GOLD – Rockhaven Resources Ltd. Nov. 6 reported results from its Kluane gold property in southwestern Yukon Territory. The property lies in a lightly-explored gold belt that features high-grade gold showings and numerous placer gold operations. The gold showings resemble those found in the Juneau District of Alaska and the Dawson Range Gold Belt of Yukon. The 2014 exploration program at Kluane involved soil sampling, hand trenching and prospecting. Among highlights of the program: a specimen sample from a hand trench at the Delor zone yielded 225 grams-per-metric-ton gold; a chip sample from a hand trench at the Delor zone returned 9.22 g/t gold over two meters; two chip samples across mineralized exposures at the Rikus Zone graded 51.6 g/t gold over 30 centimeters and 51.6 g/t gold over 28 centimeters; and soil sampling returned 738 parts per billion gold-in-soil in a previously untested area. The Kluane property hosts eight known zones with native gold and/or arsenopyrite-bearing quartz ± carbonate veins. A horizontal loop electromagnetic survey performed across part of the property in 2004 identified nine linear conductors, two of which correlate with known zones. The gold-rich veins are hosted in Kluane Schist and trend to the north and to the northwest, discordant to foliation in the wall rocks. This summer, minor prospecting was conducted at six of the eight known zones. About 65 percent of the Kluane property has been grid-soil-sampled at various times since the late 1980s. In 2014, soil geochemical coverage was extended onto a vegetation- and overburden-covered slope, which lies north and west of the Delor and Switchback zones and nearby electromagnetic conductors. This sampling returned several strongly anomalous results, ranging from 100-738 ppb gold-in-soil. The highest gold-in-soil values largely coincide with surface traces of the known showings and geophysical conductors. Both the geochemical and geophysical anomalies project northward into un-surveyed areas. “The Kluane property hosts grassroots discoveries of high-grade gold mineralization within an evolving and underexplored district,” said Rockhaven CEO Matt Turner. “Rockhaven greatly appreciates the partial funding it received for its 2014 exploration program at the Kluane property through the Yukon Government’s Yukon Mineral Exploration Program.” Rockhaven intends to seek an optionee or partner for future exploration at the Kluane property as it remains strongly focused on its more advanced Klaza Project.
SILVER – Alexco Resource Corp. Nov. 5 reported results from the 2014 drill program at its Bermingham deposit in the Keno Hill Silver District, Yukon Territory. Bermingham, which has a current indicated resource of 3.8 million ounces of silver and a current inferred resource of 1.2 million ounces of silver, is located about five kilometers (three miles) east of the Flame & Moth deposit and the district mill. In 2014, an additional 2,667 meters of drilling was completed in eight holes to both infill and extend Bermingham mineralization to the northeast. Results from this drilling include drill hole K-14-0537 which intercepted 6.39 meters (true width) grading 5,667 grams per metric ton (165.3 ounces per ton) silver. Three other holes within 200 meters of drill hole K-14-0537 intercepted between 529 g/t and 714 g/t silver over true widths ranging from 3.03 meters to 7.97 meters. Overall, work in 2014 has systematically extended mineralization at Bermingham about 400 meters northeasterly beyond the existing resource, and steadily toward the inferred unique stratigraphic and structural setting occupied by the adjacent Hector-Calumet mine, a historical mine that produced 96 million ounces of silver at a reported average grade of about 1,090 g/t. A new resource estimate for Bermingham is expected to be completed in early 2015. Updated composite assay tables, a drill-hole location map and a long section plot for the drill holes and additional information about the Bermingham deposit are available at www.alexcoresource.com.
