Category: Precious Metals

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Precious Metals

JUNIOR MINING | Aben Extends Mineralized Envelope around High-Grade Gold Discoveries at North Boundary on the Forrest Kerr Project in BC’s Golden Triangle

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.

Categories
Precious Metals

JUNIOR MINING | Orezone Announces Updated Feasibility Study to Incorporate a Phase II High-Grade Sulphide Expansion

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:

  • Work has commenced to update the 2018 Feasibility Study (“2018 FS”) to include a staged higher-grade sulphide expansion (“Phase II Sulphide Expansion”) to complement the oxide mine plan in the 2018 FS.  The Phase II Sulphide Expansion is envisioned as a 3,000 to 3,500 tonne per day (“tpd”) sulphide circuit to process zones of higher-grade sulphide and lower transition oxide resources starting in Year 3 of commercial production.  Capital for this expansion is expected to be funded by future operating cash flows.
  • Roscoe Postle Associates Inc. (“RPA”) will update the current January 5, 2017 mineral resource (“2017 Resource”) estimate to include the oxide material within the previously termed Restricted Zones and the free milling sulphide material at P17S in support of this Phase II Sulphide Expansion study.

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:

  1. CIM (2014) definitions were followed for Mineral Resources.
  2. Mineral Resources are estimated at variable cut-off grades depending on weathering layer and location.  Elevated cut-off grades have been used to identify higher-grade mineralization within the Mineral Resources.
  3. Mineral Resources are estimated using a long-term gold price of US$1,400/oz.
  4. A minimum mining width of approximately 3 m was used.
  5. Estimates for contained gold have been rounded to the nearest 100 oz.
  6. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability and have not had the considerations applied to them that allow conversion to Mineral Reserves. This work will be carried out during the Phase II Sulphide Expansion study.

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:

  • Grind versus recovery test work;
  • Leach kinetics including optimal leach residence time;
  • Reagent consumptions;
  • Crushing and grinding Work Indices;
  • Abrasion Indices;
  • Waste rock acid rock drainage(ARD) characterization; and
  • Pit wall geotechnical drilling and analysis.

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

Categories
Energy Exclusive Interviews Precious Metals

MICKEY FULP | Translating the Mindset of Peak Oil to Peak Gold

The Mercenary Geologist Mickey Fulp discusses with Maurice Jackson of Proven and Probable how peak oil could inform investment in gold miners.

VIDEO

AUDIO

TRANSCRIPT

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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Disclosure:
1) Statements and opinions expressed are the opinions of Mickey Fulp and Maurice Jackson and not of Streetwise Reports or its officers. They are wholly responsible for the validity of the statements. Streetwise Reports was not involved in the content preparation. Mickey Fulp and Maurice Jackson were not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
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PROJECT GENERATOR | Riverside Develops Four New Target Zones at the Cecilia Gold Project, Sonora, Mexico

VANCOUVER, British Columbia, Nov. 15, 2018 (GLOBE NEWSWIRE) — Riverside Resources Inc. (“Riverside” or the “Company”) (TSX-V: RRI) (OTCQB: RVSDF) (R99.F), is pleased to receive new exploration results at its 100%-owned Cecilia Gold Project (the “Project”) in northeastern Sonora, Mexico. Recent rock sampling and mapping was conducted on the Cecilia 1 claim following-up on anomalous areas identified during the reconnaissance soil sampling survey which was conducted over the larger tenure acquired earlier this year. Initially, the exploration work focused on the Cerro Magallanes rhyolite dome complex where historical drilling, mining and other work delineated high-grade gold mineralization. The most recent work by Riverside has been at the Cecilia 1 claim which covers a large area (~50km2) of favorable geology that is bisected by several large regional structures that have been found to host gold mineralization.

Over the past several months Riverside has completed a reconnaissance soil sample survey over the northeastern portion of the claim and followed this up with a sampling and mapping survey that included a Terraspec assisted alteration survey, Innovex geochemical testing, and assaying of selected areas. The soil sampling survey documented several, large linear anomalies that have now been field checked with initial sampling and mapping work. The most recent work has focused on four (4) new areas in addition to the main Cerro Magallanes target area therefore expanding the overall value of the Cecilia Project.

