regarding the stock price?
James Pettit: The reason I want to advance the Justin and the Chico projects is to keep that cyclical event from happening because if you look at the chart, you can see it. Last summer, big spike in share price and by the end of October the season is up in the Golden Triangle. It’s a very, very severe winter. It’s high altitude and it’s coastal mountains and you can get 30 to 40 feet of snow. So you’re not doing anything up there and you got to get out and that also coincides, like it or not, with tax-loss selling. So if you only have the one project, then you’re really going to subject yourself to this cyclical nature and the best time to buy the stock has always been November. Then you hold it and wait until you get going again, but what we’re doing is adding in these other two projects, which are going to add some life and I think you’re seeing it right now.
The stock did not come all the way down the way it did last year. As a matter of fact, I think I’m starting to see it bounce a little bit because tax-loss selling is pretty much over and I wouldn’t be surprised at all if you see this stock back up in where it should be, in the twenties.
Maurice Jackson: Mr. Pettit, can you please share the last time you purchased shares and at what price?
James Pettit: The last time would have been a financing, last year, 18 months ago. I just took down the warrants on that one. I didn’t sell anything. As a matter of fact, I’ve never sold anything. It was probably at 12 cents.
Maurice Jackson: For the record, we’re looking to continue to add to our position in Aben Resources in the near future as we like the proposition before us at the current share price. Before we close, Mr. Pettit, multilayered question, what is the next unanswered question for Aben Resources and when should we expect results and what determines success?
James Pettit: Well, the next unanswered question is when can we get back in there to do more work and that’s going to be next June, if not sooner. I think going forward in the immediate future, what’s on the horizon and that’s going to be the Justin project.
Maurice Jackson: Mr. Pettit, we’ve covered the good. What keeps you up at night that we don’t know about?
James Pettit: Well, right now, I’m starting to like gold. The gold price kept me awake for a while. This was what was going on for gold and I think we’re seeing a bit of relief and that’s a consequence of other external factors, macro, and I think we’re going to be looking at probably a good year for gold. But that has traditionally been what what’s kept me awake is the fear of gold dropping more and it’s actually held beautifully, I think.
Maurice Jackson: I would agree with that sentiment, sir. Finally, what did I forget to ask?
James Pettit: I think you got it. To be honest with you, I think you’ve got everything.
Maurice Jackson: Well, Mr. Pettit, for someone listening that wants to get more information on Aben Resources, please share the website address.
James Pettit: www.abenresources.com.
Maurice Jackson: As a reminder, Aben Resources trades on the TSX.V, symbol ABN, and on the OTCQB, symbol ABNAF. For direct inquiries, please contact Don Meyers at 604-639.3851. He may also be reached at info@abenresources.com.
As a reminder, Aben Resources is a sponsor of Proven and Probable. We are proud shareholders for the virtues conveyed in today’s message. Last but not least, please visit our website www.provenandprobable.com where we interview the most respected names in the natural resource space. You may reach us at contact@provenandprobable.com.
James Pettit of Aben Resources, thank you for joining us today on Proven and Probable. Thank you for joining us today on Proven and Probable.
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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Disclosure:
1) James Pettit: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: Aben Resources. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: Aben Resources.
2) Maurice Jackson: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: Aben 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: Aben Resources is a sponsor of Proven and Probable. Proven and Probable disclosures are listed below.
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TORONTO, Dec. 21, 2018 (GLOBE NEWSWIRE) — Gowest Gold Ltd. (“Gowest” or the “Company”) (TSX VENTURE: GWA) announced today that it has issued Units and FT Units for aggregate gross proceeds of $993,800.00 pursuant to the initial closing of its previously announced private placement (the “Private Placement”) (see news releases dated November 27, December 10, and December 20, 2018).
Pursuant to this initial closing of the Private Placement, the Company issued: (i) 7,857,142 units (“Units”), each Unit comprises one common share and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”); and (ii) 11,676,000 “flow-through” units (“FT Units”), each FT Unit comprises one common share and one-half of one Warrant. Each Unit and FT Unit was issued at a purchase price of $0.05 and each Warrant is exercisable to acquire one additional common share of the Company at a price of $0.07 for a period of 24 months following the closing date of the Private Placement.
