Triumph Gold TSX.V-TIG OTCMKTS: $TIGCF will be exhibiting at the AME BC Roundup Core Shack on Wednesday, January 24 and Thursday, January 25. The conference is being held at the Vancouver Trade and Convention Centre West, 1055 Canada Place, Vancouver, BC.
Triumph Gold will be displaying drill core from its 2017 Freegold Mountain project, Yukon at booth number 816.
Triumph Gold TSXV.TIG commenced a 13,000 metre diamond drill program at its road accessible Freegold Mountain project in the Dawson Range, Yukon. The program will test several new drill targets identified during 2016 field exploration and data review. The 2016 work focused on identifying geological controls on mineralization at the Revenue and Nucleus porphyry deposits on the Freegold Mountain Property. These studies recognized an early stage of porphyry-style mineralization that was not targeted during past exploration. The work defined three new exploration targets, one each at Revenue and Nucleus, and a newly identified porphyry target at the Generation Zone.
- Drilling is now underway at the Generation Zone, a newly recognized porphyry Cu-Au system. The identification of high density stockwork with multiple vein events, high temperature alteration, and associated copper and gold mineralization indicates that the Generation Zone represents a high-temperature core to a porphyry Cu-Au system. Triumph plans 2,000 metres of drilling to test this zone.
- A second drill will be mobilized within a week and begin drilling at the Revenue and adjacent Blue Sky Zones. At Revenue, past exploration focused on the mineralized margin of an approximately 1 km long elliptical diatreme.
- Other areas that will be drill tested include the Nucleus Zone (4,000m) and a soil and geophysical anomaly that extends 2 km along strike between the Nucleus and Revenue deposit areas (2,000 m).
Go to www.triumphgoldcorp.com for full news release dated June 7, 2017
Pistol Bay $PST closed a non-brokered private placement financing for gross proceeds of $336,600, issuing 3,960,000 units at a price of $0.085 per unit, each unit comprising of one common share and one transferable share purchase warrant, with each warrant entitling the holder to purchase one additional common share for a period of 18 months at a price of $0.12.
The Company has paid finder’s fees of a total of $32,810, 173,000 common shares, and an aggregate 223,000 finder’s warrants. Pistol Bay will use the proceeds of the private placement for exploration expenditures and general working capital.
The Company will extend the expiry date of 7,632,500 common share purchase warrants that were issued on August 29, 2016. The old expiry date of August 29, 2017 will be extended to August 29, 2018.
Coral Gold has entered into a purchase and sale agreement with Barrick Cortez for the sale of the Robertson Property in Lander County, Nevada in the amount of US$15.75 million (Cdn $20.17 million). Barrick will return 4,150,000 shares of Coral held by them for cancellation by the company.
Coral will retain an NSR on the Robertson, payable quarterly, as well as a right of first refusal enabling Barrick to acquire the NSR in the event that the Company wishes to sell the NSR to any third party.
The sliding scale NSR rate will be determined based on the observed gold price each quarterly period based on the average LBMA Gold Price. In the event the Robertson Property is not placed into production by December 31, 2023, then beginning on January 1, 2024 and continuing on an annual basis thereafter until the earlier of (i) the commencement of commercial production and (ii) January 2, 2033, Barrick will make advance royalty payments of US$500,000, which will be non-refundable and fully credited against any future obligations of the NSR.
Annual General and Special Meeting
The Annual General and Special Meeting of the shareholders of Coral Gold is scheduled to be held at 11AM (PDT) on Friday, July 22, 2016 at The Metropolitan Hotel, Vancouver Room, 645 Howe Street, Vancouver, BC, V6C 2Y9.
Reasons and Benefits of the Transaction
- Substantial immediate value creation for Coral shareholders. Based on Coral’s basic shares outstanding as of June 20, 2016 adjusted for the Share Reduction, the Immediate Cash Consideration alone, excluding the value of the NSR, on a per share basis is equal to approximately Cdn $0.46, as compared to the closing price of Coral’s common shares on June 20, 2016 on the TSX Venture Exchange of Cdn $0.195.