Riverside’s President and CEO, John-Mark Staude, stated: “Riverside has continued working on the Cecilia Project following-up on its initial soil and channel sampling programs further refining the targets on the concession. The recent program has defined several epithermal targets that show significant strike length and need to be drilled. The Cecilia 1 concession expands Riverside’s exploration footprint over a much larger area (58 km2). The fieldwork to date demonstrates the robust nature of the Cecilia Project showing large mineralized structures over significant strike lengths.”

Casa de Piedra target:

The Casa de Piedra target is east of Cerro Magallanes on the recently added Riverside concession, Cecilia 1. The target zone comprises a 2 km long shear fault vein with abundant epithermal mineralization and textures. Casa de Piedra has not seen any exploration making it a high-profile drill target. This target was first identified through soil geochemistry in June 2018 where anomalous Pb, Cu, Te and Hg were noted. In the field the Casa de Piedra target is defined by a 30 m wide N-NE trending structural corridor of altered Cretaceous clastic sedimentary bedrock. Within the main mineralized structure, widespread sericitic, silica and kaolinitic alteration is common including buddingtonite alteration; buddingtonite being a clay often found in proximity to precious metal veins. The structural zone is infilled with quartz veining, quartz veinlets and stockwork and in some areas banded quartz, vuggy quartz and grey calcite. Textures in outcrop are dominated by intact-banded veins and silicified zones and only minor vein breccias. Transport of the clasts appears to be rotated but with minor displacement; anastomosing breccia veins are common in outcrop. Later carbonates are noted, and some carbonate appears to be leached from the matrix surrounding the quartz, leaving a stringy, net texture with residue of the Mn-oxides and crustiform quartz. This mineralized structure is cross-cut by northwest-trending rhyolitic dikes that do not appear to influence mineralization. Rock sampling (24) in this area returned one sample that assayed 0.9 g/t Au and also included other elements typical of the upper parts of hydrothermal veins. This shear vein is not unique, a second large vein system, Los Llanos described below.

Los Llanos target:

The Los Llanos target is located east of the Casa de Piedra vein shear structure east of the Cerro Magallanes peak. The Los Llanos target was first defined by reconnaissance and soil geochemistry where anomalous Pb, Cu and Zn were noted. In the field the Los Llanos target is defined by a 20-30 m wide structural corridor of altered sandstone presently mapped as being 1 km in strike length and trending northeast. Gold mineralization is found in narrow anastomosing veins sometimes as stockwork but primarily as a silicified zone marked by reddish-brown iron oxides. This corridor also hosts rhyolite dikes which are sometimes parallel to the mineralized zone but also cut the zone. To the best of our understanding no exploration work has been done in this area thus making it a newly discovered vein zone. Some evidence of placer mining was noted in the area suggesting gold may have come from this vein; further exploration work is warranted on the Llanos target.

Cruz Target:

The Cruz target lies within a large structural corridor northeast of Cerro Magallanes within horst and graben structural terrain. This large northwest trending regional structure extends tens of kilometers and comes across the northeast portion of the Project, is visible on satellite images, and forms a major structural topographic feature in northeastern Sonora. At the outcrop level, mineralization is noted in veins and stockwork alteration zones of up to 100 meters wide. These zones comprise anastomosing quartz veins with breccia that generally strike N-NE (020) and dip vertical to steeply to the west. Within this 100 m wide zone stockwork show syntaxial and druzzy textures. Gold mineralization is associated with pervasive, widespread sericitic and silica alteration; sulphides are rare but noted in this area. Where these veins cut conglomerate bedrock wide areas of silicified material is noted, two out of seven samples taken from this area returned gold grades of 1.6 g/t and 2.3 g/t Au. These veins continue through the conglomerate into the adjacent granitic bedrock. Geochemistry in this area shows high Pb, Zn and Cu indicating mineralization in the northern portion of the concession may be lower down in a epithermal system.

