Posted by AGORACOM
at 11:58 AM on Monday, December 7th, 2020
On Friday December 4th, Seabridge Gold (SEA) announced its intentions to purchase the Snowfield deposit from Pretium Resources (PVG), details here. As a result, we experienced a high volume of emails and calls as to how this may affect Treaty Creek. In our opinion, we think it’s a positive move for all three projects located in the Sulphurets Hydrothermal System. Our analysis of the transaction and the associated benefits is as follows:
Below is an image created by Seabridge showing the KSM and Snowfield deposits and the relative gold grades/value of those deposits. Technically, the Snowfield is the top part of the Mitchell deposit, which it sits beside.
On its own, the Snowfield added no present value to Pretium in the near term for a few reasons: The Snowfield has a very low-grade halo that on its own, at present gold values, isn’t profitable to produce. It has a higher-grade core but that core isn’t large enough to justify the costs to get it out at today’s gold price. Logistics. Because the Snowfield is located upslope above the Mitchell deposit in the Mitchell valley, mine construction would have been very difficult due to the terrain combined with the proximity to the Mitchell deposit located below owned by Seabridge. Access. Even if the gold grades were higher and there was room to develop the Snowfield on its own, there appears to be no feasible way to get the ore to market except through the proposed Mitchell Teigen Tunnels (MTT) which (if built) would be owned by Seabridge. The above, and perhaps some other reasons as well, is why the Snowfield deposit has been sitting there with no progression for many years, which in its present state added zero value to Pretium. It could be argued that a sale worth $3 USD per ounce in the ground is a lot better than $0 per ounce while it sits dormant. We think this was a great deal for PVG as they get: $100m up front in working capital $20m down the road A Net Smelter Royalty (NSR) of 1.5% down the road
By combining the Snowfield with the KSM, SEA removed the “higher grade core isn’t big enough on its own” problem, the “no room” problem, and the “access” problem. We think this was a great deal for SEA as it helps them accomplish their goals:
Improve their ounces/share ratio
Improve the NPV and IRR on the KSM
Allow them to defer underground operations until later in the production schedule
Pay down the Cap-X for the KSM quicker
We think this a great deal for Treaty Creek (TC) shareholders (TUD, AMK, TUO) because anything that improves Seabridge’s chances of going into production is potentially beneficial to us:
The only route for the KSM to go into production is through the use of the MTT which closely follows both the Kyba Line and the Sulphurets Thrust Fault through most of TC (this is the most heavily mineralized trend though TC including the Perfect Storm (PSZ), the Goldstorm (GS), and orpiment (GS2) zones as seen on the image above.
If SEA is able to find a route through TC without disturbing potential deposits then it will build important infrastructure (bridge, roads, power, etc.) right onto TC.
If SEA isn’t able to find a route through TC without disturbing potential deposits then SEA potentially will form an agreement with TC owners (benefiting TC shareholders) followed by building important infrastructure right onto TC.
A second mine, especially one of this magnitude, going into production within the Sulphurets Hydrothermal System will undoubtedly capture the attention of investors and mining companies and shine a spotlight on the third project advancing in the same system; Treaty Creek.
The $3 USD per ounce paid for the Snowfield was a good deal for both companies and has no real bearing on potential insitu gold deposits and associated valuations at TC. It’s all a question of grade, logistics, and potential buyers. The Snowfield has low grade, horrible logistics (to be developed on its own) and potential for only one buyer (SEA). TC sits “on the right side of the mountain” only 20km away down a valley from the highway and the cheapest power in the world. The Goldstorm zone also has its highest gold grades right at surface (300 zone) over a very extended area opposed to dipping steeply into the ground. The logistics, and therefor potential Cap-X and Op-X, are completely different at TC vs both the Snowfield and the KSM.
In conclusion, we believe that the Snowfield purchase by Seabridge will positively impact every company located within the Sulphurets Hydrothermal System. We view this as another very positive development in the rapid progression of Treaty Creek’s development.
Posted by AGORACOM-JC
at 9:23 PM on Sunday, December 6th, 2020
When Goldman Sachs Says your copper deposit is one of the top 80 projects waiting to be developed worldwide, investors should pay very close attention.
That’s especially true when copper is trading at $USD 3.50/pound, a level not seen since 2013, when Candente Copper (DNT:TSX) was valued at $250 million.
Candente owns Cañariaco Norte, a large, economic, copper ore body in Peru waiting to be mined.
Highlights are as follows.
