Posted by AGORACOM
at 8:28 AM on Wednesday, February 17th, 2021
Tartisan Nickel Corp. (CSE:TN)(OTC Pink: TTSRF)(FSE:A2D) (“Tartisan”, or the “Company”) is pleased to announce that the Company has purchased a 100% interest in certain claims in the Sault Ste. Marie Mining District in Ontario to complete the Sill Lake lead-silver property package.
The mining claims purchased are located in Van Koughnet Township, about 30 km north of Sault Ste. Marie, Ontario. A cash payment of $75,000; the issuance of 100,000 common shares in the capital of Tartisan Nickel Corp. and a 2% net smelter return royalty (subject to a 1% buy-back provision for $250,000) has been paid and assigned in consideration to the vendors.
The Company additionally reports that 17 single cell mining claims contiguous to the Sill Lake land package have been staked. The Sill Lake lead-silver project now consists of 47 single cell mining claims which represents 933.57 hectares.
Lead-silver mineralization was originally discovered at Sill Lake in 1892, when a 30m adit was driven to a 17m internal shaft, with approximately 40m of lateral development to exploit a lead-silver vein. The Sill Lake lead-silver property was later defined by explorers who conducted a 3750m of diamond drill program along a defined steeply dipping mineralized trend some 850m in length, with mineralized widths varying between 1.5m and 4.5m.
The Sill Lake Lead-Silver Project has seen two distinct periods of underground development and production and it is estimated that 7,000 tonnes of ore containing lead and silver were mined.
In 2010, a historical NI 43-101 Technical Report gave a measured and indicated mineral resource of 112,751 tonnes at 134 g/t silver; 0.62% lead, and 0.21% zinc. The historical resource estimate used a silver cutoff grade of 60 g/t; but no cutoff grade for the base metal content was used.
Posted by AGORACOM
at 8:36 AM on Tuesday, February 2nd, 2021
Updating historic Preliminary Economic Assessment
1st step toward bankable feasibility study
Outlining future Exploration plans for Kenbridge
Tartisan Nickel Corp. (CSE:TN)(OTC PINK:TTSRF)(FSE:A2D) (“Tartisan”, or the “Company”) is pleased to announce that the historic Preliminary Economic Assessment Study, (“PEA”) on the Kenbridge Nickel Project, located in the Kenora Mining District is being updated by P&E Mining Consultants Inc. of Brampton, Ontario.
Mark Appleby, CEO of Tartisan states, “The updating of the Preliminary Economic Assessment is the first in a series of steps toward completing a full Bankable Feasibility Study on the Kenbridge Nickel Deposit. The PEA will feature the potential economic viability of Kenbridge and will identify the critical next steps.” Additionally, Appleby goes on to say, “Tartisan will be outlining future exploration plans for the Kenbridge Nickel Project shortly.”
P&E Mining Consultants Inc. recently completed a review and update of the historic NI 43-101 & 43-101F1 Technical Report and Mineral Resource Estimate (“MRE”) of the Kenbridge Nickel Project, Atikwa Lake Area, Northwestern Ontario (press released September 17, 2020). The Updated Mineral Resource Estimate will be incorporated into the Kenbridge Project PEA. The Company believes that the Updated PEA should be completed in the second quarter of calendar 2021.
Posted by AGORACOM
at 9:13 AM on Friday, January 29th, 2021
Tartisan Nickel Corp. (CSE:TN)(OTC PINK:TTSRF)(FSE:A2D) (“Tartisan”, or the “Company”) announces that the Company will conduct a webinar at 12 noon EST on Thursday, February 11th, 2021.
The Company invites investors to join President & CEO Mark Appleby for an update on Tartisan Nickel Corp. and plans for the Company’s flagship Kenbridge Nickel project.
LIVE WEBINAR
The Tartisan Nickel Corp. webinar will take place on Thursday, February 11th, 2021 at 12 noon local time, Toronto.
