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| September 18, 2014 --- Vol. 08, No. 38 | September 2014
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Yukon Territory (continued)
PLATINUM METALS – Duncastle Gold Corp. Sept. 17 reported the signing of a binding letter of intent with Ashburton Ventures Inc. and Denali Resources Ltd. to acquire a 100 percent interest in three platinum group metal-nickel-copper properties – Spy, Ultra and Catalyst/CKR – in the Kluane Ultramafic Belt of southwestern Yukon Territory. Catalyst-CKR covers 16,310 hectares (40,300 acres) that are positioned northwest and southeast of the Wellgreen deposit. On the northwest claims adjacent to Wellgreen, altered carbonate at the contact with a serpentinized peridotite sill, historic assays returned 0.11 grams per metric ton platinum, 0.11 g/t palladium, 0.14 g/t gold, 0.07 percent copper and 0.16 percent nickel. Spy covers 1,250 hectares (3,090 acres) and encompasses much of the ultramafic Spy Sill, which is 75-100 meters thick and intrudes the Hasen Creek silt stone for six kilometers (3.8 miles) along a northwest strike. Mineralization along the contact varies from disseminated sulfides to massive sulfide lenses, with historic grab samples assaying as high as 75.8 g/t platinum, 7.9 g/t palladium, 7.0 g/t gold, 2.6 percent nickel and 10.45 percent copper. Ultra covers 8,650 hectares (21,375 acres) and includes the Frohberg PGM-nickel-copper showing, which was explored by trenching in 2002 and returned 5.54 g/t platinum, 13.46 g/t palladium, 4.07 percent copper and 1.73 percent nickel. Numerous ultramafic occurrences elsewhere on the property have not been assessed for PGM-nickel-copper potential. Duncastle may acquire a 100 percent interest in the three properties by: paying C$50,000 and issuing an aggregate 8.5 million shares to Denali over three years for the Catalyst project; assuming the requirements of existing property agreements now in place for the Spy and Ultra properties by assignment from Ashburton, including the completion of C$500,000 in exploration work, C$85,000 in cash payments, and the issuance of 650,000 shares over five years; paying C$5,000 to Ashburton for the Ultra property and a further C$5,000 to the underlying vendor of the Ultra property; and issuing 350,000 shares to Ashburton for purchase of the CKR claims and a further 150,000 shares to Ashburton for assignment of the Spy and Ultra claims. Duncastle President Michael Rowley said, “We are very pleased to be in a position to acquire such excellent properties in an emerging district for platinum group elements plus nickel and copper at a time when forecasts for these metals – in particular platinum, palladium and nickel – are very positive. The properties have substantial exploration potential based on their size and location in the Kluane belt and, in the case of Catalyst/CKR, their position directly adjacent to the Wellgreen Project. Additionally, we are expanding the Board of Directors to include professionals with experience in these metals as well as in exploration in the Yukon. In addition, with all three properties less than 20 kilometers (12.5 miles) from the Alaska Highway, we have a logistical advantage which we will benefit from as we advance them through well- planned exploration programs.” Duncastle will appoint Tom McCandless as a director and chief operating officer, Eugene Spiering as a director and vice president exploration, and Bill Harris as director. McCandless is president of MCC Geoscience Inc. and an adjunct professor at the University of Arizona, where for 10 years he conducted research on PGM mineralization in the world-class Bushveld igneous province. Spiering is presently vice president exploration for Quaterra Resources Inc. and has more than 30 years of experience in the mining and exploration industry. Harris is a second-generation prospector and miner, born and raised in the Yukon. He is the founder and a director of Northern Freegold Resources Ltd. Harris was awarded the Yukon Prospectors Association prospector of the year in 1994. Duncastle will enter into a debt settlement agreement with its two largest creditors, both of whom are insiders of the company, and will effect a corporate name change to reflect the acquisition.
