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Kestrel Gold Inc. Announces Proposed Private Placement
2020-08-13 10:21 MT - News Release
CALGARY, AB / ACCESSWIRE / August 13, 2020 / Kestrel Gold Inc. (the "Corporation") (TSXV:KGC) announces that it proposes to offer by way of a non-brokered private placement up to 8,500,000 units ("Units") at a price of $0.035 per Unit to raise gross proceeds of up to $297,500 (the "Offering"). Each Unit will consist of one common share and one common share purchase warrant (each whole warrant called a "Warrant"), with each Warrant entitling the holder to acquire, for a period of 24 months from the date of issue, one common share at an exercise price of $0.07 per common share.
Finders who introduce subscribers to the Offering will be paid a cash commission equal to 6% of the gross proceeds from the sale of Units sold to such subscribers and will receive warrants entitling the finder to purchase a number of common shares of the Corporation equal to 6% of the number of Units sold to such subscribers, at an exercise price of $0.07 for a period of 24 months from the date of issuance of the warrants.
Attributes of the Offering are as follows:
The Offering will be made pursuant to various prospectus exemptions in all jurisdictions in Canada, including the exemption available to existing shareholders (the "Existing Shareholder Exemption"). The exemption available by virtue of receipt of suitability advice from a registered investment dealer ("Investment Dealer Exemption") is only available in Alberta, British Columbia, Saskatchewan, Manitoba and New Brunswick and in relation to the Investment Dealer Exemption, the Corporation states that there is no material fact or material change related to the Corporation which has not been generally disclosed.
With regard to the Existing Shareholder Exemption, the record date for subscribers who qualify is August 13, 2020.
Subscribers relying on the Existing Shareholder Exemption must obtain a Subscription Agreement from the Corporation by sending a request by e-mail to rob@solinger.ca and submitting, by not later than August 27, 2020, a fully executed Subscription Agreement together with the subscription funds in accordance with the instructions accompanying the Subscription Agreement.
In the event that the Offering is over-subscribed by subscribers relying on the Existing Shareholder Exemption, the subscriptions will be accepted on a pro-rata basis based on the amount subscribed by each subscriber, and the balance of the subscription funds will be returned to the subscriber.
There is no minimum offering and the maximum offering is 8,500,000 Units.
Proceeds from the Offering will be used for finders' fees of up to $15,000, exploration expenses of up to $190,000, professional fees of $30,000, filing fees and annual meeting expenses of $25,000 accounts payable of $20,000 and other expenses of $17,500.
In that directors and senior officers of the Company will be participating in part of the Private Placement, that part of the Private Placement will be a "related party transaction" within the meaning of Multilateral Instrument 61-101 ("MI 61-101"), which requires the Company to obtain "minority approval" of the Company's shareholders of the related party transaction unless there is an exemption from such requirement. The Company is relying on the exemption in Section 5.7(a) of MI 61-101 on the basis that the fair market value of the securities to be distributed to the related parties will be less than 25% of the Company's market capitalization.
The Offering is subject to final TSX Venture Exchange acceptance. Common Shares and Warrants will be subject to a four-month hold period.
Forward-Looking Statements
The information and statements in this news release contain certain forward-looking information. This forward-looking information relates to future events or the Corporation's future performance. In particular, this document contains forward-looking information and statements regarding: (i) the completion of the Private Placement and the issuance of the common shares; and (ii) the use of proceeds of the Private Placement. All statements other than statements of historical fact may be forward-looking information. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. These assumptions include market acceptance of the terms of the Private Placement. The outcome and timing of the proposed Private Placement, as well as the Corporation's actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking information, and accordingly, no assurances can be given that any of the events anticipated by the forward-looking information will transpire or occur or, if any of them do, what benefits that the Corporation will derive from them. The Company's forward-looking information is expressly qualified in its entirety by this cautionary statement. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking information.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in the policies of the TSX Venture Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information contact:
Rob Solinger, President and CEO
Office: (403) 816-2141
Email: rob@solinger.ca
SOURCE: Kestrel Gold Inc.
View source version on accesswire.com:
https://www.accesswire.com/601596/Kestrel-Gold-Inc-Announces-Proposed-Private-Placement
© 2020 Canjex Publishing Ltd. All rights reserved.
Kestrel appoints Lynch, Kreft, Termuende as advisers
2020-08-11 14:05 MT - News Release
Mr. Rob Solinger reports
KESTREL GOLD ANNOUNCES FORMATION OF ADVISORY BOARD
Kestrel Gold Inc. has formed an advisory board, consisting of three industry veterans, that will provide counsel to Kestrel's president and the board of directors. Inaugural Advisory Board members include Dr. Gregory Lynch who has a PhD in geology from the University of Alberta along with experience in the mining as well as oil and gas sectors; Bernie Kreft who is a well-known prospector that runs a private prospect generator company active in the Canadian cordillera, and Tim Termuende who has a BSc in geology and is currently the President and CEO of both Taiga Gold Corp and Eagle Plains Resources.
Rob Solinger, Kestrel's president and chief executive officer, stated, "The three Advisory Board members have over 90 years of combined industry experience which will play an important role in helping provide direction and insight to Kestrel as we advance our flagship King Solomon's Dome project and look to broaden Kestrel's exploration footprint via new acquisitions."
Further details relating to the Advisory Board members are provided herein.
Dr. Gregory Lynch
Gregory Lynch is a professional geologist with 35 years experience in the mining and oil and gas industries. Dr Lynch has a PhD (Geology) from the University of Alberta; an MSc (Geology) from Washington State University and completed his BSc at the University of Ottawa. His PhD and MSc theses were on the Keno Hill silver veins in the Yukon and on the Kalzas tungsten deposit in central Yukon. He recently retired from Shell Canada Ltd to spend more time with his family and pursue his passion for exploration of mineral deposits.
Bernie Kreft
Bernie Kreft runs a private prospect generator company specializing in the acquisition, early stage development and divesture of mineral properties within the Canadian Cordillera. He currently owns over 70 distinct mineral projects totalling approximately 58,000 hectares. Current public company partners on his properties include: Kore Mining Ltd, Sitka Gold Corp, Teck Resources Limited, Alianza Minerals Ltd, Taku Gold Corp, Talisker Resources Ltd, Banyan Gold Corp, Strikepoint Gold Inc, Exgen Resources Inc and Generation Mining Limited.
Tim J. Termuende
Tim Termuende is a professional geologist with over 35 years of experience in the mineral exploration industry. Mr Termuende is currently President, CEO and a Director of Eagle Plains Resources Ltd. and Taiga Gold Corp, both publicly-traded companies listed on the TSX Venture Exchange. Since leaving Cominco in the late 1980's, Mr Termuende has worked on exploration projects throughout North and South America and currently oversees a broad range of projects targeting various commodities throughout British Columbia, Saskatchewan, Yukon and Northwest Territories. He has been involved with numerous publicly-traded corporations since 1994.
© 2020 Canjex Publishing Ltd. All rights reserved.
RT Minerals arranges $1.01-million private placement
2020-08-11 15:42 MT - News Release
Mr. Donald Clark reports
RT MINERALS CORP. ANNOUNCES PRIVATE PLACEMENTS WITH LEAD ORDER FROM PALISADES GOLDCORP
RT Minerals Corp. proposes to undertake private placements to raise gross proceeds of up to $1,015,000. The company proposes to raise up to $700,000 through the sale of up to 14,000,000 non flow-through units priced at $0.05 (the "NFT Units") and up to $315,000 through the sale of up to 4,500,000 flow-through units priced at $0.07 (the "FT Units"). Each NFT Unit consists of one common share and one share purchase warrant (the "Warrant") exercisable into one further common share at a price of $0.07 for a term of three years. Each FT Unit consists of one flow-through common share and one half of one share purchase warrant, with each whole Warrant exercisable into one further common share at a price of $0.08 for a term of three years.
The Offering will be conducted under available exemptions from the prospectus requirements of applicable securities legislation and participation in the Offering will be available to existing shareholders in qualifying jurisdictions in Canada in accordance with the provisions of BC Instrument 45-354 (the "Existing Shareholder Exemption") and similar provisions in other jurisdictions' securities legislation and will be available to persons in qualifying jurisdictions in Canada who have obtained advice as to the suitability of the investment from a person registered as an investment dealer in accordance with the provisions of BC Instrument 45-536 and similar provisions in other jurisdictions' securities legislation.
The Company has set August 10, 2020 as the record date for the purpose of determining shareholders entitled to participate in the Offering in reliance on the Existing Shareholder Exemption. Qualifying shareholders who wish to participate in the Offering should contact the Company as detailed below. If the Offering is oversubscribed, units will be allocated pro rata amongst all subscribers.
The proceeds from the sale of the flow-through portion of the Offering will be used for exploration activity on the Company's 100% owned Norwalk gold property located near Wawa, Ontario, where drilling is expected to commence in September 2020 subject to completion of the Offering. The proceeds from the sale of the non flow-through portion of the Offering will be used for additional exploration work, project acquisitions, payment of debt and trade payables and for general working capital.
Finders' fees may be payable in connection with the Offering of 8% cash and 8% in warrants at $0.08 per warrant and in accordance with the policies and subject to the approval of the TSX Venture Exchange ("TSXV").
The Offering is subject to the approval of the TSXV.
About Palisades Goldcorp
Palisades Goldcorp is Canada's new resource focused merchant bank. Palisades' management team has a demonstrated track record of making money and is backed by many of the Industry's most notable financiers. With junior resource companies equities valued at generational lows, management believes the sector is on the cusp of a major bull market. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
East West Petroleum's McElroy resigns as director
2020-08-11 15:10 MT - News Release
Mr. Nick Demare reports
EAST WEST PETROLEUM ANNOUNCES RESIGNATION OF ROSS MCELROY
East West Petroleum Corp.'s Ross McElroy has resigned as a director of the company. The board thanks Mr. McElroy for his contributions to the company as a director and audit committee member and wishes him well in his future endeavours.
About East West Petroleum Corp.
East West Petroleum was established in 2010 to invest in international oil and gas opportunities.
© 2020 Canjex Publishing Ltd. All rights reserved.
