"April 13, 2022 - TheNewswire - Vancouver, Canada - Lovitt Resources Inc. ("Lovitt" or the "Company") (TSXV:LRC ) (OTC:LRCFF) is pleased to announce that, further to its news release of February 28, 2022, it has closed its oversubscribed non-brokered private placement (the " Private Placement "), of 1,884,742 units of the Company at a priceof $0.12 per Unit for gross proceeds of $226,169.
Each unit consists of one common share of the Company (a "Common Share") and one common share Purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one additionalCommon Share at a price of $0.18 for a period of six months. The Warrants are subject to an acceleratedexpiry date, which comes into effect if the trading price of the Company's common shares on the TSX Venture Exchange (" Exchange ") close at or above $0.39 per common share for any five days over any period of seven consecutive trading days. If that event occurs, the Company will give an expiry acceleration notice ("Notice") to Warrant holders and the expiry date of the Warrants will be deemed to be 21 days from theNotice date.
The funds will be used for working capital and to conduct a diamond drill exploration program on the Company'swholly owned Lovitt Gold Mine in WA State through its subsidiary WA State incorporated Lovitt Mining Company. A diamond drill capable of deep drilling has been sourced and the company expects to begin drilling within threeweeks.
The securities issued pursuant to the Offering have a hold period of four months and one day from closing, expiring on August 13, 2022 .
About the Lovitt Gold Mine
The Lovitt Gold mine produced 420,000 oz of gold at an average grade of 0.40 oz/ton (13.7 gm/t) and 620,000 oz silver over a sixteen-year period, suspending operations in 1966 due to poor economics for gold when expenses were rising and the gold price was fixed. The adjoining Cannon mine to the north produced 1,200,000 oz of gold and 1,900,000 oz of silver between 1984 and 1995 at an average gold grade of 0.30 oz /ton (10.3 gm Au/t) with 180 employees vs 20 employees at the Lovitt Mine.
The Company has a substantial historic database of in-house and third-party diamond drill holes, geologic and working maps, and operational gold assays that precede 43-101. Currently compliant 43-101 drilling is required to develop a modern resource that may or may not be economic. Historic operational maps with assays may be viewed at: www. lovittresources.com . This data will be invaluable in spotting future diamond drillholes, but it should be noted that all material at the link is historic, pre-dates 43-101, andtherefore cannot be totally relied upon for investment purposes.
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.
Cautionary Note Regarding Forward-Looking Information
This news release includes statements containing forward-looking information about the Company, its business and future plans ("forward-looking statements"). Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this news release relate to, among other things completion of the Private Placement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the risk that the Company is not able to find suitable investors for the Private Placement or does not receive the approval of the TSX Venture Exchange. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law."
Lovitt Resources Inc. intends to resume exploration for gold at its wholly owned Lovitt gold mine, located near Wenatchee, Wash. The Lovitt Gold Mine produced 420,000 oz of gold and 600,000 oz of silver at a gold grade of 0.40 oz/ton (13.7 gm/t) with a small operation employing fifteen people between 1950 and 1966. The adjoining Cannon Mine, a mile to its north, produced 1,200,000 oz of gold at a grade of 0.30 oz/ton (10.3 gm/t) and 1,900,000 oz of silver between 1985 and 1995 with 180 employees. At today's gold price the Wenatchee Gold Belt would have produced an equivalent value of $2.8 billion. The mine is surrounded by 250 freehold acres of land owned by the Company making access totally private. This land is a major asset of the Company since it is on the books of the company at 1950's prices of $50 per acre. The company has not financed in the public markets since 2014 since land excess to mine security was sold for $70,000 per acre to generate working capital. The company expects to announce a Unit Financing of a share and a warrant in the near future.
The Lovitt Gold Mine is an epithermal type of deposit with low grade, widespread gold mineralization coupled with extensive silicification and quartz veins hosting higher grade mineralization in meta-sediments similar to the Carlin-type deposits of Nevada. The Company intends to raise funds for a deep drilling program this summer to test for ore below existing workings. The Company also intends to explore a surface area for gold indicated by archival 1950's working maps, before the advent of back-hoes and excavators, to assess the potential for surface mining on the property. Kinross Gold has a mill in Republic, WA that could process any ore discovered at a grade of 8.6 gm/t gold or higher. Kinross tested ore from the Lovitt Mine in the past and reported a recovery rate of about 91%.
This news release was reviewed and approved by our Director James Proudfoot, P.Eng., a qualified person under National Instrument 43-101. Please note that the Company relies heavily upon data assembled prior to the implementation of 43-101. Such data cannot be verified and should not in itself be relied upon for investment purposes. For the current NI 43-101 compliant assessment please access the most recent report as filed on SEDAR.
Warrants (.50) from last years private placement are set to expire soon perhaps we will see some news? What happened to the idea of shipping ore (below)? What happened to drilling? Can this company execute?
The proceeds of the private placement will be used by Lovitt to complete an internal feasibility study to consider shipping ore for custom milling, to begin an exploration program on the mineral interest controlled by the company on the Wenatchee gold belt and to improve the working capital position of the company.
This looks promising! The Buckhorn mine and Kettle River mill are owned by Kinross Gold...
