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Marathon CEO Phillip Walford on Newfoundland JV gold resource
Marathon Gold Corporation TSX:MOZ in joint venture with Mountain Lake Resources Inc TSXV:MOA announced an updated NI 43-101 mineral resource estimate for the Leprechaun deposit of the Valentine Lake project in central Newfoundland. The deposit now has measured and indicated resources of 424,000 ounces gold and inferred resource of 305,000 ounces.
The property is a 50/50 joint venture with Marathon as the project operator. Marathon President/CEO Phillip Walford tells ResourceClips.com, “During the last year we discovered that some of the historic drill holes were not what they should’ve been, and we’ve had to remove them from the database. That’s hurt us a little bit in the resource, in tonnage and grade and also in classification, but overall I think that will be behind us now. This year we’re pretty much mitigating all of that, and we’ve got an aggressive drill program going on. Our real focus now is on the high-grade zones, which really drive this deposit.
Read the rest of this article. http://resourceclips.com/2012/04/01/marathon-ceo-phillip-walford-on-newfoundland-jv-gold-resource/
New Resource Estimate Completed for Mountain Lake’s Leprechaun Deposit on Valentine Lake Gold Property
Date : 12/16/2010 @ 10:10PM
Source : Business Wire
<< Back
New Resource Estimate Completed for Mountain Lake’s Leprechaun Deposit on Valentine Lake Gold Property
Mountain Lake Resources Inc. (TSX-V: MOA) (“Mountain Lake” or the “Company”) is pleased to report the completion of an updated National Instrument (NI) 43-101 compliant resource estimate for the Leprechaun Gold Deposit, which is situated near the south-western end of the highly prospective, 30 kilometre (“km”) strike length of the Valentine Lake Gold Property (the “Property”) located in central Newfoundland. This is the first Measured and Indicated (“M+I”) resource that has been developed within the Property and is a major advance for the project.
Additionally, the Company would like to announce that a fully funded 25,000 metre drill program is planned for the Property in 2011. The program will include aggressive resource expansion and exploration drilling to more fully evaluate the Property’s potential.
Highlights:
strike length of resource is now 750 m with an additional 750 m of gold mineralization ready for drilling
resource is open down-dip and along strike to the southwest and northeast
74% of the M+I ounces and 73% of tonnes are within 150 m of surface where the 2010 drill holes were concentrated
25,000 m drill campaign using two drill rigs planned for 2011
drilling to commence in January on the northeast arm of the Leprechaun Deposit, and the Sprite Prospect and Valentine East Gold Zones
plans for 2011 also include: further metallurgical testing, drilling of geotechnical holes to assess the competency of potential pit walls so that a preliminary economic assessment can be completed by the 1st quarter of 2012, and base line environmental studies will also commence
Marathon Gold Corp. (TSX: MOZ) (“Marathon”) is the operator of the Valentine Lake Project under the sub-option and joint venture agreement (“OJVA”) between Mountain Lake and Marathon. For more information on the OJVA see the news release of December 23, 2009.
"Phillip Walford, President and CEO of Marathon commented, "The results demonstrate clearly that there is open pit potential at the Leprechaun deposit. Both Marathon Gold and Mountain Lake believe that the geological model developed is working well and indicating where additional resources can be found. We are now poised to rapidly develop resources with what will be the largest drilling campaign to date on the Property.”
