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Miramar Mining confirms Naartok continuity at Hope Bay
2004-09-09 15:44 ET - News Release
Mr. Anthony Walsh reports
MIRAMAR ENCOURAGED BY RESULTS FROM SUMMER DRILLING OF NAARTOK AREA, HOPE BAY
Miramar Mining Corp. has provided further encouraging results from its summer drilling campaign in the Naartok area of the Madrid deposit, one of three major gold deposits that contribute resources at Hope Bay.
"The Naartok area at Madrid has been a major exploration success for Miramar," said Tony Walsh, Miramar's president and chief executive officer. "Miramar's objective at Naartok is to determine within two years the potential for an expanded production scenario through the development of a large-scale open-pit/underground-mining operation in the Naartok area. These results demonstrate the tremendous potential of the Madrid deposit to grow resources and contribute to the eventual development of Miramar as a significant Canadian-based gold mining company."
Drilling in the Naartok area of the Madrid deposit in the first half of 2004 significantly expanded the known mineralization, with some excellent thicknesses and grades. Drilling this summer has two priorities -- first to infill the newly discovered mineralization on approximately 50-metre centres to support the calculation of a new resource, and second, to further expand the known mineralization. Particularly encouraging is drill hole, 04PMD274, which intercepted 62 metres averaging 9.8 grams per tonne (g/t) gold, comprising two higher-grade intervals separated by 13.7 metres of low-grade (less-than-one-g/t) but mineralized rock.
These results demonstrate the continuity of the Naartok mineralization, especially of the higher-grade, thicker areas discovered at depth in 2004 and illustrate great potential to continue to expand the known mineralization to depth. As a result of this potential, Miramar has commenced two deep holes to test the mineralized trend 150 metres to 200 metres deeper than any other drill holes in the area.
Highlights of the recent drill results are presented below and complete results are attached.
HOPE BAY DRILLING HIGHLIGHTS
Hole ID From To Core Gold
length grade
(metres) (g/t)
04PMD268 369.4 382.1 12.7 4.4
incl. 369.4 371.4 2.0 7.4
04PMD269 310.0 338.1 28.1 3.2
incl. 319.7 325.7 6.0 5.2
04PMD270 326.1 328.6 2.5 12.7
and 367.6 377.0 9.4 4.7
and 388.0 407.5 19.5 5.2
incl. 393.2 398.6 5.4 9.3
04PMD274 338.9 340.9 2.0 123.6
and 359.0 373.4 14.4 17.3
incl. 362.5 372.0 9.5 24.3
and 387.1 421.0 33.9 10.4
incl. 396.9 421.0 24.1 12.1
Additional assays pending
HOPE BAY PROJECT -- TABLE OF
ASSAY RESULTS DATED SEPT. 9, 2004
Hole ID From To Core Gold
length grade
(metres) (g/t)
04PMD268 366.8 367.2 0.4 9.3
and 369.4 382.1 12.7 4.4
incl. 369.4 371.4 2.0 7.4
incl. 374.0 376.8 2.8 3.9
incl. 379.0 382.1 3.1 5.3
4PMD269 310.0 338.1 28.1 3.2
incl. 319.7 325.7 6.0 5.2
incl. 332.9 334.0 1.1 6.9
and 411.0 415.5 4.5 2.6
incl. 413.4 414.3 0.9 5.0
and 420.0 422.2 2.2 4.0
incl. 421.7 422.2 0.5 12.3
04PMD270 323.3 328.6 5.3 7.4
incl. 326.1 328.6 2.5 12.7
and 333.7 335.7 2.0 7.5
incl. 333.7 335.0 1.3 10.1
and 358.8 364.5 5.7 3.4
incl. 363.2 364.2 1.0 6.8
and 367.6 377.0 9.4 4.7
incl. 369.6 374.3 4.7 5.2
and 388.0 407.5 19.5 5.2
incl. 393.2 398.6 5.4 9.3
incl. 404.8 407.5 2.7 10.7
and 468.7 484.2 15.5 2.1
incl. 475.4 476.0 0.6 8.2
04PMD271 308.7 310.6 1.9 4.8
incl. 309.3 310.6 1.3 5.5
and 341.9 343.1 1.2 7.8
and 347.7 351.5 3.8 2.5
incl. 347.7 348.7 1.0 5.3
and 395.8 407.6 11.8 3.7
incl. 395.8 396.3 0.5 41.5
incl. 404.9 406.0 1.1 6.4
04PMD272 22.6 23.2 0.6 7.0
incl. 22.6 22.9 0.3 9.1
and 91.0 103.0 12.0 1.6
Additional assays pending
04PMD273 144.3 148.8 4.5 11.1
incl. 145.3 147.3 2.0 23.5
and 151.8 153.0 1.2 6.6
incl. 152.7 153.0 0.3 24.4
and 201.0 216.2 15.2 2.5
incl. 203.4 205.0 1.6 5.6
Additional assays pending
04PMD274 338.9 340.9 2.0 123.6
and 359.0 373.4 14.4 17.3
incl. 362.5 372.0 9.5 24.3
and 387.1 421.0 33.9 10.4
incl. 396.9 421.0 24.1 12.1
Additional assays pending
Or hide...
CK out the volume this one generates, not a bad buy then at 10¢
Cons. Global Diamond plans a busy Drybones summer
2004-06-23 by Will Purcell
Simon Tam's struggling diamond explorer, Consolidated Global Diamond Corp. has plans for a busy summer on its project at Drybones Bay, about 60 kilometres southeast of Yellowknife on the northern shore of Great Slave Lake. Until just a few months ago the company had been known as Consolidated PPM Development Corp., but it turned to Drybones diamonds last year in an attempt to breathe new life into what had been a struggling metals explorer. The move initially was a promotional success, but the company has been a tougher tout in recent months, after a Brazilian gem play was first unveiled, and then scrapped. As a result, the Drybones Bay play appears to have become a priority once again.
The company picked up about 13,000 hectares of claims late last year, through a deal with Mike Magrum and a private Alberta company. The arrangement required Consolidated Global Diamond to pay $120,000 in cash and issue nearly 2.75 million shares, in exchange for a 100-per-cent stake in the play, which is in the immediate vicinity of the three kimberlite finds in the Drybones region.
Speculators seemed pleased with the Drybones move, as the company's shares promptly jumped above 60 cents, up from the 30-cent range where the stock had been mired for much of the spring and summer. A series of private placements added to market hopes that the company was serious about hunting diamonds in a big way, and the stock crested at $1.60 late in January.
The bloom came off Mr. Tam's promotional rose after that, as investors seemed to pan the decision to acquire Braz Diamond Mining Inc. and its large property in the northeastern region of Brazil. The market may not have been particularly enamoured with the deal, but they seemed even less enthused with a due diligence delay and the subsequent cancellation of the agreement. As a result, Consolidated Global Diamond's shares had a tough spring, dipping below a dime earlier this month.
The company acquired an additional 30,000 hectares of ground in the midst of the slump, when it staked additional claims to the northeast of the three Drybones kimberlite finds, but by then the entire Drybones region was becoming a much tougher sell with investors.
The Drybones Bay diamond play has run hot and cold since it began more than 10 years ago with the discovery of the big Drybones pipe, which sustained a hot promotion through the mid-1990s. After ending the decade on a decidedly frigid note, the area became promotable again early last year, after two rival explorers came up with a few new kimberlite finds.
The promotability of the region has taken some new hits of late, due to drill delays and failures. As a result, several explorers in the area could use some good news from a summer drill program by Consolidated Global Diamond.
Perhaps the biggest setback for the Drybones play came when New Shoshoni Ventures Ltd. failed to get approval for a 10-hole drill program on its property, which includes the Drybones pipe. The company had planned to drill its holes near the shore of the lake, but the Mackenzie Valley Environmental Impact Review Board (MVEIRB) recommended that the government reject those plans, fearing immitigable adverse effects to the cultural landscape of the region. The rejection sent speculators hurrying to the sidelines, although at least one other drill program in the area was approved.
Unfortunately, that other drill effort failed to produce much in the way of new hope that would attract any added interest to the region. Consolidated Gold Win Ventures Inc. had two intriguing drill targets and the company poked holes into each, but there were no definitive signs that either of the features were kimberlites. The company's permits then expired, leaving it to mull over its results.
Snowfield Development Corp. had also planned to conduct an exploration program in the Drybones region. Last year, the company discovered the Mud Lake kimberlite on its Ticho property, and Snowfield had big hopes for a drilling program to test the find further. The company planned to drill about 20 delineation holes into the body in preparation for a 500-tonne mini-bulk test, and Snowfield also considers a few other targets on the play to be worthy of drilling.
At the end of February, the MVEIRB recommended that a five-year permit be approved, with mitigation to reduce any adverse impacts, but Snowfield has been left cooling its heels since then, waiting for the completion of the arduous permitting process. As a result, there has not been any real work on the Mud Lake kimberlite since last year.
The delay is somewhat frustrating, as investors still do not know if the Mud Lake sill is diamondiferous. Snowfield decided not to process its core samples for microdiamonds, choosing instead to rely on a much larger mini-bulk test to provide answers about the diamond content of the body.
The odds do seem good that the Mud Lake kimberlite is at least marginally diamondiferous, as two nearby kimberlites on New Shoshoni's property yielded modest numbers of stones at an early stage of exploration, but the lack of diamond counts and the delayed permits have cut Snowfield's share price in half since it hit a 31-cent peak at the end of February.
Snowfield has also come up with some intriguing results from a till sampling program. The initial interpretation suggests that there are two indicator mineral trains that appear to be distinct from the Mud Lake kimberlite, and that adds to hope that there are additional finds to be made in the area. Snowfield is expected to continue its hunt for new kimberlites once it has the necessary permit, but without any imminent new discoveries or diamond counts from its rivals, Consolidated Global Diamond is left to come up with some promotable news of its own.
With its stock still hovering near a dime, there is an incentive to get its exploration effort rolling quickly. The company plans to complete an airborne geophysical survey over its Drybones property, along with a till sampling program and ground geophysics. That work is expected to yield a number of potential kimberlite targets that could hopefully be tested this summer or fall.
The full program is expected to cost about $500,000, but that should not pose any financial burden on the company, which had nearly $2.2-million in working capital at the end of March.
With the uncertain fate of any future plans by New Shoshoni to drill the old Drybones kimberlite, the company's rivals will face added pressure to come up with their own diamonds, but the old pipe still delivers a degree of promotability to the area play, even in its currently inactive state.
In all, a bit less than 10 tonnes of Drybones kimberlite had been processed in a series of tests, and the work indicated an average grade of about 0.06 carat per tonne. That was well below any realistic value that would support a mine in the region, but there were signs that a core region had a higher grade.
One of the batches yielded a 0.20-carat-per-tonne result, based on just over one tonne of material. The sampling was erratic at best and it is far from certain just where each batch of kimberlite had originated, but the result nevertheless suggests that the Drybones area is favourable for diamonds.
New Shoshoni still has some hope of checking out the more favourable portions of the big pipe in a more accurate fashion, but those old results could help Mr. Tam attract new interest, should his company manage to find a kimberlite of its own in the coming months.
Consolidated Global Diamonds has taken a crack at gems in the past, although its initial foray into diamond exploration seemed little more than an afterthought for Mr. Tam, a Burnaby-based businessman who was a Budget Rent-a-Car manager during the 1980s. Mr. Tam became president of Consolidated Global Diamond in the summer of 1996, back when it was known as Cimtek Integrated Manufacturing Technology Inc.
Mr. Tam reorganized the penny dreadful as Jakarta Development Corp. through a 1-for-5 rollback and briefly touted plans to search for diamonds in Ghana. A computer business offered more promise, and the company was renamed PPM Development Corp. in 1998, followed by another 1-for-3 consolidation in 1999.
In addition to the two consolidations, Mr. Tam also had some promotional highlights over his eight years as head of the company. PPM's shares ran to a crest of 85 cents in the summer of 1999, when Mr. Tam and PPM tried their luck with an oil and gas play in Wyoming, and after that play faltered, a metal prospect in Ontario briefly drummed up some notice.
Henry Tam, a Hong Kong-based businessman, has also been serving on the company's board of directors since the summer of 1996, and the two Tams now have a bit of geological help on the board as well, with the addition of Roger Morton earlier this year. Dr. Morton was a professor of geology at the University of Alberta, and in addition to his academic past, he also found time to explore for a variety of minerals around the world.
Dr. Morton has been tackling the promotional side of the industry lately, as he has been popping up on the boards of a number of public gem hunters in recent years. He is president of Muskox Minerals Corp. and until recently, he was president of Mindoro Resources Ltd.
The fourth director of Consolidated Global Diamond is Mel de Quadros, who has been around since the spring of 2001. Another geologist by trade, Mr. De Quadros had been working as a consultant, and he also was no stranger to the promotional end of things during his lengthy career.
Consolidated Global Diamond could use some promotable news from its Drybones play. The company's shares were unchanged on Tuesday, closing at 10 cents.
Miramar Announces Results from Summer Exploration at
Hope Bay & Back River; Results From Boston and Goose
Lake Continue to Enhance Resource Potential
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 23, 2004) -
Miramar Mining Corporation today announced continued
encouragement from on-going exploration at its Hope Bay and Back
River projects, further enhancing the resource potential of both
projects.
"Our summer drilling programs are building off the successful
results from the first half of the year at both the Hope Bay and
Back River projects," said Tony Walsh, Miramar's President & CEO.
"The results from both projects demonstrate the tremendous
potential of these projects to grow resources and support the
eventual development of Miramar as a significant, Canadian based
gold mining company."