State, feds to consider gold exploration near Buckhorn By K.C. Mehaffey
Friday, December 3, 2010
CHESAW — Owners of a gold mine near Chesaw want to explore for more gold on 10,000 acres surrounding Buckhorn Mine.
If approved, the gold mine owners could build up to 72 miles of new roads, 675 new drill pad sites, and drill 965 exploration holes on state, federal and private land over five years.
The Okanogan-Wenatchee National Forest and state Department of Natural Resources will analyze the proposal by Echo Bay Exploration, a subsidiary of Kinross Gold, which owns the Buckhorn Mine near Chesaw.
The U.S. Forest Service and state Department of Natural Resources are working together to issue an environmental impact statement on the company’s proposal, said Phil Christy, Buckhorn Mine coordinator for the Okanogan-Wenatchee National Forest.
The DNR has already identified potential issues, such as disturbing land now used by wildlife, cattle, members of the Confederated Tribes of the Colville Reservation and people who recreate in the area.
Noise, noxious weeds and added road use also were listed as possible impacts from the proposed test drilling.
The exploration could lead to a proposal for another gold mine in the area, which would require additional environmental review and permitting, Christy said.
Okanogan Highlands Alliance, a local environmental group that is monitoring water quality around the mine, has recently raised concerns about increased mine-related contaminants in some streams, springs and groundwater wells since mining at Buckhorn began. They include chloride, nitrate, ammonia, sulfate and total dissolved solids.
Christy said exploration in that area before construction of the Buckhorn Mine was extensive. “Existing drill holes probably number over 1,000, and there may be as many as 1,500,” he said.
“Echo Bay wants to rapidly identify if there is additional gold resources near the existing Buckhorn Mine to continue uninterrupted operation of the Kettle River Mill and wants to identify possible additional gold resources within the wider project boundaries,” a DNR news release states.
Drilling could occur 24 hours a day, and take 11 days per drill hole. As many as 20 drill rigs could be used at once, and as many as six water trucks to haul water to the sites.
Property that would be explored includes more than 6,900 acres of Forest Service, 1,600 acres of state Department of Natural Resources land, almost 1,200 acres of U.S. Bureau of Reclamation land, and just under 300 acres of private land. A maximum of 507 acres would actually be disturbed, according to a Forest Service news release.
Looks like the company spent last year raising funds but wasnt able to execute on any drill plans. The Matthews property is mentioned twice...
2010-03-15 20:06 ET - News Release
"Subject to adequate funding, the company also intends to conduct a diamond drilling program later in the year on its Matthews lease, about 1.5 miles from the patented claims of the Lovitt gold mine."
2010-11-08 11:50 ET - News Release
"Phase three, if finances permit, will consist of 3,000 metres of drilling on the Matthews property, 1.2 miles to the south of the Lovitt gold mine where diamond drill hole MAT-8 intersected 57.9 metres of 2.34 grams per tonne of which 15.3 metres graded 8.95 g/t of gold and 443 g/t of silver, at an initial depth of 610 metres."
Lovitt Resources acquires Matthews lease at Wenatchee
2009-11-16 15:29 ET - News Release
Mr. Lorne Brown reports
LOVITT RESOURCES INC. ACQUIRES KEY MINERAL LEASE ON WENATCHEE GOLD BELT
Lovitt Resources Inc. has leased a 155-acre property on the Wenatchee gold belt known as the Matthews lease. The lease will be in effect for 15 years and LRC has the option to purchase the property any time in the first 7.5 years for $5-million (U.S.). Lease terms call for the immediate issuance of 60,000 shares of LRC, plus a payment of $15,000 (U.S.) Jan. 5, 2010. An advance minimum royalty payment of $20,000 (U.S.) is due Nov. 1, 2011, followed by a similar payment of $30,000 (U.S.) Nov. 1, 2012, and the same amount every year thereafter for the life of the lease. This lease is subject to the approval of the TSX Venture Exchange, where the company trades with stock symbol LRC.V.
The Wenatchee gold belt (WGB) lies northwest-southeast for a length of 7.5 miles, open in both directions, with high-grade gold intercepts at both ends. The Cannon mine is at the north end of the belt on the city limits of Wenatchee, Wash., and the Lovitt mine owned by LRC adjoins the Cannon mine to the south. The Cannon mine produced 1.2 million ounces of gold from 1985 to 1994, and the Lovitt mine produced 420,000 ounces of gold from 1950 to 1967. Silver over the known extent of the WGB runs about 1.5 times the gold weight. LRC is currently conducting exploration to evaluate production options on the Lovitt gold mine patented claims.
The Matthews lease, approximately 1.5 miles southeast of the Lovitt gold mine, was first explored by Asamera Minerals (US) Ltd. in 1987 and 1988, when 34 diamond drill holes were completed. Consolidated Ramrod drilled 12 additional diamond drill holes in 1992 and 1993. Even though most drill holes were vertical, it is remarkable that over 75 per cent contained significant gold intersections.