The following link provides online registration details to join the webinar:
After registering, you will receive a confirmation email containing information about joining the webinar.
The event is being facilitated by PBA (Paul Benwell & Associates).
About Tartisan Nickel Corp.
Tartisan Nickel Corp. is a Canadian based mineral exploration and development company which owns; the Kenbridge Nickel Project in northwestern Ontario; the Sill Lake Silver Property in Sault Ste. Marie, Ontario as well as the Don Pancho Manganese-Zinc-Lead-Silver Project in Peru.
The Company has an equity stake in; Eloro Resources Limited, Class 1 Nickel and Technologies Limited and Peruvian Metals Corp.Tartisan Nickel Corp.
For further information, please contact Mark Appleby, President & CEO and a Director of the Company, at 416-804-0280 ([email protected]).UnfollowRecommend
Posted by AGORACOM
at 1:15 PM on Thursday, January 28th, 2021
Tartisan owns approximately 4 million shares of Eloro Resources
Eloro could amount to between 500 million tonnes to 1 billion tonnes at four to eight ounces silver eq grade
Discovery Hole of 129.6 grams silver equivalent over 257.5 meters
“Eloro is going to be bought out in short order” Bob Moriarty
Potosi in Bolivia is sometimes referred to as the GOAT of silver mining. That is, the Greatest Of All Time for silver. Discovered in 1545, Cerro Rico produced just over 2 billion ounces of silver at a cost of 8 million lives of slaves. If you held two and a half 100 ounce silver bars that came from Potosi, that would have cost the life of one slave, either Indian or Negro. The silver from Potosi funded the Spanish Empire for two and a half centuries. The silver went to Manila before being traded to China for tea, Chinaware and silk. The opium wars weren’t really about opium; they were about the silver riches from Potosi. Spain mined it and traded to China. China had it. Britain wanted it.
It appears Eloro is on track to pushing Potosi aside as the silver GOAT. At least if you are willing to consider silver equivalent ounces. Quinton Hennigh has done several interviews and believes Eloro could amount to between 500 million tonnes to 1 billion tonnes at four to eight ounces silver eq grade. Well, yesterday Eloro came out with brilliant assays that support Quinton’s belief and actually suggests he may have underestimated the potential. Now it seems to imply over 1 billion tonnes. If the four ounces held, Eloro would be the biggest silver story in history. Certainly the biggest silver story in the last fifty years.
Eloro has one of the strongest mining and geology teams in Peru or Bolivia. Dr. Osvaldo Acre runs the Bolivian operation. He is the world’s leading expert on Potosi type systems and literally has written the book about them. Dr. Bill Pearson who I first met when he was leading the geological team at Desert Sun fifteen years ago is the senior technical advisor. Tom Larsen is the CEO and drives the company. Quinton Hennigh also serves as a technical and business advisor.
Eloro has an option on 99% of the Iska Iska property in the very southern bit of Bolivia near Potosi. They are paying the owner 500,000 shares and $10 million USD at some point in the next four years. There is no NSR. The owner retains a 1% interest in the project.
If you look at the center of the concession outlined in blue, clearly there is a caldera. While the geological team has been focused on identifying and drilling breccia pipes with great success, they have also identified a series of more potential pipes to the east and south.
I have never seen any company move a project forward and prove their theory so quickly. In the results released on January 26th one hole measured 129.6 grams silver equivalent over 257.5 meters from the newly discovered Santa Barbara breccia pipe. The Santa Barbara pipe was discovered and announced in the November press release. Through surface mapping and Aster satellite data located yet another breccia pipe, this one named the Central Breccia Pipe measuring 700 meters by 400 meters. This latest set of assays discusses drilling into both the Santa Barbara pipe and the Central Breccis pipe. Those results have not been released yet. Those include hole DHK-02 intercepting 475 meters below surface in the Central Breccia pipe.