New Dimension Acquires 3 High-Grade Gold and Copper Projects in Scandinavia
2020-08-11 07:00 MT - News Release
TSX-V: NDR
VANCOUVER, BC, Aug. 11, 2020 /PRNewswire/ - New Dimension Resources Ltd. (TSXV: NDR) (the "Company", New Dimension" or "NDR") is pleased to announce that it has now cemented its diversification strategy by executing an option and purchase agreement with EMX Royalty Corporation (NYSE American: EMX; TSX Venture: EMX) for the acquisition of 100% interests in the Southern Gold Line Project in central Sweden, and the Løkken and Kjøli copper-zinc-gold projects in central Norway (Figure 1). The Southern Gold Line project consists of a group of licences adjacent to Dragon Mining Limited's Fäboliden gold development project, whilst the Løkken and Kjøli licences cover both past-producing, high-grade copper(-zinc-gold) mines as well as drill-ready regional exploration targets.
Highlights of the Acquisition
New Dimension to acquire 100% interests in three advanced-stage Scandinavian projects: the Southern Gold Line project in central Sweden, and the Løkken and Kjøli projects in central Norway.
The Southern Gold Line project forms a group of licences surrounding the Fäboliden gold development project, and hosts both orogenic-style gold mineralization along granite-greenstone contacts as well as intrusion-related gold mineralization (Figure 2).
Løkken and Kjøli are copper-rich, volcanogenic massive sulfide("VMS")-style projects. The past-producing Løkken mine (production ended in 1987) was known as one of the premier examples of a Cyprus-type copper-rich VMS deposit, with historical production estimated at 24Mt @ 2.3% Cu + 1.8% Zn (plus gold credits)1. Kjøli is located in the productive Røros mining district, which forms part of the renowned Røros-Tynset-Folldal belt of VMS deposits in central Norway (Figures 3-5).
Significant upside potential for new discoveries in all properties, including "brownfields" discoveries around known mineral deposits and "greenfields" discoveries in satellite bodies.
Both Sweden and Norway offer stable mining jurisdictions with competitive operating costs.
Potential funding to be raised as announced August 6, 2020 will be primarily used to advance these properties to drill-ready status.
Eric Roth, New Dimension's CEO, commented today: "I am very pleased to be reporting the acquisition of these three highly-prospective gold and copper properties in Sweden and Norway from EMX. The Southern Gold Line represents a highly underexplored extension of the Swedish Gold Line, and our focus here will be to advance targets hosting gold mineralization in similar geologic and structural settings to the adjacent Fäboliden deposit. At both Løkken and Kjøli, we are excited by the potential for new discovery given that VMS deposits typically occur in clusters and existing geological and geophysical datasets suggest numerous untested anomalies along strike from previous mining operations. Indeed, some of these anomalies represent "walk-up" drill targets for the Company and we look forward to drilling these as quickly as possible. I look forward to keeping the market informed as we move towards drilling on all three projects".
1 Historic production values quoted for Løkken are from Grenne T, Ihlen PM, Vokes FM (1999) Scandinavian Caledonide metallogeny in a plate-tectonic perspective. Mineral Deposita 34:422–471, Neither NDR or EMX have performed sufficient work to verify the published data reported above, but both Companies believe this information to be considered reliable and relevant.
Link to figures: https://newdimensionresources.com/site/assets/files/13220/2020-08-scandinavia-acquisition.pdf
Acquisition Terms for 100% Interest in the Southern Gold Line, Løkken and Kjøli Projects
New Dimension will pay EMX USD 25,000 in cash upon signing.
Upon completion of all on-site Due Diligence (expected by September 1, 2020), an initial 12-month option period will begin, and the Company will issue EMX 3 million common shares of NDR.
During the initial option period (September 1, 2020 to September 1, 2021), New Dimension will be required to invest a minimum of USD 100,000 in exploration in each of the three projects.
Until NDR has completed financings to the value of CAD 4,500,000, EMX will retain a free-carried 9.9% shareholding in NDR. Afterwards, EMX retains the option to participate in future financings at its own discretion.
During the second year from signing (September 1, 2021 to September 1, 2022), NDR will be required to invest a minimum of USD 500,000 on all three projects. During subsequent years, NDR will be required to drill a minimum of 1,000m on each project.
From the second anniversary of signing (September 1, 2022), NDR will be required to make advanced royalty payments to EMX of USD 25,000 per project, increasing USD 5,000/year up until reaching a maximum of USD 75,000/year per project.
NDR to make additional payments of USD 500,000 to EMX upon:
The filing of a Preliminary Economic Assessment technical report
The filing of a National Instrument 43-101 ("NI-43101) complaint feasibility study
EMX to retain a 2.5% NSR in the projects, with 0.5% being purchasable for USD 1M within 6 years
Scandinavian Project Overview
Løkken Project, Norway. Løkken is considered to be the largest ophiolite-hosted Cypress-type VMS deposit to be developed in the world. Production at Løkken commenced in 1654 and continued until closure in 1987, producing some 24Mt @ 2.3% Cu and 1.8% Zn (plus gold credits)1, with multiple satellite bodies of mineralization that also saw varying degrees of development. Several zones of drill defined mineralization remain undeveloped in the district, where clear evidence is seen for mineralization developed in multiple stratigraphic horizons and along strike of the major deposits. Historic data sets also include extensive geophysical surveys, with multiple untested anomalies. The Løkken concessions cover approximately 210 square kilometers (21,000 Ha) of prospective stratigraphy along strike from the former mining operations.
Both Løkken and Kjøli (see description below) are part of a broader geologic terrain that was originally linked geologically to the VMS districts in Newfoundland-New Brunswick-Maine and the Appalachian Mountains of North America. This terrain constitutes one of the most prolific VMS belts in the world.
Kjøli Project, Norway. Like the Løkken District, the Kjøli Project represents an extensive trend of VMS-type occurrences and historic mines. Kjøli is positioned along the northern extension of the belt of VMS deposits in Norway that comprise the greater Røros district, which as seen mining for over 300 years beginning in the mid-1600's. The Kjøli project contains the Killingdal mine, which operated 1674-1986 and produced over 2.9 Mt @ 1.7% Cu + 5.5% Zn2. Recent airborne geophysical surveys identified numerous exploration targets on the Kjøli project that have not yet been followed up. The Kjoli Project covers an area of approximately 120 square kilometres (12,000 Ha).
2 Historic production figures are from Birkeland, A. (1986) Mineralogisk og geokjemisk undersokelseav Killingdal gruver, Sor-Trondelag. M. Scient. Thesis, University of Oslo in Geological Survey of Finland, Special Paper 53 pg. 86.
Southern Gold Line, Sweden. The Southern Gold Line project is located in central Sweden and consists of six prospective licenses in the vicinity of, and along trend of, Dragon Mining Ltd's Fäboliden development project3. The Southern Gold Line Project consists of over 500 square kilometres (50,000 hectares) of exploration concessions which cover areas with similar geologic and structural settings as the Fäboliden deposit. Reconnaissance sampling and mapping programs are ongoing in the area, with initial BLEG samples collected across portions of the licenses showing multiple areas with enrichment of gold in stream sediments.
3 References made to nearby mines and analogous deposits provide context for the Southern Gold Line project, but are not necessarily indicative that the project hosts similar tonnages or grades of mineralization.
Qualified Persons and Disclosure Statement
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101, and approved by Eric Roth, the Company's President & CEO, a director and a Qualified Person under NI 43-101. Mr. Roth holds a Ph.D. in Economic Geology from the University of Western Australia, is a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM), and is a Fellow of the Society of Economic Geologists (SEG). Mr. Roth has over 25 years of experience in international minerals exploration and mining project evaluation.
On Behalf of the Board of New Dimension Resources Ltd.
"Eric Roth"
___________________________
Eric Roth, Ph.D., FAusIMM
President & CEO
About New Dimension Resources
New Dimension is engaged in the acquisition, exploration, and development of quality mineral resource properties in favourable jurisdictions with a focus on high-grade gold and base metal deposits. The Company's current focus is on the discovery through exploration and discovery of high-grade gold deposits on its newly-acquired Southern Gold Line Project (Sweden), as well as on its existing 100%-owned Savant Lake project in Ontario and 29.6% interest in the Domain JV in Manitoba (Canada). In addition, the Company has acquired a 100% interest in two large properties covering the past-producing Løkken and Kjøli copper-rich massive sulfide deposits in central Norway.
Bernie Kreft provides an update on Twitter regarding the work being done for KGC:
Just finished prelim prospecting of old showings and previously untested soil anomalies at Kestrel Gold's King Solomon's Dome project. Orogenic Au-Ag vein system with great access. Found some VG and hoping for some love from the lab. Results to guide a followup trenching program. pic.twitter.com/8OFaDKVrGC
— Bernie Kreft (@Bernie_Kreft) July 31, 2020
Yamana Update Regarding NDR Joint Venture Domain Property (July 23rd 2020)
https://www.yamana.com/English/investors/news/news-details/2020/Yamana-Gold-Reports-Second-Quarter-2020-Financial-Results-Strong-Cash-Flow-Generation-a-Further-Reduction-of-101-Million-in-Net-Debt-Jacobina-Phase-1-Expansion-Complete-Increasing-Dividend-by-a-Further-12-to-0.07-Per-Share/default.aspx
Domain, Canada
The Domain project is located near Oxford Lake in northeast Manitoba, comprising a 20,000-hectare property that is 100%-controlled by the Company. Interpretation of regional airborne magnetics together with government geological survey till geochemistry support a highly prospective environment for folded iron formation hosted gold. The Company's property surrounds three claims totaling 576 hectares that are under a joint venture agreement with New Dimension Resources, which holds a 29.6% interest. The joint venture claims cover an area of historic drilling with significant gold intercepts hosted by iron formation that includes intervals reported by Rolling Rock Resources in 2008 and New Dimension Resources in 2017.
The Company recently signed an exploration agreement with the Bunibonibee Cree Nation (“BCN”) that provides a framework for a cooperative, mutually respectful agreement supporting the advancement of exploration within the Traditional Territory of the BCN while providing employment and business opportunities to the BCN.
Here is some information regarding Palisades Gorp Corp, which was referenced in New Dimensions news release today:
Subject to regulatory approval, New Dimension has initiated a Private Placement financing with a lead order from Palisades Goldcorp Ltd. The Company intends to complete a non-brokered Private Placement of up to 60,000,000 Units at a price of $0.06 per unit for gross proceeds of up to $3,700,000. Each unit will consist of one Common Share and one Share Purchase Warrant. Each warrant will entitle the holder to acquire one additional common share of the Company at CAD $0.12 per share for a period of 36 months.
Insiders will be participating in at least a minimum 9,000,000 shares.