The geology of the Matthews property is similar to that known of the rest of the WGB. The area explored on the Matthews lease to date is 1,500 feet by 750 feet, and contains abundant, high-grade, sediment-hosted, gold mineralization with lesser rhyodacite, intrusive-hosted, high-grade gold. Targets consist primarily of high-grade epithermal veins with adjacent, high-grade, sediment-hosted mantos and high-grade breccias pipes. Some step-out drill locations are 500 feet apart.
Both the Lovitt gold mine and Matthews lease rely upon historic data, which cannot be relied upon for mineral resource estimation without further diamond drilling. Management of LRC believes that the patented claims of the company hold the solution to future development of the Wenatchee gold belt, since all parts of the belt could be accessed by the construction of an exploration/production drift from the Lovitt mine workings, possibly the least intrusive and easiest permitting approach to access the minable gold and silver in the area. The WGB has local access to cheap power, skilled workmen, excellent roads and a major east-west national rail line with infrastructure within two miles.
LRC previously announced a drill program for the Lovitt mine and will now factor in a drilling program for the Matthews lease to be conducted concurrently. Budget and financing options for an expanded exploration program by LRC are currently under study. This release was approved by LRC director James M. Proudfoot, PEng, a qualified person under NI 43-101.
Yamana has secured leases on about 825 acres of private mineral rights for its Wenatchee precious-metals project, near the city of Wenatchee, in central Washington State. This includes more than two miles of the Wenatchee Gold Belt, an established, mineralized, fault-controlled zone from which the Cannon and Lovitt mines historically produced 1.7 million ounces of gold. Previous exploration drilling on Yamana's mining leases has intercepted up to 30 feet of 1.36 ounces of gold per ton, with numerous other ore-grade intercepts in several areas.
The three parcel fee land package covers the Compton, Wenatchee Heights and Matthews properties. It also includes an extensive (more than US$10 million) exploration database with results from 125 diamond drill core holes for more than 200,000 feet completed by previous explorers. One of these, Quest Resources, announced in a press release in February 1996 that it had outlined a mineralized zone on the Matthews property, about 1,800 feet below the surface, at least 600 feet wide and 2,500 feet long. The company also reported a 200 foot intersection, from 1,860 to 2,060 feet, that carried eight separate gold intervals, including 50 feet of 0.26 opt Au and 5 feet of 1.15 opt Au. Several other drill intercepts at Matthews have outlined the potential for a sizeable gold ore body.
About half of all the drilling was done on Matthews which shows underground mining potential for more than one million ounces of high-grade gold reserves. The ultimate target for the Wentachee project is several million ounces at grades averaging about 0.25 opt Au.
The company is looking for a string of deep lying, million-plus ounce, epithermal gold-silver deposits in a well-known and proven precious metals producing district.
The mineralization occurs in sandstones as a hydrothermal system, controlled by the Eagle Creek Fault, forming tube or worm-like bodies with a central core of silicification which pinches and swells both horizontally and vertically along the trend of the Wenatchee Gold Belt. It has been traced for seven miles, including about 2.1 miles under Yamana's properties. The focus is on a relatively continuous zone of mineralization located between depths of 1,000 and 2,000 feet. This could initially be investigated from surface with deep trunk holes from which multi-directional drilling could be conducted using navigational dimensional drill heads, a technique which has been successfully used here in the past. Follow-up exploration and development would likely include lateral drilling from tunnels, either spiral ramps or long declines.
The key attraction is that the project area has a history of profitable underground gold production, and the company has a complex, but well-documented exploration record indicating clear potential for much, much more.
Annual holding and acquisition costs are low. Being private lands, they are without many of the vexing problems of permitting and uncertain royalties associated with public lands in the US. The Wenatchee land parcels are subject to between 3 and 4% net smelter royalties.
Yamana is looking for a joint venture industry partner to invest in the project, likely a major company with experience working in Nevada's Carlin Trend, where much of the exploration and mine development have recently begun to focus on deposits several thousand feet deep.
WARNING: The company relies on litigation protection for "forward-looking" statements.
Wenatchee Gold Belt Project Washington State, USA Best Drill Hole Intercepts
Interval Inter- From To cept Au Hole (ft) (ft) (ft) oz/t ---- ---- ---- ------ ---- MATTHEWS PROPERTY
Lovitt Resources Inc. (TSX: LRC.V) is an emerging gold mining company planning to re-activate gold and silver production at its crown jewel, the Lovitt Mine in Wenatchee, WA. Major mining companies Teck Corporation, Asamera Minerals (US) Inc., Newmont Mining Inc., and Cyprus Anvil conducted exploration in the 1970’s and 80’s focused upon producing an open pit mine. The open pit idea recognized the high tonnage lower grade potential, but current management is focused upon the historic high grade gold/ high return on capital model, maintaining as green a footprint as possible.
The Lovitt Mine ranked sixth in gold production in the USA when it suspended operations in 1967. Besides the reams of data produced by the companies above, our founder Ed Lovitt kept meticulous notes on daily assays, tunneling, long hole drilling, and production. The maps and diagrams produced by his drafting department met consistently high engineering standards. Using this information as a base, LRC intends to conduct an aggressive exploration program building upon the substantial geological resource already established and summarized in the recent Watts Griffis and McQuat report.