Cruz II Target:

The Cruz II Target is located in the eastern portion of the Cecilia 1 concession. This target is also a structural corridor of silicification and veining currently mapped at about 2 km in strike length.  The structure/vein strikes N-NE (020-030) and cuts through several sedimentary geological units varying in width from several meters to 20 m. Mineralized areas include anastomosing, stockwork or parallel veins with breccias; breccia is sometimes rounded but often angular. Terraspec analysis of altered rock shows pervasive silica and sericite alteration with illite in some areas. In hand sample the alteration is dominated by silicification and Fe-oxides. Individual veinlets are up to 30 cm wide with 3 to 5 parallel veins within a larger 20 m corridor. Stockwork veining, where present, is typically orthogonal and made more obvious by the hematitzation of rare pyrite, sphalerite and galena. Two of eleven samples from Riversides first pass of this area returned gold values of 0.5 g/t Au. Rock geochemistry also shows elements typical of a low-sulphidation epithermal system.

Cerro Magallanes Targets:

The Cerro Magallanes targets encompasses the rhyolitic dome complex in the middle of the Project. Riverside has conducted channel sampling on four main areas. Channel sampling shows consistent gold from the top of Cerro Magallanes at the San Jose target northeast along the Agua Prieta-North Breccia target and then through the Central and East Target areas. Highlights from this previously reported work includes:

  • San Jose Target – 47m @ 1.12 g/t from underground workings
  • Agua Prieta – North Breccia – 10m @ 3.34 g/t from surface channel
  • Central Target – 14m @ 2.44 g/t from underground workings
  • East Target – 11.5m @ 1.57 g/t

These samples do not cover the entire target thicknesses and further excavations would be needed to extend continuity thus the widths are open and provide an indication of gold mineralization context. The new target areas on Cecilia 1 east and north of Cerro Magallanes provide the opportunity to discover bulk tonnage precious metal mineralization where vein systems of several kilometers in length have been defined.

The map below (see Figure 1) shows the named zones on the Cecilia Project that have been defined by Riversides recent fieldwork.

Figure 1: Shows geological mapping and gold values of the target areas and puts in context the new target areas locations in comparison to Cerro Magallanes.

Click here to view Figure 1

Figure 2: Shows a cross section of the Casa de Piedra and Los Llanos shear targets with the vertical dimension being extended to show some of the details for the drill targets.

Click here to view Figure 2

Qualified Person and QA/QC:
The scientific and technical data contained in this news release pertaining to the Cecilia Project was reviewed and/or prepared under the supervision of Freeman Smith, P.Geo., a non-independent qualified person to Riverside Resources Inc. who is responsible for ensuring that the geologic information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Rock samples collected were taken to the Bureau Veritas Laboratories in Hermosillo, Mexico for fire assaying for gold. The rejects remained with Bureau Veritas in Mexico while the pulps were transported to Bureau Veritas’ laboratory in Vancouver, BC, Canada for 45 element ICP/ES-MS analysis. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standard samples and blanks were randomly inserted into the sample stream prior to being sent to the laboratory.

About Riverside Resources Inc.:
Riverside is an exploration company driven by value generation and discovery. The company has $2,000,000 in cash, fewer than 45M shares issued and a strong portfolio of gold-silver and copper assets in North America. Riverside has extensive experience and knowledge operating in Mexico and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has additional properties available for option, with more information available on the Company’s website at www.rivres.com.

ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO

For additional information contact:

John-Mark Staude
President, CEO
Riverside Resources Inc.
info@rivres.com
Phone:  (778) 327-6671
Fax:  (778) 327-6675
Web:  www.rivres.com		 Raffi Elmajian
Corporate Communications
Riverside Resources Inc.
relmajian@rivres.com
Phone: (778) 327-6671
TF: (877) RIV-RES1
Web: www.rivres.com

Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

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.