It is anticipated that one or more additional closings of the Private Placement will be completed in early 2019.
Subscriptions by insiders of the Corporation accounted for approximately $625,000.00 of the gross proceeds of the Private Placement. Participation by insiders under the Private Placement is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 – “Protection of Minority Security Holders in Special Transactions” (“MI 61-101”) by virtue of the exemptions contained in Sections 5.5(b) and 5.7(1)(b) of MI 61-101.
All of the securities issuable in connection with the Private Placement are subject to a hold period expiring four months and one day after date of issuance.
The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.
Early Warning Disclosure
In connection with the Private Placement, C. Fraser Elliott, a director of the Company, subscribed for and acquired a combination of 12,000,000 Units and FT Units. Following completion of the initial tranche of the Private Placement, Mr. Elliott now has control and direction over an aggregate of 38,790,478 common shares, incentive stock options exercisable to acquire 900,000 common shares and warrants exercisable to acquire 13,986,032 common shares. The common shares controlled by Mr. Elliott represent approximately 9.99% of the outstanding common shares of the Company. Assuming the exercise of only the stock options and warrants controlled by Mr. Elliott, when combined with his existing common share ownership, he would hold control and direction over an aggregate of 53,676,510 common shares representing approximately 13.32% of the then outstanding common shares of the Company.
All securities of the Company controlled by Mr. Elliott are held for investment purposes. In the future, Mr. Elliott (directly or indirectly), may acquire and/or dispose of securities of the Company through the market, privately or otherwise, as circumstances or market conditions may warrant.
A copy of the early warning report filed by Mr. Elliott in connection with completion of the Private Placement is available under the Company’s profile on SEDAR (www.sedar.com).
About Gowest
Gowest is a Canadian gold exploration and development company focused on the delineation and development of its 100% owned Bradshaw Gold Deposit (Bradshaw), on the Frankfield Property, part of the Company’s North Timmins Gold Project (NTGP). Gowest is exploring additional gold targets on its +100‐square‐kilometre NTGP land package and continues to evaluate the area, which is part of the prolific Timmins, Ontario gold camp. Currently, Bradshaw contains a National Instrument 43‐101 Indicated Resource estimated at 2.1 million tonnes (“t”) grading 6.19 grams per tonne gold (g/t Au) containing 422 thousand ounces (oz) Au and an Inferred Resource of 3.6 million t grading 6.47 g/t Au containing 755 thousand oz Au. Further, based on the Pre‐Feasibility Study produced by Stantec Mining and announced on June 9, 2015, Bradshaw contains Mineral Reserves (Mineral Resources are inclusive of Mineral Reserves) in the probable category, using a 3 g/t Au cut‐off and utilizing a gold price of US$1,200 / oz, totaling 1.8 million t grading 4.82 g/t Au for 277 thousand oz Au.
Forward-Looking Statements
This news release may contain certain “forward looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
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.
| For further information please contact: | |||||||
| Greg Romain | Greg Taylor | ||||||
| President & CEO | Investor Relations | ||||||
| Tel: (416) 363-1210 | Tel: 416 605-5120 | ||||||
| Email: info@gowestgold.com | Email: gregt@gowestgold.com | ||||||
Categories
BOB MORIARTY Novo Delivers
Bob Moriarty
Archives
Dec 21, 2018
Novo just announced results from testing at two different projects in the Pilbara. I’ll start this piece with the results from the Tomra sorting machine because it’s so simple to understand. It works.
Novo took four samples from Purdy’s/Comet Well and ran them through the Tomra machine. In three of the tests, the material ranging in size from 6 mm to 63 mm consisted of about two thirds of the total weight. The sorter removed 99.52% of the total mass. The small amount of material above 63 mm won’t trigger the sorting mechanism so must be crushed to below 63 mm to process. The smaller than 6 mm material is about 30% of the total weight. In the last sample processed, the incoming material was greater than 10 mm for 50% of the total and below 10 mm for the other 49%+.
