COPPER/GOLD – Seabridge Gold Nov. 20 reported results from its 2014 drilling at the Deep Kerr deposit of its KSM project in northwestern British Columbia. A total of 12,900 meters in 13 core holes expanded the known dimensions of the deposit along strike to the north and south as well as at depth. Seabridge is highly confident that the 2014 results will support a substantial increase in the Deep Kerr inferred resource which currently stands at 515 million metric tons grading 0.53 percent copper and 0.36 grams per metric ton gold. An updated resource estimate is expected in the first quarter of 2015. Drilling also confirmed the geological and resource models developed following the 2013 discovery program. Seabridge Chairman and CEO Rudi Fronk said, "Our program this year was focused principally on expanding the Deep Kerr resource and also expanding our understanding of its limits and controls on mineralization. It is clear from this program that the resource model is robust – it successfully predicts metal distribution. This year's drilling demonstrates that the Deep Kerr high-grade zones are controlled by primary fluid pathways within mineralizing intrusions, an observation reflected in the high vein and fracture densities which are positive for higher grades. We have also determined that the depth and south limits remain open. Deep Kerr continues to emerge as one of the more promising opportunities on a global scale.” Two holes were drilled into the existing resource to evaluate the performance of the model by determining how well the new data matched up against the model’s predicted block grades. The results showed mineralized intervals consistent with those predicted by the model, with difference Drilling also confirmed the geological and resource models developed following the 2013 discovery program.in copper grades ranging from -12 percent to +30 percent. Seabridge said these results are within the acceptable ranges for an inferred resource classification. The north strike projection of the Kerr deposit was a primary target at the end of 2013. The northernmost drill holes in the 2013 program intersected well mineralized intrusive rocks. Three additional sections were completed this year at 140 meter intervals stepping north from the 2013 data. Mineralized zones consistent with the Deep Kerr deposit model were drilling encountered in the first two cross section step-outs, 280 meters north of previous drilling. Highlights include 252 meters grading 0.55 g/t gold, 0.69 percent copper and 1.4 g/t silver in hole K-14-39; and 229 meters grading 1.12 g/t gold, 0.07 percent copper and trace silver in K-14-41A. On the northern most section, a large interval of post mineral intrusive rock was intersected. It is not known if the Deep Kerr mineralization continues north of this intrusion. Three drill holes were targeted to provide mineralogical zoning indicators and extend the depth projection of the Deep Kerr zone. Holes K-14-34A and 45 were setup to drill down the interpreted Deep Kerr zone and encountered long sections of the mineralized zone, however, this orientation was difficult to maintain and technical limitations terminated the holes before reaching the limits of the deposit. These two holes therefore bottomed in strong mineralization. K-14-34A cut more than 1,000 meters of mineralization, including 737 meters grading 0.36 g/t gold, 0.59 percent copper and 1.1 g/t silver. Hole K-14-40 was drilled perpendicular to the zone. Seabridge said these tests confirm that the Deep Kerr zone plunges west-northwest and continues to at least 1350 meters below surface. In 2013, the south limit of the Deep Kerr deposit was provisionally established at the southernmost drill hole (K-13-26) in the zone at that time. As the 2014 program progressed, it became clear the southern boundary was arbitrary. Two drill holes were completed to confirm a southern extension, one hole (K-14-42) at the southern limit of the 2013 resource model and one hole (K-14-46) 550 meters beyond the 2013 model. These holes confirm significant strike potential but additional drilling is required to extend the resource model and establish the grade distribution.
GOLD – Pretium Resources Inc. Nov. 20 said it has contracted AMEC Americas Ltd. to provide the engineering, procurement and construction management services for its Brucejack high-grade gold project in northern British Columbia. AMEC is an international engineering and project management firm with recently completed mining projects in British Columbia including New Gold’s New Afton Mine and Thompson Creek Metals’ Mount Milligan mine. “AMEC’s track record of effectively partnering with companies to move projects from feasibility to mine construction, combined with their significant experience in British Columbia, makes them a natural fit for the Brucejack Project,” said Pretium Chief Operating Officer Jim Currie.
