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 [email protected] to be removed from the list.
|December 13, 2012 --- Vol. 06, No. 50||December 2012
Alaska News Nuggets
FINANCE – Heatherdale Resources Ltd. Dec. 13 said Sino-Canada Natural Resources Fund 1 has agreed to subscribe for a convertible debenture for an aggregate principal amount of C$3 million, which will earn interest at a rate of 8 percent per annum. The principal amount of the debenture will be convertible into common shares of the company at a price of C20 cents per share, and the interest will be convertible at the higher of C20 cents per share or the market price of the shares on the date of such conversion. At the end of the two-year term of the debenture, any remaining principal and interest amounts will be redeemed, at the option of the company, in cash, by the issuance of shares, or a combination of both. Heatherdale may, with Sino-Canada Fund’s consent, prepay all or part of the amounts outstanding under the debenture. Sino-Canada Fund will have the right to nominate one individual for appointment to Heatherdale’s technical advisory committee until it meets certain Share ownership or voting conditions, at which time it will instead have the right to nominate one individual for appointment as a director of the company. Heatherdale President and CEO Patrick Smith said, “We welcome the experience of Sino-Canada Fund to Heatherdale's technical advisory committee and look forward to developing a positive working relationship to help advance our projects to the next stage.” Proceeds will be used to advance the exploration and development of Heatherdale’s projects in Alaska and for general working capital. A finder’s fee is payable in cash to an arm’s length party based on the principal amount of the debenture. The issuance of the debenture is subject to final approval by the TSX Venture Exchange. Sino-Canada Fund Managing Partner Thomas Lau said, “We believe Heatherdale's projects and management team are world class and fit within our strategic vision to support the growth of high potential resources assets. We believe our capital will support Heatherdale’s future work with positive results and look forward to helping Heatherdale reach new milestones.” Sino-Canada Natural Resources Fund I is a Cayman Islands registered private equity fund focused on investments in Canadian listed and private companies that develop and operate natural resource projects worldwide. Sino-Canada Fund is managed in Hong Kong on behalf of private investors from China.
METALLURGY – International Tower Hill Mines Ltd. Dec. 11 provided results from the metallurgical test work on its Livengood gold project in Interior Alaska. Metallurgical studies have determined that the gold recovery for the four key rock types that comprise roughly 70 percent of the Livengood gold resource will range between 77 and 88 percent. A substantial portion of the early production at Livengood is expected from these rock types. The study program included tests to first determine the gravity recoverable gold, and then evaluated two alternative mill flow sheets for processing of the gravity tailing. The tests showed a robust gravity recovery of between 43 and 55 percent. The metallurgical tests demonstrated that higher recoveries could be achieved in all four rock types tested (Cambrian, Sunshine upper sediments, Core Zone upper sediments and Core Zone volcanics) could be achieved by feeding the gravity tailings directly to a carbon-in-leach circuit as opposed to a gravity-floatation-CIL flow sheet. Results for the gravity-CIL flow sheet are: Cambrian 84.2 percent; Sunshine upper sediments 87.7 percent; Core Zone upper sediments 76.7 percent; and Core Zone volcanics 84.8 percent. These results are based upon test work completed on a large number of representative samples contained in the 10,800 kilograms (23,800 pounds) of mineralized rock that was delivered to SGS Canada Inc. in February. Based on these results and related engineering tradeoff studies, Tower Hill has determined that a gravity circuit followed by a whole-ore CIL circuit will be the mill flow sheet developed in the feasibility study. International Tower Hill Mines CEO Donald Ewigleben said, “This work has defined the milling flow sheet for the project as the company continues to focus on other overall project optimization aspects that could further enhance its development.” Additional metallurgical test work continues at SGS to confirm recovery on the Core Zone lower sediments rock type. This rock type will be primarily encountered and processed later in the mine life. This additional test work will be completed and incorporated into the feasibility study, which is on schedule for release by the first half of 2013.
GOLD/PALLADIUM – Pure Nickel Inc. Dec. 11 provided initial assay results for the recently completed drill program at its Salt Chuck copper-gold-silver-palladium property on Prince of Wales Island in Southeast Alaska. The six-hole program encountered high-grade gold mineralization in a previously unidentified gold-bearing structure in the western part of the property, an area known locally as North Pole Hill. High-grade intersections include 127.8 grams per metric ton gold, 57.6 g/t silver and 2.78 percent copper over an apparent width of 0.35 meters. Other highlighted intersections include 29.1 g/t gold over 2.58 meters and 1.2 g/t gold over 5.49 meters. These intercepts are associated with previously untested soil and induced polarization anomalies on the Salt Chuck property. These anomalies extend 1,500 meters along strike to the east and west, and a second gold in soil anomaly splays southward and continues a further 1,700 meters. Pure Nickel said the IP anomalies extend to the limits of the surveys, leaving the potential mineralized structures open. Pure Nickel hypothesized that the North Pole Hill anomalies reflect the presence of the same style of remobilized magmatic copper-gold-silver-palladium mineralization found at the historic Salt Chuck mine, roughly 2,000 meters to the southeast. The company said the significant mineralization encountered in the 2012 drill holes supports this interpretation. In addition to gold-copper mineralization, broad zones of anomalous palladium concentrations were encountered at greater depths in the westernmost drill holes, including NPH-12-02 where a weighted average concentration of 234 parts-per-billion palladium was intersected over 12.85 meters. These anomalous intersections appear to reflect primary magmatic mineralization, and they raise the possibility that remobilized palladium mineralization, such as at the Salt Chuck Mine, may be associated with other structures not yet encountered in the North Pole Hill area. Pure Nickel President and CEO Dave McPherson said, “It is extremely satisfying to be able to report a new gold discovery. The styles of mineralization encountered at North Pole Hill represent exceptional targets for continued exploration.” The North Pole Hill discovery area is road accessible and only 10 kilometers (six miles) from Thorne Bay.
GOLD – Fire River Gold Corp. Dec. 10 announced results from the 2012 surface diamond drilling program at its Nixon Fork gold project in Alaska. The surface program involved 38 holes for 2,976 meters at the Mystery Mine. Fire River reports that 20 of these holes cut significant gold, silver and copper mineralization. Highlights from the surface drilling include 8.3 meters averaging 36.75 grams per metric ton gold, 22.55 g/t silver and 1.26 percent copper in hole N12-001; 6.1 meters averaging 31.83 g/t gold, 37 g/t silver and 2.28 percent copper in hole N12-012; and 7.6 meters averaging 50.26 g/t gold, 42.36 g/t silver and 3.37 percent copper in hole N12-014. Fire River said that in the high-grade intercept of hole N12-014 is the weighted average based on roughly 50 percent core recovery and may not represent the actual grade of the section. Fire River President and CEO Blane Wilson said, “We are extremely pleased with these high grade gold and silver drill hole intercepts at the Mystery Mine. The drilling was designed to define and expand the known resources at the mine and to better understand the geologic controls of higher grade gold and silver mineralization. It is important to note the very high grades associated with some of the intercepts such as 3.7 meters grading 96.6 g/t gold, 84 g/t silver and 6.7 percent copper in drill hole N12-014. These higher grade zones will contribute to an optimized mine plan for the Mystery Mine and potentially provide a more consistent high grade feed for the mill.”
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
[email protected] --- http://www.MiningNewsNorth.com
S U B S C R I B E