WEEKLY ONLINE NEWS STORY|
You are receiving this weekly newsletter at no additional cost as part of your subscription to Petroleum News. If you do not want to receive this newsletter, email Shane Lasley at firstname.lastname@example.org to be removed from the list.
|January 26, 2012 --- Vol. 05, No. 04||January 2012
Yukon Territory (continued)
GOLD – Tarsis Resources Ltd. Jan. 19 reported final 2011 exploration results from its White River property in western Yukon Territory. Highlights from this work include strongly anomalous gold values identified in nine of 11 hand trenches with values ranging from 0.01 grams per metric ton to 214.00 g/t gold; two zones drill ready for start of 2012 season; 1,617 new soil sample results that significantly expand gold geochemistry with new zones identified; and reconnaissance geophysical surveys support presence of both structural and stratigraphic controlled mineralization. The 11 hand trenches completed across five separate structures spanning more than 1 kilometer of the property were centered within the main portion of the gold-in-soil geochemical anomaly defining the White River West target area. In addition, about 800 new soil samples were collected and two lines of induced polarization geophysics were completed, each about 2 kilometers long, were surveyed across the HG, Cool and MS2 zones. Highlights from the hand trenching program include a channel sample returning 82.20 g/t gold across 1.0 meter from TR-HG11-02 within the HG Zone. A grab and an auger sample from the core portion of the exposure returned 214.00 g/t and 129.00 g/t gold, respectively. Trench locations were strategically located near ridge crests to minimize overburden thicknesses and permafrost content and most sites tested primary and secondary structures containing previously identified gold-copper-silver mineralization. The hand trenches were completed within four target areas, which included deepening of three previously incomplete trenches. All trenches, with the exception of TR-HG11-02 (HG Zone), encountered a mixture of semi-consolidated weathered residual bedrock and locally developed soils. Auger samples were collected below the base of the trenches at 1 m intervals along the length of the trench, at depths between 30 and 70 centimeters from the trench bottom. Large rock fragments in excess of 0.5 centimeters were removed from the sample leaving the finer rock material and residual soil for analyses. All trench samples including those collected by auger were treated as rock samples with no further screening carried out prior to analysis. Three hand trenches at the HG and Cool zones targeted strong gold and copper-in-soil response, coincident with the primary easterly structural trend mapped across the property. Two trenches at the HG Zone were located 25 meters apart on the east facing slope uphill from high-grade gold mineralization (39.8 g/t gold, 521 g/t silver and 1.35 percent copper) were prospected from an interpreted structural splay, while the third trench was located 25 meters north to test the broader primary lineament. The last of the trenches was located 600 meters south of the HG Zone at the MS2 Showing where previous prospecting identified texturally destructive silicified stratabound replacement style mineralization in the underlying Yukon Tanana Terrane metasedimentary rocks. Samples collected yielded 0.88-1.11 g/t gold with only weak responses for silver and copper. This area is characterized by a very gently sloping grass-covered plateau near the edge of a subtle northeasterly trending bench. At White River - East, 890 grid soil samples were collected as follow up to anomalous ridge and spur sampling completed earlier in 2011, which is located about 8 kilometers (5 miles) east of White River West. Gold-in-soil values range from below detection to 380 parts per billion and one semi-continuous gold anomaly has been defined for about 1,100 meters and up to 250 meters wide mostly occurring on a gentle grassy plateau. A number of other secondary anomalies also were identified, which will require additional soil sampling to more clearly define their extents. “The White River property has the potential to host Yukon’s next significant discovery,” said Tarsis President and CEO Marc Blythe. “We are very pleased with the development of the numerous gold-silver-copper targets and are particularly encouraged by the trench results from White River West where many of the zones have only been cursorily explored.” Exploration to date at White River suggests the mineralizing system is extensive and is both structurally and stratigraphically controlled with mineralization occurring through a thick sequence of both the SMT and underlying YTT. High-level structurally hosted mineralization is predominant within the overlying SMT sequence and is associated with broad multi-oriented lineaments in excess of 30 meters width. Modeled IP and magnetic results, although broadly spaced and reconnaissance in nature, suggests the potential for replacement style mineralization largely within the underlying YTT sequence in close proximity to through-going structural zones. Tarsis will spend the coming months designing a first-phase diamond drill program and supplementary exploration required to expand and define new and existing target areas at both White River West and East. Continued petrographic work also will be carried out to better understand the nature of the mineralizing system prior to drilling.