100% owned feasibility-stage porphyry copper deposit; a single, contiguous, open-pit mineable deposit of:
7.5B pounds Measured and Indicated and can be mined for 22 years once in production.
Once in production Canariaco is in the lowest quartile of production costs for projects waiting to be developed.
Operating costs of US$0.988 per pound of copper
Capable of generating annual production of 262,000,000lbs of copper, 39,000 oz gold & 911,000 oz silver over initial mine life of 22 yrs(@ 95,000 tpd).
WHO ELSE BELIEVES IN CANDENTE?
Fortescue is one of the largest global iron ore producers in the world and recently increased its strategic ownership in Candente to 19.9%.
With a market cap of just $20 million, Candente is now beginning the process of reclaiming its former glory with plans to put Cañariaco Norte into production.
Watch this great interview with Candente CEO Joanne Freeze.
Posted by AGORACOM
at 12:01 PM on Thursday, December 3rd, 2020
SPONSOR: Candente Copper owns 100% of the Canariaco copper project, which includes the Feasibility stage Canariaco Norte deposit. Canariaco is included in Goldman Sachs 84 Top Copper Projects Worldwide and Fortesque is a 19% owner of Candente.
Industrial metal boosted by China’s economic rebound and ‘green stimulus’ expectations
(Bloomberg) — Copper powered to a seven-year high as the rush for growth played out in metals markets, with traditional haven gold dropping amid growing optimism for an end to the coronavirus pandemic.
Bullion extended losses below $1,800 an ounce and copper added to a four-week surge on bets the looming roll-out of Covid-19 vaccines will help drive an economic recovery. The moves deepen a wider pivot into risk assets in November, with global stocks heading for a record month.
“Robust price rallies in industrial commodities like copper point to an ongoing rotation from a risk-averse to risk-on asset market regime,” Citigroup Inc. analysts including Aakash Doshi wrote in an emailed note. Gold faces a “more uncertain path in 2021” as global growth prospects improve, they said.
The latest boost for risk appetite came over the weekend, when two of America’s top health officials said a vaccine will be deployed across the U.S. before the end of the year. Elsewhere, an index of China’s manufacturing sector rose to a three-year high on Monday and the country is taking steps to boost domestic consumption, including of autos and home appliances.
“Macro factors are driving copper trading,” Chinese brokerage Jinrui Futures Co. wrote in note on Monday. “The market sentiment is really bullish right now amid a combination of vaccines, economic recovery, and a smooth U.S. presidential transition.”
Copper rose as much as 2.6% to $7,692.50 a ton, the highest since March 2013. The metal traded at $7,634 by 9:55 a.m. London time and is heading for the biggest monthly gain since 2016.
Iron ore also joined the rally, with Singapore futures up 1.3% and heading for a monthly gain of more than 11%. Prices briefly spiked more than 9% to touch $140 a ton, the highest since futures began trading in 2013, before swiftly paring gains.
Gold fell 0.8% to $1,773.59 an ounce, on track for a fourth straight monthly loss. Silver dropped 1.8%.
Bullion is suffering as investors reverse this year’s hunt for havens amid deep economic ruptures and a fractious U.S. general election. But other factors that favor gold — ultra-dovish monetary policy and the risk of steeper inflation — remain in place.
”The current weakness of gold is all the more remarkable given that the U.S. dollar is likewise weak,” Carsten Fritsch, an analyst at Commerzbank AG, said in an emailed note. “After the price fell below the support level at $1,800 on Friday, the technical picture became even more gloomy, which no doubt has prompted further short-term-oriented investors to withdraw.”
Posted by AGORACOM
at 8:23 AM on Monday, November 30th, 2020
VANCOUVER, British Columbia, Nov. 30, 2020 (GLOBE NEWSWIRE) — Candente Copper Corp. (TSX:DNT, BVL:DNT) (“Candente Copper”, “Company”) is pleased to announce that the Company has entered into an Assignment Agreement (“AA”) with Forte Copper Corp. (“Forte Copper”), on the Don Gregorio copper-gold porphyry project.
The Company entered into an Option Agreement on the Don Gregorio project with Forte Copper (previously known as Plan B Minerals) in 2017. The recently signed Assignment Agreement allows Forte Copper to move ahead with applications for drilling permits.
Under the Assignment and Option Agreements Forte Copper has the right to earn a 60% interest in the Don Gregorio property by completing the following terms:
Making payments of US$500,000 to Candente; and
Drilling 10,000 metres within three years of receiving drilling permits of which 5,000 metres must be drilled within two years; Forte Copper may pay $100/metre cash in lieu of metres not drilled.