Of particular interest at Goose Lake is the significant gold
mineralization found in the hinge zone and in the greywackes,
sedimentary units within the core of the banded iron formation
fold. Preliminary results at Goose Lake continue to support
Miramar's belief that the Goose Lake deposit can host a
significant good grade, near surface gold deposit that could
provide a second gold mining centre for the company, in addition
to that proposed for the Hope Bay project. The definition of a
higher grade hinge zone could give the project a considerable
boost, while the recognition of significant gold mineralization
near surface in the greywackes could provide important
opportunities for resource additions.
The deep drilling at Boston continues to demonstrate potential to
extend this mineralized system to significantly greater depths
than the current resource estimate, while upgrading and expanding
the existing resource continues. The discovery of a possible new
zone of mineralization offers an exciting opportunity to add
shallow resources in close proximity to the existing ramp
infrastructure.
Back River Results
Drilling commenced at Goose Lake in late-July with two rigs on a
planned 19-hole, 6,000m program designed to confirm the potential
of the Goose Lake hinge zone (where hole 04GSE024 intercepted
16.8m averaging 36.3g/t gold) to host significant high grade,
near surface gold mineralization and to better understand the
significant gold mineralization found in the greywackes in the
core of the fold (where hole 04GSE010 intercepted 8.0m averaging
10.2g/t gold, close to surface). Results from the first seven
holes are available, highlights of which are noted below and
complete results are attached.
Hole ID Target From To Core Gold Grade
------- ------ ----- -- ---- ----------
(m) (m) Length (m) (g/t)
- - --------- ---
04GSE025 Hinge 4.0 19.2 15.2 10.9
Including 11.0 19.2 8.2 19.1
04GSE026 Greywacke 173.0 191.3 18.3 22.3
Including 185.1 189.9 4.8 73.7
And Fold limb 243.9 251.7 7.8 6.9
Including 244.7 246.7 2.0 22.6
04GSE031 Hinge 197.0 203.0 6.0 10.5
And 220.5 221.7 1.2 46.3
And 228.0 233.7 5.7 4.3
Including 231.0 233.0 2.0 9.6
Hole-ID Target From To Core Gold Grade
------- ------ ---- -- ---- ----------
(m) (m) Length (m) (g/t)
- - --------- ----
S04- Depth 931.5 935.3 3.8 28.7
301W2(i) Extension
Including 933.2 935.3 2.0 49.1
S04- Resource 225.1 225.4 0.3 194.3
322(i) Expansion
And 228.3 234.6 6.3 15.4
(i)Additional results pending
MIRAMAR MINING CORPORATION'S HOPE BAY PROJECT
Table of Assay Results to Accompany News Release Dated August
23, 2004
Hole-ID From To Core Gold
------- ---- -- ---- ----
(m) (m) Length (m) Grade (g/t)
- - --------- ----------
S04-301W2 760.6 762.4 1.8 5.7
And 931.5 935.3 3.8 28.7
Including 933.2 935.3 2.1 49.1
More assays pending
S04-321 Abandoned - No significant assays
S04-321A 201.7 204.9 3.2 4.9
Including 203.4 204.9 1.5 10.0
And 249.7 259.2 9.5 2.8
Including 258.4 259.2 0.8 8.7
And 420.6 422.0 1.4 4.3
S04-322 180.7 184.6 3.9 7.6
Including 181.0 183.1 2.1 12.2
And 225.1 225.4 0.3 194.3
And 228.3 234.6 6.3 15.4
Including 228.3 228.9 0.6 129.7
Including 232.2 233.7 1.5 8.8
And 306.0 306.9 0.9 6.4
And 316.8 318.9 2.1 11.6
Including 317.8 318.4 0.6 34.8
More assays pending
Intercepts are reported at a 1g/t cut-off, with the higher grade
inclusions reported at a 5g/t cut-off, with a maximum 2m inclusion of
material below cut-off.
MIRAMAR MINING CORPORATION'S BACK RIVER PROJECT
Table of Assay Results to Accompany News Release Dated August
23, 2004
Hole ID Target From To Core Gold Grade
------- ------ ---- -- ---- ----------
(m) (m) Length (m) (g/t)
- - --------- ---
04GSE025 Hinge 4.0 19.2 15.2 10.9
Including 11.0 19.2 8.2 19.1
04GSE026 Greywacke 173.0 191.3 18.3 22.3
Including 185.1 189.9 4.8 73.7
And Fold Limb 243.9 251.7 7.8 6.9
Including 244.7 246.7 2.0 22.6
04GSE027 Hinge No significant values (diked out)
04GSE028 Hinge 110.9 115.8 4.9 3.0
And 149.3 159.9 9.5 8.1
Including 150.0 150.8 0.8 19.4
And 155.7 156.5 0.8 61.2
04GSE029 West Limb 195.6 205.7 9.5 5.8
And Greywacke 221.0 221.6 0.6 72.8
And Greywacke 279.4 284.4 5.0 7.5
And Greywacke 295.6 297.5 1.9 9.6
And 304.5 308.0 3.5 9.1
Including 305.6 306.5 0.9 30.9
And East Limb 311.0 315.3 4.3 3.2
And 323.0 327.5 4.5 4.7
04GSE031 Hinge 183.5 184.0 0.5 34.4
And 187.1 194.0 6.9 3.0
Including 190.0 191.0 1.0 12.7
And 197.0 203.0 6.0 10.5
And 212.9 218.0 5.1 4.1
Including 213.5 216.0 2.5 5.5
And 220.5 221.7 1.2 46.3
And 228.0 233.7 5.7 4.3
Including 231.0 233.0 2.0 9.6
Allyn Resources options Booth River mineral claims
2004-08-18 10:21 ET - News Release
Mr. Thatcher Townsend reports
ALLYN RESOURCES, INC. AGREES TO ACQUIRE BOOTH RIVER, NUNAVUT MINERAL CLAIMS
Allyn Resources Inc. has signed an option agreement with 4763 NWT Ltd. to acquire 100 per cent of the Booth River mineral claims located within Nunavut, 460 kilometres northeast of Yellowknife.
Under the terms of the agreement, the company will pay $111,325 as partial reimbursement of staking costs and issue 75,000 common shares to 4763. On the first anniversary the company will issue 75,000 common shares and pay 4763 additional $47,711 cash. Additional common shares will be issued to 4763 as follows: 75,000 shares on the second anniversary, 75,000 shares on the third anniversary and 100,000 shares on the fourth anniversary. The company will also issue 250,000 common shares to 4763 on the commencement of commercial operations and must spend a minimum of $350,000 on the property on or before the second anniversary of the agreement. The property is subject to a 2.0-per-cent net smelter returns royalty of which 1 per cent of the 2 per cent can be purchased for $1-million. The terms of this agreement are subject to approval of the various regulatory agencies.
The property consists of 159,000 acres of mineral claims in three blocks covering the north and south edges of the large layered mafic-ultramafic Booth River intrusive complex. This complex has approximate dimensions of 45 kilometres by 75 kilometres and has the potential to host significant copper-nickel-chromium and platinum group minerals.
Miramar to submit new application to NIRB
2004-08-20 20:25 ET - News Release
Mr. Anthony Walsh reports
MIRAMAR TO SUBMIT NEW APPLICATION TO NUNAVUT IMPACT REVIEW BOARD
Miramar Mining Corp. is in the process of compiling supplemental data required to support the submission of a new application to the Nunavut Impact Review Board (NIRB) for the development of a gold mine at Doris North, on the Hope Bay project. The new application is required as a result of NIRB's decision that not enough information was provided in certain sections of Miramar's Environmental Impact Statement (EIS) for the Doris North project and, as a result, NIRB could not recommend approval of the project at this time.
"We are disappointed that we were unable to obtain NIRB's support for advancing the Doris North project to the regulatory phase on the first attempt," said Tony Walsh, Miramar's president and chief executive officer. "We believe we provided a sufficient level of information for NIRB to make a positive decision. However, NIRB came to a different conclusion and we need to address their concerns," he said. "We also recognize that Doris North would be the first gold mine permitted in Nunavut since Nunavut was created, and it is the responsibility of all agencies involved to ensure that the precedent will stand the test of time. We are therefore working diligently to provide the supplemental information requested by NIRB. It is important to note that NIRB has stated that Miramar's new application need only focus on the outstanding environmental assessment matters."
"We see NIRB's decision as an amber light for the project. Based on the support we've received from the Inuit stakeholders and the encouraging statement in the NIRB's decision document (where it states that the board hopes that with the information exchanged during this review process and the diligence of all parties involved in this matter, the outstanding issues can be resolved without significant delay to the project), we believe that Doris North will be permitted," said Mr. Walsh. "In reviewing NIRB's decision document, we do not see any issues raised that cannot be satisfactorily answered within a reasonable time frame. We will reapply, as soon as is feasible, and believe that we will be able to satisfy all those involved and obtain approval to move this project forward."
Miramar is currently working with NIRB to establish an accelerated schedule for reviewing the new application and plans to announce this schedule, as soon as agreement is reached with NIRB and the various interveners in the process. Until a time frame and schedule can be settled to the satisfaction of all parties involved, Miramar will be unable to determine the effect of this decision on the ultimate start date of the Doris North project, except to say that the project will be delayed from the previously forecast start date of early 2006.
"Hope Bay and Back River are outstanding gold projects with significant resources that keep getting bigger. These projects offer the potential to catapult Miramar into intermediate producer status. We are confident that we will obtain our permits and grow to establish mutually beneficial relationships with the people of Nunavut for years to come."
WARNING: The company relies upon litigation protection for "forward-looking" statements.
New Surface Discoveries at Committee Bay: Showings yield
up to 103.1 g/t Au, 31.60 g/t Au and 25.5 g/t Au
CALGARY, ALBERTA--(CCNMatthews - Aug. 19, 2004) - Committee Bay
Resources Limited announced today that initial assay results from
the surface gold exploration program have been received for the
Committee Bay project located northeast of Baker Lake. Currently
773 samples of the 968 rock samples collected have been analyzed.
Of the samples analyzed 49 samples contained in excess of 1 g/t
Au and 18 contained in excess of 5g/t Au. Samples at the new
Raven showing produced high-grade gold values of 103.1 g/t Au,
31.60 g/t Au, and 20.9 g/t Au and a sample at the Prospector
showing produced a high-grade gold value of 25.5 g/t Au. This
program has yielded three new targets (Raven, Burro and Castle
Rock) and extended four known mineralized systems (Shamrock,
Ledge, Ridge and Prospector) bringing the total number of gold
occurrences within the belt to at least 51. An extensive till
program is also in progress and has identified new areas that
require additional sampling and geophysics prior to drilling.
Field crews remain active on the belt as surface exploration will
continue to early September.
Exploration Priorities
There are over 500km of favourable iron formation and
volcanic-hosted shear zones on the property, less than 5% of
which has been explored. Some of the highlights from the most
recent surface sampling include:
Raven Area
The Raven area is located west of the Three Bluffs area and
occurs in outcrop/rubble crop along a highly sheared mafic
volcanic - sediment contact. The showing consists of multistage
quartz veining and pervasive silicification along an exposed
strike length of 250 meters but is open to the west under boulder
cover. Arsenopyrite selvages are well developed around the
stockwork quartz veins. Of the 22 grab samples taken along this
trend, eight assayed above 5 g/t Au, including assay values of
103.1 g/t Au, 31.60 g/t Au, 20.9 g/t Au, 8.76 g/t Au, 8.42 g/t Au
and 8.39 g/t Au. Follow-up mapping and sampling has been
initiated and drill targets are being defined.
Burro Area
The Burro area is located east of the Cop showing and consists of
a group of 10 to 12 well mineralized, sub-angular boulders. The
boulders are composed of felsic intrusive rock (tonalite or
granite) which are cut by centimeter to meter scale
quartz-pyrite-sphalerite veins. The boulders are exposed in an
area of dense boulder cover with limited felsic intrusive
outcrop. Of the eight grab samples taken along this trend assay
values of 9.05 g/t Au, 8.09 g/t Au, and 1.99 g/t Au have been
returned. A series of follow-up sample have been collected and
sent for analysis this week.
Castle Rock Area
The Castle Rock showing is 10 km east of the Prospector showing
and has sulphide rich (primarily pyrrhotite) and quartz-rich
mineralization in outcrops of silicate iron formation. The most
significant results of the 15 samples taken are assays of 5.5g/t
Au and 1.5g/t Au. Ten other grab samples from this
outcrop/subcrop area returned values in the 20-120ppb range.
Several well mineralized boulders comprised of 60-70% massive
pyrrhotite and cut by up to 30-40% quartz veins were sampled
about 1.5km and 3.0km up ice (south) from this area. A small
podiform quartz vein in outcrop of komatiite assayed 0.96g/t Au
and similar looking material in float assayed 1.83g/t Au. A
north-south shear zone was identified cutting volcanic rocks over
a strike length of approximately 1km and appeared to widen to the
south to approximately 200m in width and was lost under cover.
Sericitization is quite strong within this structure. Additional
sampling and an extensive till sampling program in the region are
complete and we are awaiting analytical results.
Shamrock, Ridge, Prospector and Castle Rock Trends
Field work northeast of Three Bluffs has reaffirmed the gold
potential of a 20km long segment of iron formation(s) and locally
sheared and altered volcanic stratigraphy. This trend of
mineralization is identified at the Shamrock, Ridge and
Prospector occurrences and the newly discovered Castle Rock area.