Palisades website: https://palisades.ca/
July 2020 company presentation: https://palisades.ca/wp-content/uploads/2020/07/Palisades-Gold-Deck.pdf
New Dimension Announces Private Placement Financing for the Purposes of Embarking on a new Diversification Strategy
2020-08-06 07:00 MT - News Release
New Dimension Announces Private Placement Financing for the Purposes of Embarking on a new Diversification Strategy
Canada NewsWire
VANCOUVER, BC, Aug. 6, 2020
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./
TSX-V: NDR
VANCOUVER, BC, Aug. 6, 2020 /CNW/ - New Dimension Resources Ltd. (TSXV: NDR) (the "Company", "NDR", or "New Dimension") is pleased to announce:
Commencement of a Private Placement financing for gross proceeds of up to a maximum of $3,700,000, with a lead order from Palisades Goldcorp Ltd. and significant participation by management.
Proceeds will assist with advancing the Company's existing Canadian gold portfolio and the acquisition and advancement of new high-grade gold and base metal projects in favourable, highly prospective jurisdictions. Due diligence is currently underway on two regional opportunities.
NDR is seeking to enhance the Company's growth strategy following the initial diversification out of Argentina (Refer NR 1 April 2020).
Subject to regulatory approval, New Dimension has initiated a Private Placement financing with a lead order from Palisades Goldcorp Ltd. The Company intends to complete a non-brokered Private Placement of up to 60,000,000 Units at a price of $0.06 per unit for gross proceeds of up to $3,700,000. Each unit will consist of one Common Share and one Share Purchase Warrant. Each warrant will entitle the holder to acquire one additional common share of the Company at CAD $0.12 per share for a period of 36 months.
Insiders will be participating in at least a minimum 9,000,000 shares.
Proceeds from this Private Placement will be used to advance the Company's Canadian gold portfolio and to acquire and advance new high-grade gold and base metal projects in favourable jurisdictions, as well as for general working capital which includes settlement of current liabilities.
The Company may pay finders fee's in either cash, shares, share purchase warrants or a combination thereof, as permitted by regulators, on a portion of the Private Placements. Closing of the Private Placement is expected to occur on or before August 19, 2020. All securities issued under the Private Placements will be subject to a hold period of four months from the date of issuance of the securities.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
On Behalf of the Board of New Dimension Resources Ltd.
"Eric Roth"
___________________________
Eric Roth, Ph.D., FAusIMM
President & CEO
About New Dimension Resources Ltd.
New Dimension is engaged in the acquisition, exploration, and development of quality mineral resource properties in favourable jurisdictions with a focus on high-grade precious and base metal deposits. The Company's current focus is on the discovery through exploration and drilling of high-grade gold deposits on its 100%-owned Savant Lake project in Ontario and 29.6% interest in the Domain JV in Manitoba.
See new information below. AGLD is acquiring a certain asset from NDR, which will make their Argentina land package much stronger. However, the strange thing about this situation is NDR has more gold/silver proven in Argentina compared to AGLD, yet it trades at 1/10th of the market cap and has a good balance sheet with many more deals and 1/10th the dilution in terms of common shares.
Symbol AGLD
Shares Issued 566,053,797
Close 2020-07-29 C$ 0.20
Recent Sedar Documents
View Original Document
Austral Gold files Q2 activity report
2020-07-30 10:25 MT - News Release
Mr. Stabro Kasaneva reports
AUSTRAL GOLD ANNOUNCES FILING OF Q2 2020 QUARTERLY ACTIVITY REPORT
Austral Gold Ltd. has filed its Q2 2020 quarterly activity report. The report is available under the company's profile on the Australian Securities Exchange website, SEDAR and on the company's website.
About Austral Gold Ltd.
Austral Gold is a growing gold and silver mining, development and exploration company building a portfolio of quality assets in Chile, the United States and Argentina.
© 2020 Canjex Publishing Ltd. All rights reserved.
Link and information pertaining to their news. Keep in mind that this is just 1 of 5 properties being worked on at the moment.
https://www.australgold.com/wp-content/uploads/AGD-Quarterly-Report-June-2020-Final-Version-30072020_-1.pdf
Page 2: Entered into an agreement with New Dimension Resources (TSXV:NDR) for the
acquisition of the Sierra Blanca gold-silver project located in Santa Cruz, Argentina
as announced on 1 April 2020. Expect to close in Q3 2020.
Page 4: Pingüino: No fieldworks activities to report during the quarter. The team began
planning the exploration activities for Q3-Q4 2020 along with the anticipated
exploration commitments at Sierra Blanca over the next 12 months.
Page 11: Pingüino and Sierra Blanca Projects (Santa Cruz Cluster)
Recent activities
Austral and New Dimension Resources Ltd. (TSX-V:NDR) (“New Dimension”) entered into an
agreement for Austral to purchase an 80% interest in New Dimension’s Sierra Blanca gold-silver
project (the “Project”) in Santa Cruz Province, Argentina for US$800,000 in cash and work
commitments in various installments throughout a 3-year period. The agreement also includes a
‘follow -on’ option to purchase the remaining 20% interest for an additional US$2,300,000 in cash
and work commitments throughout an additional 2-years period. The transaction is subject to
execution of a definitive agreement and certain undertakings from New Dimension and is expected
to close during Q3 2020.
With this transaction, Austral will expand the area of its Pingüino project by securing an additional
7,000 hectares, resulting in a new exploration cluster in the Province of Santa Cruz. In addition, the
exploration team carried out the inventory of the veins of both projects to design the next exploration
campaign.
East West cancels sale of 30% interest in Cheal permits
2020-08-04 10:08 MT - News Release
An anonymous director reports
EAST WEST PETROLEUM ANNOUNCES TERMINATION OF AGREEMENT
East West Petroleum Corp. has terminated the agreement regarding the sale of its 30-per-cent interest in petroleum exploration permit 54877 and petroleum mining permit 60291 (the Cheal permits) to an arm's-length private New Zealand company, on the terms previously announced in a news release of the company dated June 24, 2019.
The continuing delays and an effective date of April 1, 2019, make the agreement not in the best interests of shareholders. The company will continue to work to bring value to shareholders from its 30-per-cent interest, which can include the sale of the working interest.
About East West Petroleum Corp.
East West Petroleum was established in 2010 to invest in international oil and gas opportunities.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
East West cancels sale of 30% interest in Cheal permits
2020-08-04 10:08 MT - News Release
An anonymous director reports
EAST WEST PETROLEUM ANNOUNCES TERMINATION OF AGREEMENT
East West Petroleum Corp. has terminated the agreement regarding the sale of its 30-per-cent interest in petroleum exploration permit 54877 and petroleum mining permit 60291 (the Cheal permits) to an arm's-length private New Zealand company, on the terms previously announced in a news release of the company dated June 24, 2019.
The continuing delays and an effective date of April 1, 2019, make the agreement not in the best interests of shareholders. The company will continue to work to bring value to shareholders from its 30-per-cent interest, which can include the sale of the working interest.
About East West Petroleum Corp.
East West Petroleum was established in 2010 to invest in international oil and gas opportunities.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
Kestrel Gold Inc. Announces Grant of Options and Settlement of Debt
2020-07-30 08:50 MT - News Release
CALGARY, AB / ACCESSWIRE / July 30, 2020 / Kestrel Gold Inc. (the "Corporation" or "Kestrel") (TSX-V:KGC) announces that it has granted to directors and an officer of the Corporation options to purchase in the aggregate 2,500,000 Common Shares and to consultants to the Corporation options to purchase in the aggregate 1,150,000 Common Shares at an exercise price of $0.05 per share, which options will expire July 28, 2025.
In addition, the Corporation has entered into a debt settlement agreement to settle management fees in the amount of $35,000 by the issuance of 1,000,000 Common Shares at deemed price of $0.035 per Common Share.
About Kestrel Gold Inc.
Kestrel Gold Inc. is a Canadian listed public company with its shares trading on the TSX Venture Exchange under the symbol "KGC". The Company's registered and head office is Suite 208, 110 - 12th Avenue SW, Calgary, Alberta, T2R 0G7.
Kestrel is a resource exploration stage company engaged in the acquisition and exploration of mineral properties.
For further information contact:
Robert Solinger, President and CEO
Phone: (403) 816-2141
rob@solinger.ca
Got a email reply from Karen(IR at NDR) this week and everything is moving ahead on all fronts. Yamana still wants to do a work program this fall, the sale of 80% of Blanca Sierra is moving forward, the company wants to drill Savant and they are also looking at other gold projects.
Here are some additional articles and news from this year:
Recent Ontario article about Savant Lake: https://www.northernontariobusiness.com/industry-news/mining/drill-ready-to-find-gold-at-savant-lake-2239432
LMS.V Hits high grade gold beside one of NDR's leases in Argentina: https://www.globenewswire.com/news-release/2020/07/20/2064392/0/en/Latin-Metals-Samples-High-Grade-Gold-at-the-Fiorentina-Property-Santa-Cruz-Argentina.html
Yamana Update: https://finance.yahoo.com/news/yamana-gold-provides-domain-joint-140000632.html
Asset sale news: https://www.mining.com/austral-gold-expands-in-argentina/?
Up over 200% in just 90 days! As I mentioned with my thorough due diligence reports in the past, POR was bound to run. Sold almost 70% of my position and holding the rest for results. Used the profits to pick up NDR.V and MTH.V which should also reciprocate a 3-4 bagger potential in the next 2-3 months. The difference with these new companies is they are already working with large cap gold producers on already high grade gold assets. Have a look at them both.
NDR.V Property Ownership Breakdown
NDR owns 5 properties, one of them already have a very valuable proven resource. Below is the breakdown as per their company presentation
1) Savant Lake Gold Project(Owned 100%) - https://www.newdimensionresources.com/projects/canadian-projects/savant-lake-project/
2) Domain Gold Project (Owned 30% / 70% Yamana YRI.T) - https://www.newdimensionresources.com/projects/canadian-projects/domain-project/
3) Las Calandrias Project (Owned 100% - Has 400k ounces of Gold Proven) - https://www.newdimensionresources.com/projects/argentina-projects/
4) Sierra Blanca Project (Owned 20% - Sold 80% Recently for $800,000 USD) - https://www.newdimensionresources.com/projects/argentina-projects/
5) Los Cisnes Project (Owned 100%? Does not specify) - https://www.newdimensionresources.com/projects/argentina-projects/
6) Company has mentioned in the last MD&A that they are looking for other gold assets.