The Assignment Agreement is for 5 years such that if the 10,000 metres have not been drilled (including cash paid in lieu), then the property must be returned to Candente Copper Corp.
To date, the Company has received payments totalling: US$100,000 and reimbursements for fees for annual mineral rights totalling US$41,540.
Candente Copper acquired the Don Gregorio from the Peruvian government in a competitive auction in 2008. Don Gregorio covers a mineralized (copper-gold) porphyry system, that occurs within the same geological trend as Yanacocha, Cerro Corona and Cañariaco.
Don Gregorio (previously referred to as La Huaca) was discovered by Ingemmet (Peruvian government geological survey) in 1974 during a regional exploration program. In 1977, 8 holes were drilled to a maximum of 107 metres (“m”) and intersected o.22 to o.56% Cu over 15m to 100m, averaging 50m and bottoming in mineralization. These holes were not analysed for gold.
In 1992, a Newmont Buenaventura Joint Venture (“JV”) discovered a gold (“Au”) zone in surface samples covering 200m by 700m coincident with copper (“Cu”) previously delineated in a north-northwesterly trending zone. In 1995, the Newmont-Buenaventura JV drilled 4 holes in 800m. These 4 holes were also mineralized to final depths.
The 12 holes totalling 1,642m drilled to date indicate copper and gold mineralization occurs over a minimum of 400m vertically from 2,600 to 2,200 metres in elevation.
Mineral intercepts in the historic drilling include 153.3m of 0.394 percent (“%”) Cu & 0.18 grams per tonne (“g/t “) Au.
Surface samples collected to date include assays of:
20m of 1.23% Cu and 0.26 g/t Au
9m at 1.13% Cu and 0.90 g/t Au
3m at 1.36% Cu and 0.84 g/t Au
About Candente Copper Candente Copper is a mineral exploration company engaged in the acquisition, exploration, and development of mineral properties. The Company is currently focused on its 100% owned Cañariaco project, which includes the Feasibility stage Cañariaco Norte deposit as well as the Cañariaco Sur deposit and Quebrada Verde prospect, located within the western Cordillera of the Peruvian Andes in the Department of Lambayeque in Northern Peru.
About Forte Copper Forte Copper is a private company that announced a go public RTO transaction with Collingwood Resources on August 18, 2020. Through its wholly owned Peruvian subsidiaries, Forte either owns, controls or, has an option to control three prospective gold and copper exploration projects in Peru. Forte Copper’s business strategy is focused on exploration target development, testing and resolution, and resource development within prominent and under-explored copper and gold regions of Peru.
Joanne C. Freeze, P.Geo., CEO, is the Qualified Persons as defined by National Instrument 43-101 for the projects discussed above. She has reviewed and approved the contents of this release.
This news release may contain forward-looking statements including but not limited to comments regarding 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. Candente Copper relies upon litigation protection for forward-looking statements.
On behalf of the Board of Candente Copper Corp.
“Joanne C. Freeze” P.Geo. President, CEO and Director ___________________________________ For further information please contact:
Posted by AGORACOM
at 10:10 AM on Friday, November 27th, 2020
Cardston, Alberta–(Newsfile Corp. – November 27, 2020) – American Creek Resources Ltd. (TSXV: AMK) (the “Company” or “American Creek”) – announces that with respect to its annual general and special meeting (the “Meeting“) of shareholders (“Shareholders“) scheduled to take place on Thursday, December 3, 2020 in Vancouver, British Columbia, the Company is encouraging Shareholders and proxyholders not to attend the Meeting in person, particularly if they are experiencing any COVID-19 symptoms.
In order to comply with the Orders of the British Columbia Provincial Health Officer currently in effect related to the COVID-19 pandemic, and in response to the additional directives of the Provincial and Federal governments and health authorities, the Meeting will not be open to the public. Access to the Meeting will be limited to essential personnel and registered Shareholders and proxyholders entitled to attend and vote at the Meeting. There will be strict limitations on the number of persons permitted entry to the Meeting in order to ensure adherence to social distancing requirements. It will also be mandatory for all persons in attendance at the Meeting to wear a face mask/covering.
In order to minimize group sizes and respect social distancing regulations, all Shareholders are urged to vote on the matters before the Meeting by proxy which can be submitted electronically, by mail, or by phone as further described in the Company’s management information circular dated October 29, 2020, by no later than 10:00 a.m. (Vancouver time) on December 1, 2020.
