GOLD – Miranda Gold Corp. Sept. 11 reported the results of an initial resource estimate for the Coleman deposit within the company’s Willow Creek gold project in Southcentral Alaska. Based on assays from 132 holes drilled from the surface from 2005 to 2009, the Coleman deposit has a measured and indicated resource of 78,700 metric tons grading 24.6 grams per metric ton (62,100 ounces) gold. An additional 4,100 ounces of gold are reported in the inferred resource category. The resource, which is very compact within an area of approximately 140 meters by 182 meters, varies in thickness from 0.25 to 3.5 meters and averages 0.83 meters. Miranda said there is good potential to increase the size of the deposit by exploring areas down-dip, and both east and west along strike of the Coleman deposit. Though small, the company says the upper Coleman resource is important in that it indicates that mineralization extends up-dip and down-dip from the levels of historical workings at Willow. Several historical high-grade drill-hole intercepts indicate the potential for a lower Coleman zone contiguous with the upper Coleman resource. The Coleman mineralization is also open to the west along strike. The adjacent Lucky Shot and War Baby Mines, which are faulted segments of the same vein, have similar potential up and down dip from historic workings, including open mineralization below the Lucky Shot of 0.5 meters at 77 grams per metric ton gold in drill hole C09-143. This intercept may represent a down-dip shoot from the main Lucky Shot workings that historically produced 250,000 ounces at 1.2 ounces per ton gold. The Murphy segment of the vein, located 400 meters from the upper Coleman, shows open high-grade drill intercepts similar to the Coleman shoot at depths of 250 meters from surface.
GOLD – WestMountain Gold Inc. Sept. 11 reported the continuation of bulk sample mining and milling operations at the Terra gold project in Southwest Alaska. The company said it has been working on identifying additional gold and silver resource at the Ben and Fish Veins and has been processing this material at its pilot gold mill. Surface trench work and bulk sample mining continue to prove significant gold present. An average of 5 to 10 tons, are being processed daily and will continue into the fall. WestMountain said the Ben and Fish Vein have been trenched and bulk sample mined to the north and south of their discovery locations with proof of multi-ounce per ton gold in the veins from for hundreds of feet in either direction. "The work this year at Terra supports the model and idea that the veins at Terra have substantial gold along strike and at depth and further confirm our expectations for the growth at our this project,” said WestMountain President and CEO Greg Schifrin. The pilot mill and vein sample assay data will be released once finalized.
POLYMETALLIC – Pure Nickel Inc. Sept. 11 announced results from a 1,700-meter drill program at its Salt Chuck copper-gold-silver-palladium property on Prince of Wales Island in Southeast Alaska. The nine holes drilled, targeted selected soil geochemical anomalies that occur in the North Pole Hill area. Eight of the nine holes encountered pyrite-chalcopyrite mineralization associated with hydrothermal quartz-calcite-epidote veining, similar to that intersected in 2012 drill hole NPH-12-04 (29.1 grams per metric ton gold and 0.79 percent copper over 2.58 meters apparent width). The first five holes of the 2014 program tested the continuity of the mineralization encountered in hole NPH-12-04. Four of these holes encountered similar hydrothermal sulfide mineralization associated with quartz-calcite-epidote veining. The best result was in hole NPH-14-07 which intersected 14.1 g/t gold and 0.74 percent copper over 0.5 meters apparent width. In addition, NPH-14-05 intersected 1.3 g/t gold over 1.1 meters apparent width, NPH-14-10 intersected 1.3 g/t gold over 1.0 meters apparent width, and hole NPH-14-11 intersected 0.6 g/t gold over 2.0 meters apparent width. The next three holes tested a northwest trending gold in soil anomaly in the eastern part of the North Pole Hill area, and each encountered pyrite-chalcopyrite mineralization in quartz-carbonate-epidote veins. Moderately anomalous gold and copper values were obtained from some of these zones, including 0.91 g/t gold over an apparent width of 0.34 meters in hole NPH-14-14, and 0.42 percent copper over 2.0 meters apparent width in NPH-14-12. NPH-14-15, which targeted a southerly trending series of gold anomalies in soil in the central part of the North Pole Hill area, encountered anomalous disseminated chalcopyrite mineralization across a broad interval. Pure Nickel said the results of the 2014 drill program indicate that the Salt Chuck property hosts numerous mineralized structures that locally exhibit elevated gold and copper values. These structures may be related to a major fault that bisects the Salt Chuck intrusion in the central part of the property, which has yet to be investigated. Soil geochemistry has proven to be an excellent indicator of bedrock mineralization, and numerous anomalies remain to be tested. Follow-up work will expand the soil surveys across the property, as well as initiate detailed geological mapping of the numerous mineralized structures. "We have demonstrated the positive relationship between soil geochemistry and mineralization, and we now know that there are multiple mineralized structures on the property. Given that there are numerous untested gold, copper and palladium soil anomalies, and that some of the largest structures have yet to be investigated, we believe that there is significant potential for further discoveries at Salt Chuck," said Pure Nickel President and CEO David McPherson.
