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| March 13, 2014 --- Vol. 08, No. 11 | March 2014
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Northwest Territories
GOLD – TerraX Minerals Inc. Mar. 12 reported that it has entered into an agreement to purchase the UBreccia property, which is situated immediately west-southwest of its Northbelt property of the Yellowknife City Gold project. The 1,394-hectare (3,445 acres) Ubreccia property is being purchased from Panarc Resources Ltd .for 75,000 common shares, subject to acceptance for filing by the TSX Venture Exchange. Panarc will retain a 1 percent net smelter royalty, half of which can be purchased by TerraX for C$1 million. The UBreccia property is bisected by the major, late, north to north-northwest trending West Bay and Akaitcho faults, which intersect on the property. These faults displace the Con and Giant ore systems approximately five kilometers (three miles) south of the property. The West Bay Fault also serves as the western boundary for the Yellowknife Greenstone Belt in this area. Mafic rocks of the greenstone belt comprise on the order of one third of the property; the remainder is underlain by felsic plutonic rocks of the Defeat Plutonic Suite. Gold occurs in shears, quartz veins and fault breccias associated with late north-northwest trending structures in the Defeat Plutonic Suite on the Uptown Property, which adjoins the UBreccia Property to the south. Grab samples with up to 113.5 grams per metric ton gold have been obtained from these structures (technical report, April 13, 2013; North Sur Resources Inc., www.sedar.com). TerraX said it acquired the UBreccia property partly to explore for structurally controlled gold in late faults in the Default Plutonic Suite, but mainly to explore for more conventional mesothermal gold deposits in the Yellowknife Greenstone Belt. At least four mineralized structures identified by TerraX and previous workers on the Northbelt property project onto the UBreccia property. The Island Lake Shear, a possible extension of the Crestaurum Shear, returned a chip sample of 1 m grading 27.9 g/t gold less than 1,000 meters from the UBreccia property. The company reports that a number of other shears found at Northbelt appear to extend onto the adjacent UBreccia property. A property location map is available at www.terraxminerals.com.
FINANCE – Mountain Province Diamonds Inc. March 12 said due to strong demand, the company has increased the size by 500,000 shares of its previously announced 3-million-share public offering to 3.5 million common shares at a price of C$5.10 per common share for gross proceeds of C$17,850,000. The offering is being led by BMO Capital Markets. Concurrent with the bought-deal private placement, Mountain Province intends undertaking a non-brokered private placement of common shares of the company, at a price of not less than C$5.10 per common share. The non-brokered private placement may be sold to Bottin (International) Investments Ltd. (controlled by Dermot Desmond) and other qualified investors. The company intends to use the net proceeds of the offering for (its 49 percent share) of the continued development of the Gahcho Kué Joint Venture diamond project in Northwest Territories and for general corporate purposes. Gahcho Kué is the world’s largest and richest new diamond mine development. The offering and the non-brokered private placement are expected to close on or about March 28, and is subject to the company receiving all necessary regulatory approvals, including the approval of the Toronto Stock Exchange and NYSE MKT. The securities offered have not been registered under U.S. securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
GOLD – Seabridge Gold Inc. Mar. 11 reported a maiden inferred resource estimate for the Walsh Lake deposit at its Courageous Lake Project in Canada's Northwest Territories of 4.62 million metric tons averaging 3.24 grams per metric ton (482,000 ounces) gold. The Walsh Lake deposit is located some 10 kilometers (six miles) south of FAT, a deposit containing 91.1 million metric tons grading 2.2 g/t (6.5 million ounces) gold in proven and probable reserves. Seabridge Chairman and CEO Rudi Fronk said, “The Walsh Lake resource meets all our objectives for satellite deposits at Courageous Lake, namely the potential to add mine life and contribute higher grade material during the early years of the project. The Walsh Lake resource grade is about 50 percent higher than the project’s reserve grade, is near surface and close in to the proposed processing site. Walsh Lake gold also exhibits high recoveries using simple, conventional technologies. With more than 50 kilometers (30 miles) of strike on the greenstone belt that hosts the Walsh Lake resource, we are confident that we can find additional deposits.” The north part of the Walsh Lake target area is connected by a road network between the FAT deposit and the historical, high-grade Tundra Gold Mine. Walsh Lake is believed to be a series of structural zones, parts of which are on strike with the deposits exploited in the Tundra Gold Mine. Seabridge is now refining parameters to aid in drill testing the greenstone belt for more satellite deposits.
DIAMONDS – Kennady Diamonds Inc. Mar. 6 provided an update on progress at its Kennady North diamond project located in Northwest Territories. Three drill holes of an ongoing infill drill program at the Kelvin kimberlite have been completed. The infill drill program is designed to increase the level of confidence in the dimensions of the Kelvin kimberlite main body and northwest lobe prior to the commencement of larger diameter drilling to recover the planned 25 to 30-metric-ton mini-bulk sample. The company has also completed an amended Exploration Agreement with Lutsel K’e Dene First Nation that establishes the basis for collaboration to advance the exploration program at the expanded Kennady North project, which includes additional leases and claims acquired and staked to the south and west of the Kelvin - Faraday kimberlite corridor. Kennady Diamonds President and CEO Patrick Evans said, “Our success at Kennady North is dependent upon a mutually beneficial and respectful relationship and we are committed to working in partnership with the Lutsel K’e.” Kennady Diamonds said the Mackenzie Valley Land and Water Board issued has issued a Type A Land Use Permit (valid for five years) and Type B Water License (valid for seven years) for the Kennady North diamond project. Issuance of these permits will facilitate an advanced exploration program at the Kennady North diamond project.
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