Given the current exceptional circumstances and the requirement to mitigate COVID-19 pandemic risks, there will be no management presentation at the Meeting, nor will there be a question and answer session with management.
As the situation regarding COVID-19 is rapidly evolving, the Company reserves the right to implement additional precautionary measures related to the Meeting if deemed appropriate.
The Company thanks its valued Shareholders and apologizes for any inconvenience caused as a result of the precautionary safety measures taken in respect of the Meeting.
About American Creek
American Creek holds a strong portfolio of gold and silver properties in British Columbia.
Two of those properties are located in the prolific “Golden Triangle”; the Treaty Creek joint venture project with Tudor (Walter Storm) as well as the 100% owned past producing Dunwell Mine.
The Company also holds the Gold Hill, Austruck-Bonanza, Ample Goldmax, Silver Side, and Glitter King properties located in other prospective areas of the province.
For further information please contact Kelvin Burton at: Phone: 403 752-4040 or Email: [email protected]. Information relating to the Corporation is available on its website at www.americancreek.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Actual results could differ materially because of factors discussed in the Company’s management discussion and analysis filed with applicable Canadian securities regulators, which can be found under the Company’s profile on www.sedar.com. The Company does not assume any obligation to update any forward-looking statements.
Posted by AGORACOM
at 3:34 PM on Monday, November 23rd, 2020
American Creek Resources (AMK:TSX-V) Treaty Creek Project has been the subject of incredible discussion in 2020, including by Eric Sprott who stated Treaty Creek may have as much as 50,000,000 ounces of gold this summer.
There isn’t a single junior exploration company that isn’t envious of Treaty Creek and the one good problem it is creating for the Company – it is overshadowing everything else in the Company. As such, AMK recently announced the following:
“American Creek Announces Spinout of Dunwell Property and Other Properties and Assets and Sets Date for Annual General & Special Meeting”
Watch this powerful interview with CEO Darren Blaney as to the reasons for the spinout that go well beyond the obvious.
Posted by AGORACOM
at 12:56 PM on Friday, November 13th, 2020
The 4 Reasons Goldman Sachs Believes Candente Copper is a World Class Company
Candente Copper (TSX: DNT, BVL: DNT) owns 100% of a copper deposit in Peru and has big plans to become a miner.
Candente owns a large, economic, copper ore body in Peru waiting to be mined. Cañariaco Norte is a 100% owned feasibility-stage porphyry copper deposit.
Simply put, it is a mountainous rock body that holds 7.5 billion pounds of copper and has had multiple scientific studies propelling it along the way toward production. Strengthened by Goldman Sachs belief it is one of the top 80 copper deposits yet to be exploited and strategically guided by Australian Iron Ore giant Fortescue’s 19% inside ownership, Candente has the lowest quartile production costs that make it an intriguing project today and a must have for tomorrow.
Reasons Why Candente Copper is A Top Small Cap Copper Company
1. Goldman Sachs has Canariacao Norte listed as one of the top 80 projects waiting to be developed worldwide and is top 42 in South America. Mining projects take a long time to be developed due to the strict standards required to prove metal content in the ground, which Candente has proven it has tremendous amounts of.
A single, contiguous, open-pit mineable deposit of 7.5B pounds Measured and Indicated and can be mined for 22 years once in production speaks to the stability of the project
2. Supported Strategically by Fortesque’s 19.9% Ownership
Fortesque is recognized as a global leader in the mining industry. Fortesque holds 19% Candente and became involved to advance Canariaco further into development. Fortesque committed 1$Million in January 2020 with an eye toward production and is considered a strategic investor, which means they have a long-term timeline for joint exploitation of the asset.
Fortescue is one of the largest global iron ore producers, recognized for its culture, innovation and industry-leading development of world class infrastructure and mining assets in Western Australia. This is truly a partnership which seeks to equally progress Canariaco into development and Candente into production status. The accepted odds for a discovery to find its way into production is about 1 in 1000, and speaks to the sheer difficulty of the exercise.
Candente is close to the finish line and Fortesque is there for the final push.
3. Canariaco is in the lowest quartile of production costs
Once in production Canariaco is in the lowest quartile of production costs for projects waiting to be developed Operating costs of US$0.988 per pound of copper
Canariaco has 7.5Billion pounds of copper measured and indicated capable of generating annual production of 262,000,000lbs of copper, 39,000 oz gold & 911,000 oz silver over initial mine life of 22 yrs(@ 95,000 tpd). A long stable mine life is what attracts quality investors like Fortesque.