Prospector Showing
Additional sampling north and east of the Prospector showing
upgraded a gold prospect defined by a wide valley or structure
within mafic/felsic volcanics and banded iron formation. Recent
assays of grab samples returned 25.5 g/t Au, 5.2 g/t Au and 1.5
g/t Au. Additionally, a 2.75 g/t Au grab sample was collected
200m west of the Prospector discovery outcrop. At the Prospector
showing last year's sampling of sulphide-bearing outcrop and
gossanous boulders returned 7.80 g/t Au, 7.03 g/t Au and 2.40 g/t
Au values. Drilling has now commenced in the Prospector area to
follow-up surface sampling with coincident magnetic and
electromagnetic anomalies.
Shamrock - Ridge Showings.
An 8.97 g/t Au sample was collected approximately midway between
the Shamrock and Ridge showings in a banded iron formation
horizon coincident with an EM conductor. At Shamrock South a
sample from altered and sheared volcanics graded 5.25 g/t Au.
This is the extension to previous years sampling that returned
12.89 g/t Au, 2.0 g/t Au and 1.24 g/t Au along the same
structure.
Three Bluffs Area
Results from 93 till samples show a broad anomalous gold zone
west of drilling at Three Bluffs. From these samples the highest
gold value returned 83ppb Au from non-concentrated tills. In the
Ledge area northeast of Three Bluffs samples of angular boulders
graded 5.34 g/t Au and 1.9 g/t Au.
West Plains - Ghost Area
Sampling and detailed mapping has commenced to follow-up areas
that returned values of 16.43 g/t Au and 4.18 g/t Au in
sulphidized banded iron formation near the end of last years
program. Based on an airborne magnetics survey this sampling is
an extension of the same iron formation that graded 13.37 g/t Au,
5.93 g/t Au and 5.49 g/t Au in previous sampling.
Committee Bay Resources Ltd maintains an extensive quality
control program in the preparation, shipping and checking of all
samples from the property. The program is supervised by Dean
McDonald, P.Geo. Ph.D., Vice President of the company, who is the
Qualified Person as defined by NI 43-101. All surface rock
samples are assayed at TSL Laboratories Saskatoon, an ISO
Accredited Laboratory 538, on a 30 gram fire assay using standard
sample preparation and fire assay procedures with an atomic
absorption finish. All samples assaying over 3 g/t Au are
re-assayed with a gravimetric finish on a 50 gram aliquot. All
samples assaying over 20g/t Au are re-assayed with standard
metallics procedure.
Gold Fields Limited, through a subsidiary, is funding all gold
exploration on the Committee Bay Project as part of its option to
earn a 55 % interest in the property by spending $7.5 million
over the next 4 years. An additional 10% can be earned by
spending another $7.5 million. Committee Bay Resources Ltd. is
the operator.
The Committee Bay Greenstone Belt is believed to represent one of
the largest unexplored greenstone belts in North America with
excellent gold potential. CBR holds greater than 1.48 million
acres of land with prospective geology in the Committee Bay area
west of Melville Peninsula, Nunavut, which forms the Area of
Mutual Interest for the Joint Venture.
/T/
On behalf of the Board
COMMITTEE BAY RESOURCES LTD
/s/ "John Williamson"
P.Geol., President
/T/
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Committee Bay Resources Ltd.
Bernie Kennedy
Investor Relations Manager
1-888-338-2200 or (604) 331-2269
Website: www.committeebay.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Canadian Gold, Comaplex sign Noomut option agreement
2004-08-11 15:24 ET - News Release
See News Release (C-CGH) Canadian Gold Hunter Corp
Mr. Richard Bailes of Canadian Gold reports
CANADIAN GOLD HUNTER CORP.: NOOMUT OPTION AGREEMENT SIGNED
Canadian Gold Hunter Corp. has signed a formal option agreement with Comaplex Minerals Corp. by which Canadian Gold Hunter can earn a 70-per-cent interest in the Noomut gold property located in Nunavut. The Noomut gold property is located in the Kaminak greenstone belt and contains a wide variety of high-grade gold occurrences in a large land package comprising 35 federal claims underlying 29,670 hectares (73,300 acres).
There are four main gold zones -- Esker, Napartok, Ironside and Yandle -- as well as numerous gold showings, which occur over a strike length of about 40 kilometres. The company is planning a late summer drill program that will follow up on previous work on the property. A total of 7,789 metres of diamond drilling had been completed in the past, delineating highly prospective targets.
The company can earn a 70-per-cent interest in the project by spending a total of $5-million over five years and issuing 100,000 common shares to Comaplex on the signing of a formal agreement. Comaplex will retain a 30-per-cent contributing interest following earn-in by the company. The first-year expenditure commitment is $350,000.
Miramar asked to submit another Doris North application
2004-08-16 22:37 ET - News Release
Mr. Anthony Walsh reports
MIRAMAR ANNOUNCES NUNAVUT IMPACT REVIEW BOARD DECISION
The Nunavut Impact Review Board (NIRB) has issued its hearing report for Miramar Mining Corp.'s Doris North gold mine project, following the public hearings held in the West Kitikmeot region of Nunavut during the week of July 11, 2004, to July 16, 2004. NIRB has recommended to the Minister of Indian Affairs and Northern Development (DIAND) for his consideration accordance with Part 12 of the Nunavut land claims agreement that the project should not proceed on the basis of the current application. However, NIRB encouraged Miramar to file another application with additional information to bring the project for another review.
NIRB determined that based on the level of information in the current application, they could not conduct an informed assessment of the impacts of the project. Information deficiencies related to the assessment of potential adverse environmental impacts and related mitigation and monitoring for wildlife, the consideration of alternatives to the use of Tail Lake as a tailings impoundment, the Tail Lake water quality and water-management strategy, the jetty design, and to a lesser extent, the socio-economic impact assessment. As this work would be required either now or at later permitting stages, Miramar started this work in July and is confident that it will be able to meet these requirements within an efficient time frame so that NIRB can proceed with a recommendation to approve the EIS. Miramar is currently assessing what impacts NIRB's decision might have on the Doris North production schedule.
In its decision document, NIRB noted: "For clarity, the board is not saying this project should not eventually be built, but rather that there is a threshold level of information that Miramar Hope Bay Ltd. must table with the board before that decision can be made. Miramar does have the option of refiling its application. If so, that application need only focus on the outstanding environmental assessment matters; the FEIS could be supplemented through a new application accordingly."
The board also noted: "In closing, the board encourages MHBL to fill the gaps in environmental assessment and bring this project forward again for screening. In this regard, the board wishes to draw to the attention of the proponent that Section 12.5.3 permits the board flexibility in the procedures used to conduct a review if that is the result of a new application and screening. The board hopes that with the information exchanged during this review process and the diligence of all parties involved in this matter, the outstanding issues can be resolved without significant delay to the project."
WARNING: The company relies upon litigation protection for "forward-looking" statements.
Globe says Miramar posts $6.9-million loss in Q2
2004-08-16 06:49 ET - In the News
The Globe and Mail reports in its Saturday edition that Miramar Mining on Friday reported a loss of $6.9-million or five cents a share for the three months ended June 30, compared with a loss of $7.2-million or six cents in the same period of 2003. The Globe's Wendy Stueck writes that this year's second-quarter loss included a $1.9-million writedown and $1.2-million in closing costs for the Giant mine in Yellowknife. Sales fell to $3-million from $8.7-million. For the six months ended June 30, Miramar reported a loss of $13.9-million or nine cents a share, compared with a loss of $8-million or seven cents for the year-ago period. Sales fell to $5.9-million from $24-million. Miramar, which took over the Giant mine from former owner Royal Oak Mines Inc. in 1999, in June said it will stop mining at the site because of poor results at a new area of the mine. The company is now focusing on its Hope Bay and Back River gold projects in Nunavut. Miramar is not liable for historic operations at Giant, which resulted in a huge store of arsenic trioxide at the site. The federal government this year settled on a plan to treat the waste that is expected to cost more than $200-million.
Pure Gold Minerals Inc.: Gold Mineralization up to 82.4
gpt Confirmed Over 50 Metre Strike, North James River
Property, High Lake, Nunavut
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 16, 2004) -
Donald R. Sheldon, President of Pure Gold Minerals Inc. (the
"Corporation"), is pleased to announce that additional results
from the initial phase of the summer exploration program on its
North James River Property, High Lake, Nunavut (the "Property")
have been received. The latest results are from a detailed
channel sampling program conducted to assess the gold content of
quartz vein exposures at the Black Ice and Silver Bullet
prospects which form part of the 3 kilometre long Cygnet Lake
gold zone.
The recent results confirm gold mineralization identified
previously at these showings, with high concentrations of 82.4
gpt gold over 0.5 metres and 60.3 gpt gold over 1.2 metres at the
Silver Bullet showing. In addition, an individual rock grab
sample collected from a separate vein set 50 metres east of the
mineralized zone returned 86.4 gpt gold. A total of 15 channel
samples were collected from along the 50 metre vein exposure at
the Silver Bullet showing with an average grade of 11.8 gpt gold.
Twenty six channel samples were collected from the Black Ice
showing with a high value of 10.1 gpt gold and an average of 1.6
gpt over a strike length of 40 metres. Samples varied in width
from 0.4 metres to 1.3 metres.
Channel samples were collected by making two passes with a rock
saw perpendicular to the strike of the vein approximately 2 to 5
centimetres apart to a depth of 5 centimetres. Sample lengths
varied according to the vein width from 0.4 metres to 1.3 metres.
Wider vein sections were sampled with consecutive samples of 0.5
metres to 1.0 metres width. Vein material was then chipped out
producing 1 to 4 kilograms of sample material. Where exposed, the
vein was sampled at three metre intervals along the vein.
Results of historic drilling activities by previous operators at
the Silver Bullet and Black Ice prospects have been obtained.
Drill hole 95HYD01 returned 13.7 gpt gold over a 0.76 metre
interval on the Black Ice showing and drill hole 95HYD05 returned
13.4 gpt gold over a 1.04 metre interval at the Silver Bullet
showing. These encouraging results confirm the tenor of gold
mineralization within the Cygnet Lake gold zone. The Corporation
and its 50% Joint Venture partner Bard Ventures Ltd. (CBS:TSX.V)
are preparing to undertake a diamond drill program scheduled for
startup September 8, 2004.
The Corporation is operator of the program and Geoff Goodall,
P.Geo., Qualified Person as defined by NI 43-101, is responsible
for the design and implementation of the current field program.
All samples are assayed by Acme Laboratories of Vancouver, B.C.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Pure Gold Minerals Inc.
Donald R. Sheldon
President
(604) 687-2038
(604) 687-3141 (FAX)
Website: www.puregold.ca
Strongbow takes aim at Coronation gems
Strongbow Exploration Inc (TSX-V:SBW)
Shares Issued 34,255,449
Last Close 8/6/2004 $0.64
by Will Purcell
Gren Thomas's Strongbow Exploration Inc. continues to work on a number of diamond projects in the Coronation region of Nunavut, helped along by Stornoway Diamond Corp., which is run by Mr. Thomas's daughter, Eira Thomas. Interest in the Coronation diamond district peaked early in 2002, hyped along by a series of kimberlite finds, but speculative interest was quick to evaporate when mini-bulk samples failed to live up to the market's expectations. Nevertheless, the area does appear to be favourable for diamonds and Strongbow has a number of properties scattered close to some significantly diamondiferous pipes.
At the top of the list perhaps is Strongbow's 100-per-cent-owned Blue Lake property. The play covers about 35,000 hectares of ground to the northwest of Napaktulik Lake, or just 20 kilometres to the west of the Anuri kimberlite complex. Anuri was discovered in 2001 by Tahera Diamond Corp., and the find contributed to the market frenzy that surrounded the Coronation play for several months.
Blue Lake appears to be more than just an area play, as the property has delivered some toutable indicator mineral samples. A till sampling program last year produced a considerable amount of encouragement, as eight of the 100 tests yielded over 100 indicator minerals, with nearly 1,000 grains found in just one batch.
The till sampling program identified a mineral train that appears to be about 2.5 kilometres wide, and sampling near the property boundary indicates that the source of the minerals lies within the Blue Lake property. As a result, Strongbow is conducting another round of till sampling in an attempt to better define the feature, and over 140 new samples have apparently been collected. As well, the company will complete a detailed geophysical survey over the suspected head of the mineral swath, in the hope of finding some anomalies worthy of drilling.
Any drillable targets at the head of the Blue Lake mineral train could prove promotable, due to the proximity of Anuri, as well as the Jericho pipe, which is about 60 kilometres to the southeast. Tahera trotted out a series of promotable diamond counts from Anuri and its sister, Anuri East, and although the absolute numbers of microdiamonds lagged behind at least one other pipe in the Coronation play, Tahera had bragging rights to the largest diamond from the area, with the recovery of a 0.75-carat stone from one of its tiny batches.
Despite that result, Tahera and Kennecott Canada Exploration Inc. waited about two years before completing a mini-bulk test of the main Anuri pipe. That sample weighed about 2.5 tonnes, and the rock yielded a diamond parcel that weighed 0.98 carat, indicating a grade of 0.40 carat per tonne for diamonds larger than a 0.85-millimetre mesh.
It took 41 diamonds to produce that weight, and that did not bode particularly well for the size distribution of the parcel. That could be misleading, due to the tiny size of the parcel, given the one larger diamond recovered earlier. In fact, including the diamonds that were large enough to cling to a 0.85-millimetre sieve that had been found during the initial sampling would have boosted the grade to a healthier and far more promotable 0.6 carat per tonne.
Such a figure would suggest that larger tests might be worth Tahera's while, although Kennecott has since decided to quit paying all of the bills on the Anuri property, retaining a 25-per-cent stake in the play. That decision was likely based upon its failure to find any large kimberlites that would support a large mine, but Tahera seems willing to consider more modest mine possibilities.