FINANCE – Tarsis Resources Ltd. Jan. 24 said it has agreed to complete a non-brokered private placement of 4 million units at C25 cents per unit for gross proceeds of C$1 million, subject to acceptance by the TSX Venture Exchange. Each unit is comprised of one common share and one half of a non-transferable common share purchase warrant. Each warrant entitles the holder to purchase one additional common share for a period of 18 months at a price of C40 cents per common share. The financing will be taken up by a group of strategic investors who have been long-term supporters of exploration companies such Tarsis in the past, both financially, and by assisting with growth strategies and contact networks. The financing proceeds will be used for mineral exploration in Yukon Territory and Mexico, the review of new projects, and corporate administration. Finder’s fees of 7 percent cash and 7 percent warrants may be paid on a portion of these offerings. The company recently amended its option agreement with Silver Quest Resources on its Prospector Mountain property in the Yukon. Tarsis has consented to Independence Gold Corp. assuming the obligations of the option agreement and also granted a three-month extension on cash and share payments due under the agreement to allow Independence time to review the project results. Exploration results including diamond drilling from the 2011 season are yet to be released. Independence was formed as part of an arrangement where New Gold Inc. acquired Silver Quest Resources, primarily for its Davidson/Blackwater Project in central British Columbia. Independence now holds all of Silver Quest’s Yukon assets and is run by the Silver Quest management team, headed by Randy Turner.
SILVER/LEAD/ZINC – Alexco Resource Corp. Jan. 23 reported record silver production of 608,093 ounces during the fourth quarter of calendar 2011 from its Bellekeno mine in the Keno Hill Silver District of Yukon Territory. Silver production increased 21 percent, mine output jumped 66 percent and mill throughput rose 5 percent compared to the prior (third) quarter. Total production during 2011, which was Alexco’s first full year of mine operations, was 2,020,695 ounces of silver, 16,454,395 pounds of lead and 7,219,740 pounds of zinc. Alexco anticipates further increasing silver and base metal production in 2012 with the development and commissioning of two additional underground mines in the Keno Hill Silver District. The company is also planning additional expansion (roughly 25 percent) of surface and underground exploration drilling programs during 2012. Alexco President and CEO Clynt Nauman said, “The Bellekeno operation achieved record quarterly production with over 600,000 ounces of silver produced during the fourth quarter. Mill throughput increased to an average of 245 (metric tons) per day, mill availability increased to 96 percent, and the extensive efforts we deployed earlier in 2011 to prepare the Bellekeno mine for long-hole production resulted in significantly improved mine performance. We are obviously very pleased with our first year of operations at Bellekeno, with steadily increasing silver production over the course of the year and, most importantly, a superior safety record of more than a year with no lost-time accidents in district operations. Add to that the successes we have realized in 2011 exploration, and I believe we have the ingredients for a very promising 2012.” Average mill throughput during the quarter was 245 tpd compared with 234 tpd during the prior quarter. The significant increase in ore production from the Bellekeno mine during the fourth quarter compared to the third quarter is primarily a result of the successful implementation of long-hole mining. The higher mill throughput reflects the beneficial impact from increased mechanical availability and the various optimization measures that have been put into practice during the continuing ramp-up period. In 2012, Alexco expects to produce about 2.2 million to 2.5 million ounces of silver, roughly 19 million pounds of lead and more than 7.5 million pounds of zinc. First-quarter 2012 mill operations will include a planned campaign of full-scale throughput and metallurgical testing to identify and assess any modifications which may be required to receive ore from the Onek and Lucky Queen mines in the last half of 2012. As a result of this effort, which is anticipated to require interim downtime, Alexco anticipates a slight reduction in mill throughput in the first quarter of 2012 compared to the fourth quarter of calendar 2011.