Canariaco is a stable, long term investment once it is producing because its output is consistent every year. The risk has been removed from the project.
4. Canariaco is the 1st of 3 projects all in the same area waiting to be discovered.
Candente has the opportunity to make further discoveries through Canariaco South and Quebrada Verde, both within a 5km trend that shares infrastructure. Management believes Canariaco Sur is a mineable deposit and will add tremendous support to shareholders in the future. Quebrada Verde demonstrates the same minerology and potential as both Norte and Sur which and requires future exploitation
Each of these projects will benefit greatly from Canariaco’s development as it will make development even cheaper than Canariaco Norte due to the infrastructure that will be in place, possible pushing Canariaco’s future overall costs even lower.
Posted by AGORACOM
at 2:28 PM on Wednesday, November 4th, 2020
The most pessimistic forecasts of copper demand, and pricing, during the worst pandemic in 102 years, have failed to materialize.
From a four-year low in March, when the coronavirus slammed into Europe and North America, the red metal used widely in construction, communications, transportation and energy transmission, has mounted a serious comeback.
As of this writing spot copper is trading at $3.08 per pound, compared to around $2.10/lb in mid-March – a gain of 46%. The spot price has stayed above $3.00 since Oct. 8 – which is remarkable considering the reports of impending economic doom, amid a second wave of covid-19 infections in Europe and North America.
The following analysis by AOTH has copper showing no signs of slowing down; in fact, while the copper market was tight before the pandemic began, we expect it to tighten even further, due to a constellation of factors, starting with China.
The Chinese economy became the first major world economy to return to its pre-virus growth trajectory, when it posted positive numbers in the second quarter. Recent figures from China’s National Bureau of Statistics indicate that third-quarter GDP growth is up 4.9% from a year ago. Between April and June, Q2, the bureau reported a 3.2% rise. The Chinese are well ahead of their trading rivals as they strive to put the pandemic for which they were responsible, behind them.
According to the World Bank and the OECD, the Chinese economy in 2020 will grow 2% – the only G20 country to mark positive economic output this year. Beijing has managed to largely contain the virus in recent months after the pandemic shut down its economy. Commerce and travel have been allowed to resume, which is driving economic growth and fueling demand for copper and other industrial metals, like aluminum and nickel, whose prices are also climbing.
Other reasons for a rising copper price include covid-related restrictions imposed on the copper mining industry, along with speculative interest in the metal due to a weaker US dollar.
Copper output from the world’s top 10 producers declined 3.7% during the second quarter, due to nation-wide lockdowns in Chile, Peru and Mexico.
China’s copper dominance
Chinese growth statistics have always figured prominently in copper price forecasts – no surprise considering that China is responsible for just under half of the world’s production of copper and copper alloys semis, the industry term for first-stage products made from refined copper.
The Asian superpower is also the largest importer of unwrought copper, along with copper ores and concentrates.
Its manufacturing sector back on track, China’s copper imports rose sharply over the past four months; in September, the country imported 62% more copper than the same month in 2019. Unwrought copper imports of 4.9 million tonnes during the first nine months of the year, were up 41% from the same period last year.
According to Reuters columnist Clyde Russell, China has been vacuuming up copper, boosting the price at a time when demand elsewhere in the world was looking sickly as the virus spread.
Why is China importing so much copper? Russell claims the buying spree is being driven by Beijing’s stimulus spending following the national lockdown during the first four months of the year. But he also says it is likely that substantial volumes of copper are flowing into stockpiles, either strategic or commercial.
We agree, and have been writing quite a bit about this lately.
Obviously we can’t say for sure, given China’s opaque statistics, but we suggest a good chunk of the raw materials are going into bulking up the Chinese Military, in particular its navy patrolling the South China Sea. In other words, China is preparing for war.
The mining industry’s experience of China locking up the world’s mineral resources testifies to how far the Chinese will go to ensure their ever-growing demand for mined commodities is met.
Locking up supply
While iron ore ad copper were the hot targets of overseas acquisitions by Chinese firms as they sought to feed an economy that up until 2015 was growing at double digits, the Chinese have also gone after gold, nickel, tin and coking coal. More recently the most desired metals are those that feed into the global shift from fossil fuels to the electrification of vehicles. This has meant a hunt for lithium, cobalt, graphite, copper and rare earths – metals that are used in electric vehicles, of which China has become the world’s leading manufacturer. EVs use a lot of copper, four times as much as a regular vehicle, and China hasn’t been shy about boosting its copper reserves to meet expected demand.
