COPPER/GOLD – Capstone Mining Corp. Feb. 2 reported the result of an updated NI 43-101-compliant mineral resource estimate for the Wildfire/Copper Keel area at its Minto Mine. Follow-up drilling in the Copper Keel region of Minto South deposit in the second half of 2011 has added an additional 67 million pounds of copper resource in the measured and indicated categories. At a 0.5 percent copper cut-off grade, total mineral resources at the Minto Mine exceeds 1.1 billion pounds of copper. In addition, the 2011 drill program produced a new discovery called Fireweed. A total of 26 holes were drilled on Fireweed “A” and “B.” The best intercept to date is 3.2 percent copper and 1 gram per metric ton gold over 16.6 meters including 6.8 percent copper and 1.9 g/t gold over 7.1 meters in hole 11SWC-871 at Fireweed A and 3.4 percent copper and 1.4 g/t gold over 14.4 meters including 4.2 percent copper and 1.3 g/t gold over 7.6 meters in hole 11SWC-882 at Fireweed B. Fireweed “A” is located about 200 meters east of the Minto East deposit and Fireweed “B” lies a further 170 meters east of Fireweed “A.” Brad Mercer, vice president, exploration for Capstone, said, “Exploration success at Minto continues to translate into mineral resource additions to support our objective of organic growth at our existing mining operations. Since 2006, the Minto Mine has achieved steady mineral resource increases through a program of discovery followed by feasibility studies in a series of phases. This updated mineral resource will be included in the next pre-feasibility study, which is currently underway.” “The latest new Fireweed discovery, not yet included in any mineral resource estimate, was made by testing a geological target that became compelling after we completed a new 3-D geology model of MSD,” continued Mercer. “Future exploration at Minto will focus on depth, exploring beyond the limits of our existing geophysical surveys as our understanding of Minto’s geology evolves.” Drilling operations have begun again in 2012 on a C$4.8 million exploration drill program (23,500 meters). Drilling will initially in-fill the relatively shallow gap between the MSD and the Ridgetop deposits. After that, the company will follow up its latest exploration success by refocusing on Fireweed and on the potential for further high-grade mineralization at depth in the Minto system. As in previous years, the 2012 program will be conducted in two phases, winter and summer, separated by a pause in the spring for thaw and freshet. It is anticipated that the company will provide an update of exploration results part way through 2012 when drilling is paused between phases. The Wildfire/Copper Keel area is a southeastwardly extension of the Minto South Deposit. On May 30, 2011, Capstone announced a mineral resource gain of 219 million pounds of copper from drilling conducted in 2010 and early 2011 in the Wildfire/Copper Keel area of MSD. Geological modeling incorporating these drill holes indicated geological continuity between the Wildfire/Copper Keel region and the Area 2/118 region and supported a geological re-interpretation indicating these areas are part of one larger deposit (MSD) and not separate deposits as initially thought. Subsequently, drilling in mid- to late 2011 in the same area now brings the total holes in the current estimate to 423 and added a further 67 million pounds of copper in the M&I Class for MSD. Data from these latest drill holes add further confidence in geological continuity of mineralization modeled in the previous MSD estimate and also expands the limits of mineralization northward on the Copper Keel levels of MSD from the May 30 model.
GOLD – Taku Gold Corp. Feb. 2 unveiled its 2012 proposed exploration program on the Rosebute property – a 544-claim (11,260-hectare or 27,824 acres) land package located about 55 kilometers (34 miles) due south of Dawson City that Taku acquired from Yukon prospector Shawn Ryan. In 2010, 5,158 soil samples were collected on two grids based on 50-meter sample intervals on lines spaced about 100 meters apart, and a 1,107-line-kilometer airborne radiometric and magnetic geophysical survey was flown. Excellent geochemical results were obtained from the first grid located in the northwestern part of the property and an anomalous gold area about 189 hectares (467 acres) in size was identified (the “Norwest” zone). In 2011, detailed geochemical sampling was conducted over the Norwest zone to provide a sample density of 50-meter sample stations on lines spaced at 50 meters apart. Results from the 457 samples collected in 2011 are well above the 2010 results and three distinct gold anomalies are delineated. The first anomaly is located in the northern part of the gridded area. It is well-defined over an east trending length of 900 meters and shows maximum values up to 212 parts-per-billion gold or 0.2 grams-per-metric-ton gold. The second anomaly is located in the southern part of the gridded area. It is well-defined over an east trending length of 500 meters and shows maximum values up to 1,334 ppb or 1.3 g/t gold. The third anomaly is located in the eastern part of the gridded area. It is well -defined over an east trending length of 450 meters and shows maximum values up to 254ppb or 0.3g/t gold. The first and third anomalies line up in a west to east trend and may in fact identify one gold-bearing zone up to 1.8 kilometers (1 mile) long. More work will have to be done to establish if this is a valid interpretation. In addition to the detailed sampling on the Norwest zone, 2,259 reconnaissance ridge and spur samples were taken over the entire property in 2011. A gold value of 3.4g/t gold was returned from a sample collected about 3 kilometers (2 miles) north of the Norwest zone. A small cluster of anomalous gold results also was identified 2.4 kilometers (1.5 miles) southeast of the Norwest zone with maximum values up to 491 ppb or 0.5 g/t gold. For 2012, Taku will be concentrating on the Norwest zone. It is anticipated that the three gold-rich areas within the Norwest zone will be mapped, trenched and sampled, and then drilled. Detailed soil sampling and possibly trenching will also be undertaken at the two new zones mentioned above. A preliminary budget of C$600,000 has been proposed for the project, and it is expected that work will begin in early June 2012.