NDR.V Due Diligence Report
Price: $0.065
Common Shares: 66.8 million
Insider Holdings: 15% or 10 million (CEO owns roughly half)
Institutional Holdings: 19.9% or 13.3 million (Sandstorm Gold - SSL.T)
Options & Warrants: 11 million (Between $0.125-$0.25)
Website: www.newdimensionresources.com
Recent Company Presentation (June 2020): https://www.newdimensionresources.com/site/assets/files/13219/2020_06_ndr_final.pdf
3 Projects in the books:
1) Savant Lake - 100% Owned gold project in Ontario
2) Domain Gold - 70/30% With Yamana Gold(YRI.T) - Yamana doing work here this year
3) Argentina - 3 Different Properties (1 Recently sold for $800,000 US for 80% to AGLD.V)
Company is looking to acquire other gold projects as we speak.
All information on the projects/assets can be found on their recent company presentation.
Spoke to IR and no rollback is being considered.
Karen Davies
VP Investor Relations
New Dimension Resources Ltd.
604.314.2662
kathryn.witter@outlook.com
TSX.V:NDR
Company sales slowed, but still making a profit. Balance sheet is getting stronger every quarter. At the same time, Spectra Products is now investing in other companies through debentures.
From the MD&A on page 8:
As well as the cash resources the Company had, at June 30, 2020, invested in $75,000 in a convertible debenture in Immunoprecise Antibodies Ltd, bearing interest at 10%, maturing on May 15, 2022 and convertible into common shares at a price of $0.85 per share. This resulted in short term cash and term deposits of $457,426, compared to an equivalent amount of $305,829 at December 31, 2019.
News release:
Spectra Products Inc. Reports Second Quarter 2020 Results For Immediate Release – July 23, 2020 Toronto, Ontario – Spectra Products Inc. (SSA: TSX VENTURE) reports the release of its financial results for the six months ended June 30, 2020. Revenues for the six-month period ending June 30, 2020 were $841,277 compared to $1,163,817 for the same period in 2019. Revenues for the second quarter ending June 30, 2020 were $305,351 compared to $668,310 for the same period in 2019. In the six-month period ended June 30, 2020, a net profit before income taxes of $251,375 was earned compared to a net profit before income taxes of $298,949 for the six-month period ended June 30, 2019. In the second quarter ended June 30, 2020, a net profit before income taxes of $74,862 was earned compared to a net profit before income taxes of $192,662 for the second quarter ended June 30, 2019. As a result of the COVID-19 virus, the slow-down in the various market segments reduced the Company’s revenue levels in the second quarter of 2020, however the Company was still able to remain profitable. The Company has strong cash reserves and is well positioned to maintain operations, albeit at reduced levels of revenue and profitability, until market levels return to normal. Spectra Products Inc. is the Toronto-based North American designer, manufacturer and distributor of wheel end safety products to the transportation industry. These products include Brake SafeÒ, Brake InspectorÒ, Zafety Lug LockÒ, Hub Alert™ and the Anti-Seize Cotter Pin™ as well as the Termin-8RÒ line of anti-corrosion and extreme pressure lubricants. Except for the historical information contained herein, this news release contains forward looking statements that involve risks and uncertainties, including the impact of competitive products and pricing and general economic conditions as they affect the Corporation’s customers. Actual results and developments may therefore differ materially from those described in this release. On behalf of the Board of Directors, Andrew Malion, President, Spectra Products Inc. Investor Relations: 1-800-308-5255 E-Mail: info@spectrainc.ca Website: www.spectrainc.ca
CEO insider buying:
Recent filings
Filed 2020-07-21 12:33
Tx date 2020-07-17 $KGC
Kestrel Gold Inc. solinger, rob
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Common Shares
10 - Acquisition or disposition in the public market $10,000
+400,000 vol
$0.025 each 2,765,333
Older filings
Filed 2020-03-25 21:07
Tx date 2020-03-20 $KGC
Kestrel Gold Inc. solinger, rob
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Common Shares
10 - Acquisition or disposition in the public market $1,060
+53,000 vol
$0.02 each 2,365,333
Filed 2020-03-13 12:48
Tx date 2020-03-12 $KGC
Kestrel Gold Inc. solinger, rob
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Common Shares
10 - Acquisition or disposition in the public market $1,940
+97,000 vol
$0.02 each 2,312,333
Filed 2020-03-13 12:47
Tx date 2020-03-11 $KGC
Kestrel Gold Inc. solinger, rob
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Common Shares
11 - Acquisition or disposition carried out privately $1,120
+56,000 vol
$0.02 each 2,215,333
Filed 2020-03-13 12:46
Tx date 2020-03-10 $KGC
Kestrel Gold Inc. solinger, rob
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Common Shares
10 - Acquisition or disposition in the public market $1,980
+99,000 vol
$0.02 each 2,159,333
Filed 2020-03-07 12:34
Tx date 2020-03-05 $KGC
Kestrel Gold Inc. solinger, rob
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Common Shares
10 - Acquisition or disposition in the public market $400.00
+20,000 vol
$0.02 each 2,060,333
Filed 2020-03-07 12:32
Tx date 2020-03-04 $KGC
Kestrel Gold Inc. solinger, rob
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Common Shares
10 - Acquisition or disposition in the public market $3,500
+175,000 vol
$0.02 each 2,040,333
Filed 2019-09-05 16:51
Tx date 2019-09-05 $KGC
Kestrel Gold Inc. Solinger, Robert
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Warrants
16 - Acquisition or disposition under a prospectus exemption
+300,000 vol 1,133,333
Filed 2019-09-05 16:47
Tx date 2019-09-05 $KGC
Kestrel Gold Inc. Solinger, Robert
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Common Shares
16 - Acquisition or disposition under a prospectus exemption $5,400
+300,000 vol
$0.018 each 1,865,333
Filed 2018-12-10
Tx date 2018-12-07 $KGC
Kestrel Gold Inc. Solinger, Robert
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Common Shares
10 - Acquisition or disposition in the public market $2,250
+150,000 vol
$0.015 each 1,565,333
Filed 2018-10-02
Tx date 2018-10-02 $KGC
Kestrel Gold Inc. Solinger, Robert
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Common Shares
10 - Acquisition or disposition in the public market $3,000
+150,000 vol
$0.02 each 1,415,333
Filed 2018-08-17
Tx date 2018-08-17 $KGC
Kestrel Gold Inc. Solinger, Robert
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Common Shares
10 - Acquisition or disposition in the public market $1,900
+95,000 vol
$0.02 each 1,265,333
Filed 2018-08-13
Tx date 2018-08-10 $KGC
Kestrel Gold Inc. Solinger, Robert
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Common Shares
10 - Acquisition or disposition in the public market $4,740
+237,000 vol
$0.02 each 1,170,333
Kestrel Gold Inc. Provides a Corporate and Operational Update
2020-07-21 09:04 MT - News Release
CALGARY, AB / ACCESSWIRE / July 21, 2020 / Kestrel Gold Inc. (the "Corporation") (TSXV:KGC) is pleased to announce the receipt of a YMEP Target Evaluation grant to help support its 2020 exploration program on the King Solomon Dome Project ("KSD"). Kestrel has a Class 3 Land Use Permit in place for KSD, allowing for various exploration activities including soil sampling, trenching and drilling. Preliminary fieldwork will commence prior to the end of July with a view towards defining targets for a drill test program this fall or next summer pending raising additional capital.
Under YMEP the Yukon government provides successful grant applicants with funding to support mineral exploration activities. Kestrel's application included exploration expenditures of $53,779 which will be reimbursed by the Yukon government at a rate of 60% of expenditures to a maximum of $32,267. Fieldwork will consist of prospecting and surface sampling of existing gold and silver soil anomalies with peak values of 4,000 ppb gold and 30.2 g/t silver. Results of this program will help guide a follow up excavator trenching and rock sampling program.
King Solomon Dome
KSD is 100% owned by Kestrel and is located in the Yukon portion of the Tintina Gold Belt, 35 minutes by road south of Dawson City. The target is a high-grade orogenic gold-silver quartz vein system with rock sample values of up to 32 g/t gold and numerous values of greater than 50 g/t silver. Creeks draining from the KSD property have produced significant amounts of placer gold. Readers are encouraged to go to the Company's website "www.kestrelgold.com" for further information on the property.
Marty Huber P. Geo, a qualified person as defined in National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
Forward-Looking Statements
The information and statements in this news release contain certain forward-looking information. This forward-looking information relates to future events or the Corporation's future performance. In particular, this document contains forward-looking information and statements regarding raising additional capital and carrying out preliminary field work. All statements other than statements of historical fact may be forward-looking information. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. These assumptions include market acceptance of raising additional capital. As well, as the Corporation's actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking information, and accordingly, no assurances can be given that any of the events anticipated by the forward-looking information will transpire or occur or, if any of them do, what benefits that the Corporation will derive from them. The Company's forward-looking information is expressly qualified in its entirety by this cautionary statement. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking information.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in the policies of the TSX Venture Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information contact:
Rob Solinger, President and CEO
Office: (403) 816-2141
Email: rob@solinger.ca
SOURCE: Kestrel Gold Inc.
Looks like Bernie Kreft from the show Yukon Gold will be doing work for KGC this summer, as per his video on Twitter a few weeks ago:
https://twitter.com/Bernie_Kreft
video touching on the relationship between placer gold deposits and hardrock targets; significant placer gold deposits are found immediately downstream of hardrock claims held by Kestrel Gold Inc, White Gold Corp and Klondike Gold pic.twitter.com/W6vTC5alae
— Bernie Kreft (@Bernie_Kreft) June 9, 2020
RT Minerals files NI 43-101 report for Norwalk
2020-07-15 13:05 MT - News Release
Mr. Donald Clark reports
RT MINERALS CORP. FILES UPDATED NI 43-101 TECHNICAL REPORT ON NORWALK GOLD PROPERTY, WAWA, ONTARIO
RT Minerals Corp. has filed an updated National Instrument 43-101 technical report on SEDAR of its 100-per-cent-owned Norwalk gold property located near Wawa, Ont., and contiguous to the southern property boundary of the Alamos Gold Inc. and Red Pine Explorations Inc. strategic alliance on the Surluga property.
Mr. Garry Clark, P.Geo., of Clark Exploration Consulting of Thunder Bay, Ontario was contracted by RT Minerals to review historic data for the Property, identify its merits, propose an appropriate exploration program and budget for gold exploration on the Property, as well as complete a NI 43-101 report.
The Property is comprised of 12 single cell claims and 21 boundary cell claims, covering an area of 460 hectares and is subject to a 2% net smelter returns royalty retained by the original property vendors.
Gold discoveries were made within the Property boundaries starting around 1904. Subsequent work in the early 1900's included shaft sinking and limited underground development at Norwalk Gold Mine and Fred C Shaft, tunnelling at Gananoque Vein and driving adits at the Barton Occurrence. Limited gold production occurred from the Norwalk Gold Mine in 1904 and 1910 totalling 60 ounces of gold from 820 tons milled. A few small scale exploration programs including diamond drilling, geophysics, bedrock sampling, till sampling and geological mapping were completed in the period from 1962 to 1997.