Two large Peruvian copper mines are owned by Chinese companies. Chinese state-run Chinalco owns the Toromocho copper mine, while the La Bambas mine is a joint venture between operator MMG (62.5%), a subsidiary of Guoxin International Investment Co. Ltd (22.5%) and CITIC Metal Co. Ltd (15%). The Chinese-backed Mirador mine in Ecuador opened in 2019.
Most of the metal produced under these off-take agreements will NEVER come to the market anyplace other than in China. Those metals that do, can have their supply shut down any time the Chinese want.
In Brazil, Chinese banks and investment groups have committed $15 billion of a $20b China-Brazil Fund, launched in 2016 to finance infrastructure projects.
The Made in China 2025 initiative, which aims to make China’s copper industry more efficient, is expected to grow Chinese copper demand by an additional 232,000 tonnes by 2025. This isn’t counting the need for more copper for railways, electric vehicles, car motors and power transformers.
Posted by AGORACOM
at 9:13 AM on Monday, October 26th, 2020
American Creek’s JV Partner Tudor Gold Intersects 1,152 Meters of 0.741 gpt AuEq, Including 1.561 gpt AuEq over 121.5 Meters and 0.968 gpt AuEq over 414 Meters with Hole GS-20-75
Step-Out Hole GS-20-70 Extends the Goldstorm 300 Horizon and CS-600 Zone Another 150 Meters to the Northeast as Drilling Continues with Six Drills at Treaty Creek
Cardston, Alberta–(Newsfile Corp. – October 26, 2020) – American Creek Resources Ltd. (TSXV: AMK) (“the Corporation”) is pleased to present results for the fourth set of diamond drill holes at their flagship property, Treaty Creek, located in the heart of the Golden Triangle of Northwestern British Columbia. Diamond drilling continues with six drill rigs currently working on the Goldstorm Zone which is on-trend from Seabridge’s KSM Project, 5 km to the southwest. All nine of the recent drill holes have successfully intersected the Goldstorm System expanding the mineralization to the northeast and southeast, as well as to depth. The Goldstorm System 300 Horizon has now been traced for 1100 meters along the northeast axis and in addition, the CS-600 and DS-5 systems have been expanded to the northeast and to depth as well. All 26 drill holes completed at Goldstorm during the 2020 program have encountered significant precious metal mineralization.
Tudor Gold’s Vice President of Project Development, Ken Konkin, P.Geo., stated: “The goal is to drill-define the limits of the Goldstorm system mineralization. We are very pleased with the results obtained from the 2020 drill holes that have yet to define limits or boundaries to the mineralized target along the northeastern and the southeastern axes, and to depth as well as we keep encountering mineralization versus non-mineralized host rock. Drill hole results from GS-20-75 demonstrate that several aspects of the mineralized horizon appear to be gaining strength at depth with significant Au-Cu-Ag mineralization encountered in the CS-600 zone which averaged 0.968 gpt AuEq over 414 meters. Our technical team has to date received drill hole results from 26 diamond drill holes at Goldstorm and three holes from the PSZ Zone, totaling 24,343.6 meters. Samples from 12 drill holes are awaiting results from MSA Labs, totaling 12,443.7 meters, with six additional holes currently being drilled that are expected to total more than 6,500 meters. The information released to date represents just over half of the drill information we plan to collect for this year’s program at Goldstorm. We have also received good news from MSA Labs that they hope to get back to our scheduled 15-day turn-around-time for results. We are confident that our combined efforts will expediate the news flow for the near-future.”
Goldstorm Highlights include:
Nine diamond drill holes in this release totaled 10,234.2 meters, all hitting the intended targets with favorable results listed in the tables below.
Best intercept was from GS-20-75 on Section 114+00 NE that averaged 0.741 gpt AuEq over 1152.0 metres (112.0-1264.0 m) containing an enriched portion of 121.5 meters (232.0-353.5 m) that averaged 1.561 gpt AuEq.
GS-20-75 also had a remarkable 414.0 meter intercept (833.5-1247.5 m) of 0.968 gpt AuEq within the CS-600 Zone, which is the longest intercept for CS-600 drilled to date.
