GOLD/COPPER – Northern Freegold Resources Ltd. June 19 reported that the 2014 exploration program at its Freegold Mountain project is underway. The Freegold project is located 70 kilometers (43 miles) west of Carmacks, Yukon Territory, in the Dawson Range. The 2014 exploration program will build on the 2013 discovery of the Irene showing and will consist of trench mapping and sampling, prospecting and ground magnetic and electromagnetic surveys. The 2013 exploration program was successful in locating a significant new mineral occurrence which has been named the “Irene.” Located 1.2 kilometers (0.7 miles) north of the Stoddart prospect and 4.6 kilometers (three miles) east of the Revenue Deposit, the Irene occurrence is comprised of structurally controlled epithermal gold mineralization. Bedrock sampling confirmed gold mineralization over an area measuring 6.5 meters true width by 80.0 meters along strike with gold assays from trench TR13-021 returning 7.11 grams per metric ton gold over 3.0 meters including 11.35 g/t over 1.0 meter. The zone remains open in all directions with bedrock exposure in the immediate area encumbered by extensive gravel cover. This new discovery highlights the potential for high-grade gold mineralization at surface, in an under-explored area of the property. The Freegold Mountain project is located within the Dawson Range and covers a fertile and very prospective portion of the Big Creek fault Zone and is endowed with two NI 43-101 mineral deposits, the Nucleus Au-Ag-Cu deposit and the Revenue Cu-Au-Mo-Ag deposit, as well as numerous gold showings which represent porphyry-hydrothermal systems related to Mid and Late Cretaceous magmatic events. It is believed that the Nucleus Deposit and the Revenue Deposit along with the Stoddart Zone are all part of a large scale gold-rich hydrothermal system, which extends in a north-westerly direction for more than six kilometers. The project has significant infrastructure advantages. It is located approximately 200 kilometers northwest of Yukon's capital and industrial center in Whitehorse. It is road accessible from Whitehorse along the main Klondike Highway, a paved all-weather highway running from Whitehorse to Dawson City, and onwards along a 70-kilometer government maintained road from Carmacks to the project. The 2014 exploration program is designed and managed by Mike McCuaig, P. Geo., of TerraLogic Exploration Inc., of Cranbrook, BC. The company also reported that Dawson Gold Corp. has dropped its option to gain 100 percent interest in the Tad/Toro property, Yukon. As a result, Northern Freegold retains 100 percent interest in this project. The Tad/Toro property is located on Hayes Creek about 100 kilometers (62 miles) northwest of Carmacks. The property is situated along the Big Creek Fault Zone and is prospective for porphyry copper-gold mineralization. All claims forming the property are valid until 2019 or later.
GOLD – Victoria Gold Corp. June 18 reported that it has received the final payment from the sale of its Cove McCoy property to Premier Gold Mines Ltd. To acquire the Nevada gold asset, Premier agreed to pay C$28 million over 24 months plus a further C$20 million in contingent production payments. In 2012, Victoria received an initial payment of C$4 million cash and C$4 million in Premier common shares. A second payment of C$5 million cash and C$5 million in Premier common shares was delivered to Victoria in June, 2013. On June 16, 2014 Victoria received the final payment of C$5 million in cash and C$5 million in Premier common shares. Victoria Gold is currently drilling the Olive Zone, which is adjacent to its Eagle Gold deposit on the Dublin Gulch property in central Yukon Territory. The Eagle Gold deposit includes probable reserves of 2.3 million ounces of gold from 92 million metric tons of ore with a grade of 0.78 grams per metric ton gold, as outlined in a NI 43-101 definitive feasibility study. Victoria Gold has received the permits to begin mine construction at Eagle Gold and is preparing applications for the water license needed for operations.
COOPERATION AGREEMENT/MANAGEMENT – Kaminak Gold Corp. June 18 said it has entered into an exploration communication and cooperation agreement with White River First Nation for Kaminak’s Coffee Gold project. WRFN asserts aboriginal rights and title to the area encompassing the Coffee Gold project, located 130 kilometers (80 miles) south of Dawson City, Yukon. The signing took place on Friday, June 13, 2014 in Whitehorse, Yukon. "This area has been used by our family and others from WRFN for generations. It is a very important area for our people and other First Nations. We commend Kaminak for negotiating an Exploration Agreement with us," said Angela Demit, acting chief, White River First Nation. The agreement is for the exploration phase and does not constitute approval by WRFN for the construction, development or operation of a mine. The agreement provides a clear engagement process for activities such as licensing; commitments to employment and business opportunities; and, establishes a framework that enables WRFN to provide support to the company in relation to Kaminak’s exploration activities. "We respect their history and connection to our Project area and believe that this Agreement outlines a process that ensures that WRFN is meaningfully involved in the exploration and advancement of our Coffee Gold project,” said Kaminak CEO Eira Thomas. “This agreement provides certainty for WRFN and for our company, and we look forward to working together building on the positive relationship that has been established through this process.”
