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Loncor $LN.ca – Technical Studies Indicate Possible Bottom and Support for Gold $ABX.ca $TECK.ca $RSG $NGT.to

Posted by AGORACOM at 1:54 PM on Wednesday, November 13th, 2019
This image has an empty alt attribute; its file name is Loncor-Small-Square.png

Sponsor: Loncor is a Canadian gold exploration company focused on two projects in the DRC – the Ngayu and North Kivu projects. Both projects have historic gold production. Exploration at the Ngayu project is currently being undertaken by Loncor’s joint venture partner Barrick Gold. The Ngayu project is 200km southwest of the Kibali gold mine, operated by Barrick, and produced 800,000 ounces of gold in 2018. Barrick manages and funds exploration at the Ngayu project until the completion of a pre-feasibility study on any gold discovery meeting the investment criteria of Barrick. Click Here for More Info

While it is an accepted fact that fundamental events shape the financial markets, many analysts use technical indicators as a way to mathematically quantify market sentiment. One of the simplest and most widely used technical indicators used to determine a current trend for a stock or commodity are moving averages. 

The use of a simple 200-day moving average is used to determine on a long-term basis whether a financial market is currently in a bullish or bearish trend. The use of a 50-day moving average is commonly accepted as determining the short-term trend. In both cases if current pricing is above the moving average than the trend is bullish.

Another widely accepted technical study is based upon the mathematician Leonardo Fibonacci’s golden ratio is Fibonacci retracement theory.

According to Investopedia, “A Fibonacci retracement is a term used in technical analysis that refers to areas of support or resistance. Fibonacci retracement levels use horizontal lines to indicate where possible support and resistance levels are. Each level is associated with a percentage. The percentage is how much of a prior move the price has retraced. The Fibonacci retracement levels are 23.6%, 38.2%, 61.8% and 78.6%. While not officially a Fibonacci ratio, 50% is also used.”

In this article we will use two Fibonacci retracement studies. The first study will be a long-term study; however, this study will utilize much less data then chart number two. The study will begin at the end of 2015 when gold hit a bottom of $1045 per ounce, and concludes at this year’s current high of $1565 per ounce. The second study will be derived from another long-term Fibonacci retracement study which begins in 2008, and concludes in the middle of 2011 when gold reached its record high price against the U.S. dollar.

Of particular interest in the first study are the Fibonacci retracement areas found at the .23%, and .382% retracement levels. Currently gold futures are trading at $1457.40, which is a net decline of $5.50 on the day. This continues the current bearish trend which has been predominant since gold hit its highest value this year in August. When you look at the .38% retracement level on this chart you can see that it precisely defines a level of resistance at approximately $1370.

This was the defined and unbreakable resistance level which began in 2016, the first occurrence of hitting this price point and then trading lower. This resistance was unbreakable throughout 2017 and 2018. In fact, it was not until June of this year that gold was able to breach that price point and trade to its highest value since bottoming out at the end of 2015.

The other level of particular interest is the .23% Fibonacci retracement level which occurs at $1446 per ounce. Currently gold pricing is approximately $11 above that price point. While this study alone will not confirm a potential bottom or support at $1446, it can when combined with other technical indicators, be highly effective in providing price targets for support and resistance.

The second study uses an extremely large data set from 2008 to the middle of 2011 defining the rally which took gold to its all-time record high. Of particular interest is the .38% Fibonacci retracement level which occurs at $1451 per ounce. This defines the lowest price point gold has traded to this month. It also occurs within dollars of the .23% Fibonacci retracement level we looked at on chart 1. When you have two different time sequences which have key Fibonacci retracement levels occur at the same price point, we label this a Fibonacci harmonic.

While one should never use these technical indicators alone, they are excellent tools to define price points to look at when a market is in a corrective stage, which is the current scenario in gold pricing

https://www.kitco.com/commentaries/2019-11-11/Technical-Studies-Indicate-Possible-Bottom-and-Support-for-Gold.html

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Loncor $LN.ca – Loncor Announces Additional Drill Targets Identified by Barrick on Loncor’s Ngayu Joint Venture Project $ABX.ca $TECK.ca $RSG $NGT.to

Posted by AGORACOM at 9:20 AM on Thursday, November 7th, 2019

Loncor Resources Inc. (“Loncor” or the “Company”) (TSX: “LN”; OTCQB: “LONCF”), a Canadian gold exploration company with significant projects in the Democratic Republic of the Congo (“DRC”), is pleased to provide an update on exploration activities undertaken by Barrick Gold Corporation (NYSE: “GOLD”; TSX: “ABX”) (through its subsidiary, Barrick Gold (Congo) SARL) (“Barrick”) on Loncor’s Ngayu Joint Venture Project in northeastern DRC.  Recent exploration has focussed on the major Imva fold structure where a number of drill targets have been developed.  Drilling is now expected to commence during the coming dry season.  