Total Resource above 0.5 g/t Cut-Off
Classification Tonnes Cut Au
(g/t)
Contained
Au Ozs
Measured 2,104,000 2.768 187,000
Indicated 1,180,000 2.363 90,000
M+I 3,284,000 2.622 277,000
Inferred 4,409,000 2.007 285,000
(1)
Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
(2)
The quantity and grade of reported inferred resources in this estimation are conceptual in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
Resource Model
In order to better represent the geology of the Leprechaun Gold deposit, a block model was constructed which used an unfolding technique on the sample search ellipsoid. This approach allows a search ellipsoid to better reflect the actual trend of the mineralization. In addition, smaller block sizes were used in the mineralized zones to further help delineate the overall potential resource. Most of the previous drill holes were not completely sampled in all the mineralized zones and that has had a negative effect on the resource. Any unsampled intervals were considered as having a gold assay of 0.0 g/t. All of the new drill holes from this year were sampled in for every interval down the hole. Grade estimates were run using krigging, inverse distance squared, and polygonal and all compared favorably with each other. For the reported resources, the kriged gold estimate was used. High grade gold outlier values (76 g/t or higher) were given a limited area of influence. All of the geologic modeling and resource estimation were completed using the Vulcan mine planning software package. Details of the resource estimation will be available in an NI 43-101 compliant resource report to be filed within 45 days of this press release.
The mineral resources in this news release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.
Both Mountain Lake and Marathon Gold are pleased with the advancement of the Valentine Lake Project over the past year and have agreed to an aggressive exploration and resource definition drilling program of 25,000 m in 2011 to more fully evaluate the Property’s potential. This program will begin in January with two drills on site. Drilling will be concentrated on developing and expanding the Leprechaun Deposit resources as well as the nearby Sprite Zone, 800 m along strike from Leprechaun. IP surveys over both zones indicate that the mineralization extends below 400 m in depth and some holes will be drilled to test these deeper geophysical targets to determine the potential for development of an underground resource. The Valentine East Zone, 13 km along strike from the Leprechaun Deposit, will be drilled as well to test mineralization intersected over a 700 m strike length where historic drill holes are known to contain up to 1 g/t over 60 m near surface.
Qualified Person
The mineral resource estimate was prepared by Sam Shoemaker, MAusIMM, of Micon International, and is the independent qualified person (QP) for the mineral resource estimate.
About the Valentine Lake Gold Property:
The Leprechaun Deposit situated approximately 3 km northeast of the Property’s southwest claim boundary is the first defined gold resource within the highly prospective Property, which is over 30 km long and has anomalous gold values in rock and soils, reflecting widespread gold mineralization. Preliminary investigation of these areas has produced favourable drilling results that require follow up. Both Mountain Lake and Marathon believe that the setting of the Property is geologically analogous to other gold camps such as the Abitibi Belt.
Gary Woods, P.Geo., President and CEO of Mountain Lake, is the Company’s Qualified Person on the Valentine Lake Project and has reviewed and verified the contents of this news release.
About Mountain Lake Resources Inc.
Mountain Lake Resources Inc. (TSX-V: MOA) is a diversified junior exploration company, whose corporate strategy is to build shareholder value through the exploration and development of economically viable mineral properties. Mountain Lake’s current projects include: a 30% interest in the Valentine Lake gold property (Newfoundland) with an option to acquire the remaining 70% interest from Richmont Mines Inc. (TSX/NYSE-Amex: RIC) and a subsequent sub-option and joint venture agreement whereby Marathon PGM Corp. can earn a 50% interest in the property; a 100% interest in the Glover Island gold exploration property (Newfoundland); an option to earn a 100% interest in the Little River gold-antimony exploration property (Newfoundland); a 100% interest in the Bobby’s Pond base metals property (Newfoundland); and a minority (~6.4%) stake in Etruscan Diamonds Ltd., an alluvial diamond project (South Africa). For more information visit: www.mountain-lake.com
ON BEHALF OF THE BOARD OF DIRECTORS
s/“Gary Woods”
President & CEO
NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Looks like it has been a while since the last post..but MOA (Mountain Lake Resources) TSX is in the news again. up 20%
http://www.marketwatch.com/story/mountain-lake-leprechaun-delivers-again-with-high-grade-intervals-up-to-506-gt-1476-ozt-within-broader-9-m-interval-of-3832-gt-112-ozt-gold-2010-04-13?reflink=MW_news_stmp
Mountain Lake to begin Goodwin Lake drill program
2003-09-22 17:45 ET - News Release
Mr. Allen Sheito reports
ADDITIONAL DRILLING BY MOUNTAIN LAKE IN NEW BRUNSWICK
Mountain Lake Resources has disclosed that a diamond drilling program will be carried out in its New Brunswick Goodwin Lake base metal property located in the Bathurst district. Field crews are currently in the process of mapping, positioning and soil sampling seven untested electromagnetic anomalies identified during the fieldwork completed in the late 1990s.