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JUNIOR MINING | Minera Alamos Defines Significant Surface Exposure Surrounding New Divisadero Porphyry Discovery Hole — 95.7 Metres of 1.47 G/T Gold Equivalent — at the Santana Project, Sonora, Mexico

Toronto, Ontario and Vancouver, British Columbia–(Newsfile Corp. – November 15, 2018) –  Minera Alamos Inc. (TSXV: MAI) (the “Company” or “Minera Alamos”) is pleased to report that additional mapping and surface sampling of the new Divisadero porphyry discovery has successfully delineated a significant surface exposure of the target which remains open in all directions. To date, a combination of outcrop and limited outcrop/float samples have confirmed the expression of the known porphyry system for over 300 m before it disappears under soil cover (see figure 1).

This work was conducted following the recent success of Phase 1 drill hole S18-121 that intersected a broad zone of a porphyry hosting significant gold, silver and copper mineralization approximately 200 m north of the Nicho Norte breccia pipe. The hole was the first drilled into this new style of polymetallic mineralization that is associated with an andesite porphyry unit related to disseminated pyrite and intrusive breccias.

Divisadero Zone Highlights:

  • Hole S18-121 – 95.7 m of 0.85 g/t Au, 9.8 g/t Ag and 0.33% Cu – (1.47 g/t AuEQ) from 32 m
    Including 70.0 m of 1.1 g/t Au, 11.8 g/t Ag and 0.56% Cu – (1.88 g/t AuEQ) beginning at 55 m down hole (see press release 2018-10-25);
  • Sixty-six (66) rock samples assayed with over 50% exhibiting grades in excess of 0.10 g/t gold – assays ranging up to 2.2 g/t gold;
  • Mineralized surface exposure surrounding drill hole S18-121 in excess of 200m x 300m;
  • Mineralization appears to remain open to the north and south under thin soil cover;
  • Extent of the gold mineralized systems surrounding the Company’s flagship Nicho (Main/Norte) deposits now extends along NW-SE trend for at least 1.2-1.3 km (see figure 2).

“Following the initial drill hole discovery of the new Divisadero porphyry system, our exploration team began the process of mapping and sampling the available surface exposure around this exciting new target. With over half the surface rock samples returning greater than 0.1 g/t gold, we have confirmed the potential of the new system and have successfully followed the known extents of the Divisadero mineralization for a distance of at least 300 m before it recedes under overburden. With this new information we look forward to further defining the target in our upcoming Phase 2 drill program. As a result of this year’s exploration, there are now five known areas of “Nicho-style” intrusion related gold mineralization identified at the Santana project site including the newly identified Zata and Divisadero zones. We are confident that as we expand our geological efforts more discoveries will be made.” stated Darren Koningen, CEO of Minera Alamos.

Figure 1 – Divisadero Porphyry Mapping and Sampling

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Figure 2 – Divisadero Porphyry Location
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As a result of extensive weathering of the porphyry system surface exposures; copper values though elevated are lower in the surface sampling than those exhibited throughout hole S18-121 which averaged over 0.3% copper over its entire 95m length.

Exploration Plans – Phase 2 Drilling

Evaluation of the new project discoveries is ongoing and will include additional drilling as part of the Company’s Phase 2 drill program that is planned to commence shortly and continue into Q1 of 2019. The work will further the understanding of the scale of the porphyry mineralization and its relationship to the mineralized breccia systems that form the predominantly gold-rich mineralization at Nicho Norte and Nicho Main to the southwest.

Mr. Darren Koningen, P. Eng., Minera Alamos’ CEO, is the Qualified Person responsible for the technical content of this press release under National Instrument 43-101. Mr. Koningen has supervised the preparation of, and has approved the scientific and technical disclosures in this news release.

All rock samples were collected by Minera Alamos personnel including the Company’s exploration geologists. Samples were bagged for analysis and sent for sample preparation at the ALS-Chemex facility in Hermosillo, Mexico. Blanks, duplicates, and standards were randomly inserted with the samples sent for analysis as part of the normal QA/QC procedures. All samples were prepared and analyzed for gold using fire assaying with AA/gravimetric finish in addition to a standard 35-element ICP suite.