Tudor Gold has surpassed the previous longest mineralized intercept with GS-20-79 on section 112+00 NE, 150 meters southwest of GS-20-75. This hole intersected 1338 meters (81.5-1419.5m) of 0.595 gpt Au Eq with the upper portion of the 300 Horizon averaging 0.877 gpt AuEq over 484.5 meters (81.5-566.0 m).
A 150 meter extension of the 300, CS-600 and DS-5 Zones was confirmed by an aggressive step-out to the northeast with hole GS-20-70 on section 115+50 NE. The intercept averaged 0.500 gpt AuEq over 1218.0 meters and mineralization remains open to the northeast, northwest and southeast along Section 115+50 NE.
The DS-5 System appears to be gaining strength to the northeast; hole GS-20-64, the north-easternmost hole, returned the strongest result for DS-5, averaging 0.983 gpt AuEq over 550.55 meters with an enriched portion averaging 1.482 gpt AuEq over 154.5 meters (Press Release July 27, 2020).
The following three tables below provide the complete list of composited drill hole results as well as the drill hole data including hole location, elevation, depth, dip and azimuth.
All assay values are uncut and intervals reflect drilled intercept lengths.
HQ and NQ2 diameter core samples were sawn in half and typically sampled at standard 1.5m intervals.
The following metal prices were used to calculate the Au Eq metal content: Gold $1322/oz, Ag: $15.91/oz, Cu: $2.86/lb. Calculations used the formula Au Eq g/t = (Au g/t) + (Ag g/t x 0.012) + (Cu% x 1.4835). All metals are reported in USD and calculations do not consider metal recoveries. True widths have not been determined as the mineralized body remains open in all directions. Further drilling is required to determine the mineralized body orientation and true widths.
Table lll: Drill Data for Holes Completed, Pending Results and Currently Drilling
Attached are Sections 109+00 NE, 112+50 NE, 114+00 NE and 115+50 NE showing holes traces with gold and copper histogram results and a Plan Map showing the drill hole and section locations.
Walter Storm, President and CEO, stated: “For the fourth consecutive press release this year, we again are very pleased to announce a result that surpassed our finest result from the 2019 drill program. Last year, we had an excellent intercept from hole GS-19-47, which yielded 0.697 gpt Au Eq over 1081.5 meters (Section 114+00 NE)- and now we have yet another hole, GS-20-75 with a comparable result that was drilled along the same section but in the opposite direction from GS-19-47. Drill hole GS-20-75 averaged 0.741 gpt Au Eq over an impressive 1152.0 meters. With every hole our technical team completes, we are further defining the mineralized area. Clearly, however, much more drilling is required to locate the limits of the system due to the size and robust nature of the mineralization. Our commitment is to advance the project as far as possible this year and our team will push the winter elements to continue drilling as long as the conditions permit. We are proud of what we have achieved in these last two years of exploration. Given the amount of geological potential that the entire project possesses with the Goldstorm, Perfect Storm Z, Eureka and Orpiment Systems, we believe that similar results will continue to enhance the prospects for the Treaty Creek Project.”
Darren Blaney, CEO of American Creek commented: “The Goldstorm continues to impress. Yet another step out hole has hit significant gold mineralization and has extended the zone another 150m to the northeast. Even after all this 2020 drilling, we still don’t know the extent or bounds of the Goldstorm but clearly, it’s a truly massive gold zone. I congratulate Walter, Ken, and the whole Tudor team on the incredible effort and the associated incredible success as they continue to keep six drills turning at Treaty Creek. I also commend Sean and the More Core Drilling team for their commitment and Get it Done attitude and professionalism.”
Tudor Gold Corp and associated service companies have taken extreme measures to maintain the highest professional standards while working within COVID-19 health and safety protocols. Only essential personnel are permitted to enter the camp and staging areas. Of those who are at the project site and staging site, we have strict daily monitoring of the workers’ temperatures and general health conditions. We have a certified paramedic at the staging area to examine all in-coming and out-going Tudor personnel and all service providers.
The Treaty Creek Project is a Joint Venture with Tudor Gold owning 3/5th and acting as operator. American Creek and Teuton Resources each have a 1/5th interest in the project creating a 3:1 ownership relationship between Tudor Gold and American Creek. American Creek and Teuton are both fully carried until such time as a Production Notice is issued, at which time they are required to contribute their respective 20% share of development costs. Until such time, Tudor is required to fund all exploration and development costs while both American Creek and Teuton have “free rides”.