The company is forging ahead with a mine at Jericho, based on a total resource of about seven million tonnes with a grade of about 0.8 carat per tonne, although the actual mine plan is based upon a core with a grade in excess of one carat per tonne.
Another property held by Strongbow that appears to have potential is the Napaktulik block, which is about 40 kilometres southwest of the Blue Lake property, 50 kilometres southwest of Anuri and just 45 kilometres west of Jericho. Strongbow came up with indicator minerals in 34 of 39 till samples collected on the property, and some of the grains suggested a nearby source. Strongbow has not mentioned any definite plans for the 19,000-hectare Napaktulik property since then.
The company has two other claim blocks in the Coronation region that will be explored this year, helped along by Stornoway. Strongbow has a 35-per-cent stake in the 23,000-hectare Bear property, which is about 45 kilometres to the north-northeast of Anuri and within 20 kilometres to the east of three other significantly diamondiferous Coronation pipes.
The central part of the Bear property is about 20 kilometres east of the large Knife pipe, which has delivered modest diamond counts and a fairly low grade, but with signs of a higher-grade section within the pipe. De Beers Canada Corp. still has plans to drill more holes to better delineate the pipe, which is on ground held by Rhonda Diamond Corp.
The first sign of a better zone within the big pipe came with the initial diamond counts in 2000, when most of the larger diamonds came from a relatively small portion of the nearly 400 kilograms of rock that had been processed. De Beers completed what amounted to a small mini-bulk test the following year, coming up with a grade of about 0.14 carat per tonne for the entire batch.
A kimberlite phase in the eastern half of the pipe had a better grade however, where 1.1 tonnes of rock produced a diamond content of about 0.22 carat per tonne, and if a further 200 kilograms of material processed for microdiamonds are factored in, the macrodiamond grade climbs to about one-third of a carat per tonne.
Another part of Knife produced a somewhat encouraging diamond content, although the remainder of the pipe had yielded a grade of just 0.06 carat per tonne. As a result of the variations, De Beers and its partner planned for 11 more drill holes this year to better delineate the pipe, and some healthier diamond counts or sample grades could give the Coronation play a much needed boost.
There are two other potentially promotable kimberlites just to the west of the northern part of Bear. The Artemisia kimberlite was once a market darling, due to an abundance of microdiamonds in the initial core samples processed by Ashton Mining of Canada Ltd. There were a reasonable number of macrodiamonds in the mix as well, but they seemed swamped by the microdiamond haul and as well, there were relatively few diamonds larger than one millimetre.
Speculators who overlooked that in their enthusiasm were subsequently disappointed when Ashton completed two mini-bulk tests, ultimately processing about 12 tonnes of Artemisia kimberlite. The samples yielded a grade of 0.11 carat per tonne, with no particularly large diamonds in the mix.
Things were a bit better with Ashton's Potentilla, which lies just 10 kilometres west of the northern part of Bear. Ashton processed nearly six tonnes of kimberlite from the body, coming up with a sample grade of about 0.22 carat per tonne. Ashton found two other kimberlites nearby, and the initial samples suggested both bodies had diamond contents that were comparable with their two siblings.
The Bear partners tried drilling a single target this year, but it failed to produce a kimberlite hit. Over 400 till samples have been collected, and it seems realistic to expect more targets can be found on the property.
Strongbow also shares the Jewel property with Stornoway. The 8,000-hectare block lies just south of the Coronation Gulf, about 25 kilometres to the north of Artemisia and Potentilla and roughly 40 kilometres north of Knife. The partners are working on additional till sampling, attempting to better delineate a new indicator mineral train on the property. That work could produce some drill targets if the apparent source region of the minerals can be identified.
Stornoway is continuing to work on a few properties farther to the south, near the Yamba Lake region. The partners struck out with a drill program on the Starfish property, which is to the south and west of their two other properties in the area, LDG and Daring Lake.
The 50,000-hectare LDG property is just across Lac de Gras from the Diavik mine, and Strongbow and Stornoway conducted ground geophysics over 43 targets this year. Till sampling is also being completed on the property, and drilling would seem a likely next step to test at least some of the prioritized targets.
The situation seems similar on the 11,000-hectare Daring Lake project, which is at the south end of Yamba Lake and just west of the Ekati property. Six targets were selected for a closer look, and till sampling is being completed this summer.
Mr. Thomas's company also has a piece of some of his daughter's diamond plays in the Melville Peninsula area, and the company has been working away on the three properties scattered across the region.
As well, Strongbow holds a one-third stake in a property covering Wales Island, just to the west of Melville and just north of where BHP Billiton Ltd. discovered some significantly diamondiferous kimberlites last year.
Strongbow's shares hit the $1 mark in May, just after its merger with Navigator Exploration Corp., but the stock has slid a bit since then. Strongbow lost six cents to close at 64 cents on Friday.
Pure Gold Minerals Inc.: Update of Operations-North
James River Property, High Lake, Nunavut
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 9, 2004) -
Donald R. Sheldon, President of Pure Gold Minerals Inc. (the
"Corporation"), is pleased to announce that the initial phase of
the summer exploration program on its North James River Property,
High Lake, Nunavut (the "Property") has been successfully
completed. The program consisted of geological mapping,
prospecting and sampling of four known showings: Hi Lake (Lake
980), Silver Bullet, Black Ice and Grumpy. Noranda Exploration
Inc., BHP Minerals Canada Ltd. and Echo Bay Mines Ltd. conducted
previous exploration on these showings. In addition, several
target areas defined by the Corporation's airborne and follow-up
ground Electromagnetic Surveys were evaluated.
While all the prospective areas were examined and sampled, the
program focused on the previously defined gold zones in the
Cygnet Lake area of the Property. The zone has been traced
intermittently along a strike length of over 3 kilometres and
hosts the Silver Bullet, Black Ice and Grumpy showings as well as
several less defined gold showings. The ground covering the
Grumpy showing was acquired by staking following an examination
by the Corporation's geologists. A total of 170 samples,
consisting of 114 chip samples varying from 30 cm to 4 meters and
56 grab samples were collected from bedrock and sub crop
exposures over the showings and target areas. To date results
have been received from 111 of the samples. Of these 111 samples,
23 of the samples were highly anomalous returning gold values
from greater than 1 g/t gold to a high of 186.1 g/t (5.44 oz)
gold. During the exploration program it was determined that an
unknown party conducted diamond drilling on some of the showings.
There is no indication at this time as to the results of this
diamond drilling.
Pending the receipt and interpretation of the balance of the
results from the sampling program, the Corporation and its 50%
Joint Venture partner Bard Ventures Ltd. (CBS:TSX-V) are planning
to test the most prospective zones of gold mineralization by
diamond drilling in September.
The Corporation is operator of the program and Geoff Goodall,
P.Geo., Qualified Person as defined by NI 43-101, is responsible
for the design and implementation of the current field program.
All samples are assayed by Acme Laboratories of Vancouver, B.C.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Pure Gold Minerals Inc.
Donald R. Sheldon
President
(604) 687-2038
(604) 687-3141 (FAX)
Website: www.puregold.ca
That number thirteen hole is spectacular. and the price drops five cents. The market in these issues now has alzheimers. These guys just keep doing their job regardless and may even be able to pull strongbow out of the mud.
Committee Bay Resources Ltd.: High Grades to Depth at
Three Bluffs
EDMONTON, ALBERTA--(CCNMatthews - Aug. 9, 2004) - Committee Bay
Resources Ltd. (TSX VENTURE: CBR):
DH 4TB013 intercepts 51.34 g/t Au over a length of 3.29m and
12.51g/t gold over 7.60m
DH 4TB018 intercepts 16.69 g/t Au over a length of 5.0m
DH 4TB019 intercepts 17.04 g/t Au over a length of 13.04m
Committee Bay Resources Ltd. announces assay results from the
first eight drill holes of the summer drill program at the Three
Bluffs occurrence in Committee Bay located northeast of Baker
Lake, Nunavut. These results are part of a drill program designed
to follow-up previous high-grade gold drill intersections at
Three Bluffs (CBR press release - July 2, 2004) and drill some of
the advanced projects from the 45 targets identified from
exploration.
Three Bluffs Drilling:
Diamond drill hole 4TB013 is the deepest hole drilled at Three
Bluffs intersecting mineralization below 160m from surface. It
intersected two distinct mineralized zones containing 51.34 g/t
Au over 3.29m and a second zone of 12.51 g/t Au over 7.60m. This
hole in combination with 4TB014 (12.24 g/t Au over 2.19m) and
4TB019 (17.04 g/t Au over 13.04m) show that high grade gold
mineralization is continuous from near surface and is open at
depths greater than 160m.
--------------------------------------------------------------------
Area Hole From Length Gold Gold
# (m) To (m) (m) (g/t) (oz/t)
--------------------------------------------------------------------
Three Bluffs 4TB013 101.84 105.13 3.29 51.34 1.50
and 200.35 207.95 7.60 12.51 0.36
including 200.35 204.08 3.73 19.63 0.57
Three Bluffs 4TB014 190.70 192.89 2.19 12.24 0.36
Three Bluffs 4TB015 9.38 10.20 0.82 3.45 0.10
4TB015 31.00 32.60 1.60 6.23 0.18
Three Bluffs 4TB016 27.40 29.80 2.40 11.98 0.35
Three Bluffs 4TB017 21.88 30.72 8.84 13.62 0.40
including 26.78 30.72 3.94 20.65 0.60
Three Bluffs 4TB018 51.00 56.00 5.00 16.69 0.49
Three Bluffs 4TB019 82.16 95.20 13.04 17.04 0.50
--------------------------------------------------------------------
(1) true width has not been determined
Wolfden intersects 3.81 g/t gold over 50.85 metres
2004-08-03 12:51 ET - News Release
Mr. Ewan Downie reports
HIGH LAKE DRILLING INTERSECTS 50.85 METERS GRADING 7.6% ZN & 3.8G/T GOLD
Wolfden Resources Inc. has released additional results from continuing expansion drilling in the West zone at its 100-per-cent-owned High Lake project. Currently, the company has three drills at High Lake, testing primarily the West zone where drilling continues to expand the massive sulphide horizon at depth and along strike. Deep drilling in the northern portion of the deposit continues to suggest strong potential to expand mineralization to the north. Furthermore, recent intersections continue to exhibit very high precious metal grades, highlighted by drill hole HLW-04-81, which returned 50.85 metres grading 0.81 per cent copper, 7.59 per cent zinc, 103.33 grams per tonne silver (3.0 ounce per ton silver) and 3.81 grams per tonne gold (0.11 ounce per ton gold).
West zone -- deep drilling
Drilling continues to exhibit the potential to significantly expand the size of the West zone discovery. Drill holes HLW-04-75 and 81 are the two most recent intersections at depth in the northern portion of the West zone, opening up the potential of the deposit along strike to the north. One drill will now focus on testing this part of the deposit. The following table provides the mineralized intervals (core widths) received from the main part of the West zone to date from the 2004 drill program:
Hole No. From To Int. Cu Zn
m m m % %
HLW-04-63 299.95 326.00 26.05 2.78 5.11
HLW-04-64 439.75 447.75 8.00 0.27 4.70
454.55 455.80 1.25 0.06 15.33
462.60 465.20 2.60 0.61 2.80
HLW-04-65 371.05 400.10 29.05 4.06 2.85
Incl. 373.05 388.05 15.00 6.04 3.86
HLW-04-66 259.30 278.65 19.35 4.26 3.16
HLW-04-67 Lost hole
HLW-04-68 Lost hole
HLW-04-69 716.00 762.20 46.20 0.37 4.78
Incl. 721.00 741.40 20.40 0.36 7.03
HLW-04-70 565.75 603.55 37.80 1.02 5.36
HLW-04-71 876.00 878.00 2.00 1.58 0.29
933.00 938.00 5.00 0.78 3.80
HLW-04-72 439.00 461.60 22.60 2.58 3.97
440.15 455.05 14.90 3.20 5.50
HLW-04-73 342.10 361.35 19.25 2.59 5.14
HLW-04-75 782.65 828.35 45.70 3.07 0.52
Incl. 787.00 806.00 19.00 4.27 0.29
HLW-04-77 281.40 293.30 11.90 2.57 2.84
HLW-04-79 421.30 431.35 10.05 3.18 4.90
HLW-04-81 507.50 558.35 50.85 0.81 7.59
Incl. 530.50 558.35 27.85 1.07 7.11
HLW-04-86 321.50 327.80 6.30 3.85 2.88
Continued ...
Hole No. From To Ag Au
m m g/t g/t
HLW-04-63 299.95 326.00 114.27 1.33
HLW-04-64 439.75 447.75 42.99 0.32
454.55 455.80 9.72 0.13
462.60 465.20 25.03 0.23
HLW-04-65 371.05 400.10 126.45 4.13
Incl. 373.05 388.05 173.08 7.41
HLW-04-66 259.30 278.65 104.79 2.66
HLW-04-67 Lost hole
HLW-04-68 Lost hole
HLW-04-69 716.00 762.20 78.66 0.81
Incl. 721.00 741.40 97.45 1.33
HLW-04-70 565.75 603.55 78.96 0.97
HLW-04-71 876.00 878.00 131.92 0.17
933.00 938.00 49.73 0.36
HLW-04-72 439.00 461.60 106.35 0.93
440.15 455.05 119.77 0.77
HLW-04-73 342.10 361.35 163.47 1.03
HLW-04-75 782.65 828.35 48.10 1.30
Incl. 787.00 806.00 58.82 0.90
HLW-04-77 281.40 293.30 121.46 2.89
HLW-04-79 421.30 431.35 156.33 0.83
HLW-04-81 507.50 558.35 103.33 3.81
Incl. 530.50 558.35 130.99 5.37
HLW-04-86 321.50 327.80 144.00 1.30
Hole No. From To Int. Cu Zn
m m m % %
HLW-04-74 170.89 179.69 8.80 3.86 3.17
HLW-04-76 217.75 227.65 9.90 3.26 4.69
HLW-04-78 137.10 138.55 1.45 3.72 3.61
HLW-04-80 317.00 322.50 5.50 2.40 5.18
HLW-04-82 No significant results
HLW-04-84 128.60 129.25 0.65 0.05 1.80
HLW-04-85 154.70 160.10 5.40 2.13 4.01
HLW-04-87 190.30 197.50 7.20 2.61 2.19
HLW-04-88 114.00 118.60 4.60 0.56 5.04
HLW-04-90 Pending
HLW-04-91 Pending
HLW-04-94 Pending
Continued ...