For further information please contact:

Minera Alamos Inc.
Doug Ramshaw, President
Tel: 604-600-4423
Email: dramshaw@mineraalamos.com
Website: www.mineraalamos.com


About Minera Alamos

Minera Alamos is an advanced-stage exploration and development company with a growing portfolio of high-quality Mexican assets, including the La Fortuna open-pit gold project in Durango with positive PEA completed, the Santana open-pit heap-leach development project in Sonora with test mining and processing completed and the Guadalupe de Los Reyes open-pit gold-silver project in Sinaloa with mine planning in progress. The Company is awaiting the pending approval of permit applications related to the commercial production of gold at both the Santana and Fortuna projects.

The Company’s strategy is to develop low capex assets while expanding the project resources and pursue complementary strategic acquisitions.

Caution Regarding Forward-Looking Statements

This news release may contain forward-looking information and Minera Alamos cautions readers that forward-looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Minera Alamos included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. These statements are based on information currently available to Minera Alamos and Minera Alamos provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements with respect to Minera Alamos’ future plans with respect to the Projects, objectives or goals, to the effect that Minera Alamos or management expects a stated condition or result to occur and the expected timing for release of a resource and reserve estimate on the Projects. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, the economics of processing methods, project development, reclamation and capital costs of Minera Alamos’ mineral properties, the ability to complete a preliminary economic assessment which supports the technical and economic viability of mineral production could differ materially from those currently anticipated in such statements for many reasons. Minera Alamos’ financial condition and prospects could differ materially from those currently anticipated in such statements for many reasons such as: an inability to finance and/or complete an updated resource and reserve estimate and a preliminary economic assessment which supports the technical and economic viability of mineral production; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Minera Alamos’ activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Minera Alamos’ forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Minera Alamos’ forward-looking statements. Minera Alamos does not undertake to update any forward-looking statement that may be made from time to time by Minera Alamos or on its behalf, except in accordance with applicable securities laws.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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JUNIOR MINING | Work Program Commences Ahead of Drill Program on Extensive High Grade Vein System at Boodalyerrie, Pilbara, Western Australia

VANCOUVER , Nov. 15, 2018 /CNW/ – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF, FSE: 2NKN) (the “Company” or “Pacton“) is pleased to announce that it has scheduled a helicopter and ground supported rock chip sampling and detailed geological mapping program on its 62 km2 Boodalyerrie tenement (E 45/3586).  Boodalyerrie is located 85 km northeast of the town of Nullagine, and Novo Resources Corp’s (NVO.V) Beatons Creek project. (Figure 1).

Figure 1. Location of Pacton Pilbara holdings, showing Boodalyerrie tenement. (CNW Group/Pacton Gold Inc.)

View photos

Figure 1. Location of Pacton Pilbara holdings, showing Boodalyerrie tenement. (CNW Group/Pacton Gold Inc.)

Highlights of exploration undertaken at Boodalyerrie to date:

  • Multiple quartz vein reefs extend over a total cumulative strike length of at least 23 km within an area of 25 km2, and range in thickness between 1 to 10 m
  • Significant high-grade rock chip samples of up to 200g/t Au (Plenty River Corporation Ltd, 2000)
  • Channel sampling results of up to 3 m at 88.6g/t Au (Plenty River Corporation Ltd, 2000)
  • Multiple small scale historic high grade workings documented
  • Potential exists for high-grade vein hosted gold mineralizing system associated with the Yilgalong Granite quartz veins. Target style has never been drill tested

Although half of the Boodalyerrie tenement is covered by sedimentary and volcanic rocks of the Fortescue Group, including surface exposures of the Mount Roe, Hardey and Kylena formations, the focus of the immediate exploration program will be to define the extents and controls of gold mineralization within steeply dipping quartz veins hosted in older Archean granitic basement rocks. This extensive swarm of gold-bearing, quartz veins have thicknesses ranging from 1 to 10 m and extend along strike lengths of up to 2.5 km throughout a 25 km2 area. Geological mapping indicates that the veins were emplaced into the Archean granitic basement rocks before the deposition of the overlying Fortescue Group. Accordingly, the mapped vein system is expected to extend under the thin cover of Fortescue formations. (Figures 2 & 3).