The opening of the Mambati airstrip in September is expected to assist in expediting the forthcoming drilling program.  The Ngayu Archaean Greenstone Belt is 200 kilometres southwest of Barrick/AngloGoldAshanti’s Kibali Gold Mine.  Barrick’s exploration at Ngayu during the most recent quarter has focused on four priority areas all located along the 30 kilometre-long Imva fold structure (see Figure 1 below).  These blocks are Bavadili/Bavanidi, Bakpau, Lybie (Matete east)/Salisa and Bikira-Makasi.

At Bavadili, further trenching was undertaken to test the concept of a mineralized northwest trending shear corridor parallel to the interpreted F2 axial plane.  Results were encouraging and included 24 metres @ 0.94 g/t Au and confirmed the mineralized corridor with mineralization associated with brecciated cherty “BIF” (Banded Ironstone Formation) with disseminated limonite, weak hematite alteration along with sugary quartz veins and fine cubic boxworks (~ 5% pyrite).  The mineralization occurs along a strongly foliated northwest-southeast structure between dolerite to the south and basalt to the north.  Results support and confirm the model of a +1.5 kilometre potential mineralized structure from Bavadili Hill to Bavanidi.  At Bavadili Hill, additional trenching undertaken to test the continuity of the folded, mineralized cherty BIF, 250 metres southwest from the mineralized cherty BIF intersected in trench BVTR0114A, gave results of 24 metres @ 0.94 g/t Au.

Additional work involved a geological re-assessment of the Bavadili Block, integrating all data including gold and multi-element soil geochemical and geophysical data to improve the understanding of the regional model.  The new interpretation highlights more than 6 kilometres of multiple folded layers of anomalous BIF displaying two sets of regional F1 and F2 folds with the P1 axial plane, trending northeast, reactivated by P2, trending east-northeast, producing the S-shape fold configuration which is interpreted to host the mineralised shoots within the Bavadili Block.  The interpretation further suggests the same BIF continues 12 kilometres to the east of the Lybie/Salisa targets.

At Lybie, encouraging results from trench NZTR0006 confirmed a continuous mineralized corridor of +1 kilometre hosted within volcanoclastic and brecciated cherty BIF within an interpreted fold limb.  The trench revealed at least two continuous mineralized structures – the northwestern most of the two structures is from colonial trenching which returned 20 metres @ 0.58g/t Au, whereas trench NZTR0006 returned 20 metres @ 0.54g/t Au.  

At Salisa, results from rock sampling assayed up to 3.75 g/t Au in volcaniclastic and 3.05 g/t Au hosted in BIF and coincide with the soil source line trending northeast-southwest.  To better trace the mineralized system and constrain the potential and the source of the higher grade rock samples, a scout trenching program is underway.

At Bakpau, trenching has been completed on northwest-southeast and north-south trending sections on widely spaced trench lines.  The two trenches, BKTR0005 and BKTR0006, respectively, at 500 metres northeast and southwest of trench BKTR0001 (70 metres @ 0.34g/t Au), returned 26 metres @ 0.35 g/t Au and 30 metres @ 0.12 g/t Au, respectively.  These trenches have exposed and confirmed the continuity of anomalous grade, near surface mineralization in the Bakpau East Zone over a strike length of 1.2 kilometres.

At Medere, trenching on the +800 metre long 80ppb soil anomaly along the northeast trending hill, focused on establishing the controls on mineralization (structure and alteration) and trends of mineralization along strike between the zones exposed in previous trenches and artisanal pits.  Significant gold results from the first trench across quartz stockwork style mineralization were received during the most recent quarter with a trench intersection of 48 metres @ 0.51g/t Au and is still open to the southeast.  The current trenching has only been able to expose the margin of the soil anomaly due to thick scree/talus cover on the hill slopes towards the southeast.