Hole No. From To Int. Ag Au
m m m g/t g/t
HLW-04-74 170.89 179.69 8.80 86.68 1.96
HLW-04-76 217.75 227.65 9.90 126.34 1.38
HLW-04-78 137.10 138.55 1.45 120.89 2.42
HLW-04-80 317.00 322.50 5.50 177.15 4.14
HLW-04-82 No significant results
HLW-04-84 128.60 129.25 0.65 8.19 5.51
HLW-04-85 154.70 160.10 5.40 74.50 0.26
HLW-04-87 190.30 197.50 7.20 73.50 0.64
HLW-04-88 114.00 118.60 4.60 45.65 2.63
HLW-04-90 Pending
HLW-04-91 Pending
HLW-04-94 Pending
Well yes, in a way they do. There is a date by which you must exercise but if you look at warrant performance in the last manic run to the upside say in wrm or mr for that matter the warrants out performed the stocks 4 to 1. Ngx warrants may move hard if things turn around.
You're probably right but I don't have any. I think with the warrants are inherently riskier since they have an expiry like an option, (don't they?). I don't know that much about warrants either.
If so, how about those MR warrants? What do you think of the leverage at this point? Probably taken the worst pummeling of any thing I look at. Unfortunately I don't understand as much as I should about warrants in general.
SBW. I really got turned off when I saw the glossy report they mailed out to shareholders. What a waste of money.
I've been moving money into near term producers like MR and MGR. I think they'll recover from this sell-off faster than explorers.
Got a good symbol going for them...
Evolving Gold to list on the CNQ
2004-06-02 14:26 ET - New Listing
The Canadian Trading and Quotation System has conditionally approved for listing the common shares of Evolving Gold Corp. There are 6,150,100 common shares outstanding with a public float of approximately 5,544,224 shares.
Evolving Gold is engaged in the business of exploring and developing natural resource properties, with an option to acquire a 70-per-cent interest in a property southeast of Murray Lake in the south-central part of the Northwest Territories.
Listing date: to be determined
The shares will trade in Canadian currency.
Symbol: GOLD
Cusip No.: 30050D 10 7
Applications are being accepted for market-makers for GOLD.
Which dog you talkin about? Funny how optimistic we were at one time.
Strongbow Exploration grants 1,256,750 stock options
Strongbow Exploration Inc (TSX-V:SBW)
Shares Issued 34,029,752
Last Close 7/30/2004 $0.77
Friday July 30 2004 - Options Proposed
Mr. Grenville Thomas reports
STRONGBOW EXPLORATION INC.: STOCK OPTIONS GRANTED
Strongbow Exploration Inc. has granted a total of 1,256,750 stock options to directors, officers and employees under the terms of its stock option plan. The options are exercisable for a period of five years and have an exercise price of 75 cents per share. The options vest as to 25 per cent on the date of grant, and 25 per cent every six months thereafter, becoming fully vested 18 months from the date of grant.
This grant of incentive stock options is subject to regulatory approval.
Strongbow aims higher with $2-million financing
Strongbow Exploration Inc (TSX-V:SBW)
Shares Issued 34,029,752
Last Close 7/29/2004 $0.75
Thursday July 29 2004 - News Release
Mr. D.G. Thomas reports
STRONGBOW INCREASES PRIVATE PLACEMENT TO $2.0 MILLION
Strongbow Exploration Inc. has increased the size of the private placement it announced in Stockwatch on July 23, 2004, to 2,666,667 flow-through shares at 75 cents per share, for gross proceeds of $2-million. The proceeds will be used as described in the July 23, 2004 news in Stockwatch.
Navasota to sell Turner Lake property to Trade Winds
2004-07-27 16:12 ET - News Release
Also News Release (C-TWD) Trade Winds Ventures Inc
Mr. Christopher Wild of Navasota reports
Navasota Resources Ltd. has entered into a purchase and sale agreement with Trade Winds Ventures Inc. to sell its 100-per-cent undivided interest in its Turner Lake gold property to Trade Winds. The Turner Lake property is located approximately 20 kilometres northwest of the community of Bathurst Inlet, Nunavut.
Pursuant to an agreement dated Aug. 28, 2003, Navasota granted an option to Trade Winds to acquire a 50-per-cent interest in and to the Turner Lake property, subject to staged issuance of stock to Navasota totalling 400,000 shares, together with an exploration commitment of $3-million to be completed by July, 2006. A total of $50,000 was advanced for exploration expenses, and 100,000 common shares of the company were issued pursuant to the terms of the option agreement.
The option agreement has been replaced by the PSA whereby Trade Winds shall acquire a 100-per-cent undivided interest in the Turner Lake property, subject to a 1-per-cent net smelter return royalty on any commercial production payable to Navasota. Under the terms of the PSA, Trade Winds shall make a cash payment of $250,000 and issue 300,000 shares in addition to granting the NSR to Navasota. Trade Winds, at its sole option at any time up to the date that is one year from the date that commercial production commences on the Turner Lake property, may acquire the NSR from Navasota for the sum of $1.5-million in cash.
The purchase and sale agreement is subject to regulatory acceptance. Shares issued pursuant to the PSA are subject to a minimum four-month hold period expiring Nov. 28, 2004.
Sold this dog today.
Committee Bay Joint Venture Between Strongbow
Exploration Inc. and Allyn Resources Inc.
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 28, 2004) -
Strongbow Exploration Inc. (TSXV: SBW) and Allyn Resources Inc.
(TSXV: ARR) are pleased to report that they have concluded an
agreement to explore Strongbow's exploration properties in the
Committee Bay greenstone belt, Nunavut. Under the terms of the
agreement, Allyn may earn a 51% interest in the properties by
issuing 200,000 shares and reimbursing $100,000 in staking costs
to Strongbow and spending $4 million prior to December 31, 2008.
Allyn may increase this interest to 60% by spending an additional
$3 million over the ensuing two years. The agreement includes a
firm commitment to spend $200,000 in 2004 on airborne magnetic
surveys and geological reconnaissance.
The Committee Bay properties are composed of approximately
216,000 acres of mineral claims staked by Strongbow in 2003 to
cover parts of the greenstone belt located adjacent to and along
strike from several gold showings currently being explored by
Committee Bay Resources Ltd., including the Three Bluffs and Four
Hills showings. Ground reconnaissance to be performed by Allyn in
2004 will include an evaluation and recommendation with regard to
the Kim iron formation hosted gold showing located on Strongbow's
claims approximately 10 km to the northwest of Committee Bay
Resources' Four Hills showing. Work will commence as soon as
practicable.
/T/
On behalf of the Board On behalf of the Board
STRONGBOW EXPLORATION INC. ALLYN RESOURCES INC.
D. Grenville Thomas James Owen
President and CEO Vice President and Director
/T/
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Strongbow Exploration Inc.
Ken Armstrong
Vice President, Exploration
(604) 668-8355
(604) 668-8366 (FAX)
Email: info@strongbowexploration.com
Website: www.strongbowexploration.com
or
Allyn Resources Inc.
James Owen
Vice President
(604) 684-9201
Email: info@allynresources.com
Website: www.allynresources.com
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for the adequacy of this release.
Lining their own pockets...
Pretty lame price really.
Strongbow arranges $1.5-million financing
Strongbow Exploration Inc (TSX-V:SBW)
Shares Issued 34,029,752
Last Close 7/23/2004 $0.62
Friday July 23 2004 - News Release
Mr. D. Grenville Thomas reports
STRONGBOW EXPLORATION INC.: $1,500,000 PRIVATE PLACEMENT
Strongbow Exploration Inc. has arranged a private placement financing with a number of individuals and institutions. the company will sell two million flow-through shares at a price of 75 cents per share for gross proceeds of $1.5-million. The company has agreed to pay a finder's fee of 3 per cent on a portion of the private placement. The shares are to be qualified as flow-through shares under the Income Tax Act (Canada). A portion of the placement will be sold to company directors. The placement is subject to acceptance by the securities regulatory authorities.
The proceeds of the financing will be used to finance the company's ongoing exploration in the Northwest Territories and Nunavut. Strongbow has a number of field operations under way with crews on the ground in the Anialik volcanic belt, the Melville peninsula and on the Musk deposit. Ground geophysics will shortly be carried out on the Musk property and will be followed by a drilling program scheduled to commence by Aug. 15, 2004. The presence of a gravel airstrip on the property will enable drilling to continue through freeze-up. The Musk leases cover a volcanogenic massive sulphide deposit which is enriched in gold and silver. Drilling is aimed at increasing the existing 400,000-tonne reserve by exploring down dip and along strike. The property is subject to an agreement with Noranda Inc.
Strongbow Exploration Inc.: Exploration
Update-Commencement of Summer Exploration Programs
SBW
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jul 19, 2004) -
Strongbow Exploration Inc. (TSXV: SBW) is pleased to provide the
following update on its gold, base metal and diamond properties
in northern Canada. Strongbow currently holds varying interests
in approximately 3.6 million acres of mineral rights throughout
the Northwest Territories and Nunavut, including a 100% interest
in the mineral rights to approximately 740,000 acres of Inuit
Owned Lands in the West Kitikmeot region of Nunavut through an
exploration agreement with Nunavut Tunngavik Incorporated (NTI).
Gold and Base Metals
Strongbow retains a 100% interest in approximately 460,000 acres
of land covering the High Lake and Anialik River greenstone belts
in the West Kitikmeot region of Nunavut. Strongbow recently
completed approximately 4,560 line kilometres of helicopter-borne
magnetic/electromagnetic surveys over selected areas of the
Anialik, Canoe Lake, Rush Lake and High Lake North Properties.
Some of the surveyed areas within the 125,647 acre Anialik
property are not known to have been previously tested using
modern airborne geophysical techniques. Results of the surveys
are still being assessed, however preliminary interpretations
indicate a number of priority geophysical responses that will be
the focus of follow up mapping, prospecting and ground
geophysical surveys set to commence this week. These properties
are prospective for gold and base metal mineralization, with the
High Lake belt host to the High Lake polymetallic massive
sulphide deposit and the Ulu gold deposit, both of which are
currently being explored by Wolfden Resources Inc.
Exploration is set to commence during the first week of August on
Strongbow's Musk and Regan Lake Properties located within the
Back River area of Nunavut. As previously reported (Strongbow
News Release #04-03, May 27 2004) the Musk Mining lease
encompasses the Musk silver-zinc-gold-copper massive sulphide
deposit that was discovered by Noranda Inc. in 1979. Drilling and
detailed evaluation carried out by Noranda in the 1980's has
outlined a volcanogenic massive sulphide deposit of 415,000
tonnes, above a vertical depth of 150m, grading 1.4 g/t Au, 324
g/t Ag, 1.1% Cu, 1.4% Pb, and 9.8% Zn(i) in a typical Archean
volcanic setting. The remainder of the Musk property consists of
Inuit Owned Lands and recently staked mineral claims covering
prospective geology along strike from the Musk deposit. The 2004
exploration program will include exploration drilling to confirm
and potentially expand the Musk deposit as well as airborne and
ground geophysical surveys, mapping and prospecting intended to
identify additional exploration targets within the property. The
presence of two airstrips at Musk will allow drilling and related
exploration to continue throughout the fall without interruption
due to freeze-up.
Results of a high resolution fixed wing magnetic survey over
Strongbow's 100% owned, 24,363 acre Regan Lake property indicate
several fold closures of an interpreted iron formation horizon.
The iron formations can be traced over a strike length of 19 km
within the property and are located within the same sedimentary
rock formations as the gold-bearing iron formations of the George
and Goose Lake gold deposits currently being explored by Miramar
Mining Corp. approximately 70km to the northeast. A
helicopter-borne magnetic/electromagnetic survey is currently
being planned to cover the entire strike length of the iron
formation horizon in an attempt to identify conductive sulphide
accumulations. Follow up mapping and prospecting is planned for
August and September, 2004.
Strongbow holds a 100% interest in approximately 216,000 acres of
mineral claims in the Committee Bay greenstone belt in eastern
Nunavut. Strongbow is actively pursuing a partner to share in the
costs of exploring these properties, including an airborne
geophysical survey and follow up mapping and prospecting planned
for the summer of 2004.
Diamonds
On the LDG, Starfish, and Daring Lake Properties, Stornoway
Diamond Corporation is continuing to fund an estimated $850,000
exploration program. The properties collectively comprise
approximately 185,000 acres of mineral claims situated at Lac de
Gras, to the south and west of the Diavik and Ekati diamond
mines. Stornoway can earn up to a 60% interest in the properties
by completing a feasibility study. The first phase of 2004
drilling focused on the Starfish claims but did not intersect
kimberlite. Sulphide mineralization encountered during drilling
has been submitted for analyses, and any significant results will
be reported when available. Ground geophysical surveys were
completed over 40 grids (43 targets) on the LDG property and 6
grids on the Daring Lake property. A number of the targets have
proven to be of significant interest and require drill testing.
