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Lovitt plans to resume exploration at Lovitt mine
2020-06-01 14:40 ET - News Release
Mr. Lorne Brown reports
Lovitt Resources Inc. intends to resume exploration for gold at its wholly owned Lovitt gold mine, located near Wenatchee, Wash. The Lovitt Gold Mine produced 420,000 oz of gold and 600,000 oz of silver at a gold grade of 0.40 oz/ton (13.7 gm/t) with a small operation employing fifteen people between 1950 and 1966. The adjoining Cannon Mine, a mile to its north, produced 1,200,000 oz of gold at a grade of 0.30 oz/ton (10.3 gm/t) and 1,900,000 oz of silver between 1985 and 1995 with 180 employees. At today's gold price the Wenatchee Gold Belt would have produced an equivalent value of $2.8 billion. The mine is surrounded by 250 freehold acres of land owned by the Company making access totally private. This land is a major asset of the Company since it is on the books of the company at 1950's prices of $50 per acre. The company has not financed in the public markets since 2014 since land excess to mine security was sold for $70,000 per acre to generate working capital. The company expects to announce a Unit Financing of a share and a warrant in the near future.
The Lovitt Gold Mine is an epithermal type of deposit with low grade, widespread gold mineralization coupled with extensive silicification and quartz veins hosting higher grade mineralization in meta-sediments similar to the Carlin-type deposits of Nevada. The Company intends to raise funds for a deep drilling program this summer to test for ore below existing workings. The Company also intends to explore a surface area for gold indicated by archival 1950's working maps, before the advent of back-hoes and excavators, to assess the potential for surface mining on the property. Kinross Gold has a mill in Republic, WA that could process any ore discovered at a grade of 8.6 gm/t gold or higher. Kinross tested ore from the Lovitt Mine in the past and reported a recovery rate of about 91%.
This news release was reviewed and approved by our Director James Proudfoot, P.Eng., a qualified person under National Instrument 43-101. Please note that the Company relies heavily upon data assembled prior to the implementation of 43-101. Such data cannot be verified and should not in itself be relied upon for investment purposes. For the current NI 43-101 compliant assessment please access the most recent report as filed on SEDAR.
Its been trading down from the RTO placement price. Unfortunetly they are not as far along in thier program as I was hopeing.
Cosigo Resources completes 5,000 MMI samples at Machado
2011-05-03 09:13 ET - News Release
Mr. Dennis Milburn reports
COSIGO RESOURCES LTD. - MACHADO EXPLORATION UPDATE
Cosigo Resources Ltd. has provided an update on the company's activities in the Taraira gold belt of southeastern Colombia.
Highlights:
Cosigo's Machado project is known to have hosted more than 100 historic artisanal gold mining operations.
MMI (mobile metal ion) sampling has identified a large, approximately 5,000-metre-long zone of anomalous gold at the centre of the Machado project.
Bulk samples have confirmed the presence of high-grade gold mineralization with grades of up to 37.6 grams per tonne (g/t) gold.
"We are very pleased to have recently completed our listing on the TSX Venture Exchange and are looking forward to an exciting year for Cosigo and our shareholders," says Dennis Milburn, president and chief executive officer of Cosigo. "We believe that our properties in the Taraira gold belt have tremendous gold potential, and we are eager to carry out the first modern exploration program in the area."
Machado project
Cosigo's 100-per-cent-owned flagship project, the Machado project, is located in the Taraira gold belt in the Vaupes province of southeastern Colombia. The Taraira gold belt consists of a series of sandstone ridges straddling the Colombian-Brazilian border in an area surrounding the small town of Taraira in Colombia. The ridges, many with a strike length of tens of kilometres, generally stand about 100 metres above the surrounding lowlands. Gold mineralization is known to occur in several of these ridges, and evidence of artisanal gold recovery operations is widespread in the area.
The Machado project is located on Machado ridge six kilometres west of the town of Taraira. A gold rush involving up to 10,000 artisanal miners in the late 1980s prompted a geological study of Machado ridge by Mineralco SA, the former Mining Department of Colombia. Mineralco SA reported more than 100 active artisanal mining operations in the area, and rock and sediment sampling reportedly showed gold mineralization to be widespread along Machado ridge. Following the Mineralco study, a 9,973-hectare area was reserved by the Colombian government, and in 2007 this area was put out for bid by the government. Bids for the area were submitted by several gold explorers, including major gold companies. Cosigo's bid was successful leading to the company's acquisition of the Machado project.
Exploration work carried out by Cosigo to date has confirmed widespread gold mineralization on the Machado project. This work has included preliminary geological mapping, property-scale MMI sampling as well as grab, channel and limited bulk sampling.
MMI sampling
More than 5,000 MMI samples have been completed on a 100-metre-by-100-metre grid over the southernmost three quarters of the Machado project. Results highlight a large zone of anomalous gold, centred over an oxidized sandstone horizon at the centre of the Machado project and extending in a north-northwest direction along strike for approximately five kilometres. Several other areas with anomalous gold values have been identified on the property. These anomalies often coincide with the location of known historic gold recovery operations. Approximately 4,500 additional MMI samples have been collected on the Machado project. These samples have been sent to SGS Canada Inc. in Toronto, Ont., where they will be processed.
Bulk sampling
Bulk samples have been collected from two historic adits located in an area close to the centre of the Machado project. Three barrels of rock were collected from the Chile Bajo adit, and 18 barrels of samples were collected from the Agamenon adit. The bulk samples were obtained by blasting by local artisanal miners. The blasting was observed by Cosigo personnel on-site, who immediately after the blasting acquired the material liberated by the blast from the artisanal miners.
In the Agamenon adit, a panel measuring 190 centimetres by 119 centimetres by 80 centimetres was sampled. The sampled rock included material from narrow quartz veins while consisting mostly of silicified and haematized metasandstone. The Agamenon adit roughly follows 40-degree-southwest-dipping metasedimentary strata to a depth of about 25 metres, and a sample was obtained from approximately 20 metres below surface.