In addition to outlining drill targets along the Imva fold, drilling is also planned to be undertaken during the forthcoming drill campaign at the Anguluku prospect area (including Golgotha, Baberu and Bayinga) in the southwest side of the Ngayu greenstone where a sequence of fine grained metasediment, carbonaceous shale, metabasalt and BIF trend approximately east-west and dip moderately to south-southwest within an antiformal structure.  An initial 10 core hole (2,490 metres) drilling program is proposed to test 4,500 metres of potential strike.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0534ef90-fef8-4230-b2b1-3ceb21b3f74c

About Loncor Resources Inc.
Loncor is a Canadian gold exploration company focused on two projects in the DRC – the Ngayu and North Kivu projects.  Both projects have historic gold production.  Exploration at the Ngayu project is currently being undertaken by Loncor’s joint venture partner Barrick Gold Corporation through its DRC subsidiary Barrick Gold (Congo) SARL (“Barrick”).  The Ngayu project is 200 kilometres southwest of the Kibali gold mine, which is operated by Barrick and in 2018 produced approximately 800,000 ounces of gold.  As per the joint venture agreement signed in January 2016, Barrick manages and funds exploration at the Ngayu project until the completion of a pre-feasibility study on any gold discovery meeting the investment criteria of Barrick.  Subject to the DRC’s free carried interest requirements, Barrick would earn 65% of any discovery with Loncor holding the balance of 35%.  Loncor will be required, from that point forward, to fund its pro-rata share in respect of the discovery in order to maintain its 35% interest or be diluted. 

Certain parcels of land within the Ngayu project surrounding and including the Makapela and Yindi prospects have been retained by Loncor and do not form part of the joint venture with Barrick.  Barrick has certain pre-emptive rights over these two areas.  Loncor’s Makapela prospect has an Indicated Mineral Resource of 614,200 ounces of gold (2.20 million tonnes grading 8.66 g/t Au) and an Inferred Mineral Resource of 549,600 ounces of gold (3.22 million tonnes grading 5.30 g/t Au).  Loncor also recently acquired a 71.25% interest in the KGL-Somituri gold project in the Ngayu gold belt which has an Inferred Mineral Resource of 1.675 million ounces of gold (20.78 million tonnes grading 2.5 g/t Au), with 71.25% of this resource being attributable to Loncor via its 71.25% interest. 

Resolute Mining Limited (ASX/LSE: “RSG”) owns 27% of the outstanding shares of Loncor and holds a pre-emptive right to maintain its pro rata equity ownership interest in Loncor following the completion by Loncor of any proposed equity offering.  Newmont Goldcorp Corporation (NYSE: “NEM”; TSX: “NGT”) owns 7.8% of Loncor’s outstanding shares.

Additional information with respect to Loncor and its projects can be found on Loncor’s website at www.loncor.com. 

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Loncor $LN.ca – Hard Asset Digest October 2019 Gold Market Update $ABX.ca $TECK.ca $RSG $NGT.to

Posted by AGORACOM at 2:34 PM on Friday, November 1st, 2019

Sponsor: Loncor is a Canadian gold exploration company focused on two projects in the DRC – the Ngayu and North Kivu projects. Both projects have historic gold production. Exploration at the Ngayu project is currently being undertaken by Loncor’s joint venture partner Barrick Gold (Congo) SARL (“Barrick”). The Ngayu project is 200 kilometres southwest of the Kibali gold mine, which is operated by Barrick and in 2018 produced approximately 800,000 ounces of gold. As per the joint venture agreement signed in January 2016, Barrick manages and funds exploration at the Ngayu project until the completion of a pre-feasibility study on any gold discovery meeting the investment criteria of Barrick. Subject to the DRC’s free carried interest requirements, Barrick would earn 65% of any discovery with Loncor holding the balance of 35%. Loncor will be required, from that point forward, to fund its pro-rata share in respect of the discovery in order to maintain its 35% interest or be diluted. Click Here for More Info

The first thing is gold 

It’s true that gold has made a significant upward move from $1,300 per ounce in May to currently around $1,500 per ounce with at least some of that move being attributable to bullish market fundamentals. Yet, we can also count on a lot more whipsaw action as gold continues to be ping-ponged about from geopolitical headline to geopolitical headline. 

The devaluation of fiat currencies in the face of rising and unsustainable debt loads across all developed economies will be the true driver of the long-term bull market that’s beginning to take form now.

 US government spending is so wildly out of control, and has been for more than a decade, that the federal debt will become unmanageable in the very near future. 

 Not that long ago, economists didn’t really have to think in terms of “Trillions of Dollars.” Yet today, we’ve grown accustomed to the fact… however dire it may be…that our federal debt is ballooning at a rate of nearly $1.5 Trillion each and every year. It’s simply not sustainable. 

At this rate, it will only be a few years until America can no longer afford to service its federal debt — no matter where interest rates go. 

Add to that the fact that we’re seeing this exact pattern of excessive money printing combined with unsustainable debt accumulation emerge across all developed economies. 

The end result can be only one thing: A devaluation of all fiat currencies. 

This doomed race to the bottom will leave gold, along with silver, standing alone as the only real store of value.

