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.

December 04, 2014 --- Vol. 08, No. 49December 2014

Nunavut

GOLD/SILVER/COPPER – Aura Silver Resources Inc. Dec. 1 reported on the 2014 exploration carried out by Agnico Eagle Mines Ltd. on Aura’s Greyhound property in Nunavut. Agnico Eagle has an option to earn a 51 percent ownership interest in the Greyhound property by incurring C$1.75 million in expenditures and making C$250,000 in cash payments to Aura Silver over a 3-year period. The 2014 field program consisted of surface sampling, collection of 328 rock samples as well as a drill program designed to explore coincident structural and conductive targets. Agnico Eagle staked additional claims enlarging the Greyhound project area as a result of their assessment of the potential of this area. A 2015 program, estimated to be C$500,000, will form part of the expenditure requirements under the option agreement. Agnico Eagle's 2014 exploration programs confirmed the presence of high-grade gold, silver and copper sulfide occurrences located within the Greyhound property. Exploration consisted of a preliminary 10-day examination of coincident structural-lineament-conductive targets collecting grab samples from rusty boulders, outcrops, sampling of quartz veins and a geological appraisal of these targets. Aura said roughly 20 percent of the samples collected were anomalous with the highest gold sample returning 15.5 grams per metric ton gold; the best silver sample encountered 3,850 g/t; and, copper samples assayed up to 3.3 percent. The highest gold, silver and lead values occurred around and approximately 1,000 meters to the south of Aura Lake while the highest copper value was centered to the northeast of Aura Lake at the Dingo zone. Sampling in the Dingo zone was much more extensive in 2014 than in previous exploration programs in the area. The above gold and copper values are both consistent, and in some instances, better than previous prospecting conducted by Aura Silver. Aura said the 2014 prospecting campaign supports its conclusion that drill targets for gold and silver exist close to Aura Lake, while gold-copper targets are present in the Dingo area. Agnico Eagle’s 2014 diamond drilling program consisted of seven holes (894 meters) and tested various structural and conductive targets across the property. Sulfide mineralization in the order of 2-10 percent pyrite over widths of up to 80 meters was intersected in all of the holes with semi-massive chalcopyrite and bornite being identified in at least one hole. The area hosting the chalcopyrite (copper) mineralization was found at the Dingo zone, northeast of Aura Lake. The other holes were targeted at geological structural targets and did not intersect interesting precious metal values. A spring 2015 drilling program will be based on these most recent results, combined with past geochemical work, both organic and inorganic, and geophysics work previously conducted on the property by Aura.

GEOSCIENCE RESEARCH/MINING INVESTMENT – The Canadian federal government unveiled measures in mid-November to support geoscience research and mining investment in the country’s Far North. The Minister of Environment, the Canadian Northern Economic Development Agency and for the Arctic Council, Leona Aglukkaq, announced funding for projects in Nunavut and the Northwest Territories that would enhance geological knowledge, support infrastructure and major resource development, the mining sector and cultural industries. The government would invest more than C$6.7-million in these geoscience research projects. Combined with contributions from partners, the total investment would be more than C$12.4-million in geoscience research, which would help create jobs and prosperity for northerners. The Northwest Territories Geoscience Office and the Canada-Nunavut Geoscience Office would lead the projects in their respective regions. Each project would provide significant data and research that would be available to governments, academics, prospectors and companies. The projects also would enhance awareness of geological potential across Nunavut and the Northwest Territories. The 11 projects slated for funding in Nunavut, as listed in a news release, include: Bedrock mapping on southern Baffin Island. The Canada-Nunavut Geoscience Office will map and sample the area, to “improve baseline geoscience information” and details on “newly discovered mineral showings;” bedrock mapping in the Elu basin in the western Arctic; geochemical surveys on southern Baffin Island, in an area north of Iqaluit, to “provide baseline information on the metal potential;” studies in Baffin Bay, including Devon Island and northern Baffin Island, to identify petroleum source rocks and “assess petroleum resources in the region;” studies on industrial limestone on Southampton Island; mapping and evaluation of new carving stone on Baffin Island; satellite data aids to assist exploration and save exploration costs; mapping of Frobisher Bay’s seabed; permafrost-infrastructure analysis; geoscience surveys in western Hudson Bay; and, geoscience data dissemination – update to Nunavut’s mineral showings database, including new mineral showings from over 200 industry assessment reports valued at about $1 billion. “As a rule of thumb, one dollar spent on public geoscience encourages $5 to $10 of new industry exploration,” Nunavut Economic Development Minister George Kuksuk said at the news conference. “This exploration leads directly to new mines, and employment and development.” Aglukkaq noted that 30 potential mining projects in the North are now in “different stages” of development. “We’re estimating approximately 10,000 jobs in those projects,” she said.

The federal government also announced funding to spur investment for Yukon’s junior precious-metals exploration and mining sector. CanNor and the Yukon government supported a two-year initiative coordinated by the Yukon Mining Alliance to promote Yukon as a top mineral investment jurisdiction. This initiative built on previous CanNor investments to assist the Yukon Mining Alliance to attract capital and communicate Yukon’s commitment to its primary industry and the competitive advantages of the territory as a geopolitically safe and geologically endowed jurisdiction. CanNor would invest C$251 000 over two years to raise Yukon’s profile as a mining investment opportunity and to promote the Yukon’s leading explorers, developers and producers as entrepreneurs committed to sound mining practices. The Yukon government would contribute about C$75 000 to support this marketing initiative. Mining, Yukon’s primary private-sector economic driver, made up more than 20 percent of the territory’s gross domestic product. The most recent increase in mineral exploration, which took place in 2011, included discoveries of more than 7.3 million ounces of gold, 50 million ounces of silver and 10 million ounces of platinum-group metals, according to published reports.


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