This is an interesting system because it has a variety of minerals of economic value including almost an ounce of silver, some gold, lead, zinc, tin, bismuth, indium and cadmium. Quinton Hennigh did up a spreadsheet with the values from the 257-meter hole and it showed a total in the ground value of $103 US per tonne. That would make 500 million tonnes worth somewhere in the $50 billion USD range.
Eloro is going to be bought out in short order, I’m talking 6-12 months. They are fully financed for a planned 14,000 meters of drilling both from surface and from underground. Due to drill limits, the underground drilling is pretty much limited to 350 meters but they can drill 1.2 km holes from the surface.
Today’s price action gives the company about a $190 million CAD market cap. The price is going to be up and down like a bride’s nightie but in six months it’s going to be a hell of a lot higher.
The shares were as cheap as $2.10 a week ago and hit $4.11 on Wednesday the 27th for almost double in a week. While they were cheap a week ago, they got expensive in a hurry. There is a backdoor way to buy shares that have not yet exploded higher yet. Cartier Iron, a gold company run by Tom Larsen, CEO of ELO, happens to own 2.09 million shares of ELO. At today’s highest price for Eloro, the shares held by Cartier were worth more than their entire market cap. The shares were 25% higher ten days ago. That situation won’t last for long.
Eloro and Cartier are both advertisers. I have bought shares in the open market and participated in private placements for both companies. As always do your own due diligence.
Posted by AGORACOM
at 10:33 AM on Monday, January 18th, 2021
Morgan Stanley on Nickel Forecast:
6.4% demand growth in 2021
outpacing supply as Indo NPI growth offset by China’s decline
Market moving from 85kt surplus in 2020 to -18kt in ’21
Supporting average price of $7.29/lb, with risk skewed to bull case $8.75/lb
TartisanInvestment Highlights:
Kenbridge Nickel Deposit is a Class 1 Nickel project which can safely be put into production quickly at low capital cost
Updated Mineral Resource Estimate: 7.47 Ktonnes 0.6% Ni, 0.32% Cu open pit and underground
Measured and Indicated resources 985 Ktonnes Inferred at 1% Ni, 0.62% or 117 million pounds of Nickel and 66 million pounds of Copper
Potential to double the underground resource at Kenbridge through anticipated drill program
Kenbridge North – Untested Potential to Discover additional Class 1 Deposits
Tartisan Strategic Investment Holdings $9+ Million
Eloro Resources, Class One Nickel and Technologies , Peruvian Metals Corp. provide Tartisan shareholders an opportunity to participate in other high-quality projects
Kenbridge Ni Project (Kenora, Ontario)
Property is accessible via gravel roads from paved Highway 71
Underground development of the deposit extends from surface to a depth of 623 metres in a 3 compartment shaft, with 244 metres of drifts and 168 metres of crosscuts at the 110 and 150 metre levels
The minimum drill spacing is at 15.2metres on all levels.
The deepest hole extends to 838.4 metre depth and intersected mineralization grading 4.25% nickel and 1.38% copper over 10.7 metres, indicating that the deposit remains open at depth.
Historical surface drilling was completed at 30.5metre spacing
Preliminary Economic Assessment completed and updated returned robust project economics and operating costs including a NPV of C$253M and cash costs of US$3.47/lb of nickel net of copper credits
Look for Tartisan Corporate updates in 2021 at Tartisan.com
Posted by AGORACOM
at 9:57 AM on Tuesday, December 8th, 2020
Tartisan Nickel Corp. (CSE:TN)(OTC PINK:TTSRF)(FSE:A2D) (“Tartisan”, or the “Company”) is pleased to announce that Tartisan has staked an additional 71 single-cell mining claims contiguous to the Company’s flagship Kenbridge Nickel Deposit patented and unpatented mining claim group. The newly acquired claims bring the total claim count to 114 single-cell mining claims adjoining the Kenbridge patented mining claim group. Each single-cell mining claim covers an area of approximately 20.92 ha. for a total area of 1,485.3 ha. The Kenbridge Nickel Project now has a combined total of 3632.7 ha. of patented and unpatented mining claims.