The second, three-barrel sample was obtained from the Chile Bajo adit, which is located 0.2 kilometre southeast of the Agamenon adit. The Chile Bajo adit follows 45-degree-southwest-dipping strata to a depth of approximately 30 metres. The height of the Chile Bajo adit is two metres, and it is up to eight metres wide. The sample represented a panel of approximately 200 centimetres by 100 centimetres by 30 centimetres of silicified, iron-oxide-stained metasandstone with an approximately 15-centimetre-wide quartz vein crosscutting the metasedimentary strata. Although narrow quartz veins make up only a small fraction of the total weight of the samples, their presence may have contributed significantly to the gold grade.
The three-barrel sample from the Chile Bajo adit, totalling 840 kilograms, as well as 617 kilograms of sample from two randomly selected barrels from the Agamenon adit were processed by gravity concentration at Knelson Research and Technology Centre of Langley, B.C. The entire samples were crushed to approximately minus one-quarter inch. The crushed material was then blended, and 10-to-12-kilogram subsamples from each bulk sample were obtained using Knelson's laboratory rotary splitter. Each subsample was pulped with water to approximately 60-per-cent solids by weight prior to being loaded into a laboratory rod mill and milled for 12 minutes to achieve an approximate feed P80 of 100 microns. The subsamples were then separately processed using Knelson's KC-MD3 concentrator. Concentrates as well as subsamples of the tailings stream were subsequently assayed for gold by fire assay. The metallurgical reports include a gravity recovery value as well as a calculated subsample gold head grade. Results are summarized in the associated table.
SAMPLING RESULTS
Subsample No. Calculated gold grade (g/t) Gravity recovery (%)
(Agamenon adit) KRTS 20564 A 37.6 91.5
(Agamenon adit) KRTS 20564 B 27.2 84.4
(Chile Bajo adit) KRTS 20542 A 7.11 70.7
(Chile Bajo adit) KRTS 20542 B 6.71 67.9
(Chile Bajo adit) KRTS 20542 C 6.47 69.8
(Chile Bajo adit) KRTS 20542 D 6.59 69.4
Processing of the bulk samples has provided Cosigo with concrete evidence of high-grade gold mineralization at the centre of the Machado project. The presence of free gold in the bulk samples is evident with 67.9 per cent to 91.5 per cent of the gold in the samples having been recovered by gravity methods.
Planning for a first drill program at Machado is under way, and two specialized reverse circulation (RC) drill rigs have been mobilized to Colombia. The RC drills are considered ideal for the Machado project as their large sampling volume will be very beneficial in an environment with a presence of free gold. The RC drills are quick, mobile and highly cost-effective with a very small footprint ensuring minimal environmental impact. Permitting to allow for the start of drilling is nearing completion with the finalization of the required native prior consults expected shortly.
A Cosigo corporate presentation can be found at the company's website, and a National Instrument 43-101 technical report for the Machado project is available on SEDAR. Dr. Joseph Montgomery, PEng, executive vice-president of Cosigo, is a qualified person under NI 43-101 and is responsible for the design and execution of the programs carried out by Cosigo in the Taraira gold belt. Dr. Montgomery has reviewed and approved the technical content of this news release.
Warrants (.50) from last years private placement are set to expire soon perhaps we will see some news? What happened to the idea of shipping ore (below)? What happened to drilling? Can this company execute?
The proceeds of the private placement will be used by Lovitt to complete an internal feasibility study to consider shipping ore for custom milling, to begin an exploration program on the mineral interest controlled by the company on the Wenatchee gold belt and to improve the working capital position of the company.
Horseshoe Gold shareholders approve Cosigo RTO
2011-04-06 12:54 ET - News Release
Mr. James E. McInnes reports
HORSESHOE SHAREHOLDERS APPROVE REVERSE TAKE-OVER TRANSACTION WITH COSIGO RESOURCES
Horseshoe Gold Mining Inc. has provided the results of its special meeting of shareholders, which was held on March 30, 2011, in Vancouver, B.C. At the meeting, the shareholders of the company approved all of the resolutions put before them, including: (i) the reverse takeover of Horseshoe by Cosigo Resources Inc. (the RTO), (ii) subject to the completion of the RTO, the increase in the number of directors of the company from three to seven and the election of Dennis Milburn, Joseph Montgomery, Andres Rendle, James McInnes, Patrick Mooney and Edward Robinson to the board of directors; (iii) the consolidation of the company's common shares on the basis of three old shares for one new share; (iv) certain amendments to the company's stock option plan; (v) subject to the completion of the RTO, the extension of previously granted stock options to directors, officers, employees and consultants of the company from five years to 10 years from their respective grant dates; and (vi) the adoption of the employee purchase plan, each as described in Horseshoe's information circular dated Feb. 14, 2011, mailed to Horseshoe shareholders and filed on SEDAR.
Further to news in Stockwatch on Nov. 1, 2010, the company is also pleased to announce that the TSX Venture Exchange has conditionally accepted the RTO, the consolidation, the company's brokered private placement of up to 10 million units at a price of 50 cents per unit for gross proceeds of up to $5-million and the name change of the company from Horseshoe Gold Mining Inc. to Cosigo Resources Ltd.
In compliance with exchange policy, the exercise price of the 5.2 million options granted to directors and officers of the company and announced on Nov. 15, 2010, will be increased to 50 cents, on a postconsolidation basis, on completion of the RTO.
The company expects to complete the RTO, the consolidation and the financing shortly, once it has satisfied certain closing conditions and subsequently obtained the exchange's final approval to the RTO.
About Cosigo Resources Inc.
Cosigo is a private company incorporated in British Columbia on March 30, 2005. Through its subsidiaries and company branches, Cosigo is engaged in the acquisition, exploration and, if warranted, development of gold properties in Colombia and Brazil. Cosigo's principal property is the Machado project, a gold exploration project on a 9,973.09-hectare mineral concession located in the Taraira gold belt in the province of Vaupes in southeastern Colombia.
Here is the company NR the day of the halt...
