COPPER - YOW Capital Corp. Aug. 6 said it has entered into a letter of intent with 1618254 Ontario Ltd. to acquire all of its issued and outstanding shares on a one-for-one share exchange basis with YOW common shares. 1618254 holds an option from C-D Development Corporation to acquire all of its rights, title and interest in and to an advanced stage copper project consisting of 31 mining claims in the Talkeetna mining district in Southcentral Alaska by paying the sum of $1,720,806 over four years. The property known as the Caribou Dome Project, is located about 160 miles northeast of Anchorage. Historic exploration and development work on the property from the discovery in 1963 through 1971 defined a near surface, high-grade copper resource. The historic exploration work included trenching, and surface and underground drilling.
TUNGSTEN - Yankee Hat Minerals Ltd. Aug. 6 reported it has entered into a joint exploration agreement with a major Japanese government entity, the Japan Oil, Gas and Metals National Corp. to conduct regional tungsten exploration and project generation in southeastern Yukon Territory and neighboring Northwest Territories. The region holds 15 percent of the world's known tungsten reserves and almost all of the available reserves outside of China. The 2008 program is at an advanced stage of planning and a draft budget of C$800,000 has been proposed. The agreement continues to March 2011. JOGMEC will have the right to acquire a 60 percent interest in any mineral property identified for further exploration during the course of the generative programs.
POLYMETALLiC - Niblack Mining Corp. Aug. 7 said it has completed a 1,000-meter access tunnel and successfully intersected Lookout zone mineralization at the gold-silver-copper-zinc Niblack VMS property in Southeast Alaska. Chip samples from the Lookout zone returned assay results of 16.15 meters grading 1.2 grams per metric ton gold, 13 g/t silver, 0.98 percent copper, 1.3 percent zinc, including 1.0 meter grading 8.0 g/t gold, 41 g/t silver, 2.15 percent copper, and 2.55 percent zinc. An 850 metric-ton bulk sample of Lookout has been collected and stockpiled on site. A portion of this material will be used for future pre-development test work. Excavation of all drill stations is complete, and an 8,000-meter underground drill program is now under way. A second three-meter-wide mineralized zone (Mid-zone) has been intersected near the end of the drift. Samples have been recovered from Mid-zone and assay results are pending. The Mid-zone is well beyond the limits of previously defined mineral zones.
ZINC - Canadian Zinc Corp. July 31 reported it has entered into a memorandum of understanding with Parks Canada Agency in regard to the expansion of the Nahanni National Park Reserve and the development of the Prairie Creek zinc-lead-silver project in the Northwest Territories. Parks Canada has agreed to manage the expansion of the reserve so that the expansion does not in its own right negatively affect development of, or reasonable access to and from the Prairie Creek Mine. Canadian Zinc has agreed to manage the development of the mine so it does not, in its own right, negatively affect the expansion of the Nahanni Park. Both parties agreed to make every reasonable effort to address issues of common interest and build a strong working relationship, including convening a technical team which will better identify, define and consider issues of common interest, including, among other things, access to and from the Prairie Creek Mine through the proposed expanded park and the park boundaries around the Prairie Creek Mine properties.
GOLD - Underworld Resources Inc. Aug. 6 said additional assay results have been received from the White Gold Project. Recent assay results include: 4.2 grams per metric ton gold over 16.03 meters and 5.74 g/t gold over 21.58 meters. Underworld said it has completed an initial 13-hole, 1,243-meter core drilling program at its White Gold and Black Fox Gold Project, in the Yukon Territory. In July the company reported the gold discovery at the Golden Saddle prospect of 4.03 g/t gold over 19.58 meters in drill hole WD-004 and 4.58 g/t gold over 16.61 meters in drill hole WD-005. This zone of mineralization has now been extended along strike and down dip in holes WD-09 and 13. Recent drilling indicates that the mineralization extends down dip for 180 meters.
COPPER - Sherwood Copper Corp. Aug. 5 said it has completed a National Instrument 43-101 compliant technical report that details two significant developments at its high-grade Minto copper-gold mine in Yukon, Canada. Firstly, through rescheduling the open pit currently being mined on the Minto Main deposit, higher grade copper production has been brought forward from 2010 to 2009 as compared to prior guidance increasing 2009 copper production by 35 percent to 70 million pounds. Secondly, the report details the updated mineral resource estimates announced, which increased mineral resources by about 50 percent over those announced a year ago. In addition details of the mineral resources at cut-off grades lower than 0.5 percent copper are provided, which indicate significant potential for large tonnages of medium-grade mineral resources at the Minto Mine.
GOLD - Merc International Minerals Inc. Aug. 5 said it has executed an option agreement to acquire 100 percent of Anaconda Mining Inc.'s interest in the 2,849-hectare Damoti Lake gold project 200 kilometers north of Yellowknife, Northwest Territories. An independent, NI 43-101 compliant resource estimate was completed in September 2005 for Anaconda Mining Inc. Using a cutoff grade of 8 grams gold per metric ton, the measured and indicated mineral resource estimate for the Horseshoe deposit totaled 40,600 metric tons grading 26.17 g/t gold, with a further inferred mineral resource estimate of 17,800 metric tons grading 16.38 g/t gold. The Damoti Lake project also was the subject of a 1996 underground exploration program, as well as a historical, 1997 non-NI 43-101 compliant resource estimate and a historical, 1997 non-NI-43-101 compliant preliminary economic analysis by Sierra Mining & Engineering of Reno, Nevada.