AMEC has been involved with the Brucejack Project as a third-party reviewer of the June 2014 feasibility study for a 2,700-metric-tons-per-day underground mine and has participated in constructability and capital-cost reviews of the Project. Brucejack is expected to produce 7.27 million ounces of gold over an 18-year mine life, and commercial production is anticipated in 2017. The estimated project capital cost, including contingencies, is US$746.9 million. AMEC has commenced detailed engineering and is advancing procurement for surface facilities and underground infrastructure. Flow sheets have been finalized and preparation of general arrangement drawings and procurement packages for long lead items is underway.
COPPER/GOLD – Kiska Metals Corp. Nov. 19 said it has notified Chlormet Technologies, Inc. of its wish to enter into a definitive option agreement to earn 100 percent of Chlormet’s interest in the Chuchi copper-gold property in northern British Columbia. “The Chuchi Property was identified by Kiska’s technical team during a terrane-wide review of porphyry prospects in BC as a large porphyry system, near a producing mine, with significant historical drill results and geological room to expand, that remarkably did not see any substantial exploration during the last exploration boom,” explains Kiska President Grant Ewing. “We believe that the project has attributes that will attract a partnership with a major mining company, and that it adds significant value to our portfolio of projects as a leading prospect generator company.” The Chuchi property hosts a copper-gold porphyry system in the Quesnel porphyry belt some 32 kilometers (20 miles) northwest of the Mount Milligan copper-gold mine. Kiska says the property overlies a large alteration zone centered on a cluster of porphyritic monzonite stocks hosted by volcanic and sedimentary rocks. Drilling campaigns from 1989 to 1991 targeted coincident copper-gold soil anomalies and induced polarization high anomalies within this alteration zone, for a total of 13,030 meters in 79 holes. Drilling returned significant intervals of copper and gold mineralization over a 1,500- by 1,500-meter area referred to as the BP Zone, including: 100 meters grading 0.27 percent copper and 0.37 grams per metric ton gold in hole 89-07; and 194 meters grading 0.21 percent copper and 0.21 g/t gold in hole 90-27. The true widths of the intercepts are unknown at this time due to a lack of geometrical information on the mineralized zones.
OPTION AMENDMENT – Colorado Resources Ltd. Nov. 18 reported that the terms of the Aspen option to acquire 16 mineral tenures, which form part of the company’s Hit property, have been amended. For consideration of the remaining aggregate cash payments of C$75,000 and aggregate share issuances of 350,000 common shares, Colorado has transferred four mineral tenures (out of 43) of its Kinaskan property extinguishing any further cash payments and share issuance obligations due under the Aspen option. Colorado says it has subsequently exercised the Aspen option and has acquired its 100 percent interest, subject to a 2.5 percent net smelter return payable to the vendors of which 2 percent may be purchased for C$4 million. The transferred Kinaskan claims remain subject to the same NSR payable to Colorado. Upon exercise of the Aspen option and consolidation of land in the Hit area, Colorado reports that it is the now the largest land holder in the area which saw three diamond drill programs (Copper Mountain- Axe Property, Sumac (Sumitomo)-Dillard Property, Kaizen Discovery- Aspen Grove Project) and a bulk sample program (Gold Mountain- Elk Property) completed this summer by others contiguous to Colorado's Hit Property. Colorado has recently completed surface sampling and prospecting along trend of these prospective areas. Although exploration results to date have been encouraging on the Eldorado property, upon completing its review of this project and taking into context its other projects, notably KSP and North ROK, Colorado has elected not to proceed under the terms of its Eldorado option. The company says the elimination of cash payments due for 2014 and work commitment requirements of C$1.5 million due for 2016 will allow additional funds to be allocated to its KSP option obligations. Colorado President and CEO Adam Travis explains, “During these fiscally difficult times, Colorado's objectives are to reduce holdings costs while consolidating and advancing its core land positions. With C$3.5 million working capital as at Sept. 30, 2014 as described in the company’s financials and MD&A for Sept.30, 2014 (“Q2 Interim Report”) and moderate work commitments due in 2015 under its KSP option the company is in relatively good shape to weather the current market. Trading four claims at Kinaskan for the remaining obligations at Hit on the Aspen option is one such way in which we will continue to deliver value and continue to upgrade our holdings.”