GOLD – Victoria Gold Corp. Nov. 4 reported the results of its 2014 phase-2 Olive exploration program, adjacent to the company’s Eagle Gold deposit at the Dublin Gulch property in central Yukon Territory. Following up on encouraging results during the initial phase of 2014 drilling at Olive, the phase-2 drilling was targeted as a series of step-out and exploration drill holes along roughly 850 meters of strike and across a width of some 300 meters, the interpreted Olive shear zone defined in phase 1 drilling. This second phase of drilling was primarily designed to test the bounds of the mineralized model developed by Victoria with drill spacing adequate to develop a defined indicated mineral resource. Phase 2 results included intercepts of 22.5 meters of 1.03 grams per metric ton gold; 20.1 meters of 1.10 g/t gold and 20.9 meters of 1.16 g/t gold. Victoria President and CEO John McConnell said, “With the 2014 program now complete, management is moving forward with an Olive mineral resource estimate with the expectation that ultimately this satellite ore body will further enhance the economics and extend the mine life of our flagship Eagle Project.” During the course of the phase-2 program, 17 trenches (882 meters) were excavated and sampled. These trenches represent a combination of targeted trenches across the width of the Olive zone and from side cuts made available during construction of access roads. The 2014 Olive trenching program proved effective in defining high-grade surface mineralization within the Olive shear zone and confirmed that the mineralization defined at depth extends to surface along the strike of the Olive Zone. Following up on positive bottle roll tests (61.9 gold recovery), Victoria has initiated a comprehensive column testing program with Kappes Cassidy & Associates of Reno, Nevada. Three column tests are currently under leach and a further nine drill holes totaling 1,600 kilograms and are being prepared to complete seven additional column leach tests. The two phases of exploration at Olive included: 49 exploration diamond drill holes; 12 metallurgical diamond drill test holes; seven geotechnical drill holes; and 882 meters of surface trenching. With results now in hand, Victoria plans to advance with an initial 43-101 resource estimate for Olive. Additional metallurgical and geotechnical work is ongoing.
SILVER – Alexco Resource Corp. Nov. 3 reported that Silver Wheaton Corp. has agreed to extend the buy-down date for the pending amendment to their existing silver streaming agreement. As previously reported, the amendment becomes effective when Alexco makes a US$20 million payment to Silver Wheaton, and the outside date for that payment has now been extended by one year to Dec. 31, 2015. In addition, the date for satisfaction of the 400-metric-ton-per-day mine(s) and mill completion test also has been extended by one year, to Dec. 31, 2016. Alexco President and CEO Clynt Nauman said, “The extension of the buy-down date gives Alexco considerable flexibility while we plan for future operations at Keno Hill, and importantly, enables implementation of the revised Silver Wheaton agreement to remain an option through challenging market conditions. In the meantime, we are acutely aware of our undervalued share price and do not want to dilute shareholders in the current market; to the contrary, I have continued to add to my Alexco holdings in recent weeks.”
FINANCE – Copper North Mining Corp. Nov. 4 launched an incentive program to encourage the early exercise of 13.18 million warrants issued on April 24, 2014 as part of non-brokered private placement. Under the incentive program, the company proposes to amend the terms of the original warrants such that each holder who exercises an original warrant on or before the close of business on Nov. 24, 2014 shall receive, in addition to the common share the holder would have received under the original terms of the original warrants, an additional one-half of a warrant. Each additional warrant will entitle the holder to acquire one common share of the company at an exercise price of C6 cents for two years following the date of issuance of the additional warrant. The proceeds from the early exercise of the original warrants will be used for general working capital purposes. If a holder does not exercise original warrants on or before the deadline, the original warrants shall continue to be exercisable for only common shares of the company on their original terms. If a holder exercises only a portion of his or her original warrants before the deadline, any unexercised original warrants shall continue to be exercisable for only common shares of the company on their original terms. The incentive program is subject to approval by the TSX Venture Exchange. Certain directors and officers of the company own an aggregate 500,000 original warrants. Their participation in the incentive program and issuance of additional warrants constitutes a “related party transaction” and is exempt from the formal valuation and minority shareholder approval requirements.