Recent reinterpretation of historical geophysical and geological data has identified areas which appear to have similar characteristics to those exhibited at the Kenbridge Nickel Deposit. Three dimensional modeling of historical airborne magnetic data suggests that several individual magnetic features identified at surface appear to be connected at depth. Additionally, a recent reinterpretation of airborne EM data has led to the recognition of subtle features which may require additional exploration. Tartisan is now evaluating which ground geophysical surveys should be completed over the new claims and the northern portion of the patented claims in the upcoming winter exploration program.
CEO Mark Appleby states, “The suggestion that several magnetic features identified at surface appear to be connected at depth makes follow up an essential next step. The potential to increase the Kenbridge Nickel Resource would anecdotally improve project economics and we are encouraged by opportunities that have the potential to increase the Kenbridge Nickel Deposit”.
About Tartisan Nickel Corp.
Tartisan Nickel Corp. is a Canadian based mineral exploration and development company which owns; the Kenbridge Nickel Project in Northwestern Ontario; the Sill Lake Silver Property in Sault Ste. Marie, Ontario as well as the Don Pancho Manganese-Zinc-Lead-Silver Project in Peru. The Company has an equity stake in; Eloro Resources Limited, Class 1 Nickel and Technologies Limited and Peruvian Metals Corp.
Tartisan Nickel Corp. common shares are listed on the Canadian Securities Exchange (CSE:TN; OTC:TTSRF; FSE:A2D). Currently, there are 101,603,550 shares outstanding (107,203,550 fully diluted).
For further information, please contact Mark Appleby, President & CEO and a Director of the Company, at 416-804-0280 ([email protected]). Additional information about Tartisan Nickel Corp. can be found at the Company’s website at www.tartisannickel.com or on SEDAR at www.sedar.com.
Dean MacEachern P. Geo is the Qualified Person under NI 43-101 and has read and approved the technical content of this News Release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
Posted by AGORACOM
at 11:01 AM on Friday, December 4th, 2020
SPONSOR: Tartisan Nickel Corp’s flagship asset, the Kenbridge Nickel Deposit, hosts an updated resource estimate of 7.5 Mt of 0.58% nickel and 0.32% copper for a total of 95 Mlb of contained nickel. Tartisan also owns equity stakes in Eloro Resources Ltd. that is exploring the ISKA ISKA project, and the low-sulphidation epithermal La Victoria Gold/Silver Project in Ancash, Peru. Class 1 Nickel & Technologies Limited who are advancing the Alexo-Kelex Dundonald nickel project near Timmins Ontario and Peruvian Metals Corporation who are operating a toll mill in Peru. Click Here For More Info
With the spotlight shining on nickel, Canadian miner Sherritt International’s (TSX:S) CEO David Pathe sees brighter days ahead.
Sherritt, which has significant assets in Cuba, has weathered storms ever since Pathe’s predecessor gambled on partnering with Havana’s communist government in the 1990s, and the miner was pushed to the brink during president Trump’s tenure, when early last year, the White House began ramping up sanctions on Cuba.
Nickel has been a tough business since the financial crisis, and Sherritt’s market value sunk to a record low C$29.8 million ($22.8 million) in March from its 2008 peak of C$4.8 billion, trading at a low of eight Canadian cents.
In February, Sherritt had announced a proposed transaction designed to improve its capital structure and reduce the company’s debt by half, and at the end of August, Pathe said it closed a “significant restructuring” of all of its debt tied to exiting the costly Ambitovy project in Madagascar, eliminating C$300 million in debt and pushing out loan payments due next year to 2026.
Pathe said covid-19 pandemic disruptions haven’t had any material effect on operations, after making some adaptations, and the company is on track to hit production targets.
The world needs more battery metals
Given the chasm between future demand for battery raw materials used in electric vehicles and new supply entering the market over the next decade, the current low price environment for lithium, cobalt, graphite and less so nickel is not likely to endure.