Treaty Creek Background
The Treaty Creek Project lies in the same hydrothermal system as Pretium’s Brucejack mine and Seabridge’s KSM deposits with far better logistics.
For a better understanding of the mineralized zones at the Goldstorm, please view this video (which shows the original 20,000m planned drill program opposed to the 40,000m+ drill program that has taken place).
American Creek is a Canadian junior mineral exploration company with a strong portfolio of gold and silver properties in British Columbia.
Three of those properties are located in the prolific “Golden Triangle”; the Treaty Creek JV with Tudor Gold/Walter Storm, the D-1 McBride, and the 100% owned past producing Dunwell Mine.
The Corporation also holds the Gold Hill, Austruck-Bonanza, Ample Goldmax, Silver Side, and Glitter King properties located in other prospective areas of the province.
See additional images of drill locations in this press release at www.americancreek.com.
For further information please contact Kelvin Burton at: Phone: 403 752-4040 or Email: [email protected]. Information relating to the Corporation is available on its website at www.americancreek.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Actual results could differ materially because of factors discussed in the Corporation’s management discussion and analysis filed with applicable Canadian securities regulators, which can be found under the Corporation’s profile on www.sedar.com. The Corporation does not assume any obligation to update any forward-looking statements.
Posted by AGORACOM
at 9:41 AM on Friday, October 23rd, 2020
The 4 Reasons Goldman Sachs Believes Candente Copper is a World Class Company
Candente Copper (TSX: DNT, BVL: DNT) owns 100% of a copper deposit in Peru and has big plans to become a miner. Candente owns a large, economic, copper ore body in Peru waiting to be mined.
Cañariaco Norte is a 100% owned feasibility-stage porphyry copper deposit.
Simply put, it is a mountainous rock body that holds 7.5 billion pounds of copper and has had multiple scientific studies propelling it along the way toward production. Strengthened by Goldman Sachs belief it is one of the top 80 copper deposits yet to be exploited and strategically guided by Australian Iron Ore giant Fortescue’s 19% inside ownership, Candente has the lowest quartile production costs that make it an intriguing project today and a must have for tomorrow.
Reasons Why Candente Copper is A Top Small Cap Copper Company
1. Goldman Sachs has Canariacao Norte listed as one of the top 80 projects waiting to be developed worldwide and is top 42 in South America. Mining projects take a long time to be developed due to the strict standards required to prove metal content in the ground, which Candente has proven it has tremendous amounts of.
A single, contiguous, open-pit mineable deposit of 7.5B pounds Measured and Indicated and can be mined for 22 years once in production speaks to the stability of the project
2. Supported Strategically by Fortesque’s 19.9% Ownership
Fortesque is recognized as a global leader in the mining industry. Fortesque holds 19% Candente and became involved to advance Canariaco further into development. Fortesque committed 1$Million in January 2020 with an eye toward production and is considered a strategic investor, which means they have a long-term timeline for joint exploitation of the asset.
Fortescue is one of the largest global iron ore producers, recognized for its culture, innovation and industry-leading development of world class infrastructure and mining assets in Western Australia. This is truly a partnership which seeks to equally progress Canariaco into development and Candente into production status. The accepted odds for a discovery to find its way into production is about 1 in 1000, and speaks to the sheer difficulty of the exercise.
Candente is close to the finish line and Fortesque is there for the final push.
3. Canariaco is in the lowest quartile of production costs
Once in production Canariaco is in the lowest quartile of production costs for projects waiting to be developed Operating costs of US$0.988 per pound of copper
Canariaco has 7.5Billion pounds of copper measured and indicated capable of generating annual production of 262,000,000lbs of copper, 39,000 oz gold & 911,000 oz silver over initial mine life of 22 yrs(@ 95,000 tpd). A long stable mine life is what attracts quality investors like Fortesque.
Canariaco is a stable, long term investment once it is producing because its output is consistent every year. The risk has been removed from the project.
4. Canariaco is the 1st of 3 projects all in the same area waiting to be discovered.
Candente has the opportunity to make further discoveries through Canariaco South and Quebrada Verde, both within a 5km trend that shares infrastructure. Management believes Canariaco Sur is a mineable deposit and will add tremendous support to shareholders in the future. Quebrada Verde demonstrates the same minerology and potential as both Norte and Sur which and requires future exploitation
Each of these projects will benefit greatly from Canariaco’s development as it will make development even cheaper than Canariaco Norte due to the infrastructure that will be in place, possible pushing Canariaco’s future overall costs even lower.