Romarco awaits Haile decision from U.S. Army Corps
2011-04-01 14:30 ET - News Release
An anonymous director reports
ROMARCO UPDATES HAILE GOLD MINE PROJECT PERMITTING STATUS
The period for submission by all interested parties of comments on Romarco Minerals Inc.'s applications for two of the permits required for operation at the Haile gold mine project, in Lancaster county, S.C., has closed.
In the fourth quarter of 2010, the company submitted applications for two permits required for commencement of operations: the state mine operating permit and federal 404 wetlands permit. The regulating agencies responsible for issuing these permits are the South Carolina Department of Health and Environmental Control (DHEC) and the U.S. Army Corps of Engineers (USACE), respectively.
As part of the mine permitting process, agencies and the public are requested to review the permit applications and provide their comments to the regulating agency. The comment period for the mine operating permit concluded in February, 2011, with few comments received; the comment period for the 404 permit concluded on March 30, 2011. The company received copies of the comment letters from the USACE on March 31, 2011, and as expected, the comments reflected a spectrum of views on the project including strong support, questions regarding impacts and requests for additional information. The EPA, acting as a commenting agency on this matter, recommended that the USACE request additional information and clarification before a permit be issued. While other agencies may act as commenting agencies, the USACE is the regulatory agency that will issue the federal permit, and no determination has been made by the USACE regarding an EIS.
The company has established good rapport and communication with all agencies, and will continue to work pro-actively with the USACE and DHEC to address the relevant comments. The company is committed to working with the USACE, DHEC and commenting agencies to demonstrate that its plans will fulfill the requirements of the applicable environmental regulations.
Petro Vista Energy starts drilling Morichito-5B well
2011-03-21 09:39 ET - News Release
Mr. Keith Hill reports
PETRO VISTA COMMENCES DRILLING OF MORICHITO-5B EXPLORATION / APPRAISAL WELL AT MORICHITO, COLOMBIA
Petro Vista Energy Corp. has commenced drilling its Morichito-5B deeper pool exploration and appraisal well in the Llanos basin in Colombia. The well was spudded on March 18, 2011.
The Morichito-5B will be drilled from the same drilling pad as the 2010 field discovery well Morichito-5 (see news release in Stockwatch dated March 25, 2010) and will be drilled directionally to a bottom-hole location approximately 1,400 feet southeast of the earlier discovery. The proposed total depth for the well is 6,600 feet in the Cretaceous Ubaue formation and will fulfill the company's fifth-phase contract commitment with the Colombia National Hydrocarbon Agency (ANH).
The Morichito-5B will be a dual-purpose well with a primary objective to test the potential of deeper Mirador, Gacheta and Ubaque reservoirs that have seen recent significant discoveries in the Llanos basin. Additionally, the well is also expected to encounter the same reservoir intervals that had shows or tested oil in the Morichito-5 discovery well in an updip position approximately 10 to 15 feet high to the Morichito-5 discovery well. This should provide additional oil reserves from those zones and give additional structural advantage for deeper Mirador sands that had excellent shows but tested wet. The Morichito-5B well should take approximately 14 days to drill after which logs and sidewall cores will be acquired and a completion decision will be taken.
Additionally, the company will mobilize a workover rig before the end of the month to begin testing the Carbonera 5,900-foot sand in the Morichito-5 discovery well that tested 100 per cent oil at rates of up to 375 barrels of oil per day during short-term drill stem tests in April, 2010. Due to the approach of the rainy season and resulting flood waters at that time, it was not possible to determine a definitive flow rate for the well.
Depending on results of the new Morichito-5B well and the long-term test of the existing Morichito-5 well, the company plans to install a production facility to put the two wells on immediate production.
Petro Vista president and chief executive officer Steve Benedetti comments: "With the success of Tartaruga well in Brazil and the impending production from the Morichito field in Colombia, Petro Vista will enter a new era of growth funded by internal cash flow. The company's main focus will be to grow production in these two core areas while continuing to pursue upside exploration projects on its existing licences."
This looks promising! The Buckhorn mine and Kettle River mill are owned by Kinross Gold...
State, feds to consider gold exploration near Buckhorn
By K.C. Mehaffey
Friday, December 3, 2010
CHESAW — Owners of a gold mine near Chesaw want to explore for more gold on 10,000 acres surrounding Buckhorn Mine.
If approved, the gold mine owners could build up to 72 miles of new roads, 675 new drill pad sites, and drill 965 exploration holes on state, federal and private land over five years.
The Okanogan-Wenatchee National Forest and state Department of Natural Resources will analyze the proposal by Echo Bay Exploration, a subsidiary of Kinross Gold, which owns the Buckhorn Mine near Chesaw.
The U.S. Forest Service and state Department of Natural Resources are working together to issue an environmental impact statement on the company’s proposal, said Phil Christy, Buckhorn Mine coordinator for the Okanogan-Wenatchee National Forest.
The DNR has already identified potential issues, such as disturbing land now used by wildlife, cattle, members of the Confederated Tribes of the Colville Reservation and people who recreate in the area.
Noise, noxious weeds and added road use also were listed as possible impacts from the proposed test drilling.
The exploration could lead to a proposal for another gold mine in the area, which would require additional environmental review and permitting, Christy said.
Okanogan Highlands Alliance, a local environmental group that is monitoring water quality around the mine, has recently raised concerns about increased mine-related contaminants in some streams, springs and groundwater wells since mining at Buckhorn began. They include chloride, nitrate, ammonia, sulfate and total dissolved solids.
Christy said exploration in that area before construction of the Buckhorn Mine was extensive. “Existing drill holes probably number over 1,000, and there may be as many as 1,500,” he said.
“Echo Bay wants to rapidly identify if there is additional gold resources near the existing Buckhorn Mine to continue uninterrupted operation of the Kettle River Mill and wants to identify possible additional gold resources within the wider project boundaries,” a DNR news release states.
Drilling could occur 24 hours a day, and take 11 days per drill hole. As many as 20 drill rigs could be used at once, and as many as six water trucks to haul water to the sites.