At its much-hyped Battery Day event in September, automaker Telsa CEO Elon Musk called on the world’s miners to make more nickel, while hardly mentioning cobalt.
“There isn’t any new, meaningful capacity in class 1 nickel anywhere in the pipeline, because the price of nickel over the last ten years hasn’t supported it”
David Pathe, CEO, Sherritt International
While Pathe is optimistic about nickel demand, he said reducing cobalt by volume will continue, but doesn’t see it being eliminated from the battery metals supply chain.
“There isn’t any other metal that does what cobalt does in terms of stability and seeing a battery through temperature changes and the thermodynamics of charging,” Pathe told MINING.COM. “We don’t think you’ll see cobalt eliminated from batteries any time soon.”
While Musk’s call for miners to produce more nickel lifted prices, California-based Tesla couldn’t buy from Sherritt without violating the US embargo on Cuba.
“We are expecting to see a bit of an inflection point in nickel prices,” Pathe told Bloomberg, adding the attention Musk is drawing “is good for the industry as a whole, including us.”
Pathe said he is hoping that now, the differentiation between class 1 nickel for batteries and nickel pig iron, which accounts for most of the supply in the market, will strengthen class 1 nickel price.
“The challenge with the whole automobile industry now is that they are looking at their plants to ramp up electric vehicle production in the next 5 to 20 years, and if you look at global nickel production – class 1 nickel, used for batteries, and the capacity just isn’t there, and there isn’t any new, meaningful capacity in class 1 nickel anywhere in the pipeline, because the price of nickel over the last ten years hasn’t supported it. ”
Pathe said automakers are “coming to appreciate that, and seeing how different the mining industry is from the automobile industry.”
Mines will be needed to feed new industrial production, and Pathe said automakers are getting their minds around their nickel supply strategy and what it’s going to look like.
Pathe said there isn’t enough class 1 nickel production in the pipeline, and said plants need metals supply to ensure the viability of the auto (EV) industry, while North America catches up with Europe and China.
“That is the way the world is going, and I think its further evidence that we are getting closer and closer to a tipping point. Disruptive changes take a while to build momentum,” Pathe said.
Posted by AGORACOM
at 9:59 AM on Thursday, November 5th, 2020
Class 1 Nickel posts a two-million-tonne-plus resource at Alexo-Dundonald Project
Tartisan owns close to 1,700,000 shares of Class 1 Nickel (NICO:CSE) through vending of Tartisan’s Alexo-Kelex nickel asset in 2018
Crushed ore at the Alexo Mine site near Timmins in 2005.
A new nickel sulphide player has fully emerged in the Timmins camp seeking to revive a well-known piece of mining ground.
Class 1 Nickel and Technologies released a very promising new mineral resource estimate for its Alexo-Dundonald Nickel Project, 45 kilometres northeast of the city.
The Toronto-based company reported an updated estimated indicated mineral resource of 1.25 million tonnes with an average grade of 0.99 per cent of nickel, and a total estimated inferred mineral resource of 1.01 million tonnes with an average grade of 1.08 per cent.
The indicated resource count has jumped 119 per cent since the last mineral estimate in June. The inferred resource ballooned by 1,400 per cent.
The company thinks it has a turn-key project on its hands that can be fast-tracked into nickel and cobalt production with little capital expenditure.
With nickel, cobalt, copper, and platinum group elements in the ground, the company has eyes on supplying battery-grade material for the electric vehicle and stainless steel markets. Nickel sulphide is used in electric vehicle battery cathodes.
Class 1, which went public over the summer on the Canadian Securities Exchange, had been quietly assembling a 20-square-kilometre package of properties that hosted two former small-scale nickel mines along some promising exploration ground that follows a large ‘Z’-shaped group of komatiite rocks, known to contain nickel sulphide.