COPPER/GOLD – Carmax Mining Corp. Nov. 18 reported results for the last two holes of its 2014 drilling program at its Eaglehead copper-gold-molybdenum-silver project in northwestern British Columbia. DDH 0123 intersected 0.19 percent copper, 0.003 percent molybdenum, 0.07 grams per metric ton gold and 0.90 g/t silver over a core interval of 183.3 meters. DDH124 intersected 0.38 percent copper, 0.003 percent molybdenum, 0.01 g/t gold and 0.88 g/t silver over an interval of 78 meters. Carmax says the 2014 drilling has demonstrated the continuity of the copper mineralization between the two areas of mineralization referred to as the East and Bornite zone. Carmax President Jevin Werbes said, “We are very pleased that DDH0124 has demonstrated the continuity of the copper mineralization between the East zone and the Bornite zone as well as intersecting significant copper mineralization associated with the southern edge of the chargeability signature in this area of the deposit. The 2014 drilling results support our interpretation that we are exploring a single, large porphyry system based on the positive correlation of the 4,500-meter long chargeability signature outlined in 2014 with the copper mineralization reported in the current and historical core logs. The potential size of the mineralized zone combined with the different metal associations identified to date indicates that a considerable amount of exploration is warranted.” To view the location of 2014 drill holes, visit www.carmaxmining.com.
GOLD/SILVER – Teuton Resources Corp. Nov. 17 reported assay results from the 16-hole drill program completed at the Tuck target of the High property in 2014. The High property is located in the Eskay Creek-Sulphurets-Premier region of northwestern British Columbia. The holes tested a limited area in the southern portion of the Tuck quartz stockwork zone. Highlights include: 8.5 meters grading 1.28 grams per metric ton gold and 16 g/t silver in hole T14-01; and 23.1 meters grading 0.42 g/t gold and 8.2 g/t silver in hole T14-08. Teuton President Dino Cremonese said, “The 2014 drilling confirmed that the Tuck stockwork zone is part of an extensive gold and silver-bearing system. Further work will be required to see if any high-grade structures exist within the broad low-grade rocks. We did not find this high-grade during the limited 2014 program but based on regional considerations we are in the right environment to do so. A much larger program in 2015, targeting the area to the north of that drilled in 2014, is warranted.”
COPPER/GOLD – Firesteel Resources Inc. Nov. 14 said it had received notification from OZ Exploration Pty. Ltd. that it is withdrawing from the option agreement on the ROK Coyote property in northwestern British Columbia. OZ Minerals has indicated its reasons for withdrawal, are primarily that initial drill results were below expectations and increased competition for exploration dollars, to be spent on other exploration activities within OZ Minerals’ portfolio. Firesteel President and CEO Michael Hepworth said, “We are obviously disappointed with OZ Minerals’ decision to withdraw. As part of the withdrawal process we discussed with OZ Minerals, the work done and what they believed should be done in future on the property. OZ Minerals indicated that in addition to the targets drilled in 2013 and 2014, they identified several interesting targets that they did not advance, but believe still hold promise and should be drilled to determine what is there. Several copper showings were also uncovered in the area of the Ealue Lake Road. These showings had corresponding chargeability highs but were not tested during OZ Minerals’ time on the property. In addition there are several structural zones on the property associated with copper and gold mineralization that require follow up testing.”
DE-LISTING – Chieftain Metals Corp. Nov. 14 said it has voluntarily applied to de-list from the Toronto Stock Exchange and transfer its listing to the TSX Venture Exchange. The Company has received conditional approval from the TSXV for the listing transfer. The transfer of the listing would provide continued trading liquidity for shareholders on a recognized trading platform and result in lower listing costs for the company. Chieftain expects a seamless transition from the TSX to the TSXV and expects that the listing on the TSXV will be completed on or about Nov. 21, 2014. The Company will continue to trade under the symbol “CFB.” Chieftain Metals is focused on the development of the Tulsequah Chief deposit in northwestern British Columbia.
