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| July 31, 2014 --- Vol. 08, No. 31 | July 2014
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Northwest Territories
GOLD – Nighthawk Gold Corp. July 29 reported assay results from the resampling of core from historical drilling at the Kim gold deposit, located within Nighthawk’s Indin Lake gold property in Northwest Territories. Highlighted intercepts include: 20.35 meters of 7.94 grams per metric ton gold, including 5.25 meters of 12.23 g/t gold in hole MZ85-24; 17.75 meters of 8.16 g/t gold in hole MZ84-02; 28.6 meters of 4.78 g/t gold, including 5.75 meters of 9.53 g/t gold and 9.0 meters of 7.99 g/t gold in hole MZ85-66; 11.2 meters of 8.37 g/t gold, including 3.7 meters of 16.32 g/t gold in hole MZ84-01; and 25.3 meters of 2.88 g/t gold, including 10.6 meters of 5.3 g/t gold in hole MZ85-68. Nighthawk President and CEO David Wiley said, “We are pleased with our progress in processing historical drill core at the Kim deposit. All of these holes fall outside our current resource estimate; however, upon completion of our QA/QC program the results will be incorporated in a new resource update. Additionally, the drills continue to turn at our Indin Lake Gold Property and we anticipate releasing the first results of our 2014 drill program in Q3.” The Kim and Cass gold deposits were recently acquired by Nighthawk for their near surface mineralization and potential for expansion to depth and along strike. The Kim deposit is connected by road to Nighthawk’s Colomac gold deposit located 15 kilometers (nine miles) to the northeast. It is one of several shear hosted gold deposits within mafic volcanic rocks, representing an important underexplored deposit type in the camp. Nighthawk is compiling Echo Bay Mines Ltd. 1984 to 1987 historical drill data in preparation for subsequent activities. Mineralization is characterized by quartz-carbonate veins with minor sulfides within a sequence of northerly striking, steeply dipping, mafic to intermediate volcanic rocks. Drilling traced the mineralization over a strike length of 450 meters. A strong relationship is observed between gold mineralization and the more competent basaltic rocks.
Additionally, Nighthawk reported it has exercised its option with Ursa Polaris Developments Corp. to acquire 15 contiguous mining leases and 3 separate mining claims within its Indin Lake gold property in by making the final C$250,000 payment as set out in the option agreement with Ursa by the issuance of 438,596 common shares of Nighthawk at a price of C57 cents per share Nighthawk now owns 100 percent of these properties, which include the North Inca, Diversified, #3 and Lexindin gold deposits.
FINANCE – Mountain Province Diamonds Inc. July 28 reported the appointment of three leading international banks to arrange and underwrite a senior secured term loan facility of up to US$370M to fund the company's share of the construction cost of the Gahcho Kué diamond mine in Northwest Territories. Gahcho Kué is a joint venture between De Beers Canada Inc. (51 percent) and Mountain Province (49 percent). Mountain Province has authorized Deutsche Bank A.G., acting through its London Branch, Natixis S.A. and Nedbank Ltd. as the lead arrangers to underwrite, arrange and manage the primary syndication of the facility, subject to the satisfaction of certain conditions. Mountain Province reports that, as of the end of June, the overall Gahcho Kué project was progressing according to plan and remains on schedule for first production during the second half of 2016. The company is currently funding its share of the capital with equity and has arranged sufficient equity to fund planned capital commitments to the end of 2014. The Gahcho Kué project consists of a cluster of four diamondiferous kimberlites, three of which have a probable mineral reserve of 35.4 million metric tons grading 1.57 carats per metric ton for total diamond content of 55.5 million carats. Mountain Province is being advised by Rockface Capital of the United Kingdom.
DIAMONDS – Peregrine Diamonds Ltd. July 16 said it filed an NI 43-101 technical report titled “Lac de Gras Project Northwest Territories Canada NI-43-101 Technical Report,” effective July 15, for its 15,810-hectare (39,067 acres) Lac de Gras project located about 300 kilometers (186 miles) north-northeast of Yellowknife, Northwest Territories. The technical report is an update to a report completed in 2008 and revised in 2009, that supports the 18.2-million carat indicated mineral resource at the DO-27 kimberlite. The technical report also summarizes exploration work completed on the project since 2008 and is available on SEDAR and the company’s website. The Lac de Gras project consists of 12 mineral leases and seven mineral claims covering 15,810 hectares (39,067 acres). The leases and claims are held under the following three property arrangements: WO property (72.1 percent Peregrine, 17.6 percent Archon Minerals Ltd., 10.3 percent DHK Diamonds Inc.), LDG Thelon property (70.5 percent Peregrine, 29.5 percent Thelon Capital Ltd.) and the LDG Peregrine property (100 percent Peregrine). A total of nine kimberlites has been discovered to date on the project: AD-02, DO-18, DO-27, DO-29N, DO-29S, DO-32, WO-09, LD-02 and LD-03. Two of the kimberlites were discovered by Peregrine and seven were discovered by previous operators. DO-27 hosts an indicated mineral resource of 18.2 million carats of diamonds in 19.5 million metric tons of kimberlite at a grade of 0.94 carats per metric ton and is open at depth and laterally. The diamondiferous LD-02 and LD-03 were discovered by Peregrine in 2012. The technical report concludes that there are reasonable prospects for eventual economic extraction of the DO-27 kimberlite pipe. To date, no preliminary economic assessment or equivalent study has been completed for the project. Peregrine is reviewing options, including commercial opportunities, to advance the project.
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