The project property includes two former one-pit and underground mines – the Alexo and Kelex – that ceased operations in 2005 due to low nickel prices, plus the nearby Dundonald property which contains nickel-bearing zones.
Alexo and Kelex were mined for nickel and copper three separate times around the time of the First World War, during the Great Depression and the Second World War, and lastly between 2004 and 2005.
Class 1 said much of the property has never been probed by drilling and modern geophysics. The last drilling program at Alexo-Kelex was done in 2011, and at Dundonald in 2005.
The company’s exploration program of geophysics has been focused on expanding the resource left behind at Alexo and Kelex, and probe the Dundonald property on the way to planning a drill program and eventually releasing a preliminary economic assessment report for a possible mine.
Management is currently out raising $3 million in flow-through shares for exploration.
Posted by AGORACOM
at 9:37 AM on Tuesday, October 27th, 2020
Hole ND-10-03 intersected 4.53% Ni, within a larger interval averaging 1.02% Ni, 0.38% Cu over 4 metres.
The mineralization remains open along strike and to depth.
Claims previously owned by Canadian Arrow Mines Limited in 2010
TORONTO, ON / ACCESSWIRE / October 27, 2020 / Tartisan Nickel Corp. (CSE:TN)(OTC PINK:TTSRF)(FSE:A2D) (“Tartisan”, or the “Company”) is pleased to announce that the Company has acquired the Night Danger, Glatz nickel-copper claims located in the Turtle Pond Project area near Dryden, Ontario.
The Company has acquired a 100% interest in the Glatz, Night Danger Nickel-Copper Claims located approximately 70 kms from the Company’s flagship Kenbridge Nickel Deposit. The property is situated in an area of excellent infrastructure and consists of 16 claim units. The 16 claim unit property hosts the historical Glatz and Night Danger nickel-copper showings. Previous exploration efforts identified nickel-copper sulphide mineralization in twelve trenches along a 700 metre trend at the Glatz nickel copper showing. The zone, discovered in 1965 by local prospector A. Glatz, is up to 40 metres wide and is open along strike and at depth. Historical grab samples were reported to contain up to 1.95% Ni. In 2007, Canadian Arrow Mines Limited conducted a surface grab sampling program which produced the following results: 1.28% Ni, 0.26% Cu re Glatz Trench 3; 0.99% Ni, 0.18% Cu re Glatz Trench 3; 0.39% Ni, 4.06% Cu re Trench 4. The mineralization varies from disseminated sulphides to narrow semi-massive sulphide bands. Six short drill holes were completed at that time with hole GZ-09-02 encountering 0.34% Ni, 0.16% Cu and 0.02% Co over 5.9 m from 45.0-50.9 m.
Exploration diamond drilling work completed in 2009 and 2010 on the Night Danger nickel-copper showing reported a nine metre wide section of stringers and blebs of sulphide which assayed 0.57% Ni and 0.45% Cu at a drill depth of 79m in hole ND-09-1. Two sections within this interval assayed greater than 1% nickel. Drill hole ND-10-1 intersected 4.53% Ni over 0.7m at a drill depth of 57.5m (Source; MNDM assessment files and Canadian Arrow Mines Limited news release dated June 1, 2010).
Mark Appleby, President and CEO of Tartisan stated, “The Glatz and Night Danger nickel-copper showings display similar nickel and copper tenors as what we find near surface at our Kenbridge Nickel Deposit. Acquisition of these showings complements the company’s larger objective of developing the Kenbridge Nickel Deposit into an operating mine with a central milling facility.”
About Tartisan Nickel Corp.
Tartisan Nickel Corp. is a Canadian based mineral exploration and development company which owns; the Kenbridge Nickel Project in northwestern Ontario; the Sill Lake Silver property in Sault Ste. Marie, Ontario as well as the Don Pancho Manganese-Zinc-Lead-Silver Project in Peru. The Company has an equity stake in; Eloro Resources Limited, Class 1 Nickel and Technologies Limited and Peruvian Metals Corp.