- The potential for long term value for Coral shareholders through the NSR. With this continued commercial relationship with Barrick through the NSR, Coral shareholders will have the opportunity to participate and benefit from expected future gold production at Robertson, additional resource growth potential at the Robertson Property, and will also have economic returns that will substantially improve if gold prices increase over the Robertson Property’s mine life.
- Strong financial position at closing. Upon closing of this Transaction, Coral will have a very strong balance sheet as compared to its very limited financial resources currently, which exposed its shareholders to significant dilution if the Robertson Property was to be advanced in any meaningful way.
Grizzly Discoveries (TSX.V-GZD) (OTCBB-GZDIF) has closed the first tranche of their private placement issuing 2,794,680 units at a price of $0.05 per unit for gross proceeds of $139,734. Each unit consists of one common share and one non-transferable warrant. Each warrant entitles the holder to acquire one additional shares at an exercise price of $0.075 per share.
200,000 of the 2,794,680 units sold were purchased by insiders of the Company. No commissions or finders fees were paid. The proceeds will be used for general working capital.
#Kinross has completed its 2015 work program on the 131 claims that form a contiguous package totalling approximately 27,345 ha, representing one third of Grizzly’s land at Greenwood. Kinross can earn a 75% interest on optioned land by incurring US$3 million in exploration expenditures over a five year period.
Five target area were selected – Attwood-Overlander, March Creek, Kerr Creek, Bruce Creek and Midway – to assess and prioritize targets on the land package for further work in 2016. Kinross uncovered previously unrecognized epithermal quartz veining and precious metal mineralization at the Attwood-Overlander area. Rock grab samples from the exposed epithermal veins that range from 0.75 to 2 m in width returned up to 29.8 g/t gold. This is considered a high priority for follow-up exploration in 2016.
Rock and soil sampling at March Creek, Bruce Creek and Kerr Creek have returned anomalous precious metals and epithermal indicators and warrant follow-up exploration in 2016. The geochemical results at the Midway Target may indicate the presence of an epithermal overprint and further exploration is recommended for 2016.
Kinross has indicated that the initial objective for the 2016 program will be to continue to evaluate the potential of the various target areas, working up specific targets to move forward using detailed mapping along with geologic and deposit models as a guide as well as many of the regional data sets already completed by Grizzly to move certain targets to a drill testing stage, potentially in 2016. Many of the target areas on the property are currently at the generative stage, with only a few geophysical and/or geochemical based targets having been drilled by Grizzly to date.
Metanor $MTO $MEAOF announced the start of a drilling campaign to update the mineral resources of its Barry Gold Project.
The campaign of 1,200 meters will include validation drilling of the high-grade zones and of the extensions of certain mineralized zones, for eventual open pit mining.
The campaign and the mineral resource update is the first step towards the establishment of a preliminary economic assessment study on the Barry Project. The mineral resources are 7.7 millions of metric tons at a grade of 1.25 g/t for 309,500 ounces of indicated resources, and 10.411 millions of metric tons at 1.41 g/t for 471 950 ounces of inferred resources.
Metanor expects the drilling to be completed in May and the assessment to be completed at the end of June 2016.
Given the advantageous gold price in Canadian Dollar, Metanor is evaluating the merit of resuming work at the Barry project and has retained GoldMinds Geoservices Inc. to provide a mineral resource update on this gold project.
The study will include validation drilling of the high-grade zones and the extensions of certain mineralized zones, for eventual open pit mining.
Metanor Resources (TSX.V-MTO) (OTCBB:MEAOF) started drilling on the Moroy project in late February and has intersected 9.2 g/t gold over 6.4 metres, near surface. A second drill was planned to commence in the following days. This drill campaign is expected to cover over 60,000 m in the area, one km south of the Bachelor Mine.
Metanor expects to use three drills to complete this program, with two drill making close-space drillings to identify a well-defined resource and the third to drill at greater depths, targeting the geological anomalies identified in 2015.
Metanor Resources – TSX.V-MTO OTCBB-MEAOF – has started the surface drill campaign targeting the Moroy’s new anomalies.
This new mineralized zone is located 1 km south-east of the Bachelor Mine. The first drill holes are targeting the anomalies located just below the mineralized zones discovered on surface. A second drill is expected to be added in March to accelerate the campaign. The ongoing drill campaign is expected to cover some 60,000 meters on the Moroy property.