The EU is nearing recession

The Eurozone continues to experiment with negative interest rates in an attempt to spur economic growth by encouraging bank lending and also by boosting exports. Yet, the bottom line is that banks simply cannot make money in a negative deposit rate environment. 

 As much as banks may continue to try and sway lenders to do something more useful with their money than simply parking it with the European Central Bank, it’s doubtful such an ill-devised monetary policy can stave off recession. 

Thus far, growth has remained anemic, raising the specter of a recession hitting the Eurozone sometime next year.  

US/China Trade War: A trickle down effect across Europe’s largest economies

Germany, Europe’s largest economy, is suffering its worst manufacturing downturn in almost seven years as the US/China trade war spills over into european economies. 

 It’ll be interesting to see if Germany resorts to injecting fiscal stimulus (aka, the printing of even more money!) to boost its sagging export-reliant economy. Growth forecasts for 2020 have already fallen below the key 1% threshold.

Britain, Europe’s second largest economy, remains mired in its self-induced Brexit maelstrom, which certainly isn’t helping things from an economic standpoint. 

In what looks to be a warning sign of impending stagnation, the British economy took its first step backward (in Q2) in more than 7 years. Amid all the turmoil, it seems increasingly doubtful Britain will be exiting the EU on October 31st, with or without a deal, as the Brexit cloud continues to darken.

New reports are also revealing weakness in Europe’s third largest economy, France. In fact, the export sectors of both France and Germany – which includes their high-profile automobile industries – are being hit hard by flagging demand from China.

 The luster is coming off the Chinese economy

While growth in China held steady at 6.4% in Q1 this year, it proceeded to slip to 6.2% in Q2. Economic numbers over the last few months reveal that the worst may not yet be over for China with analysts projecting weakening third quarter data. 

 A recent survey by China Beige Book reveals slowing growth and soaring debt levels for the world’s second largest economy.

 Here at home, the trade war continues to stoke recession fears

US gross domestic product grew at a 2% annual pace from April to June, which was in-line with expectations. Yet, how long can that last? 

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Loncor $LN.ca Announces Appointment of Peter Cowley as President and MINECON as Geological Consultants to Advance Ngayu Gold Project $ABX.ca $TECK.ca $RSG

Posted by AGORACOM at 5:37 PM on Monday, October 28th, 2019

Loncor Resources Inc. (“Loncor” or the “Company”) (TSX: “LN”; OTCQB: “LONCD”), a Canadian gold exploration company with significant projects in the Democratic Republic of the Congo (“DRC”) and which is supported by Barrick Gold Corporation (NYSE: “GOLD”; TSX: “ABX”) as joint venture partner and a second major gold producer, Resolute Mining Limited (ASX/LSE: “RSG”), as a 27% shareholder, is pleased to announce the appointment of Peter Cowley as President of the Company and Minecon Resources and Services Limited as geological consultants.

Peter Cowley History of Success in Africa

Mr. Cowley is a geologist with over 40 years’ experience in the minerals industry and a history of major exploration successes in Africa, including the DRC. Among his major accomplishments, Mr. Cowley was Chief Executive Officer and President of Banro Corporation from 2004 to 2008 where he led the exploration that delineated major gold resources at Twangiza and Namoya in the DRC. Prior to joining Banro, Mr. Cowley was Managing Director of Ashanti Exploration, where he led the exploration team in the discovery and development of the Geita mine in Tanzania. Prior to Ashanti, he was Technical Director of Cluff Resources which discovered and developed mines in Zimbabwe, Ghana and Tanzania. He holds an M.Sc from the Royal School of Mines, an MBA from the Strathclyde Business School and is a Fellow of the Institute of Materials, Minerals and Mining. He previously served as Chief Executive Officer and President of Loncor from 2009 to 2015, which will allow him to move rapidly in his new role.

Mr. Cowley commented: “Loncor has a major footprint in the Ngayu greenstone belt in northeastern DRC which has many geological similarities to the Geita and Moto belts which host world class operating gold mines in Tanzania and DRC, respectively, both in terms of size and profitability. Besides the Barrick Joint Venture where the Company has a free carried interest to the pre-feasibility study stage, Loncor has significant gold resources at its KGL-Somituri and Makapela properties where there is significant potential to increase this resource base. I am excited about the opportunity to join up again with Daniel Bansah and his team at MINECON who worked with me previously at Geita and Twangiza/Namoya, to unlock the full potential of the underexplored Ngayu greenstone belt of northeastern DRC.”

Loncor’s Chief Executive Officer, Arnold Kondrat, said: “We are thrilled to have Peter return with a team that has a history of finding gold in Africa, including the DRC. The current NI 43-101 compliant gold resources at our Makapela and KGL-Somituri properties (including Adumbi) at Ngayu, and the potential at our Yindi property, will provide us with an anchor for future development outside of our existing Joint Venture with Barrick Gold on our Ngayu gold project.”