The sorter works and Novo expects to announce final grade for the material in January. But the sorter increased the grade of the concentrate to as high as 792.4 g/t. That would be direct shipping ore that any smelter in the world would be thrilled to buy and by shipping only the sorted material, Novo has made the gold secure.
The results from Egina get even more interesting and I’m writing this because it is an area I am very familiar with and few readers will be.
Few people know this but I have been well aware for many years about the danger of the financial system. I spent almost fifteen years trying to set up an alluvial project that would provide an independent source of income for when the shit hits the fan. I have invested my own money in alluvial projects in Chile, BC, Ghana, Tanzania and Guiana. I picked up some ground in the south island of New Zealand that looked interesting but sold it to another company. I have mined alluvials. I know the costs and all the associated problems. I know many of the people in the industry.
Few hard rock geos understand anything about alluvials and it’s just as true that most alluvial miners don’t know much about hard rock mining. Each has its own issues.
These are the nuggets and fine gold from the latest test at Egina provided to me by Quinton.
(Click on images to enlarge)
When you mine alluvials, you always measure the material with either cubic yards or cubic meters depending on where you are. Novo is a Canadian company so we should use cubic meters. You do this because when you are mining alluvials you are using yellow gear to move dirt. Dump trucks, excavators, bull dozers are always thought of in their cubic capacity.
To mine gold, you don’t focus on the gold. All you do is get rid of everything that is not gold. You need to know how much water you have if you are mining wet and how clean the water is. You need to know the range of the size of gold; you need to know if there is clay in the material. You need to know the cobble size and if there are any boulders present. Then you design your system.
Novo had a plant that they used at Beaton’s Creek in a bulk sample a couple of years ago. It was moved to Egina and set up there. Novo just released the first results. I’ll go through the numbers.
This is the only time I will use tons because it is the wrong measure for alluvials but I want to ease readers into understanding how the numbers work.
Novo processed 170 tons. That was 95 cubic meters giving about 1.8 tons per cubic meter and now we will never talk about tons again with alluvials. In the 95 cubic meters Novo recovered 107.88 grams of raw gold with a fineness of .91 to .93 giving a grade of 1.14 g/m of raw gold.
We will convert the raw gold to fine gold so we can do the correct math to see the value. We do that by multiplying 1.14 by .91 giving 1.03 g/m of pure gold. As I do this piece the price of gold is $1259.18 an ounce in USD so the value of a cubic meter of material in this test was $41.84.
Since that value of gold per cubic meter won’t mean much to most readers, I will convert it based on the five alluvial projects I operated and some advice from others who know. I would figure a cost of $8 a meter but I was operating in low cost countries and Australia isn’t low cost. I talked to Keith Barron. Few know it but he owns and operates a sapphire mine in Montana. He uses a figure of $10.70 per cubic meter and I’d call Montana a medium cost environment.
I talked at length to someone who has done alluvial mining in Australia and he came up with a figure of $27 Aussie per cubic meter. Call it $20 a cubic meter in USD. Here is something that should be as obvious as a pimple on your tongue. If your revenue is $42 a meter and your all in costs are $20 a meter, you are going to make a boatload of money. I never have any problem of saying what I believe. I know Novo has the best alluvial guy in the world designing a plant and I’ll tell you right now the costs are going to come in at about $15 a meter USD. You can use $20 USD if you are the world’s biggest and most negative guy but I will start busting kneecaps if they go above $15 a cubic meter.
Quinton and I drove from Karratha to Egina. We drove over mile after mile of an alluvial terrace. Novo owns about 1,000 square km of ground around Egina that measures 1-3 meters in depth from the surface in gravel. Now, if you accept that all this gold came from the conglomerates as they weathered, there is a lot of gold potentially. Quinton and I pretty much agreed that it could be mineralized all the way to the Indian Ocean.
