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.

September 25, 2014 --- Vol. 08, No. 39September 2014

Northwest Territories

DIAMONDS – De Beers Canada and its partner Mountain Province Diamonds, Sept. 25 reported that they have received approval of a Type A Water License for the Gahcho Kué Project, by the Minister of Environment and Natural Resources of the Government of the Northwest Territories, the Hon. Michael Miltenberger. “This is another important milestone for Gahcho Kué, and we want to thank the minister for his review and approval of the water license in such an efficient manner. The Gahcho Kué Mine represents a significant investment, which will result in employment and business opportunities that will contribute to the economic growth and prosperity of the Northwest Territories,” said Tony Guthrie, CEO of De Beers Canada. Patrick Evans, CEO of Mountain Province Diamonds Inc., added, “On behalf of our board and the shareholders of Mountain Province, I extend our appreciation and thanks to the operator of the Gahcho Kué Mine, De Beers Canada, for successfully guiding the project through the regulatory process.”

DIAMONDS – Kennady Diamonds Inc. Sept. 25 reported that more than 129 meters of kimberlite has been intersected in a diagonal delineation drill hole at the far north of Kelvin kimberlite. Hole KDI-14-058a was drilled from west to east across the elongated Kelvin kimberlite at a dip of minus 62 degrees and intersected kimberlite from a downhole depth of about 235 meters to 364 meters. “The 129-meter diagonal kimberlite intersect is the widest drilled to date at Kelvin. Combined with the 215 meters of kimberlite intersected in the south – north delineation drill hole KDI-14-055, it is apparent that the volume of the Kelvin kimberlite is expanding in a northerly direction. Based on these results, the company is reviewing its tonnage target for the Kelvin-Faraday kimberlite corridor, which currently stands at 7 to 10 million tonnes,” explains Kennady Diamonds CEO Patrick Evans. As previously reported, drilling of delineation hole KDI-14-055 stopped in kimberlite at a downhole depth of 373 meters due to unstable ground conditions in an area above the kimberlite. Options to stabilize the ground were explored, but in the interest of time Kennady has opted not to complete drilling of this hole and focus on completing the four diagonal delineation drill holes currently underway. These diagonal delineation holes will allow positioning of the next fan of three northerly delineation holes at the center of the Kelvin pipe. To date, approximately 12,500 meters has been drilled at the Kelvin kimberlite. Kennady has increased its target for the program to 14,000 meters. In addition, roughly 24 metric tons of kimberlite has been recovered from Kelvin and the company has now increased its target for the bulk sample program to 28 metric tons. This is in addition to the 25 metric tons recovered from Kelvin during the spring 2014 drill program. Results from the spring bulk sampling are expected shortly. In view of the progress that has been made with drilling at the Kelvin kimberlite, drilling of the Faraday, MZ and Doyle kimberlites as well as other exploration targets has yet to begin. To support an extended drill program beyond October, Kennady is currently planning an expansion of the Kelvin exploration camp.

GOLD – Nighthawk Gold Corp. Sept. 25 reported initial drill results from fourteen holes recently completed as part of the 2014 drill program on its Indin Lake gold property in the Northwest Territories. The ongoing 14,000-meter drill program, designed to extend the previously reported mineral resource estimate to depth at the Goldcrest and Colomac Main gold deposits, has confirmed significant opportunities for expansion. Highlights include two holes drilled at Goldcrest that substantiate a north plunging mineralized shoot: G14-05 intersected 20.25 meters of 4.83 grams per metric ton gold; and G14-04 intersected 19.6 meters of 4.19 g/t gold. At the Colomac Main deposit, hole C14-02 intersected 25 meters grading 2.38 g/t gold, effectively tracing Zone 2.0 mineralization down plunge of previously drilled higher grade shoots. Nighthawk President and CEO David Wiley said, “The results from Goldcrest demonstrate a deposit containing higher average grades within 200 metres of surface. Furthermore, we were also successful in extending and infilling gold mineralization at Colomac Main. This phase of drilling is expected to finish by the end of September. Additional drill results from Goldcrest, Colomac Main, Cass and Echo Indin will be released as they become available.” Goldcrest is a 2,500-meter mineralized mafic sill similar to the Colomac intrusion located 400 meters to the east. As a primary candidate for resource expansion, Goldcrest hosts the highest average grade in the current resource estimate at 2.19 g/t gold. Previous drilling at this deposit was limited to a depth of 100 meters. Nighthawk’s recent drilling has produced the first documentation of a higher grade shoot at Goldcrest. Holes G14-04 and G14-05 intersected a higher grade gold shoot at depth that exhibits the same steep northerly plunge as the recently defined higher grade zones at Colomac Main. Drilling of Colomac Main Zone 2.0 was designed to expand previously defined higher grade gold shoots and to infill areas within the existing resource. Hole C14-01B extended the northerly plunging shoot beneath the north end of the historical open pit. Holes C14-02 and C14-02B were drilled 650 meters south of C14-01B exploring the downward extension of the previously reported resource below the south end of Pit 2.0. Nighthawk said exploration will continue south of C14-02 for two additional drill sections at 125 metre intervals. The current phase of activities will end at the northern Zone 1.5 with two holes collared 200 metres north of C14-01B within an area that has yet to be drilled by Nighthawk.

FINANCE – TerraX Minerals Inc. Sept. 24 said it has agreed to a non-brokered private placement of 6 million units at C35 cents per unit for gross proceeds of C$2.1 million. Each unit will consist of one common share and one-half of a purchase warrant, with each full warrant entitling the holder to purchase an additional common share at an exercise price of C50 cents for a period of three years from the date of closing. This private placement is scheduled to close prior to the end of September, subject to acceptance for filing by the TSX Venture Exchange. The proceeds of this private placement will be used to finance drilling this winter on TerraX’s Yellowknife City Gold project, Northwest Territories. Finders’ fees will be payable on a portion of this placement.

FINANCE – Margaret Lake Diamonds Inc. Sept. 24 reported that, subject to TSX Venture Exchange approval, it will proceed with a non–brokered private placement of up to 3 million non-flow-through units at C25 cents each and up to 1.2 million flow-through common shares at C28 cents for combined gross proceeds of up to C$1,086,000. Each Unit will be comprised of one non-flow through common share of Margret Lake Diamonds and one half of a purchase warrant. Each full warrant will be exercisable to purchase one non-flow-through common MLD at C30 cents for a period of 12 months from the closing of the private placement. Proceeds from the financing will be used for work programs on the company’s diamond properties under option in the Northwest Territories and for general corporate purposes. Assuming the private placement is fully subscribed, Margret Lake Diamonds intends to allocate C$115,000 of the net proceeds of the non-flow through portion of the financing for general corporate expenses, including the cost of the offering, and the remainder to exploration expenses.


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