Property that would be explored includes more than 6,900 acres of Forest Service, 1,600 acres of state Department of Natural Resources land, almost 1,200 acres of U.S. Bureau of Reclamation land, and just under 300 acres of private land. A maximum of 507 acres would actually be disturbed, according to a Forest Service news release.
K.C. Mehaffey: 997-2512
mehaffey@wenatcheeworld.com
Hi KC, out west? hope you got some powder. Were you at PDAC? I should have looked you up but time was limited there as it was.
From EARLY WARNING REPORT UNDER NI 62-103:
"Pageland Minerals Ltd. (“Pageland”) acquired ownership of 9,056,603 common shares of Firebird Resources Inc., representing approximately 18.3% of the outstanding shares of the Company."
(9,056,603*100)/18.3 = 49,489,634 shares outstanding. Warrants??
Romarco drills 17.3 g/t Au over 31.8 m at Haile
2011-03-09 09:14 ET - News Release
Ms. Diane Garrett reports
ROMARCO ENCOUNTERS 31.8 METERS OF 17.3 G/T AT WEST LEDBETTER AND PROVIDES LAND UPDATE
Romarco Minerals Inc. has released drill results from its continuing 2011 exploration program at its 100-per-cent-owned Haile gold mine project in South Carolina. The results demonstrate the continued growth and continuity of the mineralized system at Haile, which remains unconstrained in all directions and at depth.
Drilling between South Pit and Ledbetter continues to identify mineralization between the two proposed pits. RCT-49 returned 31.8 metres of 17.3 grams per tonne gold, including a high-grade intercept of 7.6 metres of 66.9 g/t gold. There are several additional intervals of mineralization within RCT-49, which are noted in the table. DDH-384 was drilled to the northeast encountering mineralization within 33 metres of DDH-351 (released in Stockwatch Oct. 28, 2010 -- 51.2 metres of 4.1 g/t) and extending to within 65 metres of RCT-33 and RC-1771 (released in Stockwatch July 21, 2010 -- 54.9 metres of 2.6 g/t). DDH-384 encountered multiple zones of mineralization including 99.6 metres of 1.5 g/t gold and 69.8 metres of 4.5 g/t gold. Drilling in this area between South pit and Ledbetter continues to define significant mineralization beyond the current reserve pit boundaries and is demonstrating further continuity between these zones. Additional drilling is planned to continue defining the shape and extent of this mineralization.
In the western portion of South pit, DDH-350 encountered 39.2 metres of 2.6 g/t gold, including a higher grade intercept of 17.7 metres of 4.3 g/t gold. This drill hole is located within the higher grade area of South pit named Mill zone. Plan view maps are available on the home page of the company's website.
Land update
Romarco is also pleased to provide an update on its land position. The company currently owns approximately 9,000 acres of private, fee simple land and controls approximately 460 acres of leased mineral claims.
Romarco's property position includes all of the land necessary for the proposed mine plan detailed in its most recent feasibility study (filed Feb. 22, 2011, on SEDAR). The reserve pits in that study encompass less than 10 per cent of the current Haile land position. More than 5,200 acres are contiguous land parcels. The current Haile land package extends between one and twokilometres beyond the currently planned reserve pits, along the mineralized trend. These areas cover highly prospective ground for exploration adjacent to the main Haile deposit and are the focus of Romarco's 2011 exploration drill program.
Drilling is being performed by Romarco's company-owned drills, by Connors Drilling and by Boart Longyear. The drill samples are prepared and assayed by Alfred H. Knight Group (formerly named Alaska Assay Laboratory). Samples are prepared at its facility in Spartanburg, S.C., and assaying is completed in Fairbanks, Alaska. Blank samples and third party standards are inserted at random for submittal with all of the drill samples. The results of the control samples are within acceptable ranges. Periodic duplicate and check samples are analyzed by ALS Chemex in Reno, Nev. For a full discussion of the company's sampling, analysis, quality assurance, quality control and other technical disclosure, please see the company's NI 43-101 feasibility technical report dated Feb. 10, 2011, on SEDAR. Romarco's qualified person under NI 43-101 is Peter J. Butterfield, senior geologist at Haile.
Its been over 4 months, practically 5 by the time they have the meeting. Thats a lot of time to conduct sampling and define drill targets etc. In fact Cosigo may have already been drilling and have results. Anyway there should be lots of news flow once they put the RTO behind them. Pretty impressive bulk sampling from last August...
Cosigo Resources samples 37.6 g/t Au at Taraira
2010-08-18 12:56 ET - News Release
Mr. James McInnes reports
COLUMBIAN GOLD PROSPECT
Cosigo Resources Inc. has delivered a progress report on the Columbian gold prospect.
Taraira
A bulk sample comprising 18 to 45 gallon drums of rock was gathered from a blast in the underground workings on the central Machado area. The blast was drilled off using five-foot drill steel. Prior to the blast, the face was cleaned and all rock debris removed from the tunnel floor. Two channel samples were then chipped vertically and perpendicular to the strike of the strata. These samples were assayed in Vancouver. Assay results were 0.73 part per million gold for the No. 1 channel sample and 0.98 ppm gold for the No. 2 channel sample, respectively. The entire volume of the blasted rock was placed in 18 barrels and shipped to Vancouver for processing and assaying. Two of these barrels were randomly selected by the transport company and delivered to the Knelson Rsearch & Technology Centre. The two barrels contained 617 kilograms of rock. Results for assay and gravity separation analysis are shown in the table.
Sample Kilograms Recovery (%) Gold (g/t)
A 10.159 91.5 37.6
B 10.152 84.4 27.2
The pan concentrates, the pan tails and the final tails were assayed. The calculated gold head grade for the A sample was 37.6 grams per tonne gold, while the calculated head grade for the B sample was 27.2 g/t gold. Additional work is planned to help understand the significance and benefits of the coarse gold and nugget effect on channel samples that have been gathered from this as well as other prospects in the region. Permits that allow drilling of the prospect are in process and should be available by October, 2010, at which time Cosigo plans to begin a major drilling program using two new drills that are on site in Columbia. Joseph H. Montgomery, PhD, PEng, executive vice-president of Cosigo and a qualified person under the meaning of National Instrument 43-101, reviewed the technical information in this new release.