The Property is located in the southern part of the Wawa Greenstone Belt. Gold, silver, zinc, copper and iron mineralization are the common associated metallic occurrences found in the belt. On the Property the predominant rocks are Keewatin Volcanics and Algoman Intrusives.
Fracturing and faulting play a most important role in the area. The known gold bearing veins are spatially and structurally related to these features. The two main directions of weakness strike N20-45W and N45-70E. The gold bearing quartz veins trend nearly parallel to the major lines of weakness and are located in close proximity to these structures.
The historical reports document several old shafts, adits and trenches within the Property boundary including the four main gold bearing mineralized zones. At the former Norwalk Gold Mine, gold occurs within pyrite and arsenopyrite mineralized quartz, that lies in sheared granodiorite, and mineralized schist composed of sericite, pyrite and arsenopyrite. At the Fred C Shaft gold is associated with numerous massive pyrite-pyrrhotite fracture fillings within intermediate metavolcanics. Gold also occurs in-feldspar porphyry. At the Gananoque Vein gold occurs in quartz veins with approximately 2% disseminated pyrite, within strongly carbonatized intermediate volcanic rocks. At the Barton Occurrence gold occurs in quartz veins mineralized with pyrite, chalcopyrite and pyrrhotite, along two parallel bands of iron formation approximately six feet (~2 metres) wide and four feet (~1.3 metres) wide with green schist in between. A dike of biotite picrite (kimberlite?) was also observed at the site.
The magnetics and induced polarization carried out by past and current operators have reinforced the geological mineralized trends. Numerous historic showings are coincident to the geophysics and the sampling and stripping verified gold mineralization and led to the discovery of the gold bearing 2 metre to 5 metre wide quartz complex of the Red Carbonate Zone ("RCZ") in 2017. The sampling completed to date shows that there is low and high grade gold mineralization with a gold nugget effect in the over mineralized system. Gold mineralization is hosted by narrow high grade sections with visible gold as well as low grade mineralization in quartz and in the schist of the footwall and hanging wall of the overall gold bearing section.
The extensive gold showings throughout the Property and the 2018 discovery of the RCZ indicates the potential of economic gold mineralization and warrants further exploration. The known gold nugget effect in the gold bearing host rocks will need to be properly assessed and sampled. In addition, the structurally controlled gold mineralization and genesis needs further examination.
A $610,000 exploration budget is recommended for the Norwalk Property. The integrated program will be comprised of data compilation, modelling, trenching, channel sampling, detailed mapping, assaying and diamond drilling.
The large database needs to be compiled further and the final drill collar locations for diamond drilling on the Red Carbonate Zone should be now initiated by the RT Minerals Corp. Qualified Person. To enhance the extensive data base further stripping and channel sampling should provide additional data on the gold distribution and association. Detailed mapping of newly stripped areas and previously stripped areas is also recommended.
An initial 1,000 metre (phase I) and up to 2,000 metre (phase II) diamond drill programs (10 to 20 holes) may be carried out now to fill in gaps of the Red Carbonate Zone's prospective 600 metre strike length between the 2017-18 drilling and the historical Gananoque gold showing. The drill core samples from this initial 2020 drilling will provide samples to assist in defining geology, gold mineralization and define the extent of the gold mineralization within this 600 metre long target area of the Red Carbonate Zone. This drilling is follow up to the discovery from RT Minerals Corp. drilling from 2017-18 which intersected the RCZ zone. The results of this drilling were previously announced by the Company on March 2, 2018.
Finally, in the event that the drilling recommended on the RCZ does not yield positive or economic gold results then the Company should then focus on the remaining +60 potential geophysical drill targets on the eastern half of the Norwalk property identified in 2017. Most of these targets and anomalies can be tested by drilling holes of 100 metres in core length or less.
Gold mineralization on Red Pine's adjacent Surluga property is not an indication of same being present on the Norwalk property. The gold zones known to exist on RT Minerals Corp. Norwalk property are separate and distinct from those situated on the Surluga property to the north.
Mr. Garry Clark, P.Geo., is an Independent Qualified Person under National Instrument 43-101 and he has prepared and completed the NI 43-101 report for the Norwalk gold property at the request of the Company. Mr. Garry Clark, P.Geo., has reviewed and approves the technical content of this press release.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
KGC.V - Kestrel Gold Inc info:
Price: $0.03
Common Shares: 67.4 million
Recent insider buying: https://ceo.ca/api/sedi?insider=&symbol=KGC&date=&transaction=&amount=&undefined[company_symbol]=KGC
Recent permit for work: https://yukon.ca/sites/yukon.ca/files/emr/emr-ymep-successful-2020_0.pdf
November 2019 Company Presentation: http://www.kestrelgold.com/_resources/kestrel_corporate_presentation.pdf
Long story short, this company has an amazing asset. They own a large mineral claim right in the middle of numerous gold placer deposits in the Yukon. Therefore, they may own the rights to a very large gold deposit which has been supplying millions of ounces to placer work projects right below the claim area.
The balance sheet is squeaky clean and talks with management recently have indicated that they are going to receive grants to explore the area. Upside here can be tremendous if they in fact have the source rock for all those other mining camps.
Level 2 Quote
7 / 415,000 0.025 --- 0.03 8,000 / 1
23 / 2,459,000 0.02 --- 0.035 120,000 / 4
15 / 1,748,000 0.015 --- 0.04 156,000 / 4
8 / 609,000 0.01 --- 0.045 120,000 / 2
7 / 525,000 0.005 --- 0.05 140,000 / 1
The signs are clear, Donald Clark purchased 3 million shares in December for $90k, then he also lent RTM $22.5K to finish the Norwalk property acquisition in March. That shows he's eager to see this project move forward. So my guess is they'll either push the price and exercise all the warrants, or find a JV partner, maybe a bit of both.
From the MD&A
On March 30, 2020, the Company received a loan of $22,500 from a director that bears interest at 10% per annum, is payable on demand after April 30, 2020 and may be secured by a lien placed against the RT MINERALS CORP. INTERIM MD&A – QUARTERLY HIGHLIGHTS FOR THE THREE MONTHS ENDED FEBRUARY 29, 2020 PAGE 7 Company’s Norwalk property in the event of default. The loan was used to make the final property option payment to acquire a 100% interest in the Norwalk property
The signs are clear, Donald Clark purchased 3 million shares in December for $90k, then he also lent RTM $22.5K to finish the Norwalk property acquisition in March. That shows he's eager to see this project move forward. So my guess is they'll either push the price and exercise all the warrants, or find a JV partner, maybe a bit of both.
From the MD&A
On March 30, 2020, the Company received a loan of $22,500 from a director that bears interest at 10% per annum, is payable on demand after April 30, 2020 and may be secured by a lien placed against the RT MINERALS CORP. INTERIM MD&A – QUARTERLY HIGHLIGHTS FOR THE THREE MONTHS ENDED FEBRUARY 29, 2020 PAGE 7 Company’s Norwalk property in the event of default. The loan was used to make the final property option payment to acquire a 100% interest in the Norwalk property
Below are two links, one to RTM's new map and the other to RPX's new company presentation. If you compare the sampling already done on RTM's Norwalk claim to what RPX has drilled/sampled, you'll see that the gold trend for sure continues:
http://www.rtmcorp.com/0/projects/wawa/wawa_gold_corridor_20190225.png
https://redpineexp.com/wp-content/uploads/2020/06/RPXJune2020.pdf
Below are two links, one to RTM's new map and the other to RPX's new company presentation. If you compare the sampling already done on RTM's Norwalk claim to what RPX has drilled/sampled, you'll see that the gold trend for sure continues:
http://www.rtmcorp.com/0/projects/wawa/wawa_gold_corridor_20190225.png
https://redpineexp.com/wp-content/uploads/2020/06/RPXJune2020.pdf
For more potential on the area, have a look at RPX's 43-101 data. You can clearly see that this is a high grade gold area and it's very close to the town of Wawa
https://redpineexp.com/projects/wawa-gold-project/
For more potential on the area, have a look at RPX's 43-101 data. You can clearly see that this is a high grade gold area and it's very close to the town of Wawa
https://redpineexp.com/projects/wawa-gold-project/
This is a new gold exploration company that is literally bordering an already successful gold company (RPX.V - Red Pine Exploration). The big difference is that RPX has 28 times the market cap and is still just an exploration company with no 43-101, yet they've had tremendous success in drilling.
The CEO recently purchased $100,000 worth of stock, giving him the largest position in the company at 19.88%. Then shortly after, RT Minerals acquired the Norwalk property which already shows positive indications that gold mineralization is also on RTM's property. Options were recently issued which could mean that there is a plan in place to push the price up and exercise all these options to fund a summer drill program.
Below is prior news releases and information the company:
Symbol - RTM.V (Canada) & RTMFF (USA)
Common Shares - 17 million
Price - $0.07
Property information: http://www.rtmcorp.com/projects/Norwalk/index.php
RT Minerals 4,501,000-share private placement
2019-12-31 17:21 MT - Private Placement
The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced Oct. 8, 2019. This private placement has been accepted pursuant to the notice to issuers dated April 7, 2014.
Number of shares: 4,501,000 shares
Purchase price: three cents per share
Warrants: 2,250,500 share purchase warrants to purchase 2,250,500 shares
Warrant exercise price: five cents for a one-year period
Number of placees: five placees
Insider: Donald Clark, 2,907,300
RT Minerals closes Norwalk property acquisition
2020-04-02 19:40 MT - News Release
Mr. Donald Clark reports
RT MINERALS CORP. COMPLETES ACQUISITION OF 100% INTEREST IN NORWALK GOLD PROPERTY, WAWA, ONTARIO
RT Minerals Corp. has completed the acquisition of a 100-per-cent interest, subject to a 2-per-cent net smelter return royalty, in the Norwalk gold property, located approximately six kilometres south of Wawa, Ont. The option was exercised with a final property option payment of $22,500 made on March 31, 2020, as outlined in the company's news releases dated Oct. 3, 2019, and Oct. 8, 2019.
The Norwalk property is contiguous to the south boundary of the Wawa gold project, held by Red Pine Exploration Inc. The property is composed of three unpatented mineral claims consisting of 29 units with a total area of 445 hectares. Several mineralized zones occur on the property, including the Norwalk gold mine (Au), the Fred C shaft (Au), the Gananoque vein (Au), the Barton occurrence (Au and iron) and the Red Quartz carbonate zone (RQCZ) discovered by 2017 and 2018 drilling by the company. The results of this RQCZ drilling are summarized in the company's March 2, 2018, news release. There are no mineral resources or mineral reserves within the property boundaries.
