COPPER/GOLD – Capstone Mining Corp. June 9 reported for measured and indicated mineral resources at the high grade Minto copper-gold mine in Yukon Territory increased by nearly one-third. The miner said it completed new mineral resource estimates for the combined Area 2/Area 118 deposit, the Ridgetop deposit and the Minto North deposit that comply with National Instrument 43-101 requirements. The updated figures also reflect mineral resources and mineral reserves for the Minto Main deposit based on mining activity up to Dec. 31. The updated mineral resource estimate also includes results from nearly all drilling conducted through April 2009, and will form the basis of Capstone’s Phase IV expansion study for the mine, the company said. The net result of successful 2008-09 exploration programs, including reductions due to two years of mining, and using a copper cut-off grade of 0.5 percent copper, is that Minto’s overall estimated measured and indicated mineral resource saw an increase of 32.4 percent in contained copper, 38.3 percent in contained gold and 28.1 percent in contained silver over the last consolidated mineral resource estimate, reported in early 2007. Since Capstone’s acquisition of the Minto Project in 2005, total copper contained in all classes of mineral resource have increased a net 163 percent, gold 223 percent and silver 118 percent, even after mineral resource depletions from two years of mining.
GOLD – Northern Tiger Resources Inc. June 1 said it closed a non-broker private place of 3,163,000 units and 3,087,000 class “A” common shares issued as “flow-through shares” under the Canadian Income Tax Act at a price of C8 cents per FT Share for aggregate gross proceeds of C$500,000. Each unit consisted of one class “A” common share of Northern Tiger and one transferable share purchase warrant. Each warrant entitles the holder to acquire an additional common share at a price of C12 cents at any time within 24 months of issuance. Northern Tiger said the proceeds from the sale will be will be primarily used to explore Northern Tiger’s Sonora Gulch property in Yukon Territory and for general corporate purposes.
COPPER/GOLD – BCGold Corp. June 1 said geological field crews started work on the Minto Block of the company’s Carmacks Copper-Gold property package in central Yukon. The Minto Block consists of six properties located immediately northwest of, and along trend with, Capstone Mining Corp.’s Minto deposits. Phase I exploration on BCGold’s Minto Block will include geological mapping and prospecting over a number of coincidental copper +/- gold soil mobile metal ion and induced polarization (I.P.) anomalies defined on the Toe, Pepper and Spear claims by BCGold in 2008. BCGold is the largest landholder in the Carmacks Copper-Gold Belt, holding title to 17 properties strategically located near and adjacent to Capstone’s high-grade copper-gold Minto mine and Western Copper Corp.’s Carmacks Copper Project situated 50 kilometers to the southeast. “BCGold is excited about this exploration program north of Minto mine, particularly in light of the very high grade copper and gold results recently announced by Capstone from the new Minto North discovery,” said BCGold President and CEO Brian P. Fowler. “BCGold has comparable copper-in-soil geochemical and I.P. anomalies on 3 properties and this phase of fieldwork will refine these exploration targets in preparation for diamond drill testing later this season.”
GOLD - Yukon-Nevada Gold Corp. June 2 said a delay in the fabrication of certain fiberglass ductwork resulted in the company missing a deadline to complete installation of new mercury-emission control equipment at the Jerritt Canyon Mine near Elko, Nev. As a result, Yukon-Nevada subsidiary Queenstake Resources Inc. USA discontinued operation of its roaster circuits at the Jerritt Canyon Mine May 30 in compliance with an order to do so by Nevada environmental regulators. The ductwork will be used in the installation of a calomel-based mercury control system required by the Nevada Department of Environmental Protection to ensure that the company complies with state-mandated mercury emission limits, and to minimize the proportion of oxidized, or reactive, mercury released to the air, the company said. Queenstake expects to take delivery of the fiberglass duct work and have the new mercury emission control equipment installed before the end of June. Yukon-Nevada, which is developing the Ketza River gold project in southern Yukon Territory, said Queenstake has successfully complied with other regulatory requirements for operation of the mine. While the Jerritt Canyon roasters are off-line to complete the required work, processing of ore already roasted and recovery of gold will continue, the company added.
GOLD - ATAC Resources Ltd. June 10 said it entered into an option agreement that will allow Arcus Development Group Inc. to earn a 50 percent interest in the Green Gulch, Touleary, Dan Man and Shamrock gold properties, which collectively comprise its Dawson gold project. Properties that make up the Dawson project either directly adjoin or are in close proximity to claims hosting Underworld Resources Inc.’s recent White Gold discovery in central Yukon. Under terms of the agreement, Arcus can earn a 50 percent interest in the Dawson Gold Project by making cash payments totaling C$185,000, issuing a total of 1 million shares to ATAC and completing a total of C$3.5 million in work expenditures, all over a three-year period. Arcus will be the operator until it earns a 50 percent interest in the project. Following earn-in, a joint venture will be formed to explore the project. Although the Dawson Gold Project agreement is conditional upon Arcus completing a financing of not less than C$1 million, exploration is starting immediately, subject to a clause concerning reimbursement. “ATAC continues to implement its project-generating business model of identifying early- to mid-stage precious metal opportunities and finding strong partners to advance them,” said ATAC CEO Graham Downs. “The optioning of the Dawson Gold Project to Arcus falls directly in line with our corporate objectives, and we look forward to working with them in an emerging gold district.” ATAC also said its crew is on-site at the junior’s flagship Rau gold project in Yukon. Camp upgrades and pad construction are well underway, and diamond drilling was scheduled to begin June 11.