Share structure...
According to Stockwatch there were a mere 6.5M shares out when they closed the last private placement of 1.5M shares.
Assuming 2.5M in warrants from last year the total is only 10.5M shares fully diluted.
So market cap is just over $5.5M
Looks like the company spent last year raising funds but wasnt able to execute on any drill plans. The Matthews property is mentioned twice...
2010-03-15 20:06 ET - News Release
"Subject to adequate funding, the company also intends to conduct a diamond drilling program later in the year on its Matthews lease, about 1.5 miles from the patented claims of the Lovitt gold mine."
2010-11-08 11:50 ET - News Release
"Phase three, if finances permit, will consist of 3,000 metres of drilling on the Matthews property, 1.2 miles to the south of the Lovitt gold mine where diamond drill hole MAT-8 intersected 57.9 metres of 2.34 grams per tonne of which 15.3 metres graded 8.95 g/t of gold and 443 g/t of silver, at an initial depth of 610 metres."
Lovitt Resources acquires Matthews lease at Wenatchee
2009-11-16 15:29 ET - News Release
Mr. Lorne Brown reports
LOVITT RESOURCES INC. ACQUIRES KEY MINERAL LEASE ON WENATCHEE GOLD BELT
Lovitt Resources Inc. has leased a 155-acre property on the Wenatchee gold belt known as the Matthews lease. The lease will be in effect for 15 years and LRC has the option to purchase the property any time in the first 7.5 years for $5-million (U.S.). Lease terms call for the immediate issuance of 60,000 shares of LRC, plus a payment of $15,000 (U.S.) Jan. 5, 2010. An advance minimum royalty payment of $20,000 (U.S.) is due Nov. 1, 2011, followed by a similar payment of $30,000 (U.S.) Nov. 1, 2012, and the same amount every year thereafter for the life of the lease. This lease is subject to the approval of the TSX Venture Exchange, where the company trades with stock symbol LRC.V.
The Wenatchee gold belt (WGB) lies northwest-southeast for a length of 7.5 miles, open in both directions, with high-grade gold intercepts at both ends. The Cannon mine is at the north end of the belt on the city limits of Wenatchee, Wash., and the Lovitt mine owned by LRC adjoins the Cannon mine to the south. The Cannon mine produced 1.2 million ounces of gold from 1985 to 1994, and the Lovitt mine produced 420,000 ounces of gold from 1950 to 1967. Silver over the known extent of the WGB runs about 1.5 times the gold weight. LRC is currently conducting exploration to evaluate production options on the Lovitt gold mine patented claims.
The Matthews lease, approximately 1.5 miles southeast of the Lovitt gold mine, was first explored by Asamera Minerals (US) Ltd. in 1987 and 1988, when 34 diamond drill holes were completed. Consolidated Ramrod drilled 12 additional diamond drill holes in 1992 and 1993. Even though most drill holes were vertical, it is remarkable that over 75 per cent contained significant gold intersections.
The geology of the Matthews property is similar to that known of the rest of the WGB. The area explored on the Matthews lease to date is 1,500 feet by 750 feet, and contains abundant, high-grade, sediment-hosted, gold mineralization with lesser rhyodacite, intrusive-hosted, high-grade gold. Targets consist primarily of high-grade epithermal veins with adjacent, high-grade, sediment-hosted mantos and high-grade breccias pipes. Some step-out drill locations are 500 feet apart.
Both the Lovitt gold mine and Matthews lease rely upon historic data, which cannot be relied upon for mineral resource estimation without further diamond drilling. Management of LRC believes that the patented claims of the company hold the solution to future development of the Wenatchee gold belt, since all parts of the belt could be accessed by the construction of an exploration/production drift from the Lovitt mine workings, possibly the least intrusive and easiest permitting approach to access the minable gold and silver in the area. The WGB has local access to cheap power, skilled workmen, excellent roads and a major east-west national rail line with infrastructure within two miles.
LRC previously announced a drill program for the Lovitt mine and will now factor in a drilling program for the Matthews lease to be conducted concurrently. Budget and financing options for an expanded exploration program by LRC are currently under study. This release was approved by LRC director James M. Proudfoot, PEng, a qualified person under NI 43-101.
These are great GOLD drill results!
MAT-20 1770 1800 30 1.357 = 69m of 7.5g/t incl 4.6m of 90g/t
MAT-20A 1800 1815 15 0.320 = 70m of 1.7g/t incl 4.6m of 11g/t
MAT-93-1 1865 1905 40 0.229 = 69m of 2.6g/t incl 12m of 7.9g/t
MAT-93-6 1675 1700 25 0.163 = 32m of 0.9g/t
MAT-94-10 1860 1865 5 0.404 = 67m of 3.4g/t incl 20m of 7.5g/t
MAT-94-10A 1945 1970 25 0.486 = 45m of 3.8g/t
Leases secured for Wenatchee project
1998-01-21 08:46 ET - News Release
Mr Richard Walters reports
Yamana has secured leases on about 825 acres of private mineral rights for its Wenatchee precious-metals project, near the city of Wenatchee, in central Washington State. This includes more than two miles of the Wenatchee Gold Belt, an established, mineralized, fault-controlled zone from which the Cannon and Lovitt mines historically produced 1.7 million ounces of gold. Previous exploration drilling on Yamana's mining leases has intercepted up to 30 feet of 1.36 ounces of gold per ton, with numerous other ore-grade intercepts in several areas.