Diamond drilling on at least three of the most promising targets will commence in the second half of September, 2003. A drill contract for a minimum of 500 metres will be tendered once the geochemical analyses are received.
The Goodwin Lake property is the site of a significant massive sulphide drill intersection cored in 1997. This intercept contained 5.93 per cent zinc, 0.24 per cent lead and 0.09 per cent copper over a core length of 15.9 metres. The company's 2003 field program has been designed to test and evaluate other nearby electromagnetic anomalies for their base metal potential.
Mountain Lake Resources is a Canadian based mineral exploration company with a 25% interest in a producing diamond mine in South Africa.
For more information please contact:
Mountain Lake Resources Inc.
Allen E.Sheito
President & CEO
MOA (TSX Venture Exchange)
www.mountain-lake.com
Direct Dial: 902-542-9773
Fax: 902-542-4442
New 52 week high for MOA!!
KC
Etruscan and Mountain Lake: Debt Financing for Diamond
Plant Expansion
WINDSOR, NOVA SCOTIA--Etruscan Resources Inc. (EET.TSX) and
Mountain Lake Resources Inc. (MOA.TSX Venture) announce jointly
that debt financing of R7.7 million (Cdn$1.5 million) has been
secured for Etruscan Diamonds (Pty) Ltd. ("Etruscan Diamonds")
through the Industrial Development Corporation of South Africa
("IDC"). The IDC is a major South African financial institution.
The loan proceeds will be used to fund the first expansion phase
of the Tirisano Diamond mine in South Africa. The projected
payback is only two months, however, the IDC financing is
structured with a five-year term and bears interest at the South
African prime-lending rate. Closing of the financing is subject
to completion of documentation and fulfillment of standard
conditions.
The first phase of the Tirisano expansion involves the addition
of extra scrubbing and screening capacity, to increase plant
throughput from 600,000 to 960,000 cubic meters per annum. This
expansion is expected to be completed by September of this year
and to increase diamond production from 19,200 to 27,600 carats
per annum.
Etruscan Diamonds has also initiated engineering and design
studies for the second phase expansion for Tirisano. This will
involve the construction of a second, much larger processing
plant. The second plant is expected to increase plant throughput
to 2.7 million cubic meters per annum and to increase diamond
production to 78,000 carats per annum. The construction period
for this second phase expansion is expected to take 12 months
commencing in the fall of 2003. Diamond production will continue
during both expansion phases. Etruscan Diamonds has received
expressions of interest for financing the second phase expansion
from several South African financial institutions including IDC.
Bateman Minerals Limited ("Bateman") has been contracted to carry
out the engineering and the majority of equipment supply for the
first phase expansion. Bateman is also expected to be involved
as project manager and major supplier for the second larger
expansion. Bateman is a leading South African firm in the supply
of engineering services and plant equipment to the South African
diamond industry.
To the end of March 2003 the Tirisano Diamond mine has generated
revenues of US$906,000 from the sale of 2,064 carats giving an
average value of US$439 per carat. The next tender of diamonds
is scheduled in early May.
The common shares of Etruscan are traded on The TSX Exchange
under the symbol "EET". The common shares of Mountain Lake are
traded on the TSX Venture Exchange under the symbol "MOA". More
extensive information on Etruscan and Mountain Lake can be found
on their respective websites at http://www.etruscan.com and
http://www.mountain-lake.com.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Etruscan
Richard Gordon
Investor Relations
(902) 798-9701
(902) 798-9702 (FAX)
or
Etruscan
Tony Hayes
Vice President
(416) 368-0882
(416) 367-3638 (FAX)
or
Mountain Lake
Allen Sheito
President and CEO
(902) 542-9773
(902) 542-4442 (FAX)
or
Mountain Lake
Frank Metcalf, QC,
Director
(902) 420-1990
(902) 429-1171 (FAX)
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT
OF THIS RELEASE.
