NOW READ OUR ARTICLES IN 40 DIFFERENT LANGUAGES.
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.

July 10, 2014 --- Vol. 08, No. 28July 2014

Yukon Territory

DIRECTOR – Golden Predator Mining Corp. July 10 reported that former Yukon Territory Premier Dennis Fentie has joined the company’s board of directors, replacing Toby Pierce. Fentie served as the premier of Yukon from 2002 to 2011, having first entered politics in 1996 as the MLA for Watson Lake. He has represented both the Yukon Party and the New Democratic Party during his tenure. As premier, Fentie also served as minister of finance, minister responsible for devolution, land claims and Yukon Energy Corp. and minister of environment. His priorities included rebuilding the Yukon economy, formalizing relations with First Nations and revitalizing the mining industry. During his tenure the unemployment rate in Yukon declined from 9.8 percent to about 4 percent, annual mineral exploration expenditures grew from C$7 million in 2002 to more than C$300 million in 2011 and the value of mineral production grew 264 percent. Fentie currently is a businessman who resides in Watson Lake. “Working together, the Yukon offers a wealth of opportunity to the mining industry and to the people of the Yukon. It is important to create partnerships in the community, specifically with First Nations to get them more involved in the mining sector, Fentie said. “I look forward to serving with my former colleague Piers McDonald and a great team of Yukoners on the board.” Other Golden Predator board members are: Co-Chairmen Blair Shiletto and William M. Sheriff, CEO Greg Hayes, Jesse Duke and Bradley Thiele.

GOLD/SILVER/TUNGSTNEN – Aben Resources Ltd. July 10 reported the 2014 exploration program at its Justin gold-silver-tungsten project in eastern Yukon Territory will begin by the end of the month. The Justin property is host to numerous styles of intrusion-related mineralization, most notably the newly-discovered auriferous gold-silver-tungsten skarn and sheeted vein system which comprise the POW zone. The Justin property area includes the POW, Confluence, Main and Kangas zones which form part of a 12 kilometer-long mineralized corridor. In 2011, a 2,020-meter, ten-hole drill program targeted four separate mineralized zones on the Justin property. During this program a gold discovery was made at the POW zone, with drill highlights including 60 meters grading 1.19 grams per metric ton gold, including 21meters of 2.47 g/t gold in hole JN11009. A total of 1,994 meters were drilled in nine holes during the 2012 field season at the Justin property with highlights including 46.4 meters of 1.49 g/t gold in hole JN12011. All holes completed to target depths at the POW zone have intersected gold mineralization, with the zone open in all directions. The 2014 program at Justin will consist of geological mapping and prospecting, trenching, soil geochemical sampling and collection of petrophysical data from existing drill core samples. This work will assist with defining and expanding the known extent of gold and tungsten mineralization on the property and to define targets for future drilling. Prospecting and trenching will focus on evaluating sheeted vein and skarn systems at the POW for both gold and tungsten potential. Specific target areas have been selected based upon favorable geochemical results returned from the 2012 exploration program. Geochemical surveys, prospecting and channel sampling at a new massive sulfide showing named Big Swifty, located in the southeastern portion of the Justin property, will provide a detailed evaluation of the target area and give context to its relationship with the mineralization recognized in the central and northern portions of the property. The Yukon government has approved the project for partial funding through the 2014 Yukon Mineral Exploration Program, which will result in a portion of exploration expenditures being reimbursed.

GOLD – Comstock Metals Ltd. July 8 reported an NI 43-101-compliant inferred mineral resource of 4.4 million metric tons grading 1.65 grams per metric ton (230,000 ounces) gold for the VG zone at its QV project, located in the White Gold district, Yukon Territory. Lions Gate Geological Consulting Inc., which prepared the independent resource estimate used 16 (3,278 meters) of diamond drill holes completed in 2012 and 2013 to construct the model for the VG Zone. The model is comprised of three sub-parallel, geology-guided grade shells (at a nominal cut-off grade of 0.4 g/t gold). The VG Zone remains open along strike and down dip. Additionally, Comstock says other promising targets exist on the QV Project with potential for the discovery of intrusion-related or orogenic gold mineralization. The company says evaluation of other targets on the QV Project is scheduled to begin this summer. “It is exciting how quickly we have progressed from the discovery of visible gold to a 230,000-ounce gold resource at the VG Zone, completely open along strike and down dip,” said Comstock President and CEO Rasool Mohammad. “And we have additional significant targets to test within the QV project area.”

MANAGEMENT – Duncastle Gold Corp. July 8 announced the appointment of two directors and two officers in accordance with the letter of intent, announced June 23, for the acquisition of three platinum group metal-copper-nickel projects in southwestern Yukon Territory. Tom McCandless, P.Geo., has been appointed chief operating officer. McCandless is President of MCC Geoscience Inc., with over 30 years’ experience in diamond and metals exploration including senior management positions at several publicly-traded companies. As an adjunct professor at the University of Arizona, he has conducted and published research on platinum group metals mineralization in the Bushveld Igneous Complex. Eugene Spiering, who has been appointed to the role of vice president exploration, is presently vice president exploration for Quaterra Resources Inc. and has over 30 years of experience in the mining and exploration industry. He was formerly vice president exploration with Rio Narcea Gold Mines Ltd. where he managed the team that completed the delineation and development drilling of the Aguablanca nickel mine and discovered the El Valle and Carles gold mines in Spain. Bill Harris, who has been appointed to the role of director, is a second-generation Yukon prospector and miner. He is the founder and a director of Northern Freegold Resources Ltd. which advanced several significant gold-copper-silver deposits at Freegold Mountain in the Yukon. Harris' experience ranges from project generation through acquisition to exploration management, permitting and mining throughout the Americas, including the formation and management of public exploration companies. Harris has played a key role in the development of Duncastle’s three new Yukon assets to date through Denali Resources Ltd. and will play a central role in exploration operations and community relations going forward. Duncastle also announced the appointment of Kyler Hardy as director. Hardy is a successful entrepreneur and has been involved in the mining industry for more than 14 years, including founding a large turn-key geosciences and logistics management business specializing in early-stage contract exploration and also the Ridge group of companies which has diverse holdings across several industries. Hardy is experienced in project generation, exploration management, project and company planning, raising capital, corporate development and the development of strategic partnerships and alliances. Doug Warkentin, P.Eng., has stepped down as a director and has been retained as a technical advisor on mineral processing among other possible advisory roles. Duncastle’s Yukon PGM-nickel-copper assets, being the Catalyst, Ultra and Spy properties, total more 262 square kilometers (101 square miles) in the Kluane Ultramafic Belt. Within the belt, mineralization occurs at the contact between ultramafic and sedimentary rocks, with the most notable being the Wellgreen deposit which is adjacent to Duncastle’s Catalyst project. Duncastle said it is finalizing exploration plans for the Catalyst, Spy, and Ultra projects for the 2014 season.

FINANCE – Copper North Mining Corp. July 7 said it intends to raise up to C$1.3 million by way of a non-brokered private placement. The financing will consist of the sale of up to 5 million flow-through shares at C6 cents per share and the sale of up to 16.7 million non-flow-through units at C6 cents per unit. Each unit will consist of one common share of the company and one half of a non-transferable warrant. Each warrant will entitle the holder to purchase one additional Share at C8 cents for the first year following the closing of the private placement and C9 cents for the second year following the close. Copper North intends to use the proceeds to complete the technical review and for exploration of the Carmacks project, for exploration at the newly acquired Thor property (subject to TSX Venture Exchange approval), and for working capital and general corporate purposes.


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