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| June 12, 2014 --- Vol. 08, No. 24 | June 2014
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Yukon Territory
FINANCE – Wellgreen Platinum Ltd. June 11 reported that it has entered into an agreement with Dundee Securities Ltd., on behalf of a syndicate of underwriters, with H.C. Wainwright & Co., LLC to act as a U.S. placement agent, to purchase, on a “bought deal” basis by way of a base shelf short-form prospectus, 9.231 million units of the company at a price of C65 cents per unit for total gross proceeds of about C$6 million. The underwriters have been granted the option to purchase up to an additional 15 percent of the offering, exercisable in whole or in part at any time up to 48 hours prior to the closing of the offering. Each unit shall consist of one common share of the company and one purchase warrant. Each warrant shall entitle the holder to acquire one Wellgreen share at a price of 90 cents for a period of 24 months following the closing date. In the event that the company’s shares trade at a closing price at or greater than C$1.35 per share for a period of 10 consecutive trading days, at any time following the closing of the offering, the company may accelerate the expiry date of the warrants by giving notice to the holders thereof and in such case the warrants will expire on the 30th day after the date on which such notice is given by the company. The offering is scheduled to close on or about June 24, 2014. The units will be qualified for sale by way of a prospectus supplement (to the company’s short form base shelf prospectus dated May 12, 2014), which will be filed in the provinces of British Columbia, Alberta, Manitoba and Ontario. The offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including the approval of the TSX Venture Exchange. Net proceeds of the offering will be used for completion of prefeasibility study work on its flagship Wellgreen project, to further exploration on its properties and development and for general corporate purposes. In connection with the offering, the underwriters will receive a cash commission equal to 6.0 percent of the gross proceeds raised under the offering and that number of compensation options equal to 4.5 percent of the number of units sold. Each compensation option will be exercisable into one unit of the company for a period of 24 months from the closing of the offering at a price equal to the offering price.
WARRANT EXTENSION – Goldstrike Resources Ltd. June 11 reported that the TSX Venture Exchange has consented to the extension of the exercise term of 1,307,679 outstanding share purchase warrants by two years. The warrants were originally exercisable until June 15, 2014. Each warrant is now exercisable to purchase one common share at C80 cents at any time prior to June 15, 2016, subject to an accelerated expiry if the average closing price of the company’s common shares equals or exceeds C$1.20 per share for 10 consecutive days. Goldstrike is currently focused on mineral exploration of the Summit Property in Yukon Territory.
GOLD/SILVER – Rockhaven Resources Ltd. June 9 reported the start of the 2014 exploration program at its Klaza gold-silver property in the Dawson Range Gold Belt of southern Yukon Territory. A 12,000-meter drill program slated for 2014 will focus on delineating and expanding areas of high-grade gold and silver mineralization in the Western BRX, Central Klaza, Western Klaza and Pearl zones. Rockhaven said trenching and limited broadly-spaced drilling at Western BRX have returned strong results over a 750-meter strike length, including 68.27 grams per metric ton gold-equivalent (50.1 g/t gold and 910 g/t silver) over 3.25 meters from trench TR-13-58 and 8.0 g/t gold-equivalent (5.78 g/t gold and 111 g/t silver) over 15.62 meters from hole DH-12-96. Initial trenching and drilling at the Western Klaza zone have returned numerous gold and silver mineralized intervals including 11.15 g/t gold-equivalent (4.51 g/t gold and 332 g/t silver) over 7.12 meters from hole DH-12-115. At the Central Klaza zone drilling will target gold-silver mineralization beneath hole DH-12-133, the deepest intercept to date on the zone, which cut 12.00 g/t gold-equivalent (11.90 g/t gold and 5.23 g/t silver) over 6.7 meters at a depth of 310 meters below surface. The Pearl zone was discovered in 2013 with two excavator trenches situated 450 meters apart. “We are very excited to begin our fully-funded, 12,000-meter diamond drill program which will systematically target high-grade gold and silver mineralization that were broadly outlined by previous drilling and trenching programs,” said Rockhaven Resources CEO Matt Turner. “Additional geophysical surveys and excavator trenching will be done concurrently with the drilling to further expand mineralization within this evolving gold district.” Drilling and trenching at the road-accessible Klaza property since 2010 have identified nine main mineralized structural zones and numerous subsidiary structures within a 2,000- by 4,000-meter corridor.
GOLD – Cantex Mine Development Corp. June 9 reported that results for the nearly 18,000 soil-talus samples collected last year from the North Rackla and Mt Good claim blocks are now complete. These results have outlined numerous high-priority anomalies which warrant follow up. In particular, two areas on the North Rackla claim block are now ready for drill testing. As a result of heavy mineral samples strongly anomalous in gold and the pathfinder elements for Carlin-style gold mineralization, claims covering more than 14,000 hectares (34,594 acres) were staked in 2012 and 2013 at North Rackla and more than 6,000 hectares (14,826 acres) were staked at Mt Good. Additional heavy mineral sampling within the claim blocks narrowed the prospective areas to individual watersheds. These watersheds were sampled in a detailed soil-talus sampling program in the summer of 2013. Soil-talus samples approximately 1.5 kilograms in size were collected as composite samples every 25 meters along lines spaced 200 meters apart. At CF Mineral Research Ltd., these were crushed to -1 millimeter and then a 750-gram split was then pulverized and sent to Activation Laboratories Ltd. for neutron activation analysis for gold, plus 33 elements. Selected samples determined to be anomalous by INAA also were analyzed using Ultra Trace 7 ICP. As a result of this comprehensive sample collection and processing program, thought to utilize techniques producing more representative results than those applied by other companies in the industry, 11 anomalous areas prospective for gold mineralization were identified at North Rackla. In one area, samples extending more than a 250-meter apparent width and an as of yet undetermined strike length returned exceptionally anomalous results in gold and the key Carlin-style pathfinder elements (arsenic, antimony and thallium). This target is scheduled to be aggressively drill tested this year. A second target is also ready for drill testing with strongly anomalous gold, arsenic and antimony results over an area exceeding 200 meters by 200 meters. In addition, there are a further nine anomalous areas to be followed up. All of these are anomalous in gold and are anomalous in all of, or up to three of the key Carlin-style pathfinder elements. At the Mt. Good claims, Cantex said a total of 6,763 soil-talus samples were collected and processed using the same techniques as those from North Rackla. These results defined eight areas weakly to strongly anomalous in gold and one or more of the key Carlin pathfinder elements. One area was anomalous in gold and all key pathfinder elements, four areas were anomalous in gold, arsenic and antimony pathfinder elements and three areas were anomalous in gold and the pathfinder element arsenic. Cantex intends to follow up these anomalies with an extensive summer program. This program will consist of prospecting, geological mapping, rotary air blast drilling, diamond drilling and additional infill soil-talus sampling as required. With the winter snows rapidly melting from its claim areas, Cantex said it is expected that the planned field program will commence in the near future. Management is most encouraged by the results to date on the project, showing the potential for additional Carlin-style mineralization within the district, and looks forward to drill testing. In addition, heavy mineral results will shortly be available for Cantex’s six other Yukon gold properties which were identified using key pathfinder elements for gold. These will be reported in the near future, the company added.
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