Figure 2. Simplified geology of the eastern part of the Pilbara craton, showing Pacton holdings, and the location of the Boodalyerrie tenement. (CNW Group/Pacton Gold Inc.)

View photos

Figure 2. Simplified geology of the eastern part of the Pilbara craton, showing Pacton holdings, and the location of the Boodalyerrie tenement. (CNW Group/Pacton Gold Inc.)
Figure 3. Orthophoto of Boodalyerrie tenement showing granitic basement injected with a pervasive swarm of vertical quartz structures that contain identified gold occurrences. The east and south parts of the tenement are covered by Fortescue Group formations. See Inset in Figure 4 below. (CNW Group/Pacton Gold Inc.)

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Figure 3. Orthophoto of Boodalyerrie tenement showing granitic basement injected with a pervasive swarm of vertical quartz structures that contain identified gold occurrences. The east and south parts of the tenement are covered by Fortescue Group formations. See Inset in Figure 4 below. (CNW Group/Pacton Gold Inc.)

Exploration conducted in 2000, indicated the Boodalyerrie veins are prominent, protruding surface features that dip steeply in a north and north west criss-cross pattern and extend along strike for several kilometers.  The 1 m to 10 m thick veins are composed of white and/or grey quartz, and carry minor sulphides, principally pyrite and galena. Surface and grab samples have been reported by Plenty River Corporation Ltd, in 2000, as grading up to 200 g/t gold, and with a channel sample returning 88.6 g.t gold over 3 m .

Figure 4. Vertically exaggerated view of the inset in Figure 3, showing the resistant nature of the larger quartz vein structures. (CNW Group/Pacton Gold Inc.)

View photos

Figure 4. Vertically exaggerated view of the inset in Figure 3, showing the resistant nature of the larger quartz vein structures. (CNW Group/Pacton Gold Inc.)

Image analysis suggests that a secondary target type of interest consists of dense swarms of smaller quartz vein stockworks that extend throughout the tenement. (Figure 5).

Figure 5. Filtered snapshots of selected areas of Figure 3 (above) showing details of quartz structures, and alteration minerals dispersed on surface. (CNW Group/Pacton Gold Inc.)

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Figure 5. Filtered snapshots of selected areas of Figure 3 (above) showing details of quartz structures, and alteration minerals dispersed on surface. (CNW Group/Pacton Gold Inc.)

Pacton has not independently verified the Boodalyerrie sampling results but considers them to be sufficiently reliable to justify more detailed exploration. Mr. Robert Jewson, BSc. , Mineral Exploration & Mining Geology, and Managing Director of Geonomics Australia will be supervising the implementation of the Boodalyerrie exploration program.

The November-December Boodalyerrie work program will consist of detailed geological mapping and rock chip sampling in order to define the controls and extents of mineralization. Unexplored parts of the vein swarm, together with areas of intense vein stockworks will be mapped and surface sampled. Additionally, a preliminary reconnaissance sampling program will be undertaken in the southwestern portion of the Boodalyerrie tenement, which is underlain by the Mount Roe and Hardey formations of the Fortescue Group.

About Pacton Gold

Pacton Gold is a well-financed Canadian junior with key strategic partners focused on the exploration and development of conglomerate-hosted gold properties located in the district-scale Pilbara gold rush in Western Australia.

The technical content of this news release has been reviewed and approved Peter Caldbick , P.Geo., a director of the Company and a Qualified Person pursuant to National Instrument 43-101. The qualified person has not yet verified the data disclosed, including sampling, analytical, and test data underlying the information or opinions contained in the written disclosure.

ON BEHALF OF THE BOARD OF PACTON GOLD INC.

Alec Pismiris
Interim President & CEO

This news release contains or refers to forward-looking information based on current expectations, including, but not limited to the Company completion of the proposed transaction described herein, the prospect of the Company achieving success in exploring its properties and the impact on the Company of these events, including the effect on its share price. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances.