Till sampling on the LDG and Daring Lake properties is planned
for August and September, 2004. Diamond drilling of high interest
targets on the LDG property is scheduled to continue in 2004 as
logistical considerations permit.
Exploration has commenced on Strongbow's various properties in
the Coronation Diamond District. Till sampling and prospecting of
Strongbow's 100% owned 87,136 acre Blue Lake Property is intended
to further define a 2.5 km wide train of kimberlite indicator
minerals located in the centre of the property. Till samples
collected within the train in 2003 returned anomalous results of
between 1 and 967 kimberlite indicator minerals with 8 of 101
total samples returning in excess of 100 kimberlite indicator
minerals. Results to date further indicate the mineral train is
cut off within the property. So far this field season,
approximately 140 additional till samples have been collected and
a detailed helicopter-borne magnetic/electromagnetic survey is
planned to cover the head of the indicator mineral train. On the
56,049 acre Bear Property (Strongbow 35%; Stornoway Diamond
Corporation 65%) a single geophysical target was drill tested
which did not intercept kimberlite. Prospecting and till sampling
will be undertaken on the 20,579 acre Jewel Property (also shared
with Stornoway under a similar arrangement) within a newly
identified mineral distribution train thought to originate within
the claim group.
Strongbow and partner NDT Ventures Ltd. have completed plans for
a $300,000 exploration program on the companies' Fury, Sarcpa and
Gem Properties on the Melville Peninsula, Nunavut. The properties
cover approximately 1,048,500 acres (4,243 square km) of
prospective ground situated within 60 km of the diamondiferous
AV-1 and AV-2 kimberlites now being explored by Stornoway Diamond
Corporation. Strongbow and NDT are earning a collective 60%
interest (30% each) in these properties from Stornoway and BHP
Billiton. In 2003, Strongbow and NDT completed a 15,000 km fixed
wing aeromagnetic survey over the Fury permits and collected a
total of 245 heavy mineral samples from Fury, Sarcpa and Gem.
Interpretation and analysis of the magnetic data has resulted in
the identification of 95 anomalous responses. Five anomalous
heavy mineral samples from Fury have returned kimberlitic pyrope
garnet grains and a single sample from Gem returned several
mineral grains of probable kimberlitic affinity. Exploration
plans for 2004 include ground follow up and prospecting selected
high priority geophysical targets on the Fury property and the
collection of approximately 140 heavy mineral samples to confirm
and follow up anomalous sample results on both Fury and the Gem
property. No further exploration is planned for Sarcpa, however
the property is located in a strategic area and exploration
expenditures incurred to date are sufficient to hold the permits
for several years. The 2004 field program on the Fury and Gem
properties is under the supervision of Robin Hopkins, P.Geol., a
Qualified Person under NI 43-101.
Strongbow holds a 33.3% interest in 10 prospecting permits
(284,655 acres) acquired in 2003 to cover most of Wales Island,
immediately west of Melville Peninsula. These permits are 40 km
north of a cluster of 9 diamondiferous kimberlite pipes recently
discovered by BHP Billiton. In 2003, Strongbow in partnership
with Stornoway and BHP Billiton located discrete aeromagnetic
anomalies that may represent kimberlite intrusions. These
anomalies will be ground checked and tested with a comprehensive
diamond exploration program in 2004.
(i) Strongbow has not identified key assumptions and parameters
used in determining the 22 year old drill indicated resource
reported by Noranda Inc. Therefore the accuracy of the
calculations used to estimate the reported resource may not
conform to definitions required by National Instrument 43-101 and
Strongbow is unable to comment on the reliability of the
estimate.
On behalf of the Board STRONGBOW EXPLORATION INC.
D. Grenville Thomas, President and CEO
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Strongbow Exploration Inc.
Ken Armstrong
Vice President, Exploration
(604) 668-8355
(604) 668-8366 (FAX)
Email: info@strongbowexploration.com
Website: www.strongbowexploration.com
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for the adequacy of this release.
Pure Gold Minerals Inc.: Update Of Operations-North
James River Property, High Lake, Nunavut
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jul 15, 2004) -
Donald R. Sheldon, President of Pure Gold Minerals Inc. (the
"Corporation"), is pleased to provide this update of operations
on its North James River Property, High Lake, Nunavut (the
"Property"). Exploration on the Property is now underway and will
focus on the Cygnet Lake Gold Zone and the evaluation of the
anomalies from last winter's airborne electromagnetic and
magnetic survey, which were further defined by ground UTEM and
magnetic surveys.
The Cygnet Lake Gold Zone was previously discovered and evaluated
by BHP Minerals Canada Ltd. The Zone is contained within a
structural host and is described as gold associated with varying
amounts of pyrite and arsenopyrite in linear zones of
silicification and quartz veins. While gold mineralization has
been discovered along a strike length of approximately 3
kilometres there are two zones, the Silver Bullet and the Black
Ice that show particular promise. On the Silver Bullet Zone
previous surface sampling returned values up to 154 g/t gold and
on the Black Ice Zone values up to 21 g/t gold. Visible gold was
noted within the Cygnet Lake Gold Zone.
The current exploration program will evaluate the overall Cygnet
Lake Gold Zone and in particular the Silver Bullet and Black Ice
Zones. Channel and chip sampling, geological mapping and
geophysics will all be used to define targets for ongoing
exploration. Diamond drilling is being planned for later in the
summer to evaluate targets defined by the current field program.
The Company is operator of the program and Geoff Goodall, P.Geo.,
Qualified Person, is responsible for the design and
implementation of the current field program.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Pure Gold Minerals Inc.
Donald R. Sheldon
President
(604) 687-2038
(604) 687-3141 (FAX)
Website: www.puregold.ca
What a drop on CMD today:
Commander Resources releases Baffin drill results
2004-07-06 15:49 ET - News Release
Mr. Kenneth Leigh reports
COMMANDER INTERSECTS GOLD ON BAFFIN ISLAND
Commander Resources Ltd. has released results from the first nine drill holes of the 2004 drill program on the Malrok zone, Qimmiq project, Baffin Island, Nunavut. Intersections included 15.12 grams per tonne gold over three metres in hole MND-04-04 and 8.41 grams per tonne gold over 4.23 metres in hole MND-04-05. These intersections were 110 metres and 125 metres, respectively, down-dip from the 2003 channel samples and at depths of less than 30 metres from surface.
The primary objective, to encounter near-surface, high-grade gold mineralization down-dip from the high-grade surface samples, was a success. The mineralizing system and the potential for high-grade gold remains open north, south and down-dip to the east from the current drilling.
This is the first drilling ever completed on the 140-kilometre-long property, which contains at least nine gold prospects hosted by a 1.9-billion-year-old silicate-facies iron formation.
To date, 20 holes have been completed at Malrok. The current results are from the first nine holes.
Gold
Hole From-To Int grade
No. (m) (m) (g/t)
MND-04-01 0.00- 6.00 6.00 (*)1.73
MND-04-02 3.00- 6.00 3.00 (*)1.10
MND-04-03 17.00-19.42 2.42 4.72
Incl. 18.00-19.42 1.42 7.06
MND-04-04 23.00-29.00 6.00 9.15
Incl. 23.50-27.50 4.00 12.00
Incl. 24.00-27.00 3.00 15.12
Incl. 25.50-26.50 1.00 23.14
MND-04-05 24.10-28.33 4.23 8.41
Incl. 26.00-28.33 2.33 12.07
MND-04-06 35.72-36.07 0.35 9.40
MND-04-07 37.83-42.83 5.00 1.13
Incl. 37.83-39.33 2.00 1.60
MND-04-08 No significant assays
MND-04-09 44.35-46.71 2.36 0.40
Hornby Bay Raises $1.7 Million
TORONTO, ONTARIO--(CCNMatthews - Jul 6, 2004) - Hornby Bay is
pleased to announce that the company has through a non-brokered
private placement in the United States raised $1.7 million. The
proceeds will be used to fund working capital.
Pursuant to this financing, Hornby Bay issued 3,701,832 units at
a price of $0.45 each. Each unit consists of one common share and
one share purchase warrant. Each share purchase warrant entitles
the holder to acquire one half a common share of Hornby Bay for
one year at an exercise price of $0.60 and one half a common
share of Hornby Bay for one year at an exercise price of $0.70.
Hornby Bay Exploration Limited is a uranium exploration company
based in Toronto with active uranium exploration programs focused
on its 211 mineral claims covering 209,000 hectares (516,000
acres) of the Hornby Bay Basin in the Coronation Gulf area of
Nunavut.
Shares Outstanding: 59,448,355 Close: July 5, 2004: $0.48
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Hornby Bay Exploration Limited
George P. Bell
President & CEO
(416) 368-0114
(416) 368-0198 (FAX)
www.hornbybay.com
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE
CONTENTS OF THIS RELEASE.
Northwestern Mineral Ventures Acquires Option Rights To
Longtom Property In Bear Province, NWT
TORONTO, ONTARIO--(CCNMatthews - Jun 25, 2004) - Northwestern
Mineral Ventures (TSX-V: NWT) is pleased to announce that it has
secured the option rights to the Longtom property from Fronteer
Development Group (TSX: FRG). The Longtom property will be an
"after acquired" addition to Northwestern's existing option
rights in three properties - McPhoo, Achook and Conjuror - which
are all located in the Bear Province, Northwest Territories (the
"Bear Project").
Northwestern Mineral Ventures signed its original option
agreement with Fronteer on September 26, 2003. The agreement gave
Northwestern the right to acquire a 50% undivided interest in the
Bear Project by incurring exploration expenditures of $5-million
over five years. The Bear Project has the potential for discovery
of a significant Iron-Oxide Copper-Gold (IOCG) deposit. The
region is grossly under-explored for this style of mineralization
despite the many features it has in common with other IOCG
districts worldwide.
"The Longtom property is extremely important to our exploration
in Canada's Northwest Territories," said Kabir Ahmed, President
and CEO of Northwestern Mineral Ventures. "Of the four properties
that comprise our Bear Project portfolio, we believe Longtom to
be the most promising because it is where we have seen the most
significant indications of iron-oxide copper-gold
mineralization."
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Northwestern Mineral Ventures Inc.
Investor Relations
(866) 437-9551
info@northwestmineral.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
Miramar & Maximus Announce Letter of Intent to Explore
Part of Hope Bay Belt; Deal Would Accelerate Exploration
of Twin Peaks & Eastern Contact Areas
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jun 25, 2004) -
Miramar Mining Corporation (MAE-TSX, MNG-AMEX) and Maximus
Ventures Ltd. (MXV-TSX-V) today announced that they had signed a
letter of intent that would allow for the accelerated exploration
of the Twin Peaks and Eastern Contact target areas of Miramar's
100% owned Hope Bay belt in Nunavut.
"The Twin Peaks and Eastern Contact areas at Hope Bay are very
prospective exploration targets," said Tony Walsh, Miramar's
President & CEO. "However, Miramar's immediate focus is on
building the production profile from the existing deposits on the
belt. Given the large number of other exploration opportunities
available to Miramar within the Hope Bay belt, it makes sense to
bring in another party to accelerate the exploration of areas
that might not have been exploited for a number of years. The
goal of this transaction is to allow Miramar to maximize the
value of the Hope Bay belt by advancing it to production as soon
as possible, while continuing to build the production profile
through the systematic exploration of the belt, with grassroots
exploration being conducted in cooperation with strategic
partners."
"We are very excited to have the opportunity to participate in
the exploration of one of Canada's most prospective gold belts,"
said Ian Rozier, Chairman of Maximus. "High grade gold showings
in the Eastern Contact area present immediate drilling
opportunities, while the Twin Peaks area has numerous indications
of potential to host large scale, bulk tonnage gold deposits.
These targets provide Maximus with a blend of risks and
opportunities within a prolific, under-explored gold belt: high
grade outcropping gold showings ready to drill, and longer term,
higher risk exploration offering potential for the discovery of
very large gold deposits."
Eastern Contact
The Eastern Contact land package encompasses several high grade
gold showings, lying near the eastern granite-greenstone contact,
mostly comprised of outcropping high grade quartz veins. Included
in these showings are the 'BD', 'Brick', 'Gunn', 'Her' and 'Lawa'
showings, all of which have returned significant gold values (see
table below).
The BD, Brick and Her showings, though poorly exposed, occur as
auriferous veins hosted in iron carbonate altered tonalitic
granitoids, while Lawa and Gunn are hosted by mafic volcanic
rocks with associated carbonate alteration. The Gunn showing in
particular has three distinct episodes of veining/mineralization
while the Her showing is observed as a folded vein in the
discovery outcrop. There is potential at each of these showings
to develop significant low tonnage, high grade gold resources.
Highlights of Grab Samples from Eastern Contact Showings
--------------------------------------------------------
Showing Sample # Gold (g/t) Silver (g/t) Host unit Year
------- -------- --------- ----------- --------- ----
BD 18604 26.0 8.5 Granitoid 2000
18603 6.6 Granitoid 2000
Brick 18100 41.4 32.1 Granitoid 2000
16722 9.4 Granitoid 2000
95PQZT005D 34.5 28.7 Granitoid 1995
Gunn 96PDDT002A 9.3 18.2 Volcanics 1996
96PDJT032F 10.4 Volcanics 1996
96PDJT002M 8.4 Volcanics 1996
43449 13.8 Volcanics 2002
43450 19.3 Volcanics 2002
Her 94PTJT028 7.4 67.3 Granitoid 1994
94PTJT027 5.7 16.7 Granitoid 1994
94PTJT036 7.0 Granitoid 1994
Lawa 16377B 182.5 9.8 Volcanics 2000
18833 110.3 Volcanics 2000
95PAAT012C 491.0 18.1 Volcanics 1995
95PAAT012B 122.0 Volcanics 1995
Miramar Continues to Upgrade & Expand the Boston Deposit
at Hope Bay; Deep Drilling Yields High Grades; Better
than Expected Results from Resource Confirmation
Drilling
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jun 24, 2004) -
Miramar Mining Corporation today announced very positive results
from its drilling program at the Boston Deposit, at the south end
of the Hope Bay belt. These results enhance the existing resource
at Boston and continue to demonstrate the excellent potential for
a significant resource expansion to depth.