MINECON Appointment

Minecon Resources and Services Limited (“MINECON”) (www.mineconrsl.com) has been appointed by Loncor as geological consultants to manage exploration and development programs at Loncor’s properties within the Ngayu Archean greenstone belt which are outside of Loncor’s Joint Venture with Barrick Gold. MINECON is a full-service mining engineering company headquartered in Ghana, Africa. MINECON works with companies throughout Africa, with a focus on Ghana and DRC mining projects, to support mineral exploration, mining operations, logistics, planning, engineering and geological studies. MINECON’s mining industry professionals have significant DRC-specific experience. The Company believes that the MINECON team, headed by Daniel Bansah (MSc Mineral Exploration) and supported by a team of geological professionals, will provide the needed technical skills and leadership to assist Loncor in advancing its gold properties up the value curve. MINECON will assist Loncor in the continued development of Loncor’s:

  • 100% owned Makapela gold prospect, which has an Indicated Mineral Resource of 614,200 ounces of gold (2.20 million tonnes grading 8.66 g/t Au) and an Inferred Mineral Resource of 549,600 ounces of gold (3.22 million tonnes grading 5.30 g/t Au).
  • 100% owned Yindi gold prospect, which has previously reported drill results including 14.79 metres at 5.11 g/t Au, 19.40 metres at 1.30 g/t Au and 6.20 metres at 4.57 g/t Au.
  • 71.25%-owned KGL-Somituri gold project, which was recently acquired by Loncor (see Loncor’s September 27, 2019 press release) and has an Inferred Mineral Resource of 1.675 million ounces of gold (20.78 million tonnes grading 2.5 g/t Au), with 71.25% of this resource being attributable to Loncor via its 71.25% interest in the KGL-Somituri project.

Makapela, Yindi and KGL-Somituri are all located in the Ngayu gold belt and outside of Loncor’s existing Joint Venture with Barrick Gold on the Ngayu gold belt. Utilizing the expertise and experience of MINECON and under Peter Cowley’s leadership, Loncor seeks to aggressively expand its current gold resources as set out above. 

Audit Committee Clarification
The Company wishes to clarify that as a result of the resignation of a director of the Company, there was a vacancy on the Company’s audit committee from August 17, 2018 to June 17, 2019, such that during this period the audit committee was comprised of only two members and not three as required under National Instrument 52-110. This vacancy was filled on June 17, 2019. The Company’s audit committee is currently comprised of the following three independent directors of the Company: Zhengquan (Philip) Chen, William R. Wilson and Richard J. Lachcik. 

About Loncor Resources Inc.
Loncor is a Canadian gold exploration company focused on two projects in the DRC – the Ngayu and North Kivu projects. Both projects have historic gold production. Exploration at the Ngayu project is currently being undertaken by Loncor’s joint venture partner Barrick Gold (Congo) SARL (“Barrick”). The Ngayu project is 200 kilometres southwest of the Kibali gold mine, which is operated by Barrick and in 2018 produced approximately 800,000 ounces of gold. As per the joint venture agreement signed in January 2016, Barrick manages and funds exploration at the Ngayu project until the completion of a pre-feasibility study on any gold discovery meeting the investment criteria of Barrick. Subject to the DRC’s free carried interest requirements, Barrick would earn 65% of any discovery with Loncor holding the balance of 35%. Loncor will be required, from that point forward, to fund its pro-rata share in respect of the discovery in order to maintain its 35% interest or be diluted. 

Certain parcels of land within the Ngayu project surrounding and including the Makapela and Yindi prospects have been retained by Loncor and do not form part of the joint venture with Barrick. Barrick has certain pre-emptive rights over these two areas. Loncor’s Makapela prospect has an Indicated Mineral Resource of 614,200 ounces of gold (2.20 million tonnes grading 8.66 g/t Au) and an Inferred Mineral Resource of 549,600 ounces of gold (3.22 million tonnes grading 5.30 g/t Au). Loncor also recently acquired a 71.25% interest in the KGL-Somituri gold project in the Ngayu gold belt which has an Inferred Mineral Resource of 1.675 million ounces of gold (20.78 million tonnes grading 2.5 g/t Au), with 71.25% of this resource being attributable to Loncor via its 71.25% interest. 

Resolute Mining Limited owns 27% of the outstanding shares of Loncor and holds a pre-emptive right to maintain its pro rata equity ownership interest in Loncor following the completion by Loncor of any proposed equity offering. Newmont Goldcorp Corporation (NYSE: “NEM”; TSX: “NGT”) owns 7.8% of Loncor’s outstanding shares.