GOLD – Klondike Gold Corp. Sept. 16 said it has acquired 46799 Yukon Inc. by issuing 6,435,000 common shares of the company at a deemed price of C20 cents per share. As a result of the acquisition, Klondike Gold now holds an undivided 100 percent interest in the Indian River gold property near Dawson City, Yukon, subject to an existing third party 5 percent royalty on production of gold or other minerals. The securities issued in connection with this transaction are subject to a four month statutory hold period. The company also announced that pursuant to this transaction, Fiore Financial Corp., a company owned and controlled by Frank Giustra, acquired ownership and control of 2,964,500 Klondike Gold shares at a deemed price of C20 cents per share, representing 15.35 percent of the issued and outstanding common shares of the company. As a result of this acquisition of securities, Fiore Financial and Giustra personally will hold in aggregate, 3,209,750 common shares of Klondike Gold, representing 16.62 percent of the current issued and outstanding shares. Klondike Gold said it also has been advised that pursuant to this acquisition, 451178 BC Ltd., a company owned and controlled by Roberto Aquilini, acquired 2,839,500 shares at C20 cents per share, representing 14.71 percent of the current issued and outstanding common shares of the company.
FINANCE – Capstone Mining Corp. Sept. 12 said that due to general market conditions it is discontinuing its previously announced offering of C$300 million senior notes due in 2022. “The notes offering was intended to opportunistically repay borrowings under our existing credit facilities,” said Capstone President and CEO Darren Pylot. “While the $300 million we were looking to raise was available, the proposed interest rate exceeded what we were prepared to pay for that purpose. We currently have very low-cost credit facilities, which when combined with our strong cash position, strong cash flow from operations and the undrawn portion of our existing credit facilities, give us the flexibility to only consider financing opportunities that are aligned with our cost of capital criteria,” continued Pylot. The new $300 million senior secured revolving credit facility, which was intended to close concurrently with the notes, also has been discontinued. Capstone’s existing $200 million senior secured corporate revolving term facility and $200 million senior secured reducing revolving corporate credit facility, mature in October 2017 and January 2016, respectively. Both have an interest rate of US LIBOR plus 2.5 percent (adjustable in certain circumstances) and a standby fee of 0.56 percent on the undrawn balance of the facilities. Capstone owns several mines and mine projects in the Western Hemisphere, including the Minto copper-gold-silver mine in Yukon Territory.
GOLD – Goldstrike Resources Ltd. Sept. 9 said a three-dimensional induced polarization survey has outlined a large, well-defined chargeability anomaly with strong gold potential near discovery hole PSVG13-03, which intersected 7.60 grams per metric ton gold over 9.03 meters. This anomaly underlying Gold Dome is interpreted to represent disseminated mineralization similar to that associated with bonanza grade gold found in surface grab samples and drill core. The core of the anomaly measures about 200 meters by 100 meters, and extends from about 100 meters below surface to 200 meters depth (the survey limit). It is indicated to be open to the southeast and to depth and remains to be drill tested. The shallowest part of the IP anomaly on Gold Dome is located immediately east of the VG zone, which means that the2013 drilling, which intersected high-grade gold mineralization, did not test the anomaly. An initial projection of IP data to surface suggests the inferred mineralized body strikes northwest-southeast and may have a northwest or southeast plunge, consistent with major folds that are now believed to be a major control on the distribution of gold across the entire property, including the Goldstack zone, where hole PSGS13-04 intersected 2.28 grams per ton gold over 53.0 meters, including 10.91 grams per metric ton gold over 10.0 meters. Given the success of this high-resolution IP survey in outlining disseminated mineralization in the highly silicified felsic volcanic host rocks on Gold Dome, Goldstrike is planning additional high-resolution ground IP surveys to outline similar drill targets in numerous other areas on the property where bonanza-grade gold mineralization grading up to 308.49 g/t has been found, including the Goldstack zone, the 11-kilometer (6.5 miles) long Goldbank trend, the two-kilometer-long Ron Stack trend, and the two-kilometer-long Gold Rush zone. Geochemical and textural evidence indicates that high-grade gold mineralization on Gold Dome is the upper part of a single, district-scale gold system that is exposed on the property over a strike length of 25 kilometers, and a vertical extent of 1,000 meters that remains open. “We are very pleased to have identified such a compelling target in the Gold Dome area,” said Goldstrike’s chief geologist, Trevor Bremner. “The geophysicists have stated that the quality of the data is excellent due to the high resistivity of the rock, which made for very clean readings. We look forward to drill-testing this anomaly at the earliest opportunity. Goldstrike’s technical team believes that IP is an excellent tool to outline similar drill targets in the Goldstack, Goldbank, Ron Stack, and Gold Rush zones.”
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