"Miramar believes that the Boston deposit will be able to support
the development of long term gold production," said Tony Walsh,
Miramar's President & CEO. "The current drill program at Boston
has two objectives: firstly to upgrade the confidence on the
inferred resource immediately below the existing ramp, and
secondly to continue to develop the depth potential of this major
gold system. These latest drill results go a long way to meeting
both objectives. The shallower drilling is returning better than
expected results while the deeper drilling continues to
demonstrate the strength and depth extent of this major gold
system."
Highlights of the recent drilling are set out below. Full results
are included in the table attached to this news release.
Highlights of Boston Drill Results
----------------------------------
Gold
Intercept Grade
Drill hole Target From (m) To (m) (m) (g/t)
---------- ------ ------- ----- --------- -----
S04-300W Depth Extension 918.7 924.5 5.8 7.1
Including 918.7 920.0 1.3 17.6
S04-301(i) Depth Extension 1,099.7 1,102.5 2.8 32.7
Including 1,100.0 1,101.8 1.8 50.0
S04-304 Resource Infill 410.6 417.2 6.6 21.7
Including 412.2 415.1 2.9 47.4
S04-308A Resource Infill 304.4 327.8 23.4 7.3
Including 323.3 324.7 1.4 33.9
And 359.4 360.4 1.4 21.1
S04-309 Resource Infill 374.4 386.4 12.4 9.3
Including 374.4 380.0 5.6 18.7
S04-310(i) Depth Extension 664.5 674.8 10.3 8.7
Including 665.0 674.0 9.0 9.9
(i) Partial results; additional assays pending
MIRAMAR MINING CORPORATION'S HOPE BAY PROJECT
Table of Assay Results to Accompany News Release Dated June 24, 2004
--------------------------------------------------------------------
Core Gold
Length Grade
Hole-ID Target From (m) To (m) (m)(i) (g/t)
--------------------------------------------------------------------
--------------------------------------------------------------------
S04-300W Depth 918.7 924.5 5.8 7.1
--------------------------------------------------------------------
Including Extension 918.7 920.0 1.3 17.6
--------------------------------------------------------------------
Including 922.1 923.1 1.0 11.0
--------------------------------------------------------------------
And 989.3 990.5 1.2 6.5
--------------------------------------------------------------------
And 1,028.2 1,030.3 2.1 4.6
--------------------------------------------------------------------
Including 1,029.0 1,030.0 1.0 7.1
--------------------------------------------------------------------
--------------------------------------------------------------------
S04-301(ii) Resource 65.0 67.8 2.8 5.1
--------------------------------------------------------------------
Including Infill 65.0 66.0 1.0 13.3
--------------------------------------------------------------------
And 920.3 922.8 2.5 1.9
--------------------------------------------------------------------
And 1,099.7 1,102.5 2.8 32.7
--------------------------------------------------------------------
Including 1,100.0 1,101.8 1.8 50.0
--------------------------------------------------------------------
(ii)additional assays pending
--------------------------------------------------------------------
--------------------------------------------------------------------
S04-302 Resource 234.0 239.1 5.1 9.8
--------------------------------------------------------------------
Including Infill 235.0 239.1 4.1 11.5
--------------------------------------------------------------------
And 263.7 271.0 7.3 1.6
--------------------------------------------------------------------
Including 263.7 264.4 0.7 6.4
--------------------------------------------------------------------
And 426.6 433.1 6.5 2.4
--------------------------------------------------------------------
Including 432.3 432.8 0.5 7.8
--------------------------------------------------------------------
And 479.1 481.3 2.3 3.6
--------------------------------------------------------------------
--------------------------------------------------------------------
S04-303 Depth 476.3 477.3 1.0 4.2
--------------------------------------------------------------------
And Extension 689.5 690.3 0.8 17.3
--------------------------------------------------------------------
And 779.0 780.0 1.0 30.2
--------------------------------------------------------------------
And 862.7 865.7 3.0 1.7
--------------------------------------------------------------------
--------------------------------------------------------------------
S04-304 Resource 89.8 90.8 1.0 7.1
--------------------------------------------------------------------
Including Infill 89.8 90.4 0.6 11.3
--------------------------------------------------------------------
And 287.4 288.0 0.6 6.3
--------------------------------------------------------------------
And 290.2 291.0 0.8 5.1
--------------------------------------------------------------------
And 297.5 298.0 0.5 8.3
--------------------------------------------------------------------
And 410.6 417.2 6.6 21.7
--------------------------------------------------------------------
Including 412.2 415.1 2.9 47.4
--------------------------------------------------------------------
And 433.9 435.3 1.4 5.9
--------------------------------------------------------------------
Including 434.6 435.3 0.7 10.6
--------------------------------------------------------------------
And 471.5 473.1 1.6 8.1
--------------------------------------------------------------------
--------------------------------------------------------------------
S04-305 Abandoned 82.3 82.8 0.5 8.0
--------------------------------------------------------------------
And 90.1 92.9 2.8 3.9
--------------------------------------------------------------------
Including 91.5 92.9 1.4 6.1
--------------------------------------------------------------------
And 112.1 113.9 1.8 3.5
--------------------------------------------------------------------
And 131.5 132.4 0.9 6.8
--------------------------------------------------------------------
--------------------------------------------------------------------
S04-306 Resource 168.8 174.2 5.4 2.9
--------------------------------------------------------------------
Including Infill 170.0 171.0 1.0 10.3
--------------------------------------------------------------------
And 245.3 247.0 1.7 2.4
--------------------------------------------------------------------
And 275.0 278.0 3.0 1.6
--------------------------------------------------------------------
And 287.0 296.5 9.5 4.4
--------------------------------------------------------------------
Including 287.0 288.0 1.0 8.3
--------------------------------------------------------------------
Including 292.3 293.4 1.1 21.2
--------------------------------------------------------------------
And 325.9 333.0 7.1 7.4
--------------------------------------------------------------------
Including 327.4 328.6 1.2 34.0
--------------------------------------------------------------------
And 375.2 376.0 0.8 5.7
--------------------------------------------------------------------
--------------------------------------------------------------------
S04-307 Abandoned
--------------------------------------------------------------------
--------------------------------------------------------------------
S04-308A Resource 167.3 167.9 0.6 8.9
--------------------------------------------------------------------
And Infill 179.0 180.4 1.4 4.6
--------------------------------------------------------------------
And 217.5 218.9 1.4 4.5
--------------------------------------------------------------------
Including 218.3 218.9 0.6 9.6
--------------------------------------------------------------------
And 235.6 236.2 0.6 12.1
--------------------------------------------------------------------
And 304.4 327.8 23.4 7.3
--------------------------------------------------------------------
Including 323.3 324.7 1.4 33.9
--------------------------------------------------------------------
And 359.0 360.4 1.4 21.1
--------------------------------------------------------------------
--------------------------------------------------------------------
S04-309 Resource 16.7 20.0 3.3 3.0
--------------------------------------------------------------------
And Infill 153.2 153.9 0.7 12.9
--------------------------------------------------------------------
And 189.6 191.0 1.4 23.1
--------------------------------------------------------------------
Including 189.6 190.5 0.9 36.2
--------------------------------------------------------------------
And 214.1 215.5 1.4 5.9
--------------------------------------------------------------------
And 347.0 348.0 1.0 6.8
--------------------------------------------------------------------
And 374.0 386.4 12.4 9.3
--------------------------------------------------------------------
Including 374.4 380.0 5.6 18.7
--------------------------------------------------------------------
And 404.2 405.2 1.0 19.4
--------------------------------------------------------------------
--------------------------------------------------------------------
S04-310(ii) Depth 664.5 674.8 10.3 8.7
--------------------------------------------------------------------
Including Extension 665.0 674.0 9.0 9.9
--------------------------------------------------------------------
(ii) Additional assays pending
--------------------------------------------------------------------
Intercepts are reported at a 1g/t cut-off, with the higher grade
inclusions reported at a 5g/t cut-off, with a maximum 2m inclusion
of material below cut-off.
Baffinland Announces Closing of $5.5 Million Private
Placement to Fund Iron Ore Exploration
TORONTO, ONTARIO--(CCNMatthews - Jun 22, 2004) - Baffinland Iron
Mines Corporation BIM ("Baffinland" or the "Company")
announced today that it has closed its previously announced
private placement of 4,400,000 flow-through special warrants
priced at $1.25 per flow-through special warrant for total gross
proceeds of $5.5 million. All of the flow-through special
warrants issued in connection with this private placement are
subject to a four-month hold period under applicable securities
laws.
A total of 3,760,000 flow-through special warrants were placed on
a best-efforts basis by a syndicate led by Haywood Securities
Inc., and including Orion Securities Inc. and Dundee Securities
Corporation. The balance of the special warrants was placed
directly by the Company on a non-brokered basis. For their
services in connection with the private placement, the Agents
received an aggregate commission equal to 5.5% of the proceeds
raised under the brokered offering, as well as broker warrants
entitling them to purchase, at a price of $1.25 per common share,
a total of 100,000 common shares of the Company.
The proceeds from the flow-through private placement will be used
to fund Baffinland's exploration activities at its wholly-owned
Mary River iron ore deposits located approximately 160 kilometres
south of Pond Inlet on Baffin Island, Nunavut. The mobilization
of supplies and personnel to the Mary River site for the 2004
diamond drill program is virtually complete and drilling is now
expected to commence by the end of the week of June 21st.
Drilling will initially test the exposed northern strike
extension of Deposit No. 1 and will subsequently test the down
dip and southern extensions of previous drilling. Drilling is
also planned on Deposits No. 2, No. 3 and No. 3A where no
previous drilling has been done. The 2004 drill program is
expected to be approximately 5,000 metres of large diameter core
completed by two diamond drills over the three month period to
mid-September 2004.
Forward Looking Statements
Certain information in this press release may contain
forward-looking statements. This information is based on current
expectations that are subject to significant risks and
uncertainties that are difficult to predict, including risks
relating to the exploration and development of the Company's iron
ore deposits. Actual results might differ materially from results
suggested in any forward-looking statements. The Company assumes
no obligation to update the forward-looking statements, or to
update the reasons why actual results could differ from those
reflected in the forward-looking statements. Additional
information identifying risks and uncertainties is contained in
the Company's filings with the Canadian securities regulators,
which filings are available at www.sedar.com.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or any applicable
exemption from the registration requirements. This press release
does not constitute an offer to sell or the solicitation of an
offer to buy nor will there be any sale of the securities in any
state in which such offer, solicitation or sale would be
unlawful.
Not for distribution to U.S. news wire services or dissemination
in the United States.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Baffinland Iron Mines Corporation
Gordon A. McCreary
Chairman & CEO
(416) 364-8820
or
Baffinland Iron Mines Corporation
Michael T. Zurowski
President
(416) 364-8820
info@baffinland.com
www.baffinland.com
THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR
DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE.
Starfield provides assays from two Ferguson Lake holes
2004-06-17 17:27 ET - News Release
Mr. Glen Macdonald reports
2004 "PIT AREA" DRILLING CONTINUES TO HIT HIGH-GRADE PLATINUM AND PALLADIUM FOOTWALL INTERCEPTS AT FERGUSON LAKE
Starfield Resources Inc. has continued diamond core drilling of the pit area of the west zone where 13,000 metres of shallow drilling are planned as part of the company's 2004 phase I exploration program.
The company is pleased to report PGE assay results for two additional holes, sequential to those reported in a press release in Stockwatch dated June 10, 2004. Drill hole 04-166 and 04-167 are located approximately 375 metres and 335 metres, respectively, east of the first group of holes reported for the 2004 program.
Drill hole 04-166 intercepted minor intervals of gabbro-hosted platinum group element (PGE)-rich footwall-style of mineralization. This hole was collared to target an untested portion of the UTEM geophysical conductor located in the area.
Drill hole 04-167 cut three separate intercepts of high-grade PGE footwall mineralization as well as broader zones of low-sulphide PGE mineralization. True thicknesses of the drill intercepts are not defined at this time.
Ferguson Lake gabbro-hosted footwall mineralization is often characterized by variable concentrations of platinum and palladium. Example intercepts from hole 04-167 include: a 1.25-metre (4.10-foot) interval from 153.50 to 154.75 metres grading 10.4 grams per tonne (g/t) platinum and 4.02 g/t palladium; a 0.9-metre (2.45-foot) interval from 218.60 to 219.50 metres grading 0.65 g/t platinum and 4.10 g/t palladium; and a 1.45-metre (4.76-foot) interval from 266.30 to 267.75 metres grading 0.53 g/t platinum and 4.65 g/t palladium.
It is important to note that the zone of high-grade platinum-palladium (14.42 g/t two PGE) newly discovered in hole 04-167 is located 335 metres east of hole 03-157 which graded 6.92 g/t two PGE over a core length of 15.5 metres (press release in Stockwatch dated Feb. 3, 2004) and 135 metres east of hole 02-135 which graded 6.1 g/t two PGE over a core length of 10.18 metres (press release in Stockwatch dated Oct. 17, 2002). This new platinum-rich zone in 04-167 is contained within a 3.75-metre (12.3-foot) core length grading six g/t two PGE.