Additional information with respect to Loncor and its projects can be found on Loncor’s website at www.loncor.com.

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CLIENT FEATURE: Advance Gold $AAX.ca Owns 15% of Kakamega JV attached to Barrick Takeover Offer for Acacia Mining $ANG.jo $ABX.ca $NGT.ca

Posted by AGORACOM at 7:30 PM on Tuesday, July 16th, 2019
  • Barrick Gold Corporation’s offer for Acacia Mining PLC under review by Independent Mining Consultants
  • Arguing Acacia is worth 38% more than Barrick’s offer
  • The takeover offer and its effect on the Kakamega joint venture project between Acacia and Advance Gold are not yet understood
  • The Kakamega joint venture project is owned 85.37% by Acacia and 14.63% by Advance Gold
  • New licenses for the joint venture project were issued and exploration program is underway post rainy season

Kakamega – The Rosterman Mine

Acacia Exploration Kenya Ltd. (“Acacia”) has 85.47% equity in the Kakamega Project, which comprises the Rosterman, Burkura, and Sigalagala Projects in Kenya, East Africa.

Rosterman SL267: The most northerly of the three licences hosts the historic Rosterman mine, which is reported to have produced in excess of 250,000oz Au at average grade in excess of 13g/t. Click Click here for map

Bukura SL265 and Sigalagala SL266: The southern licences host numerous significant historical colonial mines and areas of active artisanal mining. Click here for map

About Advance Gold Corp. (TSXV: AAX)

Advance Gold is a TSX-V listed junior exploration company focused on acquiring and exploring mineral properties containing precious metals. The Company acquired a 100% interest in the Tabasquena Silver Mine in and the Venaditas project in Zacatecas state. Advance Gold also holds a 14.63% interest in the Kakamega project held by Acacia Mining (63% owned by Barrick Gold Corporation)

Advance Gold Hub on Agoracom

FULL DISCLOSURE: Advance Gold is an advertising client of AGORA Internet Relations Corp.

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CLIENT FEATURE: Advance Gold’s Kakamega JV attached to Barrick Takeover Offer $ABX.ca $MGG.ca SIL.ca $FA.ca

Posted by AGORACOM at 10:58 AM on Thursday, June 13th, 2019
  • Barrick Gold Corporation has made a takeover offer for Acacia Mining plc
  • The takeover offer and its effect on the Kakamega joint venture project between Acacia and Advance Gold are not yet understood
  • The Kakamega joint venture project is owned 85.37% by Acacia and 14.63% by Advance Gold
  • New licenses for the joint venture project were issued and exploration program is underway post rainy season

Kakamega – The Rosterman Mine

Acacia Exploration Kenya Ltd. (“Acacia”) has 85.47% equity in the Kakamega Project, which comprises the Rosterman, Burkura, and Sigalagala Projects in Kenya, East Africa.

Rosterman SL267: The most northerly of the three licences hosts the historic Rosterman mine, which is reported to have produced in excess of 250,000oz Au at average grade in excess of 13g/t. Click Click here for map

Bukura SL265 and Sigalagala SL266: The southern licences host numerous significant historical colonial mines and areas of active artisanal mining. Click here for map

About Advance Gold Corp. (TSXV: AAX)

Advance Gold is a TSX-V listed junior exploration company focused on acquiring and exploring mineral properties containing precious metals. The Company acquired a 100% interest in the Tabasquena Silver Mine in and the Venaditas project in Zacatecas state. Advance Gold also holds a 14.63% interest in the Kakamega project held by Acacia Mining (63% owned by Barrick Gold Corporation)

Advance Gold Hub on Agoracom

FULL DISCLOSURE: Advance Gold is an advertising client of AGORA Internet Relations Corp.

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CLIENT FEATURE: Advance Gold $AAX.ca Kakamega JV attached to Barrick Takeover Offer $ABX.ca $MGG.ca SIL.ca $FA.ca

Posted by AGORACOM at 7:59 PM on Saturday, June 1st, 2019
https://s3.amazonaws.com/s3.agoracom.com/public/companies/logos/564631/hub/advance-gold-large.png
  • Barrick Gold Corporation has made a takeover offer for Acacia Mining plc
  • The takeover offer and its effect on the Kakamega joint venture project between Acacia and Advance Gold are not yet understood
  • The Kakamega joint venture project is owned 85.37% by Acacia and 14.63% by Advance Gold
  • New licenses for the joint venture project were issued and exploration program is underway post rainy season

Kakamega – The Rosterman Mine

https://www.advancegold.ca/site/assets/files/4815/nr-april-27-2011-1.jpg

Acacia Exploration Kenya Ltd. (“Acacia”) has 85.47% equity in the Kakamega Project, which comprises the Rosterman, Burkura, and Sigalagala Projects in Kenya, East Africa.

