METALLURGY – Metals Creek Resources Corp. Feb. 26 reported that bottle roll cyanide extraction testing of drill core and trench samples from the Squid East project returned an average of 81.75 percent silver recovery. Previously, Metals Creek reported bottle roll tests averaging 92 percent gold recovery from the same zone. The analysis was carried out to provide preliminary metallurgical information on Metal Creek’s gold-silver discovery in west-central Yukon Territory. This new discovery included values of 1.96 grams per metric ton gold and 160.6 g/t silver over 22 meters from trenching and 1.55 g/t gold and 114.1 g/t silver over 21 meters from drilling. Metals Creek said the precious metal results enhances the potential of the zone and the possibility for a near surface bulk tonnage gold-silver system. Metals Creek President and CEO Alexander (Sandy) Stares commented, “We are highly encouraged with the precious metal recoveries obtained from the strongly weathered host rock at Squid East. These positive results help enhance the potential of the mineralization and reinforce management’s high regard for the project” The silver recovery results were obtained from four samples collected from drill core and channel samples. Silver recoveries for these four samples ranged from 60.6-92.6 percent and averaged 81.75 percent. Silver grades for these four samples ranged from 53.7 g/t to 158 g/t.
FINANCE – Rockhaven Resources Ltd. Feb. 25 reported the arrangement of a private placement of up to C$3 million. The placement will include the sale of up to 15 million flow-through units to be sold at C18 cents per unit and will consist of one flow-through common share and one-half of a non-flow-through purchase warrant. The private placement will also include 2 million non-flow-through units to be sold at C15 cents per unit and will consist of one non-flow-through common share and one-half of a non-flow-through share purchase warrant. Each warrant will entitle the holder to purchase one additional non-flow-through common share for C30 cents for a period of 12 months from the closing of the placement. Strategic Metals Ltd., Rockhaven’s largest shareholder, will purchase 5.3 million flow-through units as part of the private placement. Assuming all 17 million units being offered are sold, on the completion of the private placement, Strategic would hold 24.46 million Rockhaven shares, maintaining its current 31.1 percent interest in the issued share capital of the company. Insiders of Rockhaven will purchase more that 11 percent of the shares offered. The proceeds from the sale of the flow-through units will be used to finance exploration at Rockhaven’s Klaza gold-silver property in the Dawson Gold Belt of southwestern Yukon. Proceeds for the sale of the non-flow-through units will be used as general working capital.
MERGER – Northern Tiger Resources Inc. and Redtail Metals Corp. Feb. 24 reported that their shareholders have approved the merger of the two companies and approved the acquisition of Americas Bullion Royalty Corp.’s Brewery Creek gold project in the newly merged company. The companies will be brought together by Northern Tiger acquiring all the outstanding shares of Redtail Metals. On completion of the merger, each Redtail shareholder will receive one Northern Tiger common share in exchange for every seven Redtail shares held. The terms of the merger include the acquisition of the Brewery Creek project and other Yukon assets from Americas Bullion for C$5.25 million and Americas Bullion will invest C$2.25 million in the merged company. Northern Tiger will be the surviving entity upon completion of the merger and will be renamed Golden Predator Mining Corp. The Acquisition is part of a reorganization in which Americas Bullion will become a wholly-owned subsidiary of Resource Holdings Ltd., a Bermuda company. The acquisition is subject to the receipt of Americas Bullion shareholder approval at a special shareholder meeting expected to be held March 28.
SHARE OPTIONS – Wellgreen Platinum Ltd. Feb. 24 reported that, in keeping with its ongoing commitment to strong corporate governance, it has completed a detailed review of historical option grants. The company’s review focused on options that were granted to various persons on June 17, 2011 at an exercise price of C90 cents. As a result of this review, the Wellgreen has determined that the terms of certain remaining June 2011 options should be amended, and that certain other remaining June 2011 options should be cancelled, subject to regulatory approval. The company has accordingly amended the price of 4,529,285 of the June 2011 options to $0.91 (with the amendment to 2,309,285 of these options being subject to regulatory approval). Most of these options will expire within 90 days in accordance with their terms. All other terms of such options remain unchanged. The company’s review also resulted in the cancellation of 670,715 of the June 2011 options (subject to regulatory approval).