The company is pleased that the presence of broad zones of two PGE footwall mineralization often containing high-grade platinum concentrations continue to be encountered along the trend of the pit area during the 2004 exploration program.
HIGHLIGHTS
PLATINUM AND PALLADIUM
FOOTWALL MINERALIZATION
Cu Ni Co
Interval Length (ppm) (ppm) (ppm)
(m) (m) x.xxx% x.xxx% x.xxx%
04-166
80.45- 86.05 5.60 151 297 47
106.88-107.80 0.92 0.335% 1.220% 0.094%
122.25-125.60 3.35 0.236% 0.269% 0.034%
incl
125.25-125.60 0.35 0.134% 0.632% 0.079%
04-167
133.00-143.37 10.37 114 203 40
incl
133.00-137.00 4.00 196 319 62
145.65-152.25 6.60 0.605% 0.464% 0.055%
152.25-156.00 3.75 124 132 22
incl
153.50-154.75 1.25 217 252 39
163.00-164.50 1.50 266 177 29
167.50-170.50 3.00 612 404 52
218.60-219.50 0.90 0.465% 0.167% 0.017%
257.80-260.80 3.00 806 963 109
264.45-269.60 5.15 212 525 55
incl
266.30-267.75 1.45 389.2 1016 98
Interval Length Pd Pt Two
(m) (m) (g/t) (g/t) PGE(*)
04-166
80.45- 86.05 5.60 1.06 0.32 1.38
106.88-107.80 0.92 2.26 0.07 2.33
122.25-125.60 3.35 1.07 0.41 1.48
incl
125.25-125.60 0.35 2.86 (2.91) 5.77
04-167
133.00-143.37 10.37 1.33 0.41 1.74
incl
133.00-137.00 4.00 2.07 (0.54) 2.61
145.65-152.25 6.60 2.01 0.25 2.26
152.25-156.00 3.75 1.66 4.34 6.00
incl
153.50-154.75 1.25 4.02(xx) 14.42
(10.40)(xx)
163.00-164.50 1.50 0.83 0.92 1.75
167.50-170.50 3.00 1.36 0.43 1.79
218.60-219.50 0.90 4.10(xx) 4.75
0.65(xx)
257.80-260.80 3.00 1.71 0.22 1.93
264.45-269.60 5.15 2.43 0.30 2.73
incl
266.30-267.75 1.45 4.65(xx) 5.18
0.53(xx)
I don't know, dimonfind.
I tend to follow the precious/base metal stocks more. You're better off posting your question on one of the diamond threads. There are a few on I-Hub.
Does anyone know much about the three big giants (BHP, Rio Tinto & De Beers) digging up Canada's northlands for diamonds?
Is Tahera a good buy compared to the dozen or so new players drilling presently?
Baffinland Announces Flow-Through Private Placement To
Fund Iron Ore Exploration
BIM
TORONTO, ONTARIO--(CCNMatthews - Jun 10, 2004) - Baffinland Iron
Mines Corporation (TSXV:BIM) ("Baffinland" or the "Company")
announced today that it has entered into an agreement to issue
approximately 4,400,000 flow-through special warrants by way of
private placement at a price of $1.25 per special warrant for
total gross proceeds of approximately $5.5 million. A total of
3,600,000 flow-through special warrants will be offered for sale
on a best efforts basis by a syndicate led by Haywood Securities
Inc., and including Orion Securities Inc. and Dundee Securities
Corporation. The balance of the special warrants will be offered
directly by the Company on a non-brokered basis. The Company
intends to use the net proceeds of the private placement, which
will be paid to the Company immediately upon the closing of the
private placement, to fund mineral exploration at the Company's
Mary River iron ore deposits, located on Baffin Island.
Closing of the private placement, which is currently expected to
occur on or about June 15, 2004, is subject to certain customary
conditions, including, but not limited to, the execution of a
formal agency agreement and definitive subscription agreements
with the subscribers and the receipt of all necessary regulatory
approvals, including the approval of the TSX Venture Exchange.
Baffinland is presently mobilizing personnel and supplies to the
project site at Mary River, Baffin Island. Phase I diamond
drilling (5000m) of the Company's previously announced program is
expected to commence in mid-June, 2004. The Company expects that
the financing will fund Phase II of the 2004 program as well as
the placement of strategic supplies for the 2005 season.
The 2005 program is intended to expand on the exploration work
being completed in 2004 and is currently expected to consist of a
minimum of 10,000 metres of large diameter core and continuation
of environmental, socio-economic and engineering studies.
Conceptually, the objective of the 2004 and 2005 drill programs
is to delineate a substantial resource to support a
direct-shipping iron ore operation focused on European markets
with a production of approximately 10 million tonnes per year.
Justification for such an operation would require an approximate
doubling of the tonnage of the resources delineated in the
1960's.
Each flow-through special warrant is exercisable by the holder
for one common share of the Company, without payment of
additional consideration, and will be automatically converted on
the earlier of: (i) 4:00 p.m. (Toronto time) on the third
business day following the date on which a final receipt is
issued for a prospectus (final) in respect of a prospectus
offering by the Company that qualifies the distribution of the
common shares issuable upon exercise of the special warrants, and
(ii) 12:01 a.m. (Toronto time) on the date that is 4 months and
one day following the date of the closing of the private
placement. The number of common shares issuable for each special
warrant is subject to adjustment, in certain circumstances, in
the event that the Company issues additional common shares by way
of prospectus offering within 60 days of the date of the closing
of the private placement.
Forward Looking Statements
Certain information in this press release may contain
forward-looking statements. This information is based on current
expectations that are subject to significant risks and
uncertainties that are difficult to predict, including risks
relating to the exploration and development of the Company's iron
ore deposits. Actual results might differ materially from results
suggested in any forward-looking statements. The Company assumes
no obligation to update the forward-looking statements, or to
update the reasons why actual results could differ from those
reflected in the forward-looking statements. Additional
information identifying risks and uncertainties is contained in
the Company's filings with the Canadian securities regulators,
which filings are available at www.sedar.com.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or any applicable
exemption from the registration requirements. This press release
does not constitute an offer to sell or the solicitation of an
offer to buy nor will there be any sale of the securities in any
state in which such offer, solicitation or sale would be
unlawful.
Not for distribution to U.S. news wire services or dissemination
in the United States.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Baffinland Iron Mines Corporation
Gordon A. McCreary
Chairman & CEO
(416) 364-8820
or
Baffinland Iron Mines Corporation
Michael T. Zurowski
President
(416) 364-8820
info@baffinland.com
www.baffinland.com
THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR
DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE.
Wolfden releases results from Ulu drilling
2004-06-08 12:06 ET - News Release
Mr. Ewan Downie reports
WOLFDEN REPORTS HIGH-GRADE GOLD FROM DRILLING AT ULU PROJECT
Wolfden Resources Inc. has released initial drill results from continuing drilling at its 100-per-cent-owned Ulu gold property. The Ulu property is located in the High Lake greenstone belt, approximately 55 kilometres south of Wolfden's 100-per-cent-owned High Lake property, and is host to the high-grade Ulu gold deposit. The historical resource at Ulu is estimated at 1,368,953 tonnes grading 12.91 grams per tonne gold, containing approximately 565,000 ounces of gold between surface and the 360-metre level, using a five-gram-per-tonne cut-off grade and a 1.5-metre minimum mining width (Echo Bay Mines, Ulu gold project, feasibility study update 1998) indicating 3,650 tonnes per vertical metre. Wolfden's qualified person has reviewed this resource, considers it to be relevant and reliable and that it would likely be considered an inferred resource under current standards.
The current program will consist of drilling to define the limits of the mineralized zones for the purpose of completing a current resource study on the Ulu deposit, and will test for down-plunge extensions of the mineralized zones as well as additional lenses in the main deposit area. None of the current holes consist of confirmation drilling, or twinning.
Initial drilling has demonstrated continuity between the individual lenses at Ulu (UL04-01 and 03) intersecting gold mineralization in areas previously interpreted to be non-mineralized. UL04-01, 02 and 03 have intersected gold mineralization, down-dip and up-dip respectively, from the current resource. Holes UL04-04, 06, 07 and 09 have intersected mineralized zones parallel to the existing zones. UL04-04 to 09 also confirmed the presence of the No. 5 vein in an area where no previous drilling had been performed. Hole 04 intersected a crosscutting diabase dike in the No. 5 vein target area. This drilling confirms there is potential to increase the current resource at Ulu. The following table provides the mineralized intervals received.
Hole Zone From-To Int Au
No. (m) (m) (g/t)
UL04-01 New 64.05- 64.85 0.80 8.24
No. 1 72.00- 75.00 3.00 8.96
Incl 72.00- 74.00 2.00 12.06
No. 1 79.40- 80.40 1.00 7.40
No. 2 87.50- 89.10 1.60 9.32
UL04-02 No. 1 110.65-114.15 3.50 9.88
No. 2 116.95-118.10 1.15 7.95
UL04-03 No. 3 64.20- 65.80 1.60 8.73
UL04-04 New 31.50- 38.00 6.50 9.72
No. 5 Zone diked out
UL04-05 No. 5 145.55-147.50 1.95 8.93
UL04-06 New 103.75-105.15 1.40 10.10
No. 5 124.70-125.70 1.00 19.10
UL04-07 New 120.90-121.80 0.90 7.09
No. 5 138.10-139.10 1.00 9.29
UL04-08 No. 5 122.85-128.85 6.00 7.86
Incl 122.85-126.45 3.60 10.64
UL04-09 New 21.90- 23.00 1.10 17.10
No. 5 152.80-155.40 2.60 17.12
Strongbow options Nowyak property to Cdn Gold Hunter
2004-06-01 10:38 ET - News Release
Mr. D. Grenville Thomas reports
STRONGBOW EXPLORATION INC. OPTIONS NOWYAK GOLD PROPERTY TO CANADIAN GOLD HUNTER CORP.
Strongbow Exploration Inc. has signed a letter of intent granting Canadian Gold Hunter Corp. (CGH) an option to earn a 70-per-cent interest in the Nowyak gold property, located in the Yathkyed greenstone belt about 225 kilometres west of Arviat in the Kivalliq region of Nunavut. The property consists of six mineral claims covering an area of 5,520 hectares (13,636 acres) and contains significant shear-hosted gold and silver-bearing quartz-carbonate veins in surface showings and float boulders associated with the Komatik shear zone.
The gold-silver showings and mineralized float occur over a strike length of four kilometres. Exposure is poor and the mineralized shear has only been tested by 12 shallow holes totalling 800 metres. Although these drill holes intersected the mineralized shear, they have not located the source of numerous high-grade gold and silver-bearing boulders discovered to date on the property. Highlights of the drilling and surface sampling are shown in the accompanying table.
Hole Interval Length Gold Silver
No. (m) (m) (g/t) (g/t)
Bonanza zone
NL-99-0 25.15-26.70 1.55 5.44 14.1
NL-99-03 36.4-40.4 4.00 2.67 22.5
NL-99-05 62.75-64.45 1.70 9.33 33.6
Surface
grab - - 117.00 1420.0
Century zone
NL-00-01 51.55-53.0 1.45 6.59 19.5
Surface trench - 2.50 9.00 9.2
Commander issues clarification of May 31 news release
2004-06-01 15:09 ET - News Release
Mr. Bernard Kahlert reports
COMMANDER RESOURCES LTD.: QIMMIQ GOLD PROJECT, BAFFIN ISLAND
Commander Resources Ltd. has issued a clarification of the May 31, 2004, news release reported in Stockwatch, at the request of the TSX Venture Exchange.
Commander Resources Ltd. has completed the third and fourth drill holes on the Malrok north zone, Qimmiq project, Baffin Island. Holes MND 04-03 and MND 04-04 were collared 80 metres and 110 metres, respectively, down-dip from the 2003 channel samples. These channel samples returned gold assays of 12.98 grams per tonne gold over 3.5 metres and 24.85 grams per tonne gold over 3.6 metres, respectively. Channels are close to true thickness in the host iron formation. This gold bearing iron formation returned gold assays up to 200 grams per tonne gold over 0.5 metre over an 800-metre strike length in 2003.
Hole 04-03 cut the iron formation between 12.8 and 19.5 metres. Strong quartz veining, garnet bands and sulphides were noted between 15 and 19 metres. Hole 04-04 intersected the iron formation between 22.1 and 29.7 metres. Strong sulphides and garnet bands were intersected in the interval between 24 and 26 metres. Quartz veining, garnet bands and sulphides are directly associated with reported 2003 gold assays from the channel samples as noted above.
Holes MND 04-03 and 04-04 are drilled northwesterly on lines 40 metres apart. The first two holes, holes MND 04-01 and MND 04-02, were drilled 55 metres and 85 metres in front of holes 04-03 and 04-04, respectively. These two holes also intersected about six metres of the iron formation with quartz veining and sulphides. All holes were terminated in footwall volcanic rocks. A diagrammatic representation of the drill hole collar locations and an idealized cross-section through holes one and three may be found on the company's website at http://commanderresources.com/gold/pop_release16_04.htm.
Current plans are to drill about 20 holes in the Malrok north gold zone. Core is being logged in detail and sampling is under way. Verified assay results are expected in mid to late June.
Other work on the Baffin project is progressing well. Ground geophysics is assisting in defining the iron formation for further drill targeting. The 2,500-line-kilometre airborne geophysical survey is now 80 per cent complete; extra flying has been added to the survey grid to cover additional favourable target areas.
This release is issued as requested to clarify the company's news release reported in Stockwatch on May 31, 2004, to conform with National Policy 43-101.
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