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| July 31, 2014 --- Vol. 08, No. 31 | July 2014
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British Columbia
FINANCE – Pretium Resources Inc. July 29 reported the closing of a marketed offering of 8.28 million common shares at a price of US$7.25 per share. Pretium received gross proceeds of US$49,524,750 for the sale of 6.831 million shares. The remaining 1.449 million shares were sold by Silver Standard Resources Inc. in a secondary offering for gross proceeds of US$10,505,250. Pretium’s net proceeds from the offering will be used to fund environmental and engineering activities; permitting and exploration at the Brucejack gold project; and for general corporate purposes. Pretium will not receive any of the proceeds from the sale of common shares by Silver Standard. The offering was conducted by a syndicate of underwriters, led by Scotia Capital Inc., and including BMO Nesbitt Burns Inc., CIBC World Markets Inc., Cormark Securities Inc., GMP Securities L.P., RBC Dominion Securities Inc., Citigroup Global Markets Canada Inc., Cowen & Company, LLC, Roth Capital Partners LLC, H.C. Wainwright & Co. LLC and Salman Partners Inc. The underwriters reserve the balance of the over-allotment option, 1,242,000 common shares at the offering price divided proportionally between Pretium and Silver Standard, at any time within 30 days following closing.
GOLD – Banks Island Gold Ltd. July 28 reported the discovery of a zone of gold mineralization while drilling a 600-meter-long gold-silver-arsenic soil anomaly near the Quartz Hill area at the Yellow Giant gold property on Banks Island, British Columbia. The first hole drilled in this area cut significant gold mineralization at a depth of 150 meters below surface. Two holes were drilled near Quartz Hill. Assays from QH-14-01 returned results of 14 grams per metric ton gold over 2.3 meters inside a larger mineralized intercept of 2.5 g/t gold over 14.5 meters. Mineralization in this hole consists of fine to medium grained disseminated sulfides in sericite altered, sheared quartz monzonite. Mineralization is zoned with a high-grade core and a lower grade halo. Assays are pending for hole QH-14-02, which was drilled to test the down-dip extension of this mineralization. Banks Island says the mineralization intersected in QH-14-01 appears associated with a previously unknown drag-fold or fault-related block of hornblende diorite. Company geologists believe this block acted as a significant fluid trap in the contact zone with the quartz monzonite to the northeast. Two further untested pyrite-pyrrhotite-gold showings are in close proximity which may be related to the same pyrite-pyrrhotite-gold fluid system. Banks Island geologists believe this discovery has the potential to develop into a mineralized zone of significance at Yellow Giant. Plans are being developed to aggressively explore the Quartz Hill area.
ZINC/LEAD – Canada Zinc Metals Corp. July 24 reported the completion of the 2014 Akie delineation drill program, designed to test the perimeter and up-dip sections of the Cardiac Creek deposit at the Akie zinc-lead property. The company said all eight holes totaling 2,935 meters drilled intersected the Cardiac Creek target zone. Canada Zinc President and CEO Peeyush Varshney said, “We believe targeted in-fill and step-out drilling this season has both increased the dimensions of the deposit and elevated the level of confidence in the resource. The new drill results from Cardiac Creek will be incorporated into a planned update for the geological and resource model.” Results are pending and the company anticipates having all results in-hand later in the third quarter. Varshney added, “We completed the 2014 drill program on schedule, and under budget, such that we were able to add additional drill holes to our planned total. And we managed to get boots on the ground on the new Yuen North property, which is adjacent to our Mt. Alcock property. We completed reconnaissance soil sampling to extend historical soil survey coverage over the western panel of Gunsteel Formation. This should give us property wide soil coverage over an area where we have existing VTEM survey data; and anticipate soon having airborne gravity coverage.” The company anticipates completing an airborne gravity survey on the Akie and Mt. Alcock properties in 2014. This program, expected to begin in August, is designed to delineate gravity anomalies within the Gunsteel Formation and will augment an airborne VTEM survey completed in 2012. Canada Zinc said coincident VTEM and gravity anomalies will be prioritized as drill targets for future exploration.
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