Rosterman SL267: The most northerly of the three licences hosts the historic Rosterman mine, which is reported to have produced in excess of 250,000oz Au at average grade in excess of 13g/t. Click Click here for map

Bukura SL265 and Sigalagala SL266: The southern licences host numerous significant historical colonial mines and areas of active artisanal mining. Click here for map

About Advance Gold Corp. (TSXV: AAX)

Advance Gold is a TSX-V listed junior exploration company focused on acquiring and exploring mineral properties containing precious metals. The Company acquired a 100% interest in the Tabasquena Silver Mine in and the Venaditas project in Zacatecas state. Advance Gold also holds a 14.63% interest in the Kakamega project held by Acacia Mining (63% owned by Barrick Gold Corporation)

Advance Gold Hub on Agoracom

FULL DISCLOSURE: Advance Gold is an advertising client of AGORA Internet Relations Corp.

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Posted in Advance Gold | Comments Off on CLIENT FEATURE: Advance Gold $AAX.ca Kakamega JV attached to Barrick Takeover Offer $ABX.ca $MGG.ca SIL.ca $FA.ca

CLIENT FEATURE: Advance Gold AAX.ca Kakamega JV attached to Barrick Takeover Offer $ABX.ca $MGG.ca SIL.ca $FA.ca

Posted by AGORACOM at 9:30 PM on Saturday, May 25th, 2019
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  • Barrick Gold Corporation has made a takeover offer for Acacia Mining plc
  • The takeover offer and its effect on the Kakamega joint venture project between Acacia and Advance Gold are not yet understood
  • The Kakamega joint venture project is owned 85.37% by Acacia and 14.63% by Advance Gold
  • New licenses for the joint venture project were issued and exploration program is underway post rainy season

Kakamega – The Rosterman Mine

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Acacia Exploration Kenya Ltd. (“Acacia”) has 85.47% equity in the Kakamega Project, which comprises the Rosterman, Burkura, and Sigalagala Projects in Kenya, East Africa.

Rosterman SL267: The most northerly of the three licences hosts the historic Rosterman mine, which is reported to have produced in excess of 250,000oz Au at average grade in excess of 13g/t. Click Click here for map

Bukura SL265 and Sigalagala SL266: The southern licences host numerous significant historical colonial mines and areas of active artisanal mining. Click here for map

About Advance Gold Corp. (TSXV: AAX)

Advance Gold is a TSX-V listed junior exploration company focused on acquiring and exploring mineral properties containing precious metals. The Company acquired a 100% interest in the Tabasquena Silver Mine in and the Venaditas project in Zacatecas state. Advance Gold also holds a 14.63% interest in the Kakamega project held by Acacia Mining (63% owned by Barrick Gold Corporation)

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FULL DISCLOSURE: Advance Gold is an advertising client of AGORA Internet Relations Corp.

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Posted in Advance Gold | Comments Off on CLIENT FEATURE: Advance Gold AAX.ca Kakamega JV attached to Barrick Takeover Offer $ABX.ca $MGG.ca SIL.ca $FA.ca

Advance Gold $AAX.ca and Acacia Mining Receive New Licenses for West Kenya Joint Venture $MGG.ca $SIL.ca $FA.ca $LON

Posted by AGORACOM at 10:40 AM on Thursday, March 28th, 2019
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  • 3 prospecting licenses have been issued for the three claims that comprise the Advane Gold – Acacia Mining JV
  • Two of the claims are located on either side of Acacia Mining’s 100% owned ground on the Liranda corridor.
  • Acacia’s 100% owned ground Owns a resource estimate of 1.2 million ounces of gold with an average grade of 12.6 g/t.
  • Claim PL/2018/0211 has seen past drilling that returned a highlight hole of 6 metres of 30.9 g/t gold, April 18/2016

Vancouver, British Columbia–(Newsfile Corp. – March 28, 2019) – Advance Gold Corp. (TSXV: AAX) (“Advance Gold” or “the Company”) is pleased to announce that new prospecting licenses have been issued for the three claims (PL/2018/0210, PL/2018/0211 and PL/2018/0212) that make up the West Kenya, Advance Gold – Acacia Mining joint venture. Two of the claims are located on either side of Acacia Mining’s 100% owned ground on the Liranda corridor.