Tartisan Nickel Corp. common shares are listed on the Canadian Securities Exchange (CSE:TN; US-OTC:TTSRF; FSE:A2D). Currently, there are 101,603,550 shares outstanding (107,203,550 fully diluted).
For further information, please contact Mr. D. Mark Appleby, President & CEO and a Director of the Company, at 416-804-0280 ([email protected]). Additional information about Tartisan can be found at the Company’s website at www.tartisannickel.com or on SEDAR at www.sedar.com.
Posted by AGORACOM
at 10:10 AM on Monday, October 26th, 2020
Completed the acquisition of Melmi EHF, the Icelandic corporation that owned the majority interest in the Thor Gold Project
Acquisition allows St-Georges to control its destiny and plan its exploration campaigns with no interference
Reykjavik – TheNewswire – October 26, 2020 – St-Georges Eco-Mining Corp. (CSE:SX) (CNSX:SX.CN)(OTC:SXOOF) (FSE:85G1) is pleased to report that it has completed the acquisition of Melmi EHF, the Icelandic corporation that owned the majority interest in the Thor Gold Project and the remainder or the Icelandic mineral licenses not already controlled by St-Georges.
This transformative acquisition gives total control over the mineral licenses of the Republic of Iceland to St-Georges, making it the only junior exploration company to own all the mineral rights of a western country. This acquisition allows St-Georges to control its destiny and plan its exploration campaigns with no interference. It also gives the Company’s geological team access to extensive libraries of geological data, a large number of historical mineral samples and a well-maintained and secured national core shack that will be useable for future development. Furthermore, all the diamond drill cores from the Thor Gold project are now in the Company’s ownership and possession. The Company expects to be able to resample these cores in the process of elaborating its maiden NI 43-101 Gold-Silver and Copper resource estimate on the Thor Gold Project.
The Melmi EHF Acquisition
As previously disclosed in a press release on July 2, the Corporation will pay up to CA$775,000 in consideration of all the Melmi EHF shares as follows:
(i)pay $65,000 upon the execution of the definitive share purchase agreement (the “Definitive Agreement”)
(ii)pay an additional $60,000 on the earlier of: (a) 90 days of execution of the Definitive Agreement; and (b) the start of drilling on the Thor Gold Project;
(iii)issue $400,000 of non-transferable debentures of the Corporation bearing a 6% annual interest, maturing 3 years from issuance (the “Maturity Date”), of $100,000 will be convertible into common shares in the capital of SX (the “SX Shares”) at a deemed price of $0.10 per SX Shares, $150,000 at a deemed price of $0.15 per SX Shares, and $150,000 at a deemed price of $0.20 per SX Shares; and
(iv) as additional consideration, subject to and upon all the Licences Application having been granted, issue $250,000 non-transferable debentures of SX bearing a 6% annual interest, maturing 3 years from issuance, and convertible into SX Shares at a deemed price of $0.20 per SX Shares.
Iceland Operational Update
In September, the Corporation drilled a reversed circulation (RC) drill hole for a total length of 124 meters.
In October, reconnaissance and follow-up fieldwork was conducted in Vopnafjordur (Vopna) and Trollaskagi (Trolla) projects. Mineralization bearing outcrops were identified and sampled and brought to St-Georges’ secure facilities in Reykjavik for petrographic analysis. Some of the
se samples were prepared to be sent for assays to ALS Laboratories in Dublin, Ireland. Management expects that the results of these essays will become available later this year, and the Company expects to report on it as soon as the information becomes available.
Picture 1, Outcrop on Trolla Gold Project
Picture 2. Outcrop on Trolla Gold Project
Picture 3. Close up of a Quartz Vein from an Outcrop on Trolla
Picture 4 & 5: Quartz Vein from Trolla Outcrop (Picture 3) Under Magnifying glass (10X)
Picture 5. Magnified Quartz vein from Trolla Outcrop gold is associated with pyrite in Iceland
Picture 6. Outcrop at Trolla Gold Project
Picture 7. Water Stream over Outcrop at Vopna Gold.