GOLD/SILVER – Dawson Gold Corp. Jan. 23 reported the results from the 2011 Quantec Geoscience Ltd. Titan 24 DCIP survey on the company’s Toro Property in the White Gold District of Yukon Territory have been received and interpreted. The Titan 24 survey was completed to follow-up on geophysical, geological and geochemical anomalies on the property identified by the company in 2010. The Titan 24 survey highlights include the identification of 24 anomalies (medium to high chargeability with associated low resistivity) over the survey area; nine “first priority” Quantec geophysical anomalies, five “first priority” anomalies define a single broad and strong chargeability anomaly extending to and open to depth; and 15 “second priority” anomalies. An in-house interpretation of the 2011 Quantec survey is ongoing by Dawson Gold and the data will be used to focus the 2012 exploration program. Company management considers the Quantec “First Priority” anomalies excellent candidates for testing by diamond drilling, and intends to execute such a mineral exploration program early in the 2012 field season. The Toro 20-person camp is in place and the on-tenure airstrip is open and usable, which will afford the company the ability to enter the property early in the season and conduct an extensive diamond drilling program. The Quantec Titan 24 System has proven to be a successful tool to define large porphyry systems and strongly mineralized structural trends in the Yukon, specifically upon the nearby Freegold Mountain Project being explored by Northern Freegold Resources Ltd. Coincident with the Quantec survey, Dawson Gold constructed 6 kilometers of new trails and re-activated about 5 kilometers (3 miles) of old road access and undertook a trenching/sampling program to follow-up on high-priority anomalous gold-in-soil targets (defined by the 2010 Toro exploration campaign. Analytical results from the 2011 Toro exploration program have not yet been received however the sampling programs were designed to target mineralization demonstrated by historical trenching results from the Ridge Zone. These historical trenching results coincide with Dawson's gold in soil "Anomaly C", 0.55 g/t gold and 106.6 g/t silver over 30 meters and "Anomaly B", 37.8 meters averaging 0.46 grams per metric ton gold and 26.1 g/t silver. In total, the company completed 120 meters of trenching combined with sampling from the newly open trails lead to the collection and assay of over 240 rock samples. In addition to the road construction and trenching programs, a soil sampling program focused on in-fill and expansion of the 2010 gold-in-soil anomalies was completed in September 2011 and totaled over 320 collected and assayed samples. The Nansen Ace Claims were staked by Dawson Gold in the winter of 2011 and are located in the Mt. Nansen District, for a total of 228 claims constituting more than 4,500 hectares (11,120 acres). The Nansen Ace Property lies about 60 kilometers (37 miles) south of the Toro Project and was staked to cover prospective gold exploration ground along structural strike and 7.5 kilometers (4 miles) to the northeast of the former Mt. Nansen Mine which hosted historical resources of 254,251 metric tons grading over 12.5 g/t gold and 270 g/t silver. Dawson Gold also staked the King-Kong Project in the winter of 2011. The King-Kong Project has two distinct claim blocks totaling 228 claims in the Mt Skukum/Wheaton River area. The King claims (King Project) comprise 104 claims totaling 2,268 hectares (5,604 acres) and include prospective mineralized vein systems, which have been previously assayed at 62.1 g/t gold (Source: Yukon MINFILE#105D 173). The King Project lies along the western flank of the Bennett Lake Volcanic complex, a huge Eocene caldera structure formed at the margin of the Coast Plutonic Complex. The Kong claims (Kong Project) consist of 124 full and partial Quartz Mining claims covering 2,470 hectares immediately south of the Tagish Lake Gold property of New Pacific Metals Corp. which hosts a measured and indicated resource of greater than 1.5 million metric tons averaging 7.8 g/t gold and 130 g/t silver. Neither the King, nor the Kong property have previously been drilled. Dawson conducted exploration programs on these newly acquired targets during the summer 2011 field season. Specifically, the King and Kong projects saw the collection of 129 rock samples, 122 soil samples and seven stream sediment samples. The Nansen Ace Project 2011 program included the collection of 20 rock samples, 8 stream samples, and 2 soil samples. The company awaits results from lab analysis of the samples in order to plan further work programs. Dawson also reported that Jim Coyne has resigned from the board of directors of the company.
FINANCE – Bearing Resources Ltd. Jan. 23 said it closed a C$180,000 private placement announced Dec. 19. The non-brokered private placement consisted of 428,572 units, with each unit comprised of one common share of the company and one-half of a common share purchase warrant. The units were offered at a price of C42 cents per unit. Each whole warrant will be exercisable for one common share of the company until January 18, 2013 at an exerci
Did you find this article interesting?
Email it to an associate.
Print this story
Mining News North - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
Publisher@MiningNewsNorth.com --- http://www.MiningNewsNorth.com
S U B S C R I B E