GOLD - Strategic Metals Ltd. June 9 outlined its exploration plans for summer and fall 2009. The junior said its work will focus on projects with significant precious metal potential. Initially, surface work will follow-up encouraging results from previous programs to identify the best targets for trenching or drilling later in summer or fall. Key prospects that will be evaluated include Eureka, Fairweather and GK. Eureka is a road accessible project located in the South Klondike gold district about 50 kilometers north of the White Gold discovery of Underworld Resources Ltd. Fairweather is a gold discovery made by Strategic last fall in a sheared skarn on the flank of a high level Tombstone Suite intrusion. It was found by following up very anomalous soil samples (500 to 9060 ppb) that coincide with a strong VTEM conductor and a sharp magnetic high. GK is located in the Telegraph Creek area of northern British Columbia in the same belt of rocks as the Galore Creek deposit owned by NovaGold Resources Inc. and Teck Resources Ltd. Previous work at the GK property has identified several showings where mineralized specimens have returned assays in the ranges of 2 grams per metric ton gold to 48 g/t gold and 0.8-9.7 percent copper. Once exploration data are available from 2009 work at the various prospects, Strategic said it will decide whether to drill some of the targets itself or to search for potential partners.
GOLD – Kaminak Gold Corp. June 8 said it increased its summer work program on the Coffee and Kirkman properties located in the newly recognized “White” gold district in the west-central Yukon. An initial phase-1 trenching program, budgeted at C$500,000, is expected to begin in early July. The Phase One program will target high-priority gold geochemical anomalies that are analogous to Underworld Resources Inc.’s newly discovered White Project where a new mineralized gold system has been revealed. Contingent upon trenching results, Kaminak has funding in place to complete a second-phase diamond drilling program this season. “Given the recent developments in the White District, we feel it is important and advantageous to step-up our efforts as quickly as possible,” said Kaminak President and CEO Rob Carpenter. “We will aggressively evaluate our priority targets in 2009.” The primary target on all three properties is a near-surface, bulk-tonnage gold deposit analogous to Underworld Resources Inc.’s White Project, which is located only 8 kilometers, or 5 miles, from Kaminak’s Kirkman property and 27 kilometers, of 17 miles, from Kaminak’s Coffee and Cream properties.
GOLD – Pacific Ridge Exploration Ltd. June 9 said it staked 212 mineral claims comprising three properties containing gold exploration targets near a gold discovery reported by Underworld Resources Ltd. on it White Gold property located in Yukon Territory’s Klondike south of Dawson City. Pacific Ridge said its gold target selections were based on a review of historic exploration data in its files as well as management’s prior experience in the region that dates back to 1969. The company said it had C$939,400 in working capital as of March 31, 2009. The junior also said it will report further after additional property acquisitions may be completed and details of the company’s 2009 Klondike exploration program are finalized.
FINANCE – Kaminak Gold Corp. June 11 reported a non-brokered, private placement offering of 2,222,222 units at a price of C45 cents per unit, for total gross proceeds of C$1 million. “Kaminak is strategically financing through hard dollars to strengthen the company’s balance sheet,” stated Rob Carpenter, Kaminak’s President and CEO. “These funds will be used to accelerate our White Gold and Thunder Bay work programs and will allow us to aggressively pursue new project acquisitions at minimal dilution to shareholders.” Each Unit sold will consist of one common share and one common share purchase warrant. Each whole common share purchase warrant will be exercisable into one common share for a period of 24 months from closing at a price of C55 cents per share in the first 12 months and C70 cents per share in the subsequent 12 months. All securities issued in the private placement will be subject to a four-month hold period from the closing of the private placement.
POLYMETALLIC – Rockhaven Resources Ltd. June 2 posted its 2009 exploration plans for two of its properties, the Plata silver-gold-lead property in eastern Yukon Territory and the Groundhog property in the southern Yukon. Exploration at Plata was to begin in early June and include diamond drilling, trenching, soil sampling and prospecting. About 500 meters of diamond drilling is planned to test the core of a strong geophysical conductor identified downdip of high grade surface showings that were discovered in 2008 within the plane of the Plata Thrust Fault. Exploration on the Groundhog property will consist of excavator trenching to expand known silver-lead-zinc vein showings and to evaluate potential for manto-style replacement deposits. A Yukon Mining Incentives Program grant has been approved by the Government of Yukon to help fund this year’s program at the Groundhog property. Rockhaven also said it granted an incentive stock option to one of its directors under its Incentive Stock Option Plan that entitles him to purchase up to 50,000 shares at a price of C20 cents per share for a period of five years.