About Iceland
Iceland climate, location, access and infrastructure (Histed,R,2010)
Located in the North Atlantic, approximately midway between Greenland and Great Britain, the warm North Atlantic Current ensures that the climate in Iceland, described as subpolar, oceanic, has generally higher temperatures than locations of similar latitude throughout the world. Regions or places that have similar climate are Tierra del Fuego, the Aleutian Islands and Alaskan Peninsula. Although Iceland lies close to the Arctic, its coasts remain ice-free year-round.
As can be expected, the southern coast is generally warmer, wetter and windier than the northern coast. The lower-lying, inland areas in the north are the most arid, although snowfall in the north during the winter months is greater than in the south.
Historically, recorded temperature extremes for the country are 30.5 C and -38.0C. The high in Reykjavik was 26.2C in 2008, and the low there was -24.5C in 1918. Although the Icelandic climate can be harsh, the GI-Melmi JV completed a drilling program at Thormodsdalur (Thor Gold Project) from November 2005 through May 2006 without undue difficulty. In the north, the increased snowfall would make an effort such as this more difficult. Reconnaissance is to be limited to the summer months.
Iceland’s infrastructure is well developed and modern. Road construction was begun around the start of the 20th century and peaked during the 1980’s. The roads are well constructed and maintained asphalt, although some gravel roads are still found. The current road system connects most of the larger towns and villages and is mostly confined to the coastal areas. Currently, there are a total of 12,691 kilometers of roads in Iceland that includes 3,262 kilometers of paved surface. Inland road access diminishes to dirt roads to no roads making access to some areas difficult, requiring foot travel or helicopter support. There are no railroads in Iceland.
Geological Setting
Iceland occurs at the junction of two large physical structures; the Mid Atlantic Ridge and the Greenland-Iceland-Faeroes Ridge (Figure 9). At this intersection, the mantle is hotter and less dense than the surrounding mantle. The mantle material rises as a result of heat and chemical-related density differences resulting in a dome in the crust above. This hotspot is causing a higher rate of extrusive volcanism at this point on the Mid Atlantic Ridge, which has, in turn, caused the region to be built up to a level more than 3 kilometers above the surrounding seafloor and covers an area of more than 350,000 km2. This is known as the Iceland Basalt Plateau. The portion of the plateau above sea level is now the country of Iceland (Martin, et al., 2007).
Tectonic Setting
In the Mid Atlantic Rift environment, the central portions of Iceland have moved outwards, away from the zones of active rifting and crustal development such that oldest rocks occur towards the margins and youngest in the center. Due to the migration of the hotspot to the south-east with time, an asymmetry has been imparted to the shape of the island. Currently, the hotspot lies under the south-eastern quadrant of the island (Corbett, 2004). This area now denotes the zone of active rifting and volcanism. Figure 10 shows the geology of Iceland defined by tectonic zones that coincide with the ages of the rocks.
Principal Tectonic Zones
The significant rift systems that have focused volcanism through time are noted below.
– The Snaefellsnes-Skagi Rift Zone in western Iceland was active in the 16-6.5 m.y. period. – The Reykjanes-Langjokull Rift Zone in central western Iceland resulted in the development of the Reykjanes Peninsula from about 6 my. – The North Volcanic Rift Zone became active from 3-4 my and extends to the present time. – An Eastern Volcanic Rift Zone is developing at this time.
Significant quantities of felsic intrusive and extrusive rocks occur in the dominantly basaltic sequence, and the felsic rocks locally display gold-anomalous hydrothermal alteration (Corbett, 2004).
Structurally, NE fractures reflect the spreading centre direction and are, therefore, some of the most numerous and laterally extensive fracture patterns, commonly evident as normal faults that may be exploited by dykes. NS and ENE fractures are developed as conjugate fractures during the NW-SE extension.
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