RT Minerals grants options to buy 800,000 shares
2020-07-03 14:53 MT - News Release
Mr. Donald Clark reports
RT MINERALS CORP. GRANTS STOCK OPTIONS
RT Minerals Corp. has granted 800,000 incentive stock options to directors and consultants of the company that are exercisable at six cents per common share over a two-year term, in accordance with the company's stock option plan. The stock options are subject to the acceptance of the TSX Venture Exchange.
We seek Safe Harbor.
Portofino signs option deal to acquire Bruce Lake
2020-06-29 07:12 MT - News Release
Mr. David Tafel reports
PORTOFINO INCREASES RED LAKE, ONTARIO PROPERTY INTERESTS; ACQUIRES BRUCE LAKE PROPERTY
Portofino Resources Inc. has entered into an option assignment agreement with Falcon Gold Corp. to acquire a 100-per-cent interest in the 1,428-hectare Bruce Lake property in the Red Lake, Ont., gold district. The property is located only 1.5 kilometres northeast of Great Bear Resources Pakwash property and about 11 km southeast of Great Bear's famous Dixie project boundary.
David Tafel, CEO of Portofino Resources, states: "The success of Great Bear (Dixie project) and BTU Metals Corp. (Dixie Halo project) drilling northwest of Bruce lake, combined with our current South of Otter property to the northeast, gives Portofino a well placed land package in a very active and expanding exploration area of Red Lake. Additionally, we believe the Bruce Lake property compliments our regionally focused gold strategy and largely completes our property portfolio."
Like the Dixie Project, the Bruce lake claims are entirely underlain by the Archean-age metamorphosed sedimentary and volcanic rocks of the Uchi-Confederation Lake greenstone belt. The Red Lake gold district is hosted within this same belt and is recognized as one of the world's highest-grade mining camps having produced approximately 30 million ounces of gold from 29 gold mines. Within the mining district, the Red Lake gold mine, that was recently purchased by Evolution Mining Ltd., is an underground gold mining complex, which is reported to have been in production since 1949, producing 25 million ounces of gold at an average grade of 20 grams per tonne.
In addition to the well-known gold deposits, the greenstone belt hosts several ferrous and non-ferrous mineral occurrences and mines. The historic Griffith iron mine property is located immediately north-west of Portofino's Property. The Griffith Mine reportedly operated from 1968 to 1986 and produced 22.85 million tons of iron ore pellets with average grading of 66.7 per cent Fe from 78.8 million tons of crude ore with average grading of 23.9 per cent magnetic iron.
The Bruce Lake Property contains gold-in-soil anomalies discovered as part of a reconnaissance soil sampling program completed by Laurentian Goldfields Ltd in 2010. Portofino has recognized the existence of regional magnetic high anomalies coincident with the gold-in-soils anomalies that it believes are significant. Gold associated with banded iron formations are excellent exploration targets especially when the property has gold in soils associated with a magnetic anomaly. Portofino intends to follow-up on these exploration targets.
Next Steps
Portofino has initiated the compilation and reinterpretation of all available historic data on the project and is proceeding to define exploration targets for an initial field program.
Acquisition Terms
Portofino will issue 650,000 shares to Falcon for the right to acquire a 100 per cent in the Bruce lake claims. In addition, Portofino will assume the underlying claim holder payments which total $52,000 over a 4-year option period. The Claims are the subject to a 1.5 per cent Net Smelter Return ("NSR") royalty pursuant to the Underlying Agreement. In addition, Portofino has agreed to grant Falcon a 0.5 per cent NSR. The transaction is subject to TSXV exchange approval.
Qualified Person
Mr. Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on acquiring, exploring, and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. In addition, Portofino holds three northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan Ni-Cu mine, as well as the Sapawe West and Melema West properties located near Atikokan. The Company also maintains an interest in prospective lithium salar properties located within the world-renowned "Lithium Triangle" in Argentina.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
Epstein Research - Portofino Resources; gold in Ontario, Canada + lithium brines in Argentina
http://epsteinresearch.com/2020/06/25/portofino-resources-gold-in-ontario-canada-lithium-brines-in-argentina/
Portofino Resources; gold in Ontario, Canada + lithium brines in Argentina
by Peter Epstein, MBA | posted in: Argentina, Gold, Lithium Brine, Portofino Resources, Red Lake mining district | 0
“Au” = Gold, “Cu” = Copper, “Zn” = Zinc [“Cu Eq.” = Copper Equiv. @ spot prices]
It has been a busy six weeks for Portofino Resources (TSX-V: POR), six press releases have been issued. I will reiterate the key takeaways, but first an update on Portofino’s South of Otter (“SOT“) property in the Red Lake mining district. Although SOT is a priority, all four properties in northwestern Ontario will likely see exploration this year.
South of Otter, ~9 km from Great Bear’s Dixie project
The 5,207-hectare SOT project is 40 km southeast of Red Lake, Ontario and about nine km east of Great Bear Resources’ (“GBR“) very high-grade Dixie project. In the past, SOT was the subject of large-scale geophysical surveys designed to target base metals. However, in 2001 Goldcorp completed a property-wide compilation & interpretation of prior ground & airborne magnetic data to assess the potential for gold. Due to a lack of outcrop rocks, minimal follow-up work was done.
Management just completed a field program of prospecting & geological mapping along strong conductors identified in the Company’s winter electromagnetic (“EM”) ground survey. A total of 32 samples were collected to test various styles of mineralization, lithologies & alteration.
The work program included prospecting, detailed structural mapping & outcrop channel sampling based on conductors found in the geophysical survey announced on May 14th. A lack of detailed historical work enables Portofino to undertake meaningful programs, guided in part by successes of neighboring exploration companies.
In addition to the collection of 32 samples, significant semi-massive to massive sulphide mineralization was discovered along a newly identified, 1.6-km long fault zone. This zone is located ~500 m south of previously identified gold soil sample anomalies & EM conductors. A total of 12 samples were collected along this (deformation) zone to test for the presence of Au, Ag, Cu & Zn.
Notice in the image below drill holes (“DH“) / historical resources including; DH: 1.5% Cu + 6.3% Zn (3.7% Cu Eq.) over 3.4 m; 110,000 tonnes @ 0.5% Cu + 12.5% Zn (4.9% Cu Eq.); DH: 1.4% Cu + 7.3% Zn (4.0% Cu Eq.) over 9.5 m; 100,000 tonnes @ 1.0% Cu + 10% Zn (4.5% Cu Eq.).
Further prospecting & geological mapping on the margins of this fault zone identified alteration in the volcanic wall rock. Many gold deposits in Ontario are either directly hosted in this mineralization or exist in close relationship to it and a fault zone. Other projects containing this type of mineralization along similar deformation zones include GBR’s Dixie and the Uchi Lake gold mine. Once additional permits are received, Portofino will proceed to trenching / drilling.
Three new gold properties secured in past month
These are exciting times for Portofino. Management had an opportunity to pick up additional low-cost properties with gold showings, so they did. All three properties are located in historical & current mining districts with ample infrastructure & easy access. In addition to Red Lake, management expects the Atikokan area to heat up this summer. A number of companies are increasing their exploration activities there.
Portofino began negotiating & planning to lock up gold properties in Ontario when gold was around US$1,400/oz. Today, [June 24th], August gold futures are at US$1,786/oz., a gain of ~28%. Therefore, without a single new drill hole on any of its four controlled properties, the value the Company’s assets has meaningfully increased.
On June 11th, Portofino announced the execution of a binding agreement to acquire six claims (869 hectares) in the Atikokan area of northwestern Ontario. The Melema West property is located 28 km northeast of the town of Atikokan, and 5 km north of the Quetico Fault. Agnico Eagle Mines’s Hammond Reef gold deposit is ~19 km northwest of Melma West. Hammond Reef hosts a large, near-surface Measured & Indicated resource of 4.5 million ounces gold.
Grab samples taken in 2019 assayed as high as 10 g/t gold. The Young-Corrigan vein-system ranges in width from 1 to 15 m and was mapped over a strike of at least 170 m. Positive gold values demonstrate that an additional undocumented gold-bearing structure potentially exists on the Melema West property.
CEO David Tafel of Portofino commented on the Melema West property,
“The gold-bearing structures in this area are extensive, well documented and traceable for > 30 km. Recent land acquisitions by Agnico Eagle contiguous to Melema West supports the idea that Portofino is well strategically placed. The undocumented & unexplored Young-Corrigan Shear Zone is a compelling exploration target.”
On May 27th, Portofino executed a binding agreement to acquire three claims totaling 1,147 hectares in the northwestern Ontario. The Sapawe West property is nine km northeast of Atikokan, just north of the Quetico Fault, and 2.5 km west along strike of the past producing Sapawe Gold mine. Portofino has initiated the compilation & reinterpretation of all available historic data on the property and is proceeding to develop exploration targets for a summer field program.
Hammond Reef, located ~13 km north of the Sapawe West property, is in a structurally active portion of the Steep Rock Greenstone Belt. Similar to the structure associated with Hammond Reef, Sapawe West hosts a possible northeast trending splay from the Quetico Fault.
CEO Tafel commented on the Sapawe West property,
“We are excited to acquire this strategically located property. The nearby past-producing Sapawe Gold mine, the visual results from Falcon Gold’s drill program along the same geological corridor, and the lack of drilling on the Property, makes for a compelling exploration target. We look forward to commencing initial field work.”
This news came just a week after executing a binding option agreement for the right to acquire a 100% interest in the Gold Creek property, also in northwestern Ontario. The block comprises three mining claims, is easily accessible by road, and covers ~1,010 hectares.
Historical activity at Gold Creek included:
From 1967 to 1973, prospecting, mechanical stripping / trenching & rock sampling of quartz vein occurrences in the district. In 1983, geological mapping, magnetic & VLF-EM surveys further assessed the area.
In 1985 & 1987 to 1989, Noranda Exploration conducted extensive work, they explored the area with an airborne magnetic & electromagnetic survey, ground magnetic & electromagnetic surveys, selective radiometric & gravity surveys, geochemical sampling, geological mapping / overburden stripping, & rock sampling.
Inco Gold conducted an exploration program in 1989-90 which consisted of grid line cutting, magnetic, VLF-EM & geological mapping surveys, trenching, rock sampling & two diamond drill holes. Two grab samples assayed 13.2 g/t & 64.2 g/t gold.