On Acacia’s 100% owned ground a resource estimate (from the Isulu Shoot) was announced in February 2018, consisting of 1.2 million ounces of gold with an average grade of 12.6 g/t. The Isulu Shoot zone is contiguous to Advance Gold’s license PL/2018/0211 and PL/2018/0210. Mineralization hosted on Acacia’s property is not necessarily indicative of the mineralization hosted on the properties that make up the Advance-Acacia joint venture. In addition, claim PL/2018/0211 has seen past drilling that returned a highlight hole of 6 metres of 30.9 g/t gold, see April 18/2016 news release.

The joint venture is owned 85.37% by Acacia and 14.63% by Advance Gold. If during the joint venture either party decides to sell their interest, the other party has a first right of refusal on any offering price. If Advance Gold is diluted down to a 10% interest (approximately $1.7 million in exploration to dilute), then its interest converts to a 3% uncapped net smelter royalty (NSR). In the event that Advance Gold is diluted to a NSR, Acacia Mining has no first rights of refusal and the NSR can be sold directly to any interested party.

Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: “Management is delighted with the new licenses for our strategically located claims in Kenya that have been recently re-issued. The joint venture claims have seen high-grade gold intersections in past drilling, and are located on the Liranda corridor on either side of Acacia Mining’s high-grade gold resource at their Isulu Shoot. Based on the past work at the joint venture claims, including drilling, geophysics, and surface sampling, the potential of the project is clear and why an Acacia Mining sized company is our partner. Acacia Mining is 64% owned by Barrick Gold Corporation, so it is fair to say from Barrick’s public statements about deposit size, that they are looking for more than 1.2 million ounces. A logical move by Acacia Mining will be to drill more extensively on the joint venture ground so as to enhance Acacia Mining’s known resource. Now that we have the new licenses, Advance Gold will evaluate its options to participate in further exploration, or be diluted down to a NSR. We are also considering the option to sell our interest as we feel that it is an attractive asset for gold miners, streamers and royalty companies that are hard pressed to put their cash to work as there aren’t a lot of high-grade gold projects to choose from.”

About the Liranda Corridor Claims

The Liranda Corridor is found on the map below (from the Acacia Mining corporate presentation Feb. 2019) and it has been the focus of Acacia’s exploration in western Kenya.

On Acacia Mining’s 100% owned ground, they have an inferred resource of 1.2 million ounces at 12.1 g/t gold. The entire resource is on the Isulu Shoot and can be seen in the upper right corner of the map and is highlighted in red. The Isulu Shoot occurs in the same structures that extend onto the Advance Gold-Acacia Mining joint venture ground.

Past drilling on the joint venture ground, has returned some of the highest reported grades from the Liranda corridor. Including highlight drill intersections of 6 metres of 30.9 g/t gold (drillhole – KDAC0152), see April 18/2016 news release.

Acacia Mining has determined the scope of the resource on their 100% ground. It is clear from the geological setting, the structural trends and past drilling on the joint venture ground that it is a prime target area to enhance the Acacia Mining resource.

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Figure 1
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Julio Pinto Linares is a QP, Doctor in Geological Sciences with specialty in Economic Geology and Qualified Professional No. 01365 by MMSA., for Advance Gold and is the qualified person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

Other News

The company would like to report the retirement of Jim Gillis. He will be stepping down as the Chairman of the Board and director and will be replaced by current director Bradley Newell.

The board of directors would like to thank Jim Gillis for his many years of guidance and wish him all the best in his retirement.

In addition to Bradley Newell being a director that has been helping guide the company, he is also the largest individual shareholder.

About Advance Gold Corp. (TSXV: AAX)

Advance Gold is a TSX-V listed junior exploration company focused on acquiring and exploring mineral properties containing precious metals. The Company acquired a 100% interest in the Tabasquena Silver Mine in Zacatecas, Mexico in 2017, and the Venaditas project, also in Zacatecas state, in April, 2018.

The Tabasquena project is located near the Milagros silver mine near the city of Ojocaliente, Mexico. Benefits at Tabasquena include road access to the claims, power to the claims, a 100-metre underground shaft and underground workings,plus it is a fully permitted mine.

Venaditas is well located adjacent to Teck’s San Nicholas mine, a VMS deposit, and it is approximately 11km to the east of the Tabasquena project, along a paved road.

In addition, Advance Gold holds a 14.63% interest on strategic claims in the Liranda Corridor in Kenya, East Africa. The remaining 85.37% of the Kakamega project is held by Acacia Mining (63% owned by Barrick Gold Corporation).

For further information, please contact:
Allan Barry Laboucan,
President and CEO
Phone: (604) 505-4753
Email: [email protected]
Corporate website: www.advancegold.ca

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