The three parcel fee land package covers the Compton, Wenatchee Heights and Matthews properties. It also includes an extensive (more than US$10 million) exploration database with results from 125 diamond drill core holes for more than 200,000 feet completed by previous explorers. One of these, Quest Resources, announced in a press release in February 1996 that it had outlined a mineralized zone on the Matthews property, about 1,800 feet below the surface, at least 600 feet wide and 2,500 feet long. The company also reported a 200 foot intersection, from 1,860 to 2,060 feet, that carried eight separate gold intervals, including 50 feet of 0.26 opt Au and 5 feet of 1.15 opt Au. Several other drill intercepts at Matthews have outlined the potential for a sizeable gold ore body.
About half of all the drilling was done on Matthews which shows underground mining potential for more than one million ounces of high-grade gold reserves. The ultimate target for the Wentachee project is several million ounces at grades averaging about 0.25 opt Au.
The company is looking for a string of deep lying, million-plus ounce, epithermal gold-silver deposits in a well-known and proven precious metals producing district.
The mineralization occurs in sandstones as a hydrothermal system, controlled by the Eagle Creek Fault, forming tube or worm-like bodies with a central core of silicification which pinches and swells both horizontally and vertically along the trend of the Wenatchee Gold Belt. It has been traced for seven miles, including about 2.1 miles under Yamana's properties. The focus is on a relatively continuous zone of mineralization located between depths of 1,000 and 2,000 feet. This could initially be investigated from surface with deep trunk holes from which multi-directional drilling could be conducted using navigational dimensional drill heads, a technique which has been successfully used here in the past. Follow-up exploration and development would likely include lateral drilling from tunnels, either spiral ramps or long declines.
The key attraction is that the project area has a history of profitable underground gold production, and the company has a complex, but well-documented exploration record indicating clear potential for much, much more.
Annual holding and acquisition costs are low. Being private lands, they are without many of the vexing problems of permitting and uncertain royalties associated with public lands in the US. The Wenatchee land parcels are subject to between 3 and 4% net smelter royalties.
Yamana is looking for a joint venture industry partner to invest in the project, likely a major company with experience working in Nevada's Carlin Trend, where much of the exploration and mine development have recently begun to focus on deposits several thousand feet deep.
WARNING: The company relies on litigation protection for "forward-looking" statements.
Wenatchee Gold Belt Project
Washington State, USA
Best Drill Hole Intercepts
Interval Inter-
From To cept Au
Hole (ft) (ft) (ft) oz/t
---- ---- ---- ------ ----
MATTHEWS PROPERTY
MAT-4 2005 2030 25 0.275
MAT-7 1590 1600 10 1.300
MAT-8 1790 1840 50 0.177
MAT-13 1775 1815 40 0.338
MAT-20 1770 1800 30 1.357
MAT-20A 1800 1815 15 0.320
MAT-93-1 1865 1905 40 0.229
MAT-93-6 1675 1700 25 0.163
MAT-93-8 1720 1730 10 0.225
MAT-94-10 1860 1865 5 0.404
1945 1995 50 0.261
MAT-94-10A 1945 1970 25 0.486
WENATCHEE HEIGHTS PROPERTY
JLB-2 1175 1450 275 0.022
1590 1625 35 0.104
JLB-3 1305 1465 160 0.027
JRD-1 1265 1340 75 0.045
JRD-3 1230 1275 45 0.056
COMPTON PROPERTY
COM-1A 120 185 65 0.274
COM-1D 65 85 20 0.062
COM-26 1545 1550 5 0.252
1795 1825 30 0.151
COM-27 1500 1520 20 0.402
COM-28 160 180 20 0.550
COM-29 100 105 5 1.038
COM-30 125 130 5 0.332
COM-31 160 170 10 0.733
COM-33 70 100 30 0.108
105 110 5 0.382
COM-36 1540 1650 110 0.034
1895 1930 35 0.052
Firebird issues 9.05 million shares to Pageland
2011-02-17 08:45 ET - News Release
Mr. Thomas Tough reports
FIREBIRD RESOURCES INC. EXERCISES OPTION ON SOUTH CAROLINA GOLD PROJECT
Pursuant to Firebird Resources Inc.'s previously announced option agreement with Pageland Minerals Ltd. dated June 24, 2010, as amended, Firebird has completed the share issuance portion of its first option to acquire a 70-per-cent interest in certain mineral leases covering the Buzzard-Jefferson-Belk properties located in South Carolina. Pursuant to the partial exercise, Firebird issued to Pageland 9,056,603 common shares at an issue price of 53 cents per issued share, representing approximately 19 per cent of the outstanding shares of Firebird.
"Firebird has focused primarily on the acquisition of key tracts of land along the Haile/Brewer gold trend in South Carolina and we are pleased to move forward with our acquisition of Pageland's Carolina slate belt properties," said Thomas R. Tough, president of Firebird Resources. Romarco's recent success at the Haile mine has underscored the fact that the area has not been extensively explored compared to other major gold belts and represents a significant opportunity to us."
In accordance with the terms of the option agreement, the shares issued to Pageland will be held in escrow until such time as Firebird exercises the first option in full by making cash payments to Pageland totalling $700,000 in the times specified in the option agreement and incurring expenditures on or in respect of the property totalling $495,000 on or before July 31, 2011. Pursuant to the terms of escrow, Pageland is prohibited from dealing with the shares in any manner, including the exercise of any voting and dividend rights attached thereto, during the period of escrow.
The shares are subject to a four-month hold period in accordance with applicable securities law and the rules and policies of the TSX Venture Exchange
I see they had a great run in 05-06, I think right at the moment are a shell. I wonder if Taylor knew this deal was coming?...