Significant gold mineralization has been traced along a 1.5-km strike length with grab samples returning values up to [759 g/t = 24.4 ounces / tonne] (from an OGS property visit) and diamond drill intersections in 2008 of up to 2.3 g/t over 8.3 m.
CEO Tafel commented on the Gold Creek property,
“This transaction allows us to continue to build our gold portfolio within the easily accessible, active & historic gold mining area of northwestern Ontario. Multiple visible gold occurrences reported by previous operators is very encouraging, and gives our technical crew a head start in planning initial exploration activities.”
Gold Creek is characterized by geology similar to that documented in the Kirkland Lake area, where numerous gold showings occur in a broad range of lithologies. Visible gold sometimes occurs within the mineralized veins. Management has initiated the compilation & re-interpretation of all available historic geochemical & geophysical data at Gold Creek to develop exploration targets for summer field work.
Portofino Resources (TSX-V: POR) is up 225% from its 3-yr. low, but its market cap is only C$3.2M. In addition to the four properties described above, the Company has lithium brine assets in Argentina that could be worth C$ millions once energy metals regain popularity. If management could farm out one or more gold / lithium properties, it could reduce already low cash burn to virtually zero. Shareholders would have a free option on the remaining controlled properties.
In looking at peer Red Lake properties (and companies with nearby Atikokan area properties), the average gain from 3-yr. lows is 1,640%. Even excluding GBR’s staggering performance, the average gain is 2.5 times that of Portofino. Perhaps not Great Bear, but others on the above chart could be interested in acquiring companies like Portofino to gain additional regional gold exposure.
Disclosures / Disclaimers: The content of this article is for information only. Readers fully understand and agree that nothing contained herein, written by Peter Epstein of Epstein Research [ER], (together, [ER]) about Portofino Resources, including but not limited to, commentary, opinions, views, assumptions, reported facts, calculations, etc. is not to be considered implicit or explicit investment advice. Nothing contained herein is a recommendation or solicitation to buy or sell any security. [ER] is not responsible under any circumstances for investment actions taken by the reader. [ER] has never been, and is not currently, a registered or licensed financial advisor or broker/dealer, investment advisor, stockbroker, trader, money manager, compliance or legal officer, and does not perform market making activities. [ER] is not directly employed by any company, group, organization, party or person. The shares of Portofino Resources are highly speculative, not suitable for all investors. Readers understand and agree that investments in small cap stocks can result in a 100% loss of invested funds. It is assumed and agreed upon by readers that they will consult with their own licensed or registered financial advisors before making any investment decisions.
At the time this article was posted, Portofino Resources was an advertiser on [ER] and Peter Epstein owned shares and warrants in the Company.
Readers understand and agree that they must conduct their own due diligence above and beyond reading this article. While the author believes he’s diligent in screening out companies that, for any reasons whatsoever, are unattractive investment opportunities, he cannot guarantee that his efforts will (or have been) successful. [ER] is not responsible for any perceived, or actual, errors including, but not limited to, commentary, opinions, views, assumptions, reported facts & financial calculations, or for the completeness of this article or future content. [ER] is not expected or required to subsequently follow or cover events & news, or write about any particular company or topic. [ER] is not an expert in any company, industry sector or investment topic.
East West extends sale of Cheal permits by 30 days
2020-06-24 15:35 MT - News Release
Mr. Nick Demare reports
EAST WEST PETROLEUM ANNOUNCES EXTENSION AGREEMENT
East West Petroleum Corp. is providing this further update regarding the sale of its 30-per-cent interest in petroleum exploration permit 54877 and petroleum mining permit 60291 (the Cheal permits), to an arm's-length private New Zealand company, on the terms previously announced in a news release of the company dated June 24, 2019.
In a news release of April 23, 2020, the company provided an update on closing and commented that it was uncertain when closing could occur. At this time, due in part to COVID-19 issues and regulatory issues of the 70-per-cent owner which have now been resolved, limited progress has been made in regards to securing the government's consent, as required, by June 24, 2020, and agreement has been reached that provides for an initial extension of up to 30 days. Further news will be announced as it becomes available.
About East West Petroleum Corp.
East West has its primary focus on two key areas: New Zealand, where it has established production and cash flow; and Romania, where it is carried to production on an exploration program. In Romania, the company has exploration rights in four exploration concessions covering one million acres in the prolific Pannonian basin of western Romania with Naftna Industrija Srbije (NIS). The company does not own the acres but has exploration rights.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
East West extends sale of Cheal permits by 30 days
2020-06-24 15:35 MT - News Release
Mr. Nick Demare reports
EAST WEST PETROLEUM ANNOUNCES EXTENSION AGREEMENT
East West Petroleum Corp. is providing this further update regarding the sale of its 30-per-cent interest in petroleum exploration permit 54877 and petroleum mining permit 60291 (the Cheal permits), to an arm's-length private New Zealand company, on the terms previously announced in a news release of the company dated June 24, 2019.
In a news release of April 23, 2020, the company provided an update on closing and commented that it was uncertain when closing could occur. At this time, due in part to COVID-19 issues and regulatory issues of the 70-per-cent owner which have now been resolved, limited progress has been made in regards to securing the government's consent, as required, by June 24, 2020, and agreement has been reached that provides for an initial extension of up to 30 days. Further news will be announced as it becomes available.
About East West Petroleum Corp.
East West has its primary focus on two key areas: New Zealand, where it has established production and cash flow; and Romania, where it is carried to production on an exploration program. In Romania, the company has exploration rights in four exploration concessions covering one million acres in the prolific Pannonian basin of western Romania with Naftna Industrija Srbije (NIS). The company does not own the acres but has exploration rights.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
Portofino Discovers New Sulphide Mineralization Zone, South of Otter Project, Red Lake, Ontario
2020-06-23 07:00 MT - News Release
Vancouver, British Columbia--(Newsfile Corp. - June 23, 2020) - PORTOFINO RESOURCES INC. (TSXV: POR) (FSE: POTA) ("Portofino" or the "Company") is pleased to announce the successful completion of its recent field program on the South of Otter project near Red Lake, Ontario. The Company conducted prospecting and geological mapping along strong conductors identified in both the Company's winter electromagnetic ("EM") ground survey, and by Gold Corp's interpretation of 2001 airborne magnetic data. A total of 32 samples were collected to test various styles of mineralization, lithologies, and alteration.
The geological crew discovered significant semi-massive to massive sulphide mineralization along a newly identified, 1.6-kilometer-long fault zone, which exists along the contact of felsic volcanic and mafic intrusive rock units. This newly defined zone is located ~500 meters south of previously identified gold soil sample anomalies and EM conductors. A total of 12 samples were collected along this (deformation) zone to test the presence of Au, Ag, Cu, and Zn mineralization. Typical precious mineral host rocks containing massive sphalerite, chalcopyrite, and arsenopyrite were identified along this fault zone.
Further prospecting and geological mapping on the margins of this fault zone identified quartz-sericite alteration in the volcanic wallrock. This alteration is highly significant, as many gold deposits in Ontario are either directly hosted in this mineralization or exist in close relationship to this type of alteration and a fault zone. Other projects containing this type of mineralization along similar deformation zones include the Great Bear Resources ("GBR") Dixie project and the Uchi Lake gold mine.
The 5,120 hectare (South of Otter) property is contained within the Birch-Uchi-Confederation Lakes greenstone belt which hosts the world-renowned Red Lake gold deposits and includes the Dixie project currently being drilled by Great Bear Resources Ltd. GBR continues to report exciting drill results with mineralized intersections commonly returning bonanza gold grades in association with coarse visible gold grains. Portofino's property is located approximately 9 km east of GBR's claims.
The Portofino property contains excellent targets for both Red Lake-style gold mineralization as well as gold bearing base metal prospects. Historical work on the claims included prospecting, sampling, limited drilling, and airborne magnetic geophysical surveys.
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. Alex Pleson, P. Geo., who is a member of the Association of Professional Geoscientists of Ontario and is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on acquiring, exploring, and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. In addition, Portofino holds three northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan Ni-Cu mine, as well as the Sapawe West and Melema West properties located near Atikokan. The Company also maintains an interest in prospective lithium salar properties located within the world-renowned "Lithium Triangle" in Argentina.
On Behalf of the Board,
"David G. Tafel"
Chief Executive Officer
For Further Information Contact:
David Tafel
CEO, Director
604-683-1991
Portofino Resources Inc. Gold Property Map: https://www.portofinoresources.com/site/assets/files/1815/nw-ont-property-locations.jpg
Portofino to acquire Melema West for shares, cash
2020-06-11 08:19 MT - News Release
Mr. David Tafel reports
PORTOFINO ACQUIRES MELEMA WEST GOLD PROPERTY, ATIKOKAN, ONTARIO
Portofino Resources Inc. has executed a binding agreement to acquire six claims (41 cells) totalling 869 hectares in the Atikokan area of Northwestern Ontario. The Melema West Property (the "Property") is located 28 kilometers ("km") northeast of the town of Atikokan, Ontario, 5km north of the Quetico Fault (Figure 1) and has excellent road access.
The Property is within the Wabigoon Subprovince and is entirely underlain by the Archean-aged Marmion Pluton which is recognized to host several gold deposits and occurrences. The gold zones are related to northeast trending shear zones which are recognized as splays off the east-west trending Quetico Fault. Agnico Eagle Mines Limited's (Hammond Reef) gold deposit, approximately 19 km northwest of the Property, is also hosted within the Marmion Pluton on a similar northeast trending structure. The Hammond Reef deposit reportedly hosts a large, near surface deposit categorized as a measured and indicated resource containing 4.5 million ounces ("oz.") of gold in 208 million tonnes grading 0.67 grams per tonne ("g/t").
The Property covers the Minto Shear Zone, one of the above-mentioned northeast trending splays that is associated with the historic past producing Minto Gold Mine.
The Thunder Bay South District Resident Geologist's Office recently discovered archived records of drilling completed in 1962 by D.R. Young and E. Corrigan. The records report "100's of feet (downhole) of strongly sheared and altered porphyry containing quartz stringers and disseminated pyrite, pyrrhotite, chalcopyrite, galena and green mica." Drilling occurred approximately 400m southwest of the Property boundary, however no assays were recorded with the drill logs.
Grab samples of the Young-Corrigan Showing taken by Resident Geologists in 2019 and accompanying staff from Traxxin Resources assayed as high as 10 g/t gold. The Young-Corrigan vein-system ranges in width from 1 to 15 meters ("m") wide and was mapped over a strike of at least 170m. The positive gold values demonstrate that an additional undocumented gold-bearing northeast trending structure named the Young-Corrigan Shear Zone potentially exists on the Melema West Property.