Neither TSX Venture Exchange, the Toronto Stock Exchange nor their 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

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JUNIOR MINING | Gowest Gold Provides Market Update

TORONTO, Nov. 15, 2018 (GLOBE NEWSWIRE) — Gowest Gold Ltd. (“Gowest” or the “Company”) (GWA.V) is pleased to provide an update regarding the progress it is making with its development of the Company’s Bradshaw Gold Deposit (“Bradshaw”) in the Timmins Gold Camp.

As previously announced (see Gowest news release dated October 30, 2018), the Company has recently entered into a definitive Custom Milling Agreement (“the Agreement”) with QMX Gold Corporation (“QMX”) pursuant to which QMX will process material from Bradshaw at its Aurbel Mill located in Val d’Or, Quebec. In reaching this agreement, Gowest has achieved a critical milestone, one that had proven to be a major impediment in the Company’s efforts to raise the additional funds needed to continue Bradshaw’s development, let alone for conducting further work on the rest of its more than 100-square-kilometre North Timmins Gold Project.

With the Agreement in hand, Gowest is actively engaged in discussions with a number of parties to identify the best way to raise new funding. No details can be made available at this time; however, a number of options are being examined including private placement funding, some form of debt or royalty structure, as well as larger equity infusions. Further information on these opportunities will be provided as it becomes available.

The Company’s management also wishes to confirm that it is unaware of any material change in the Company’s operations that would account for the recent negative market activity.

Meanwhile, the Company would like to note the considerable progress that its team has achieved during the past two years.

ACCOMPLISHMENTS:

Gowest has completed over 2,098 metres of underground development, including commissioning a main ramp and portal of sufficient size for the future operating mine. This development was conducted at the 30, 45 and 60 metre levels. Silling has also been initiated as the first stopes are prepared for development. This underground work has revealed the gold structures, shown excellent continuity in the mineralization, and confirmed and enhanced the team’s geological model. Importantly, all of this has been completed with no injuries at the project to date, either at surface or underground.

At the same time, 28,567 tonnes of development material has been stockpiled on surface for sorting, milling, and sale as a concentrate.

Further, in preparation for future production, the water treatment plant has been made fully operational, and the discharge is environmentally compliant. The ore-sorter, which is now completely enclosed in a dome building facility, has been commissioned and proven to perform as expected. Initial tests have shown that it should be producing gold bearing material from the stockpiles grading 6 g/t to 10 g/t for trucking to the Aurbel facility for toll-milling. Previous milling and flotation test work showed 97% recoveries.

Additional work has demonstrated stable and competent ground conditions in the ore and waste areas, and a revised geological model has sharply expanded the potential of the mineralized area.

As previously announced (see news release dated February 14, 2018), the Company has completed an agreement to have the gold concentrate produced at the Aurbel mill sent for final processing and sale at Shandong Humon Smelting in China.

Overall, the past year has seen Gowest sharply enhance and de-risk its Bradshaw asset, including intersecting the highest gold values to date at 155 g/t gold in a new zone outside the resource (see news release dated November 29, 2017). The team has also identified 20 new gold zones in bulk sample area, as well as two new high-grade gold zones north and west of main deposit. A 30-hole, 3,871-metre underground infill drilling program has been completed that has significantly enhanced the Company’s understanding of the deposit. This included tightening drill spacing and increasing the technical team’s detailed knowledge of the mineralized structures. In addition to refining the deposit geometry to define stope limits and enhance grade control, this drilling clearly demonstrated the potential to add significant additional material to the resource.

Gowest President & CEO, Greg Romain said, “Despite the difficult market conditions, our team has much to be proud of. Meanwhile, we continue to work towards our plan of making Bradshaw a commercial mine. We are currently reviewing our financing options, and we are hopeful that we will be able to provide a further update in this regard before the end of the year. Meanwhile, on behalf of the Board and our management team, we appreciate the support we have received from our shareholders, and we look forward to providing them with the proof that their patience has not been in vain.”

Qualified Person

The technical information in this news release has been reviewed and approved by Mr. Jeremy Niemi, P.Geo., Gowest’s Director of Exploration, who is the Qualified Person for the technical information in this news release under National Instrument 43‐101 standards.

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 Corporation’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 PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY 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
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