If you have one square km of gravel one meter deep grading 1.14 g/m at a fineness of .91 you have about 36,608 ounces of raw gold. If you have 1000 square km or even 100 square km of even .5 meters gravel, you have a lot of gold.
Novo is permitted for a 50,000-ton bulk sample. When the Australian summer cools down to a reasonable temperature in March or April, Novo will begin processing and testing. Cash flow will start then. They still have to come to an agreement with the native corporation and be permitted for large-scale operation. That could take a year.
If you are going to mine alluvials at a profit, you need the most experienced people you can find. Kirkland Lake doesn’t have them. Egina would never make a successful project for Kirkland Lake; it’s not their sort of project.
I contacted Pacton before I made my trip a month ago and for only the 2nd time in the last 18 years, when a company found I was going to be in the neighborhood, they showed no interest in meeting with me or briefing me. The other time a company wasn’t interested in briefing me, the company went bankrupt.
I gave the management of Pacton the name and contact details of the best alluvial person I know in Canada so they could talk to her. They said they would contact her but never did. Pacton was an advertiser and I would have loved to write about them but frankly I have no idea of what they are doing. And if they aren’t interested in talking to the most experienced alluvial operator I know of in Canada, well, good luck with that.
Novo is on track and on target. I own shares, I have participated in a lot of private placements and I couldn’t be any more biased than I am. Do your own due diligence.
Novo Resources
NVO-V $2.15 (Dec 20, 2018)
NSRPF $1.60 OTCQX 162.3 million shares
Novo Resources website
###
Bob Moriarty
President: 321gold
Archives
321gold Ltd
Categories
SPROTTs THOUGHTS Housing Crunch
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TSX VENTURE SYMBOL: FUU
/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/
KELOWNA, BC , Dec. 21, 2018 /CNW/ – Fission 3.0 Corp. (“Fission 3” or the “Company“) is pleased to announce that it has closed its previously announced non-brokered private placement (the “Private Placement“) for total gross proceeds of $1,500,201 . The Company issued 500,000 units (“Units“) at a price of C$0.20 per Unit for gross proceeds of C$100,000 and 6,364,550 flow-through shares (“FT Shares“) at a price of C$0.22 per FT Share for gross proceeds of C$1,400,201 . Each Unit consists of one common share (“Common Share“) and one common share purchase warrant (“Warrant“).
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Fission 3.0 Corp. (CNW Group/Fission 3.0 Corp.)
Each Warrant is exercisable for an additional Common Share until three years from the date of issuance at an exercise price of C$0.25 . If, commencing four months and one day after the date of issuance, the volume weighted average trading price of the Company’s Common Shares on the TSX Venture Exchange is higher than C$0.30 for 20 consecutive trading days then, on the 20th consecutive trading day of any such period (the “Acceleration Trigger Date“), the expiry date of the Warrants may be accelerated by the Company in its absolute discretion to the 30th calendar day after the Acceleration Trigger Date by the issuance of a news release announcing such acceleration within three trading days of the Acceleration Trigger Date.
The Common Shares, Warrants, common shares issuable on exercise of the Warrants and FT Shares will be subject to resale restrictions for a period of four months from issuance.
In connection with the closing of the Private Placement, Red Cloud Klondike Strike Inc. (the “Finder“) received an aggregate cash commission of $98,014 , representing commissions of 7% of the gross proceeds raised by the Finder. The Company also granted the Finder 445,518 warrants (the “Finder’s Warrants“), representing 7.0% of the aggregated number of FT Shares sourced by the Finder. Each Finder’s Warrant is exercisable for one common share at a price of C$0.22 for a period of 36 months.
The gross proceeds of the offering of FT shares will be used to incur Canadian exploration expenses, which will be renounced in favour of the purchasers for the 2018 taxation year. The net proceeds from the sale of the Units will be used to advance development of the Company’s properties and for general working capital.
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
“Dev Randhawa”
_________________
Dev Randhawa, CEO
Fission 3.0 Corp.
Cautionary Statement: Fission 3.0 Corp.
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 3.0 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America . The securities have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
SOURCE Fission 3.0 Corp.
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