COPPER – Copper North Mining Corp. Feb. 1 said it has engaged M3 Engineering & Technology to prepare an updated feasibility study for the Carmacks copper project. M3 is a Tucson-based engineering, procurement and construction management firm with global experience in the development of copper heap leach projects. M3 prepared an NI 43-101-compliant feasibility study report for Carmacks in 2007. The new study will provide Copper North with an up-to-date development plan, capital and operating cost estimate, and financial analysis for Carmacks. The updated feasibility study report will be based on end of second quarter 2012 pricing and is expected to be issued in July. The update will include engineering and design work associated with project changes the company announced in January. Copper North President and CEO Sally Eyre said, "The renewed engagement of M3 to prepare the Carmacks Feasibility Study update will ensure continuity and efficiency of work and will enable the company to move the project forward in a timely manner. With a revised economic analysis, we will be in a position to consider all financing options available in order to advance project development".
SPIN OUT – Radius Gold Inc. Jan. 31 said that as a result of the completion of Radius’s spin out of assets to Rackla Metals Inc., the common share purchase warrants of Radius have been adjusted based on the fair market value of Radius and Rackla at the time of completion of the spin out. Accordingly, the exercise price of all common share purchase warrants outstanding in Radius have been reduced to 73 percent of the original exercise price, namely original exercise prices per share C50 cents, C70 cents and C75 cents, adjusted to per-share exercise prices of C37 cents, C51 cents and C55 cents, respectively.
GOLD – Cantex Mine Development Corp. Jan. 27 provided an update on the progress of its projects, including its Yukon Gold Project. During 2011, Cantex collected 2,315 heavy mineral samples from areas underlain by geology prospective for Carlin-type gold mineralization in the Yukon. C.F. Mineral Research has commenced heavy mineral processing of all of these samples. An additional 119 follow-up samples were collected to test the company’s claims along strike from Atac Resources Ltd.’s Osiris Carlin-type gold discovery. To date 1,965 of the exploration samples have been submitted for assay and complete results have been received for 722 of these samples, of which 71 samples are anomalous for gold. Twenty samples are anomalous in the full suite of key pathfinder elements characteristic of Carlin-type gold mineralization in the Yukon. These and forthcoming results will be used to guide the acquisition of claims and a future exploration program.
INVESTOR RELATIONS – Expedition Mining Inc. Jan. 30 reported retaining Bucher Money, Market & Analysis as its investor relations and corporate communications service provider in Europe. Bucher has been engaged to help create a broader shareholder base with primary exposure of the company to the Swiss financial market and the European investment community. The agreement with Bucher is for a period of six months for total consideration of C$12,000. Headquartered in Eschenz, Switzerland, Bucher Money, Market & Analysis with its principal, Peter Bucher, is an established financial consulting firm providing its services to the Swiss financial community. For more than 35 years Peter Bucher has been the chief-editor of a well-known and influential Swiss market letter. Expedition President Ron Atlas said, “Given (Bucher Money’s) financial experience and status in the Swiss community, we are looking forward to expanding our networks and penetrating other European markets.” Bucher Money has no rights or intent to acquire any shares of the company.
MARKETS – New Pacific Metals Corp. Jan. 26 said it has received conditional approval for its common shares to be listed on the Toronto Stock Exchange, subject to the final approval of the TSX. The junior mining exploration company’s common shares will commence trading on the TSX once final approval is received. Upon listing on the TSX, the New Pacific's common shares will continue to trade under the symbol “NUX.” In connection with the listing on the TSX, the company will apply to voluntarily delist it shares from the TSX Venture Exchange to take effect on the date such shares commence trading on the TSX. New Pacific is engaged in the exploration and development of gold poly-metallic properties in Yukon Territory where its current project is the Tagish Lake gold property.