MANAGEMENT/DIRECTORS – Graphite One Resources Inc. Sept. 11 reported the results of the annual general and special meeting of its shareholders. Shareholders approved the reappointments of Anthony Huston, Douglas Smith, Brian Budd and James Currie to the board. Patrick Smith, who brings with him a rich background in the mineral exploration and mining sector including 17 years in Alaska, was added to the board. Smith is currently president and CEO of Heatherdale Resources Ltd., a company focused on the exploration and development of the Niblack polymetallic deposit in Southeast Alaska. Prior to his current role with Heatherdale, Smith spent 32 years with Rio Tinto plc. During his tenure with Rio Tinto, he held numerous senior management positions culminating as Managing Director of Exploration, Australasia Region based in Perth, Australia. Smith is the founding member of Rockford Resources LLC, a private minerals consulting company, and has successfully managed exploration programs in Alaska for over 17 years. Additionally, David Hembree has been appointed to the position of general manager, operations. Hembree has more than 35 years of experience in the mineral resource industry including experience in exploration, development and production of both open pit and underground operations. Prior to joining Graphite One, Hembree held the position of vice president of exploration and qualified person with Kimber Resources Inc., where he was instrumental in the sale of their Monterde gold-silver deposit in Mexcio. Previously he was U.S. exploration manager for Golden Predator Mines U.S. “The appointment of Patrick Smith as a Director and Dave Hembree as General Manager Operations brings Graphite One new depth in terms of additional experience in the mineral exploration and mining sector and specifically operations in the United States,” said Graphite One Executive Chairman Douglas Smith. Dean Besserer has resigned his position of vice president of exploration and continues his relationship with Graphite One through his consulting business. Graphite One shareholders also approved the transition of the corporation’s jurisdiction from Alberta to British Columbia, which will be effective upon the approval from the Alberta and British Columbia corporate registries. The company anticipates this will occur imminently. Graphite one said the continuation is not a reorganization, amalgamation or merger and will not alter shareholdings of its shareholders.
Additionally, Graphite One said it intends to close the second and final tranche of its previously announced non-brokered private placement on or around September 22, 2014. Oversubscribed by C$500,000, the gross proceeds from both tranches are expected to total C$4 million. A total of 30,769,230 units will be issued at a price of C13 cents per unit, including 15,599,160 units in the second tranche. Each unit consists of one common share and one non-transferable purchase warrant. Each warrant entitles the holder to purchase one additional Graphite One share forC20 cents during the first two years from the date of issuance C25 cents during years three and four from the date of issuance. Graphite One intends to pay finders’ fees on eligible subscribers in the aggregate amount of 8 percent cash and 8 percent non-transferrable share purchase warrants. Each warrant entitles the holder to acquire one additional common share of the Company at the same price as the warrants described above. The net proceeds will be used for exploration and development of the company’s Graphite Creek project and for general working capital purposes. Graphite One is currently infill drilling Graphite Creek in 50-meter intervals, with the goal of converting a portion of the NI 43-101 compliant inferred resource to either the indicated or measured categories. This data will inform an upcoming preliminary economic assessment.
