COPPER – Copper North Mining Corp. Oct. 1 reported the start of geophysical surveys on its Thor property located 15 kilometers (10 miles) south of the Kemess mine and mill facilities. Copper North acquired a 100 percent interest in this porphyry copper property in July. Copper North has contracted Scott Geophysics Ltd. to carry out up to 80 line-kilometers of induced polarization surveying along 1,000 meters spaced lines on the Thor Property. The survey is a time domain, dipole-dipole IP survey using a dipole spacing of 100 meters and has a conservative search depth of between 200 and 250 meters. IP chargeability can be caused by metallic sulfides as well as other minerals such as graphite, clays and magnetite. The geophysical survey is an extension of previous geophysical work that defined numerous anomalies within the till covered Moose Valley area that may represent porphyry copper targets. The current work will extend the IP coverage further to the south to evaluate drill targets for summer 2015.
GOLD/SILVER – Eagle Plains Resources Sept. 29 said Rosedale Resources Ltd (a private B.C. company) has mobilized field crews to start fieldwork on Eagle Plains’ Rohan gold-silver property, located 80 kilometers (50 miles) northwest of Atlin, B.C. Under terms of an option agreement announced in February 2011, Rosedale holds the exclusive right to earn a 60 percent interest in the Rohan property by completing C$5 million in exploration expenditures, making C$500,000 in cash payments and issuing 1 million common shares to Eagle Plains over five years. Eagle Plains will maintain a 4 percent gross metal royalty on the claims, which may be reduced to 2 percent upon payment of C$2 million. In 2011, Rosedale and Eagle Plains completed a 200 line-kilometer airborne geophysical survey, followed in 2013 by silt-soil sampling and prospecting. This work resulted in the discovery of an area of extremely anomalous soil values, with precious-metal values returning up to 2.96 grams per metric ton gold and 18.4 g/t silver, with associated elevated values for arsenic, antimony, lead, zinc and iron. The 2014 work program is designed to follow up on results from the successful 2013 program on the northwestern B. C. property, and will focus on mapping, prospecting, hand-trenching and sampling of the 2013 discovery area. Fieldwork is being completed by TerraLogic Exploration Inc. of Cranbrook, B. C. under the supervision of Mike McCuaig.
NICKEL/COBALT – Westhaven Ventures Inc. Sept. 24 reported assay results from a recently completed drill program on its Ben property, located about 50 kilometers (31 miles) north of Williams Lake, B.C. The drill program consisted of 11 holes, totaling 1,258 meters of diamond drilling. Highlights include hole BN14-08, which intersected 19.5 meters grading 0.33 percent nickel and 0.012 percent cobalt; hole BN14-04 intersected 18.2 meters of 0.30 percent nickel and 0.012 percent cobalt; hole BN14-12 intersected 86 meters of 0.18 percent nickel and 0.0095 percent cobalt; and nine out of 11 holes hit nickel-cobalt mineralization. Drill holes BN14-04 and BN14-08 intersected significant nickel-cobalt values and were designed to test the area around drill hole BN13-03, where last fall the company drilled 70 meters of 0.31 percent nickel and 0.012 percent cobalt. BN14-12, located about six kilometers to the south of BN13-03, tested an airborne magnetic anomaly delineated earlier in 2014. Drilling intersected highly serpentinized ultramafic rocks from 99 meters to 185 meters depth (end of hole) containing 86 meters grading 0.18 percent nickel and is open at depth. Westhaven President and CEO Gren Thomas commented: “This year’s drill program started by drilling coincident magnetic anomalies and induced polarization chargeability targets as this was the geophysical response of the initial discovery in 2013. Early drilling in this program indicated that IP responses are not necessarily confined to nickel sulphide mineralization, therefore subsequent drilling focused on the magnetic responses outlined by the recent airborne magnetic survey. Drill hole BN14-12, located over six kilometers to the south of BN13-03, intersected a long section of nickeliferous serpentinite in an area of no outcrop. Such intersections demonstrate that nickel-bearing serpentinite is abundant on the property. Future drilling will focus on locating these zones and establishing the nickel sulphide content.” Thomas added: “We have just completed a detailed 122-line-kilometer ground magnetic survey, which was successful in defining multiple, magnetic anomalies for the next drill campaign.” Westhaven recently completed the detailed survey to cover the Skelton Zone (31 line kilometers) and Cross Roads Zone (91 line kilometers). The purpose of this program was to better define the magnetic anomalies and the structural controls of the anomalies. Geological interpretation of both the drill and geophysical data is underway and will guide future drilling.
FINANCE – Copper Fox Metals Inc. Sept. 25 reported that it has, through its subsidiary Northern Fox Copper Inc., closed a previously announced non-brokered private placement in Carmax Mining Corp. pursuant to which Copper Fox has indirectly acquired an additional 3,386,078 units of Carmax for an aggregate subscription price of C$237,025.46. Units were subscribed for at a price of C7 cents per unit and consisted of one previously unissued common share and one common share purchase warrant of Carmax. Each warrant is exercisable for a period of 24 months from the closing date of the top-up investment and entitles the holder, on exercise, to purchase one additional common share of Carmax at a price of C9 cents per share. The top-up investment was made pursuant to the pre-emptive and top-up rights granted to Northern Fox under the terms of the private placement announced on April 10. Since the top-up investment was first announced by the company July 21, the price of the units issued under the top-up investment was adjusted at the request of the TSX Venture Exchange, and Copper Fox elected to increase the number of units it subscribed for. Immediately prior to the completion of the top-up subscription Copper Fox had beneficial ownership and control, through Northern Fox, of more than 20 million common shares of Carmax, or about 38.33 percent of Carmax’s then issued and outstanding shares on an undiluted basis; Copper Fox also had beneficial ownership and control, through Northern Fox, of more than 20 million common-share purchase warrants of Carmax, each existing warrant entitling Copper Fox to purchase one share of Carmax at an exercise price of C7.5 cents on or before May 28; and the existing warrants together with the existing shares represented roughly 55.42 percent of the then issued and outstanding shares of Carmax, calculated on a partially-diluted basis assuming the exercise of all of the existing warrants, but with no effect being given to any other outstanding warrants or options of Carmax. The 3,386,078 shares acquired by Copper Fox under the top-up Investment represent approximately 6.09 percent of the issued and outstanding common shares of Carmax on an undiluted basis, and when aggregated with the existing shares, represent about 42.09 percent. After the completion of the top-up investment, Copper Fox beneficially owns and controls 23,386,078 shares of Carmax, representing about 42.09 percent of the issued and outstanding common shares of Carmax on an undiluted basis as at the date hereof (based on a total of 55,562,075 common shares of Carmax issued and outstanding). Copper Fox also holds the existing warrants and the warrants issued as part of the top-up subscription which, collectively, entitle Copper Fox to indirectly acquire an additional 23,386,078 common shares of Carmax, which together with the above noted shares represent about 59.24 percent of the issued and outstanding common shares of Carmax, calculated on a partially-diluted basis assuming the exercise of all of the existing warrants and the warrants issued to Copper Fox as part of the top-up investment, but with no effect being given to any other outstanding warrants or options of Carmax. All of Carmax’s securities beneficially owned and controlled by Copper Fox are registered in the name of Northern Fox. Copper Fox acquired the units for investment purposes. Depending on economic and financial conditions, Copper Fox may acquire further common shares of Carmax (through market or private transactions) from time to time for investment purposes.
