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| January 21, 2010 --- Vol. 4, No.03 | January 2010
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Northwest Territories
GOLD – Novus Gold Corp. Jan. 15 reported surface sampling results from its REN gold property located in the Point Lake area 90 kilometers, or 56 miles, southwest of the formerly producing Lupin gold mine owned by Echo Bay Mines in Northwest Territories. The REN property hosts banded iron formation gold showings. The sampling program, carried out in partnership with Terra Ventures Inc., traced gold mineralization and iron formation over a length of 7 kilometers, or about 4 miles. The partners completed a limited prospecting program on the REN property just prior to freeze up last fall. A total of 83 samples were collected along the iron formation and included the Main occurrence. Most of the samples came from known occurrences other than the Main occurrence; however, five samples collected 400 meters northwest of the most northerly gold occurrence, Grizz, reported values between 1.51 grams per metric ton and 6.25 g/t and represent a new gold discovery. Seven grab samples of the Grizz occurrence ranged from 3.10 g/t to 38.40 g/t gold and grab samples (3) collected 300 meters south of the Grizz occurrence ranged from 0.02 g/t to 2.13 g/t gold. Two more grab samples were collected a further 500 meters south, ranged from 0.53 g/t to 5.27 g/t gold, and were located about 300 meters north of the geophysical anomaly coincident with the Main occurrence. The Banner, Flag and Gord occurrences are located along the southern half of the iron formation, more than 3 kilometers south of the Main occurrence. Seventeen grab samples collected from the Banner occurrence ranged from 0.07 g/t to 205.00 g/t gold and 12 grab samples collected from the Flag occurrence ranged from 0.02 g/t to 22.40 g/t gold. No samples were collected from the most southerly located Gord occurrence which is about 5 kilometers, or 3 miles, south of the Main occurrence; however, previously completed sampling reported a chip sample value of 17.5 g/t across 0.8 meters. Nine grab samples collected from the Moore occurrence about 1 kilometer, or 0.62 mile, south of the Main occurrence varied from 0.06 g/t to 2.88 g/t gold. The remaining 33 samples collected ranged from 0.01 g/t to 2.66 g/t gold. Novus said the drill hole results from the Main occurrence within the REN property clearly indicate a previously unrecognized wide, low-grade gold zone associated with the iron formation. Gold assay values ranging between 2 g/t and 3 g/t were reported for intersections that ranged from 10.62-32.77 meters. Based on previously completed geophysical work, the magnetic and electromagnetic anomaly directly associated with the wide, low-grade gold mineralization, is more than 700 meters long. Drilling has shown the zone to be open at depth. About 30 drill holes were completed on gold showings on the REN property between 1974 and 1990 by Texasgulf, Cominco and Westview. Novus has granted Terra an option to earn a 51 percent interest in the REN property. In order to exercise the option, Terra needed to incur $1.5 million in expenditures on the REN property by Dec. 31. Terra is in the process of giving Novus confirmation that this has been done. Once Terra formally exercises its option, Novus will have the option to re-purchase Terra’s 51 percent interest by issuing 7.5 million shares to Terra. Based on Novus’ current 33,585,000 issued shares, if Novus exercises its option, Terra would acquire 18.25 percent of Novus’ shares.
REEs – Avalon Rare Metals Inc. Jan. 14 released an updated indicated mineral resource estimate for the Nechalacho rare earth elements deposit in Thor Lake, Northwest Territories. The estimate is based on assay results of 9,101 meters in 44 definition holes drilled during a 2009 summer exploration program. The grades and widths encountered confirm good continuity for the REE mineralization in the Basal Zone of the Nechalacho deposit. Indicated mineral resources within one continuous block in the southern part of the Basal zone deposit are now estimated to total 9.00 million metric tons at 1.86 percent total rare earth oxides, 0.43 percent heavy rare earth oxides and 23.1 percent HREO/TREO at the 1.60 percent TREO cut off grade. This is double the tonnage of the indicated resources totaling 4.4 Mt grading 1.97 percent TREO (25.4 percent HREO) defined in the southern part of the deposit and disclosed in August. Avalon said these indicated mineral resources are the basis for the development model being prepared for a pre-feasibility study. The estimate does not include the 2.2 Mt in indicated resource defined earlier in the central part of the deposit, which the junior said may not form part of the development model to be used in the PFS. Inferred Resources in the Basal zone have decreased by an amount closely corresponding to the newly re-classified indicated resources, Avalon added.
FINANCE – Tamerlane Ventures Inc. Jan. 4 said it closed a flow-through non brokered private placement, and issued 2,380,950 flow-through units at a purchase price of C21 cents per FT unit for gross proceeds of C$500,000. Each FT unit consists of one flow-through common share of Tamerlane stock and one-half of one common share purchase warrant with a term of 18 months from the date of closing. Each whole warrant will entitle the holder to acquire one additional non flow-through common share of the company at an exercise price of C40 cents. Tamerlane said it will use the proceeds to immediately begin surface drilling and exploration to upgrade resources at its Pine Point zinc-lead property in Northwest Territories. “We are very pleased with this financing with the MineralFields Group,” said Ross F. Burns, president and CEO of Tamerlane, “With the financings that we have completed during the last month, the company now has the necessary cash in its treasury to advance the Pine Point project to the next step.” The company wants to look for a 50 million-metric-ton unmined deposit near the former Pine Point zinc-lead mine site. The mine, located on the south shore of Great Slave Lake between Hay River and Fort Resolution, N.W.T., was operated by Cominco Ltd. from 1964 until 1987, when it closed because of rising costs.
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