Etruscan Resources: Diamond Sales Completed from Controlled Mining Block at Tirisano
08:54 EDT Tuesday, April 15, 2003
WINDSOR, NOVA SCOTIA--Etruscan Resources Inc. (EET.TSX) and Mountain Lake Resources Inc. (MOA.TSX Venture) jointly announced today the last parcel of diamonds from the 100,000 tonne controlled mining block at the Tirisano Diamond Mine in South Africa were sold for an average price of US$498 per carat. This completes the sale of all diamonds recovered from the controlled mining block. The actual revenues have exceeded projections as a result of a 10% increase in value per carat realized from the diamond sales.
The purpose of reporting on the grade and value of this 100,000 tonne block was to confirm the basic parameters of the business model for Tirisano upon which projected revenues were based. The grade of the controlled mining block was reported on March 31, 2003 as 1.51 carats per hundred tonnes (2.72 carats per 100 cubic meters) compared to the projected grade of 1.6 carats per 100 tonnes (2.9 carats per 100 cubic meters). All resource and reserve work is carried out under the supervision of David Duncan, P. Geo., Chief Geologist for Etruscan Resources.
Grade and Revenue Comparisons for the 100,000 Tonne
Controlled Mining Block
Value per Revenue per
Grade Grade Carats Carat Revenue Tonne
(cpht) (cphm3) (US$) (US$) (US$)
Projected 1.60 2.88 1,600 400 640,000 6.40
Actual 1.51 2.72 1,510 440 664,400 6.64
The companies also wish to advise that in future, all volumes and production results will be reported in cubic meters (m3) rather than in tonnes, and that grade will be reported in terms of carats per 100 cubic meters (cphm3) rather than carats per 100 tonnes to conform with industry standards for reporting on alluvial diamond mining operations.
The common shares of Etruscan are traded on The TSX Exchange under the symbol "EET". The common shares of Mountain Lake are traded on the TSX Venture Exchange under the symbol "MOA". More extensive information on Etruscan and Mountain Lake can be found on their respective websites at http://www.etruscan.com and http://www.mountain-lake.com .
FOR FURTHER INFORMATION PLEASE CONTACT: Etruscan Resources Inc., Richard Gordon, Investor
Diamond Grade and Value Confirmed at Tirisano
Monday March 31, 12:47 pm ET
WINDSOR, NOVA SCOTIA--Etruscan Resources Inc. (EET.TSX) and Mountain Lake Resources Inc. (MOA.TSX Venture) jointly announced today that results from the 100,000 tonne controlled mining block confirm the diamond grade, price and revenue projections for the Tirisano Mine located in South Africa. The average grade is 1.51 carats per 100 tonnes (2.72 carats per 100 cubic meters) using a bottom cutoff screen size of 2 mm. The average diamond value is US$429 per carat from all diamond sales including the diamonds sold to date from the controlled mining block. The average revenue generated to date per tonne is US$6.49. This compares favourably to the projected business model of 1.6 carats per 100 tonnes (2.9 carats per 100 cubic meters); a value of US$400 per carat; and revenue of US$6.40 per tonne.
The Tirisano Diamond Mine has generated total revenues to date of US$752,132 from the sale of 1,754 carats. Another diamond sale is scheduled for early April at which time all the remaining unsold diamonds from the controlled mining block will be auctioned off. A further press release will be issued at that time to report on the final value from the controlled mining block.