Taylor comments on Horseshoe Gold
2011-01-26 19:40 ET - In the News
Jay Taylor in the Jan. 17, 2011, edition of Gold, Energy & Tech Stocks comments on Horseshoe Gold Mining Inc., currently 19.5 cents. Mr. Taylor said buy on June 18, 2010, at 13 cents. An investment of $1,000 would now be worth $1,499. The TSX Venture Exchange halted trading in Horseshoe's shares in October, 2010, pending acceptance of documentation on a change of business or reverse takeover. Horseshoe is arranging a reverse takeover with Cosigo Resources Inc. It plans to consolidate its shares and change its name to Cosigo Resources Ltd. Mr. Taylor estimates that the new Cosigo will have 105 million outstanding shares, 40 per cent of which will be held by shareholders from the Horseshoe side. Cosigo owns the 9,973-hectare Machado property in the Taraira gold belt in Colombia. Mr. Taylor says this property can turn into a very exciting exploration play. He expects Horseshoe to resume trading this month, release "good exploration information" and then prove to shareholders that it is worth the wait. The newsletter writer reminds readers that illiquidity is not uncommon in the junior resource sector. This brief comment is a response to an inquiry from a subscriber of the newsletter.
Subject: HORSESHOE GOLD MINING INC
Dear Sirs: We advise of the following with respect to the upcoming Meeting of Security Holders for the subject Issuer:
Meeting Type :
Special Meeting
Record Date for Notice of Meeting :
14/02/2011
Record Date for Voting (if applicable) :
14/02/2011
Beneficial Ownership Determination Date :
14/02/2011
Meeting Date :
21/03/2011
Meeting Location (if available) :
Vancouver, BC
Voting Security Details:
Description
CUSIP Number
ISIN
COMMON SHARES
44075E107
CA44075E1079
Sincerely, Computershare Trust Company of Canada / Computershare Investor Services Inc. Agent for HORSESHOE GOLD MINING INC
One to watch for...
Horseshoe Gold arranges RTO with Cosigo
2010-11-01 14:59 ET - News Release
Mr. James McInnes reports
Horseshoe Gold Mining Inc. has entered into an arrangement agreement with Cosigo Resources Inc., providing for the acquisition by the company of all of the issued and outstanding shares and other securities of Cosigo. The agreement gives effect to the reverse takeover transaction announced by the company in Stockwatch on July 14, 2010.
In connection with the transaction, the company will effect a share consolidation and change its name to Cosigo Resources Ltd. The company will also undertake a concurrent private placement, each as more particularly described below.
Upon completion of the transaction, the company anticipates that it will continue to be classified as a mining issuer under the TSX Venture Exchange policies and will be engaged in the exploration of prospective gold properties in Colombia and Brazil. The company's principal property will be the Machado property, a gold exploration project on a 9,973.09-hectare mineral concession located in the Taralra gold belt in the province of Vaupes in southeastern Colombia.
Cosigo and the company are not non-arm's-length parties within the meaning of the policies of the TSX Venture Exchange.
Terms of the transaction
The transaction will be affected by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) among the company, Cosigo and the Cosigo securityholders.
Under the plan of arrangement, the company will acquire all of the issued and outstanding shares of Cosigo in exchange for such number of Horseshoe common shares that will result in former Cosigo shareholders holding, as a group, 60 per cent of the postconsolidation (but prefinancing) outstanding Horseshoe shares. The exact exchange ratio will be fixed and announced by the company and Cosigo on the record date for the transaction, based on the number of common shares of each of Cosigo and Horseshoe then outstanding. Outstanding common share purchase warrants and options of Cosigo will also be exchanged for warrants and options of the company in accordance with the same exchange ratio. The warrants and options to be issued by the company will contain substantially the same terms as the warrants and options of Cosigo being cancelled pursuant to the agreement, subject to adjustment of exercise price and the number of Horseshoe shares or other securities issuable on exercise thereof to give effect to the exchange ratio.
Horseshoe and Cosigo have agreed to use best efforts to complete the transaction on or before Jan. 31, 2011.
Each of Horseshoe and Cosigo have agreed that, until completion of the transaction or termination of the agreement, it will not solicit, initiate or encourage any sale of its securities to a third party.
Conditions of closing
Completion of the transaction will be subject to certain conditions, including:
* The company obtaining the consent of the exchange and the approval of its shareholders for the transaction, including the issuance of the transaction shares and the proposed consolidation;
* Cosigo obtaining the approval of its securityholders and the court in connection with the plan of arrangement;
* Cosigo shareholders shall not have exercised dissent rights in respect of the plan of arrangement in excess of 5 per cent of the issued and outstanding Cosigo shares;
* Cosigo and the company obtaining approval from their respective boards of directors;
* Neither Cosigo nor the company shall have suffered a material adverse change.
The company and Cosigo will be calling a special meeting of their respective shareholders to consider the transaction and related matters.
Concurrent financing
Horseshoe plans to complete a concurrent, non-brokered private placement of up to $5-million through the sale of up to 10 million units at a price of 50 cents per unit. It is proposed that each unit will comprise one Horseshoe common share and one-half of one Horseshoe common share purchase warrant, with each full Horseshoe warrant entitling the holders thereof to purchase a like number of Horseshoe shares for a period of three years at an exercise price or $1.00 per Horseshoe common share during the first year, an exercise price of $1.25 during the second year and an exercise price of $1.50 during the third year.
If on any 30 consecutive trading days the closing price of the Horseshoe shares (or the closing bid, if no sales were reported on a trading day) as quoted on the TSX Venture Exchange (or such other stock exchange, quotation system or market on which such shares are then listed) is greater than $1.25 during the first year-of the warrant term, is greater than $1.50 during the second year of the warrant or is greater than $1.75 during the third year of the warrant, then the company may accelerate the expiry date of the warrants to the 30th day after the date on which the company gives notice to the subscriber in accordance with the warrant of such acceleration. Any warrants not exercised on or before such 30th business day will expire and will no longer be exercisable to acquire shares.
The closing of the concurrent financing will be conditional upon the closing of the transaction. The net proceeds of the concurrent financing will be used to advance exploration of the Machado property and for general working capital purposes.
It is anticipated that a portion of the concurrent financing may be completed on a brokered basis. Terms, conditions and documentation for the concurrent financing may change subject to market conditions.
Changes of officers and directors
Under the terms of the agreement, the board of directors of the company at closing of the transaction will comprise seven directors, five appointed by Cosigo and two appointed by Horseshoe. A new management team will also be appointed on closing of the transaction. Upon such appointment, the company will issue a press release setting out the biographies of such directors and officers.