GOLD – CWN Mining Acquisition Corp. Oct. 31 reported that it has entered into an option agreement with YES Exploration Syndicate Inc., granting CWN an option to acquire a 100 percent undivided interest, net of a 2 percent royalty reserved for YES Exploration, in the Top project, a gold property situated about 200 kilometers (125 miles) northwest of Whitehorse, Yukon Territory, and less than 15 kilometers (nine miles) from the now decommissioned Mt. Nansen gold mine. The transaction is intended to constitute CWN’s qualifying transaction in accordance with TSX Venture Exchange policy for capital pool companies. On closing of the transaction, the resulting issuer anticipates being classified as a Tier 2 issuer that will meet the TSXV’s initial listing requirements for a mineral exploration company. The transaction will not be a non-arm’s length qualifying transaction and as such, it is not expected that the approval of CWN’s shareholders will be required. CWM says the multiple vein-type porphyry- and breccia-related deposits at Mt. Nansen are linked to northwest-trending faults associated with strong magnetic anomalies in the immediate vicinity of northeast-striking cross faults. Located along a northwest-trending fault structure that appears to pass through the Mt. Nansen mine area to the southeast, the Top property is cut by northeast-trending structures that intersect the main northwest-trending structure in several locations. Historical work had identified several gold anomalies found in creeks throughout the Top property and significant gold anomalies in soils. As a result, YES Exploration staked the property in 2011. A roughly C$254,000 exploration program consisting of soil sampling, rock sampling, prospecting, and geological mapping was completed to follow up on previous work and identify new targets. A 2012 technical report identified targets in both the north and south areas of the property and recommended phased programs including geophysical surveys followed by geochemical sampling, geological mapping, trenching, and shallow drilling. Subject to receipt of TSX-V approval of the option agreement, CWN will have the right to acquire 100 percent interest in the property, net of a 2 percent royalty reserved for YES Exploration, for C $160,000 in cash and C$180,000 in common shares to be paid to YES Exploration over a four-year period. CWN is also required to incur financing exploration expenditures totaling a minimum of C$300,000 by the one-year anniversary of the effective date. Concurrently with the closing of the transaction, CWN will complete a non-brokered private placement of up to C$4 million of common shares in order to satisfy the terms of the option agreement. The proceeds from the private placement will be used to provide CWN with adequate working capital and financial resources to carry out a stated work program for 12 months following the listing as well as C$100,000 in unallocated funds. All securities issued pursuant to the private placement will be subject to certain resale restrictions.
GOLD/POLYMETALLIC – Cantex Mine Development Corp. Oct. 30 provided a progress report for its Yukon gold project. Results from 46 bedrock samples from 39 rotary air blast drill holes have now been received. X-ray fluorescence (XRF) analysis in the field of these samples detected anomalous arsenic. Fire assay by ALS Chemex detected elevated gold values in 13 of the holes ranging up to 75 parts per billion. The results detected substantially higher arsenic contents as compared to the field XRF analyses in eight of the 46 samples, demonstrating the limitations of the field analyses. Consequently, 216 bedrock samples from 130 rotary air blast drill holes have been submitted for analysis. The results will be reported when received. The results from the 39 holes received have shown that these holes did not intersect the source area of the highly anomalous gold, arsenic, antimony and other key pathfinder element anomalies found at the central anomaly. As the anomaly area is nearly completely covered in alpine glacial till, Cantex recently completed a ground magnetic survey over the covered area, and it appears the survey may define a carbonate-rich zone thought to host gold mineralization. The distribution of the RAB drill-hole results to date suggests that an epithermal gold-arsenic-antimony system has been detected. “The sudden onset of winter prevented mobilization of our RAB drill to our highest soil-talus gold anomaly within this central zone. As such the RAB drill has been stored in the field to allow completion of the drill program in the spring,” said Chad Ulansky, Cantex’s project manager. At the North Rackla and Mt. Good claim blocks, a total of 6,740 soil-talus samples were collected along infill lines typically spaced 50 meters apart detailing highly anomalous gold, base metal and key pathfinder elements anomalies discovered on the 200-meter spaced soil-talus sample lines completed last year. The analytical results of these samples are expected during this winter and coming spring and are anticipated to define additional target areas to be drill tested next season on the North Rackla and Mt. Good properties also owned by Cantex. “We are particularly enthusiastic about the northern North Rackla gold-arsenic-antimony-silver-zinc anomaly where the infill soil-talus results should define drill targets into a steeply dipping mineralized zone, said Ulansky. A grab sample from this zone contained 2.9 grams per metric ton gold, 7,510 parts per million arsenic, 318 ppm antimony, 77 g/t silver, 0.3 percent copper, 1.64 percent lead and 19.2 percent zinc.