MANAGEMENT – Redstar Gold Corp. Sept. 10 reported the addition of several new members to its management team. Toby Mayo is Redstar’s new President and CEO. He will also join the Redstar Gold board. Mayo holds a bachelor’s degree in geology from the University of Edinburgh, U.K., and an honors degree in law from the University of London. He began his career as an exploration geologist for Rio Tinto Plc. and subsequently worked in a number of senior consulting roles. Mayo was most recently president of Kaizen Discovery Inc., formerly Concordia Resource Corp., a TSX Venture Exchange-listed mineral exploration company. Redstar said Mayo possesses financial, commercial, technical, project management and legal skills, with experience completing techno-economic and transaction-related studies of international mining and metals projects and thus brings almost 20 years of comprehensive, varied and global experience to the company. Jesse Grady, who is joining Redstar as vice president of exploration, brings extensive Alaska exploration experience to the management team. He is a co-founder and president of Intercept Minerals Corp, and was a partner in YKPS Professional Services LLC which provides exploration services to companies working in Alaska. Grady holds bachelor and master’s degrees in geology from the University of Nevada, Las Vegas, and is a member of the American Institute of Professional Geologists. Paul Durham has been named Redstar’s manager of investor relations. Durham was most recently vice president, corporate relations, with International Minerals Corp, a TSX listed precious metals producer until its takeover by Hochschild in 2013. Mr. Durham’s prior work experience was in the Financial Services industry, latterly as Specialist Equity sales focusing on Natural Resources for HSBC USA Ltd and ScotiaBank in New York. Ken Booth, who stepped in as interim president and CEO in March, remains a director of Redstar. “This new and talented team will be taking the company and its lead Unga project forward,” said Redstar Executive Chairman Jacques Vaillancourt. “We believe that Unga, with its dual trends of epithermal low to medium sulfidation formation with gold showings over 19 kilometers (12 miles) is currently amongst the most prospective projects going. The Unga property upon which is located Alaska’s first gold mine, which produced oxide ore for 36 years (from 1886 to 1922).” Additionally, Redstar said it has granted incentive stock options to purchase up to 1.75 million shares to directors, officers and consultants of the company. The options are exercisable at a price of C6 cents for a period of five years.
POLYMETALLIC – Constantine Metal Resources Ltd. Sept. 9 reported the signing of an upland mining lease on roughly 92,000 acres (37,200 hectares) of lands surrounding the Palmer property near Haines in Southeast Alaska. The lease further consolidates Constantine’s district-scale property position in the region, which now totals approximately 108,000 acres (43,700 hectares). Constantine secured the property through a competitive lease process offered by the Alaska Mental Health Trust Authority, a state corporation within Alaska. General lease terms include annual rental of US$25,000 per year for the initial three-year lease term, US$40,000 for years four to six, US$55,000 for years seven through nine, with work commitments of US$75,000 per year, escalating US$50,000 annually. There is a mandatory acreage reduction of 25,000 acres at the end of the first and second three-year lease terms. The lease can be extended beyond year nine by making annual rental payments and continuing to diligently pursue exploration and development on the lease. Annual payments are replaced by royalty payments upon achieving commercial production. Production royalties payable to Mental Health Trust include a sliding scale 1.0 to 4.5 percent royalty for gold based on gold price, and a 3.5 percent royalty on minerals other than gold. The Alaska State production royalty required on State lands does not apply to production on Alaska Mental Health Trust lands. The Haines Block shares similar geology to the Palmer Property and is considered prospective for hosting high-grade massive sulfide mineralization. The property also covers areas upland of the active Porcupine placer gold district that has estimated past production of 82,489 ounces of gold. This represents the first time the Haines Block has been offered to the public for lease, with very limited exploration work having taken place in recent decades. Garfield MacVeigh, president and CEO said, “We are very pleased to have secured this large and prospective land package and look forward to exploring these properties for the mutual benefit of Constantine shareholders and Alaska Mental Health Trust beneficiaries.”