Additionally, Kaminak announced that Allison Rippin Armstrong, director of lands and environment, is now vice-president of lands and environment. “Allison’s promotion to Vice-President Land and Environment recognizes her strong contributions over the past year, as Kaminak has worked to advance its’ development track Coffee Gold project,” said Thomas. “Our agreement with WRFN is a testament to her commitment to fostering strong relationships with all of our key local stakeholders and we are pleased to be welcoming her to our executive team.” Rippin Armstrong has more than 15 years of experience in permitting, regulatory processes and environmental compliance working with First Nations, resource companies and government agencies. She has worked in jurisdictions such as NWT, Nunavut, Saskatchewan, Alberta and Ontario successfully permitting projects from grassroots exploration through to the final steps of water licensing for mines. She received an honors bachelor’s degree in biology and environmental science from Trent University.
BUYOUT – Klondike Gold Corp. June 18 reported that 49,165,463 common shares of Klondike Star Mineral Corp., representing 71 percent of the outstanding KSMC shares, have been tendered to Klondike Gold’s offer to acquire all of the outstanding KSMC Shares. The offer has now formally expired and will not be extended. Upon completion of the acquisition, Klondike Gold will own and control 71 percent of the outstanding Klondike Star shares. Pursuant to the offer, holders of Klondike Star shares will receive 0.25 of one common share of Klondike Gold for each Klondike Star share tendered. As a result of acquisition, Klondike Gold said it intends to settle US$1,077,894 of debt owed by Klondike Star to related parties. In settlement of these debts the creditors will receive an aggregate of 21,557,880 warrants to purchase shares of Klondike Gold, exercisable at C10 cents per share for 30 months from issuance subject to TSXV approval. Klondike Gold CEO Peter Tallman said, “We are very pleased with the results of the offer, the culmination of nearly two years of work. Klondike Gold will proceed to acquire the remaining KSMC shares as soon as possible. I would like to thank Rene Hussey, CEO of KSMC for his work and cooperation throughout the offering and tendering process.”
GOLD – Atac Resources Ltd. June 16 reported the start of a phase 1 drilling and exploration program at its Rackla gold project in east-central Yukon Territory. Phase 1 work will focus on recent Carlin-type gold discoveries at the Osiris and Anubis areas within the Nadaleen Trend. “Year over year, we continue to make new gold discoveries and expand high-grade gold zones at the Rackla Gold Project. The 2014 phase exploration program is specifically designed to continue our excellent discovery rate and support our confidence in the global resource potential of the project,” said Atac CEO Graham Downs. “Phase 1 results from trenching at 17 Anubis-area surface discoveries and anomalies combined with step-out drilling at the high-grade Sunrise and Anubis zones will provide steady news flow and be used to guide the fully-funded phase 2 program.” The Sunrise Zone step-out diamond drilling is underway directly west of two of the final 2013 holes that returned 19.81 meters of 5.54 grams-per-metric-ton gold (OS-13-214) and 16.76 meters of 6.76 g/t gold (OS-13-217). The mineralization at the Sunrise zone is open to depth and along strike to the west toward the higher grade core of the Osiris zone. In addition, drill pad construction at the Anubis Zone is underway in preparation for diamond drilling. To date, only three holes have been completed on a single section line at the Anubis zone. Step-out drilling here will test the on-strike extension of hole AN-12-001 which intersected 8.51 meters of 19.85 g/t gold and AN-12-003 which intersected 16.76 meters of 9.09 g/t gold (69.19-85.95 meters) and bottomed in gold mineralization which graded 4.54 g/t gold over 1.52 meters (153.01-154.53 meters). Excavator trenching and pitting within the Anubis area is set to begin upon completion of the Anubis drill pad construction. Excavator work will be conducted on nine surface showings and eight untested geochemical anomalies. Priority trenching will be conducted at the Dorado target, which returned multi-gram gold grab samples from hand pits excavated in 2013. Detailed descriptions of the proposed phase 1 work are set out in the company’s April 15 news release and drill plan maps for the Sunrise Zone and Anubis area targets are available on ATAC's website. True widths for all highlighted drill holes within the Osiris and Anubis areas are estimated to be 60-100 percent of intersected widths. Grab samples taken from the Anubis area trenches and pits range from below detection to 139 g/t gold.