Description of the consolidation
Horseshoe will consolidate its outstanding shares on the basis of one new share for four old shares immediately prior to the completion of the transaction. Accordingly, Horseshoe shareholders will be asked, at the special meeting of Horseshoe shareholders called in connection with the transaction, to pass an ordinary resolution authorizing the consolidation. The company currently has 62,650,183 common shares outstanding an additional 33,889,620 common shares reserved for issuance pursuant to outstanding warrants and an additional 5.2 million common shares reserved for issuance pursuant to outstanding options. Postconsolidation (but prior to completion of the transaction and the concurrent financing) the company will have approximately 15,662,541 common shares issued and outstanding and 9,772,405 common shares reserved for issuance pursuant to outstanding warrants and options. Upon completion of the transaction and the proposed consolidation, but prior to the completion of the concurrent financing and assuming no additional securities of either Cosigo or the company are issued prior to closing, it is anticipated that the company will have approximately 41,422,929 common shares issued and outstanding, 20,808,856 warrants and 1.9 million stock options.
Name change
On completion of the transaction, the company intends to change its name to Cosigo Resources Ltd. or such other name as may be approved by its board of directors.
Resumption of trading
Trading in the company's shares will remain halted until the transaction is accepted by, or satisfactory documentation has been filed with, the exchange pursuant to Section 3.4 of exchange Policy 5.2.
Strongbow also has a Buzzard property and interestingly they quote the same historical drill hole I mentioned from the Firebird 43-101 report. Not sure about thier math converting to metric...
The Midway project also includes two land parcels that directly adjoin Romarco's Buzzard property. Reported results from exploration in the Buzzard area by Cepeda Minerals Inc. during the 1990s included highlight drill results of 129 feet (39.3 m) grading 0.259 ounce per ton gold (7.3 g/t) and 275 feet (83.8 m) grading 0.025 ounce per ton gold (0.7 g/t).
Thats the Haile mine pit? The aerial shots on Romarco's website look all together different.
Just looking at the Buzzard technical report. Historical drill hole CDD-96-1 41m of 5g/t Au including 4m of 44g/t, not bad!
Definetly in veins.
The report recommend $500,000 in drilling. Between that and the cost of the acquisition I expect a financing soon.
You can be sure they are going for gold.
I dont see your pictures or links?
Maybe its my computer
Strongbow Exploration SBW.V http://www.strongbowexploration.com
Strongbow finds 10 geochemical targets at Midway
2011-01-24 09:22 ET - News Release
Mr. Kenneth Armstrong reports
STRONGBOW IDENTIFIES TEN GEOCHEMICAL TARGETS AT MIDWAY GOLD PROJECT, SOUTH CAROLINA
Strongbow Exploration Inc. has released an update on exploration activities at its Midway gold project located in South Carolina.
Highlights include:
Results have been received for over 1,000 geochemical samples collected during the 2010 field program.
10 discrete, multielement geochemical anomalies have been identified within the Midway properties and represent priority targets for further evaluation in 2011.
Seven of the targets are located within the main Midway project area, including a robust 500-metre-by-300-metre anomaly that is coincident with altered volcanic and sedimentary rocks exposed in stream beds.
Exploration is scheduled to recommence in early February, with drilling planned to start in March, 2011.
Revolution Resources RV.TO http://www.revolutionresourcescorp.com
Revolution drilling averages 3.01 g/t Au over 28 m
2011-01-11 09:26 ET - News Release
Mr. Aaron Keay reports
REVOLUTION DISCOVERS SECOND ZONE AT CHAMPION HILLS PROJECT, CAROLINA SLATE BELT: INTERSECTS 28.0 METERS AVERAGING 3.01 G/T AU
Revolution Resources Corp.'s drilling on its Champion Hills project at the historic Jones-Keystone mine has resulted in the discovery of a second gold mineralized zone. The Champion Hills project is located in the Carolina slate belt, North Carolina. The company's phase II 5,000-metre core drilling program is under way.
They already doubled thier land holding in the last 13 months...
The company also reports that from Dec. 31, 2009, to Jan. 31, 2011, it increased its land position from 3,900 acres to a total of approximately 7,900 acres. Approximately 94 per cent of the landholdings are owned fee simple (surface, water and mineral rights) and the balance is leased.
Presumably those letters will add more.
Thank you for the insights - very interesting. I dont see any evidence of a financing going on by Romarco. Have a look at the gold index GDX you will see that Romarco has been just following along with the pack.
I wonder if there is a way to find out what companies are paying for the fly overs?
Firebird Resources FIX.V http://www.firebirdres.com/
Firebird Resources gets final approval on Pageland deal
2011-01-12 15:07 ET - News Release
Mr. Thomas Tough reports
FIREBIRD RESOURCES INC. ANNOUNCES FINAL APPROVAL OF OPTION AGREEMNT
The TSX Venture Exchange has provided final approval of Firebird Resources Inc.'s previously announced option agreement with Pageland Minerals Ltd. Pursuant to the option agreement, Firebird may acquire up to a 100-per-cent interest in certain mineral leases held by Pageland within the counties of Lancaster and Chesterfield in the state of South Carolina on the terms and conditions set forth in the option agreement. The mineral leases consist of 20 separate mineral leases constituting a total area of approximately 2,000 acres over three prospective gold properties, being the Buzzard, Jefferson and Belk properties.
Firebird also announced today that it has filed a National Instrument 43-101 technical report dated July 18, 2010, with respect to the Buzzard and Jefferson prospects. The report was prepared by consulting minerals geologist Richard C. Capps, PhD, CPG, and can be found on SEDAR. Mr. Capps is a qualified person as defined by NI 43-101, and is responsible for the report and has reviewed and approved disclosure of the report.
The company intends to file additional information with respect to the report in a subsequent news release.
We seek Safe Harbor.
Vacation of my dreams, time to get back to work!
Its an interesting area, there are several Canadian listed companies making deals down there.
yup great opportunity since the science hasnt changed