Material from the controlled mining block consisted predominantly of the yellow, clay-rich alluvial gravel mined at depths varying between 5 and 30 meters over a strike length of 250 meters along the eastern margin of the ore body. Recent drilling confirmed the yellow, clay-rich gravel continues to depths of 80 meters in a large "sinkhole" feature in the underlying dolomite bedrock. The depth extension of the yellow gravel is responsible for the 25% increase in the in situ indicated diamond resource as announced on February 27, 2003. As stated in that press release, the on-going exploration program is managed by Etruscan Diamonds with oversight provided by David Duncan, P. Geo., Chief Geologist for Etruscan Resources.
The clay-rich gravel represents over 85% of the alluvial gravel resource and initially presented several challenges for the plant to overcome. Modifications were completed during January and February and plant is now running smoothly. Additional scrubbing capacity will be added to increase daily throughput and plant availability. Final engineering and design studies for expanding the Tirisano plant are now underway based on the new results and current metallurgical parameters.
The common shares of Etruscan are traded on The TSX Exchange under the symbol "EET". The common shares of Mountain Lake are traded on the TSX Venture Exchange under the symbol "MOA". More extensive information on Etruscan and Mountain Lake can be found on their respective websites at http://www.etruscan.com and http://www.mountain-lake.com .
KC
WINDSOR, Nova Scotia, Feb 27, 2003 (BUSINESS WIRE) -- Etruscan Resources Inc. (TSX:EET) and Mountain Lake Resources Inc. (TSX VENTURE:MOA) jointly announced today a 25% increase in diamond resources for the Tirisano Diamond Mine operated by Etruscan Diamonds (Pty) Ltd in South Africa. An independent resource estimate was recently completed by RSG Global Pty Ltd. (RSG) of Johannesburg, South Africa and reported the in situ indicated diamond resources to be 10.4 million cubic meters at an average global grade of 2.9 carats per 100 cubic meters (1.6 carats per 100 tonnes) using a bottom cutoff screen size of 2mm.
This resource update builds on a previous report by RSG in 2000 and incorporates the results of recently completed geophysical surveys, delineation drilling, and the current mine pit that is excavating into a large gravel-filled sinkhole on the East Gravel Run on the Nooitgedacht 131 IP property. Etruscan Diamonds continues to conduct exploration along the East Gravel Run and has delineated other sinkholes with gravel to depths exceeding 60 meters on the adjacent Hartbeestlaagte and Zwartrand properties. Etruscan Diamonds expects to report future resource updates for the entire deposit as additional drilling is completed.
RSG has prepared the updated resource estimate in accordance with international codes for the assessment of mineral assets. In particular, RSG has applied the Valmin and JORC codes as adopted by the AusIMM and the SAMREC code developed for South Africa (with special guidelines for the diamond industry) and adopted by the Johannesburg Stock Exchange (JSE). The on-going exploration program is managed by Etruscan Diamonds with oversight provided by David Duncan, P. Geo., Chief Geologist for Etruscan Resources.
Etruscan Diamonds also reported today that its second parcel of diamonds from the Tirisano Mine was sold for US$188,000. The tender parcel was comprised of 504.0 carats. The average sales price for the sales to date is US$437 per carat compared to the forecast business model price of US$400 per carat.
The common shares of Etruscan are traded on The TSX Exchange under the symbol "EET". The common shares of Mountain Lake are traded on the TSX Venture Exchange under the symbol "MOA". More extensive information on Etruscan can be found on its home page at http://www.etruscan.com.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE
CONTACT: Etruscan Resources Inc.
Richard Gordon, 902/798-9701
Fax: 902/798-9702
or
Tony Hayes, 416/368-0882
Fax: 416/367-3638
or
Mountain Lake Resources Inc.
Allen Sheito, 902/542-9773
Fax: 902/542-4442
or
Frank Metcalf, 902/420
Here's a great web site on the mine in South Africa
http://scene-it.home.attbi.com/
KC
Well, that 26-carat stone adds some spice to the pot. Wonder what it sold for? Heard the rumor it was a very cloudy gemstone that would not be worth that much. Would also like to know what they got for that 14-carat stone they found a while back. Rumor has it that one was a "real" gem.
Carter B.
