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| September 02, 2010 --- Vol. 04, No. 35 | September 2010
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Northwest Territories
TRAINING – Canadian Minister of Human Resources and Skills Development Diane Finley Sept. 1 unveiled a partnership with the Dehcho First Nations Futures Society for its “Our People, Our Future” project. The Government of Canada will provide the Dehcho First Nations with funding of C$2.3 million through the Aboriginal Skills and Employment Partnership program, which is supported under Canada’s Economic Action Plan. The project will help prepare Aboriginal people in the Northwest Territories for employment opportunities created through construction and petroleum exploration and production. “Canada’s Economic Action Plan is making a difference by ensuring that Aboriginal people have the training and skills development they need to fully share in current and future economic opportunities,” said Finley. “This project will help accomplish this by providing training for Aboriginal people, leading to jobs in the construction and oil and gas sectors.” Through the project, participants will receive the training and workplace experience required to secure long-term sustainable jobs as aircraft mechanics, automotive technicians and heavy equipment operators, and as carpentry, electrical and plumbing apprentices and journeypersons. The Our People, Our Future project supports the federal government’s priority of improving labor market outcomes for Aboriginal people and supporting social and economic development in the North. The project also advances Human Resources and Skills Development Canada’s mandate to develop a skilled, adaptable and inclusive labor force, and the ASEP program’s objective of promoting sustainable employment for Aboriginal people in major economic industries. The ASEP program promotes partnerships between the Government of Canada, other levels of government, local organizations and employers. It provides on-the-job training that leads to long-term jobs in high demand professions such as mining, hydro development, fisheries, tourism, construction and infrastructure. Canada’s Economic Action Plan provided an additional C$100 million in funding over three years for this program to create more and better opportunities for Aboriginal people.
GOLD – Tyhee Development Corp. Aug. 30 reported additional drill results from its Clan Lake Main Zone in the historic Yellowknife Gold Camp in Northwest Territories. Results include 4.1 meters grading 8.29 grams per metric ton gold in CL167, 3.6 meters grading 3.37 g/t gold in CL168 and 36.3 meters grading 0.86 g/t gold in CL169. Tyhee President and CEO Dave Webb said the explorer has extended known gold mineralization by more than 200 meters along strike beyond existing reserves and resources in the Main zone. “The recent discovery of two parallel sub-zones 150 meters away on either side of the Main zone has become our new priority. Exploration crews have been sampling and mapping the Spud and Bear zones in anticipation of drilling in September,” Webb added. The Bear and Spud zones were discovered within the 7-kilometer-long by 1.2-kilometer-wide or 4.34-mile-long by 0.75-mile-wide, Clan Lake Structure, which hosts eight known gold zones. Tyhee has two drill rigs at Clan Lake and one at the Ormsby Zone, all of which are on standby pending further review of the recent results. Tyhee is the largest property holder in the Yellowknife gold camp and has the largest exploration and development program underway in the region. Its principal asset, the Yellowknife Gold Project, includes the Nicholas Lake, Ormsby, Bruce, Goodwin Lake, and Clan Lake Gold Zones. All are located on mineral claims and mining leases 50-90 kilometers, or 31-55 miles, north of Yellowknife, Nwt. and are expected to feed a single milling operation.
BASE METALS – Darnley Bay Resources Ltd. Sept. 1 reported that Northtech Drilling Ltd. began drilling Darnley Bay’s first 2010 base metals target in Northwest Territories Aug. 28. The drill had been mobilized from the Parry Peninsula 90 kilometers to the northwest where the first phase of drilling for kimberlite pipes, under a joint venture with Diadem Resources Ltd., was completed last week. Target EM-8 is currently being drilled, an electromagnetic anomaly with coincident magnetic response interpreted from a 2010 VTEM survey. It will be followed by target M-7, a magnetic anomaly with coincident electromagnetic response. Both drill holes will be at 65 degrees from the horizontal with a length of 300 meters. Concurrently, the junior is following up on other targets on the ground with gravity and magnetic surveys, and geological prospecting, to prioritize targets for the continuing drill program. Darnley Bay filed its quarterly financial statements for the April-June 2010 period on August 30, 2010. They are available on SEDAR and will be posted on Darnley Bay’s website. In keeping with Darnley Bay’s stock option plan, officers, directors and consultants to Darnley Bay were awarded a total of 1.75 million options exercisable at C37 cents per share and expiring Aug. 31, 2015. As a result, 5.55 million of a possible 10.34 million options have been granted. The grant is subject to certain conditions, including regulatory approval.
FINANCE – Tamerlane Ventures Inc. Aug. 30 reported a net loss of US$747,919, or US1 cents per share, for the six months ending June 30, compared to a net loss of US$814,156 or US1 cents per share in the same period of the prior year. During the second quarter of 2010, the Blaine, Wash.-based junior posted a net loss of US$319,243, or zero cents per share, compared with a net loss of US$479,540 or US1 cent per share in the same period of the prior year. At June 30, Tamerlane had working capital of $416,712, compared with $1,306,399 at Dec. 31, 2009, a decrease of US$889,687. The decrease resulted primarily from general and administrative expenditures, professional fees and exploration and development of the Pine Point lead-zinc project. Tamerlane is focused on developing Pine Point, which was the largest and most profitable base metal mine in Canadian history. The project currently contains proven and probable reserves totaling 7.8 million metric tons grading 6.16 percent zinc and 3.01 percent lead; measured and indicated resources totaling 8 Mt grading 2.26 percent zinc and 1.13 percent lead; and inferred resources totaling 4.1Mt grading 2.36 percent zinc and 0.82 percent lead. The junior controls Pine Point, along with a large contiguous property to the west.
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