David Tafel, CEO of Portofino states: "The gold-bearing northeast trending structures in this area are extensive, well documented and traceable for over 30km. The recent land acquisitions by Agnico Eagle in the area and contiguous to the Melema West Property adds support that Portofino is strategically placed (Figure 2). The undocumented and unexplored Young-Corrigan Shear Zone is a compelling exploration target with strong merit. We are very excited to commence our initial field work on this well-situated project."
Next Steps
Portofino has initiated the compilation and reinterpretation of all available historic data on the project and is proceeding to develop exploration targets for this summer's field program.
Acquisition Terms
Portofino has acquired the exclusive right and option to acquire 100% of the Property by issuing 700,000 common shares and making payments totaling $62,000 over a 4-year option period. The Property is subject to a 1.5% NSR and Portofino has the right to purchase one half of the NSR (0.75%) at any time up to commencement of production for a payment of $500,000. The transaction is subject to TSXV exchange approval.
Qualified Person
Mr. Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on acquiring, exploring, and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. In addition, Portofino holds 100% interest in two northwestern Ontario gold projects; the Gold Creek property located immediately south of the historic Shebandowan Ni-Cu mine, and the Sapawe West property located near Atikokan. The Company also maintains an interest in prospective lithium salar properties located within the world-renowned "Lithium Triangle" in Argentina.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
Axmin Inc Management’s Discussion and Analysis Year ended December 31, 2019
This report is dated as of June 9, 2020. Readers are encouraged to read the Company’s other public filings, which can be viewed
on the SEDAR website (www.sedar.com).
Page 5:
Throughout 2019, the Company continued to work closely with the Minister of Mining and Geology and other senior officials of theCentral African Republic. In December 2019, a site visit of the Passendro property was held at the invitation of the Minister ofMining and Geology with the Company’s management, the staff from the Company’s local subsidiaries, and local governmentofficials. During the site visit, Company committed to provide funding to assist the local government in purchasing school suppliesand repairing infrastructure. Due to the effect of COVID-19 in 2020, a final amount has not been agreed upon.
In January 2020, the Company learned informally that the exploration and mining permits held by Aurafrique and Somio Toungou have been withdrawn. The Company has not, at the time of this report, received formal notice of any withdrawal. Later in January 2020, the Company was advised by the Minister of Mining and Geology of the Central African Republic to submit a formal request for legal review of the status of the Company’s assets in the CAR. As a result the Company engaged the local law firm, Cabinet Mboligoumba & Associes, to file the request for legal review with the Conseil d’Etat of the CAR. It should be noted that the entire balance of property, plant and equipment related to the Passendro Gold Asset were written off in the Consolidated Financial Statements for the years ended December 31, 2013 as a result of force majeure conditions in the CAR.
In March 2020, the Company received an invitation by the office of the President of the Central African Republic. Due to the impact of COVID-19 on international travel, the meeting has been delayed.
On April 7, 2020, the Counseil d’Etat ruled that while the government of the CAR does not have the authority to withdraw the Aurafrique and Somio Toungou permits, the Conseil d’Etat did not have the jurisdiction to overturn the withdrawal of the permits.
On April 23, 2020, Cabinet Mboli-Goumba & Associes filed another proceeding before the Conseil d’Etat claiming the invalidity of the contested permits deemed granted to one or more companies while this proceedings were on-going. The Company has not received a ruling on this proceeding. The Company is continuing ongoing discussion with CAR government officials to reach a satisfactory resolution of this matter.
As of the writing of this report, AXMIN continues to maintain operations in the Central African Republic, including its office, country manager, supporting staff and continues to be in contact with the local authorities.
Page 6:
Senegal Joint Venture
In 2020, for the Sounkounkou permit, Teranga has indicated to the Company that it is expected to spend approximately US$1 M on exploring two BLEG (Bulk Leach Extractable Gold) anomalies, including the following planned activities:
· +/- 3,000 soil samples
· +/- 5,500 m of excavator trenching
· +/- 3,500 m of RC / DD drilling
Full details of the exploration programs at the Senegal JV can be found on the Teranga website at www.terangagold.com.
In July 2019, AXMIN received through SMC, a tax notification from the Senegalese tax authorities. The Senegalese tax authorities considers that AXMIN, as a result of the royalties paid to it by SMC, is required to declare and pay corporate income tax in Senegal. In 2020, AXMIN obtained a tax opinion from the Senegal office of a major global accounting firm that the royalties received by AXMIN cannot be taken as revenues from the exploitation or concession of exploitation of mineral deposits located in Senegal, and therefore, AXMIN concludes that it is not liable for any taxes claimed by the Senegalese tax authorities.
Axmin Inc Management’s Discussion and Analysis Year ended December 31, 2019
This report is dated as of June 9, 2020. Readers are encouraged to read the Company’s other public filings, which can be viewed
on the SEDAR website (www.sedar.com).
Page 5:
Throughout 2019, the Company continued to work closely with the Minister of Mining and Geology and other senior officials of theCentral African Republic. In December 2019, a site visit of the Passendro property was held at the invitation of the Minister ofMining and Geology with the Company’s management, the staff from the Company’s local subsidiaries, and local governmentofficials. During the site visit, Company committed to provide funding to assist the local government in purchasing school suppliesand repairing infrastructure. Due to the effect of COVID-19 in 2020, a final amount has not been agreed upon.
In January 2020, the Company learned informally that the exploration and mining permits held by Aurafrique and Somio Toungou have been withdrawn. The Company has not, at the time of this report, received formal notice of any withdrawal. Later in January 2020, the Company was advised by the Minister of Mining and Geology of the Central African Republic to submit a formal request for legal review of the status of the Company’s assets in the CAR. As a result the Company engaged the local law firm, Cabinet Mboligoumba & Associes, to file the request for legal review with the Conseil d’Etat of the CAR. It should be noted that the entire balance of property, plant and equipment related to the Passendro Gold Asset were written off in the Consolidated Financial Statements for the years ended December 31, 2013 as a result of force majeure conditions in the CAR.
In March 2020, the Company received an invitation by the office of the President of the Central African Republic. Due to the impact of COVID-19 on international travel, the meeting has been delayed.
On April 7, 2020, the Counseil d’Etat ruled that while the government of the CAR does not have the authority to withdraw the Aurafrique and Somio Toungou permits, the Conseil d’Etat did not have the jurisdiction to overturn the withdrawal of the permits.
On April 23, 2020, Cabinet Mboli-Goumba & Associes filed another proceeding before the Conseil d’Etat claiming the invalidity of the contested permits deemed granted to one or more companies while this proceedings were on-going. The Company has not received a ruling on this proceeding. The Company is continuing ongoing discussion with CAR government officials to reach a satisfactory resolution of this matter.
As of the writing of this report, AXMIN continues to maintain operations in the Central African Republic, including its office, country manager, supporting staff and continues to be in contact with the local authorities.
Page 6:
Senegal Joint Venture
In 2020, for the Sounkounkou permit, Teranga has indicated to the Company that it is expected to spend approximately US$1 M on exploring two BLEG (Bulk Leach Extractable Gold) anomalies, including the following planned activities:
· +/- 3,000 soil samples
· +/- 5,500 m of excavator trenching
· +/- 3,500 m of RC / DD drilling
Full details of the exploration programs at the Senegal JV can be found on the Teranga website at www.terangagold.com.
In July 2019, AXMIN received through SMC, a tax notification from the Senegalese tax authorities. The Senegalese tax authorities considers that AXMIN, as a result of the royalties paid to it by SMC, is required to declare and pay corporate income tax in Senegal. In 2020, AXMIN obtained a tax opinion from the Senegal office of a major global accounting firm that the royalties received by AXMIN cannot be taken as revenues from the exploitation or concession of exploitation of mineral deposits located in Senegal, and therefore, AXMIN concludes that it is not liable for any taxes claimed by the Senegalese tax authorities.
Portofino to begin mapping, sampling South of Otter
2020-06-02 07:44 MT - News Release
Mr. David Tafel reports
PORTOFINO MOBILIZES CREW TO FOLLOW UP ON SULPHIDES DISCOVERIES SOUTH OF OTTER PROJECT, RED LAKE, ONTARIO
Portofino Resources Inc. has mobilized its exploration team to its South of Otter project. The team is at site now and is focusing on the recently discovered geophysical anomalies and outcrops of sulphide mineralization. The work program includes additional prospecting, detailed structural mapping, and outcrop channel sampling based on conductors identified in the Company's Geophysical ("VLF") survey (NR- May 14, 2020). The prospective targets delineated in the geophysical survey program occur along splays of the Pakwash-Longlegged Fault system within the Portofino claim boundary. This fault system is a major regional structure along the Confederation Lake assemblage and continues into the LP Fault Zone, hosting Great Bear Resources Ltd.'s ("GBR") Dixie Project.
An exploration plan and permit application has been submitted to the Ministry of Energy, Northern Development and Mines ("ENDM") regarding a significant trenching and drilling program to further delineate the gold bearing targets defined through the recent VLF survey and field work. The Company is currently conducting consultations with the local First Nations communities and government officials.
Portofino's CEO, David Tafel comments: "Due to the COVID-19 pandemic, and resulting restrictions on face-to-face meetings, ENDM permit applications have experienced issuance delays. We expect to receive a status update in the 2nd half of June. The Company, however, is able to continue low-impact exploration on our project to follow up on our encouraging geophysical survey results."
The 5,120 hectares (South of Otter) property is situated within the Birch-Uchi-Confederation Lakes greenstone belt which hosts the world-renowned Red Lake gold deposits and includes the Dixie project currently being drilled by Great Bear Resources Ltd. GBR continues to report exciting drill results with mineralized intersections commonly returning bonanza gold grades in association with coarse visible gold grains. Portofino's property is located approximately 8 km east of GBR's claims.
The Portofino property contains excellent targets for both Red Lake-style gold mineralization as well as gold-bearing base metal prospects. Historical work on the claims included prospecting, sampling, limited drilling, and airborne magnetic geophysical surveys.
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. Alex Pleson, P. Geo., who is a member of the Association of Professional Geoscientists of Ontario and is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian Company focused on acquiring, exploring and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. In addition, Portofino recently acquired two northwestern Ontario gold projects; the Gold Creek property located near Thunder Bay, and the Sapawe West property located near Atikokan. The Company also maintains an interest in prospective lithium salar properties located within the world-renowned "Lithium Triangle" in Argentina.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.