Etruscan Resources Inc. and Mountain Lake Resources Inc.: First Diamond Sale From Tirisano Includes 26.8 Carat Stone
WINDSOR, NOVA SCOTIA--Etruscan Resources Inc. (EET.TSX) and
Mountain Lake Resources Inc. (MOA.TSX Venture) jointly announced
today that the first parcel of diamonds from production at the
Tirisano Diamond Mine was sold for US$211,115 for an average
price of US$515 per carat. This initial parcel comprised 409.8
carats with individual stones ranging in weight from 0.2 to 26.8
carats. The parcel included a 1.8 carat rare, fancy yellow which
sold for US$4,555 per carat. The diamonds were sold through
public tender process in Kimberley on January 23, 2003. The
auction was conducted by sealed bid through Orange West Coast
Diamonds (Pty) Ltd., a certified diamond sales company of
Kimberley, South Africa.
Gerry McConnell and Allen Sheito, President and CEO of Etruscan
and Mountain Lake jointly stated "We are extremely pleased to see
such a high value placed on the first parcel of diamonds sold
from Tirisano. Furthermore, the recovery of a 26 carat diamond
and a fancy yellow stone confirms historic records that indicated
stones of exceptional size and quality exist in these gravels. We
can expect to see such stones on a regular basis and as the plant
settles into full production we will begin to realize the
benefits of the economy of scale. Every sale that exceeds the
projected revenue base of US$400 per carat adds significantly to
the bottom line."
Project economics at Tirisano were based on an average selling
price of US$400 per carat and the $515 per carat selling price
from the first parcel represents a 29% increase in value. Annual
diamond production is anticipated to be 19,200 carats from the
recently commissioned Phase I plant and a proposal to expand the
plant later in 2003 is under study. As previously announced,
details on grade and tonnage will be reported once sufficient
material has been processed from the controlled mining block. Not
all the gravel processed during the commissioning of the plant
came from the controlled mining block.
The common shares of Etruscan are traded on The TSX Exchange
under the symbol "EET". The common shares of Mountain Lake are
traded on the TSX Venture Exchange under the symbol "MOA". More
extensive information on Etruscan can be found on its home page
at http://www.etruscan.com.
All the stones that they have found in the short time they have been in full operation (about three weeks)will be going on sale on the 23rd with a PR early next week. Things could get very interesting after that.
KC
Hi Carterone
I assume that they will be selling that 14 carat stone they found at the same time
http://www.mountain-lake.com/November%2026th%20news%20release.htm
That's the second large stone they've found. If they can keep that up analysts will be knocking on their doors a lot sooner.
KC
The "ONE" came from a problem I had years ago with Yahoo. I had to make my "name" longer. I have been using it since.
Anyway, back to Mountain Lake. It is a common "rumor" that they are taking some of their new diamond production to auction this coming Thursday. From that we should find some numbers published on average price per carat. MOA's diamond sales numbers will be in the hundreds of dollars/carat. Unlike Canadian mines that are throwing out lesser quality diamonds in the $1 - $75/carat range.
MOA's diamonds are classed in the gem-quality league. We shall see. I look forward to the numbers. I expect a news release from MOA by the end of this month. They can't keep this company a secret for too much longer.
Good luck to all MOA longs.
Carter B.
Since you are Carter"ONE" it's only appropriate that you make the first post.
If MOA can make the same percentage gains this year as it did last year I will be extremely happy.
KC
I saw a sign that said "Post the first Message" and I clicked on it. So here is my message.
I have been a major fan of MOA for just over a year now. It is my biggest holding to date. The diamond plant is now functioing and through the first commissioning phase. It had problems but that is what the commissioning phase is for. Any problems have been ironed out.
MOA has recently announced that they are twinning the first plant that will bring the daily processing rate up to 4800 tpd. What is amazing is that they would even twin the first plant even before they have announced the output numbers from the first plant. This is going to be a fun couple of months coming up.
My message, do your DD first. Then buy in! I did! ggg
Good luck to all MOA longs.
Carter B.
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