Affinity Metals (AFF : TSXV) discusses rational for recently acquired Carscallen Extension property. The Carscallen Extension immediately adjoins the Melkior/Kirkland Lake Gold JV Carscallen Project located approximately 6 km west of Pan American Silver’s West Timmins Mine and approximately 25 KM West of Timmins.
Affinity announced the commencement of drilling on trend with the projected extension of the Shenkman-ZamZam gold system which has been the focus of the Melkior/Kirkland Lake Gold JV.
Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQX: “LONCF”; FSE: “LO51”) is pleased to announce a non-brokered private placement of up to 10,000,000 units of the Company (the “Units”) at a price of Cdn$0.50 per Unit for gross proceeds of up to Cdn$5,000,000 (the “Financing“). Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant“) of the Company, with each Warrant entitling the holder thereof to acquire one common share of the Company at an exercise price of Cdn$0.75 for a period of 12 months following the closing date of the Financing.
About Loncor Resources Inc.
Loncor is a Canadian gold exploration company focussed on the Ngayu Greenstone Belt in the northeast of the Democratic Republic of the Congo (the “DRC”). The Loncor team has over two decades of experience of operating in the DRC. Ngayu has numerous positive indicators based on the geology, artisanal activity, encouraging drill results and an existing gold resource base. The area is 220 kilometres southwest of the Kibali gold mine, which is operated by Barrick Gold (TSX: “ABX”; NYSE: “GOLD”). In 2019, Kibali produced record gold production of 814,000 ounces at “all-in sustaining costs” of US$693/oz. Barrick has highlighted the Ngayu Greenstone Belt as an area of particular exploration interest and is moving towards earning 65% of any discovery in approximately 2,000 km2 of Loncor ground in the Ngayu Greenstone Belt that they are exploring. As per the joint venture agreements entered into between Loncor and Barrick, Barrick manages and funds exploration on the said ground until the completion of a pre-feasibility study on any gold discovery meeting the investment criteria of Barrick. In a recent announcement Barrick highlighted six prospective drill targets and have commenced confirmation drilling in 2020. 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.
In addition to the Barrick joint ventures, certain parcels of land within the Ngayu Belt surrounding and including the Adumbi and Makapela deposits have been retained by Loncor and do not form part of any of the joint ventures with Barrick. Barrick has certain pre-emptive rights over the Makapela deposit. Adumbi and two neighbouring deposits hold an inferred mineral resource of 2.5 million ounces of gold (30.65 million tonnes grading 2.54 g/t Au), with 84.68% of this resource being attributable to Loncor via its 84.68% interest in the project. Loncor’s Makapela deposit (which is 100%-owned by Loncor) 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).
Resolute Mining Limited (ASX/LSE: “RSG”) owns 26% 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.
Highlights:
“If Tudor Gold lives up to the high expectations of market participants and has a powerful gold resource of 15-30 million ounces of gold on Treaty Creek, we believe that an unprecedented takeover battle for one of the most attractive gold projects in Canada will ensue”
These statements are taken from JS Research’s latest report (found below) on Treaty Creek and our JV partner Tudor Gold. The report highlights this year’s 45,600m program at Treaty Creek as we look forward to the initial resource calculation on the property.
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”.
American Creek has not independently confirmed the technical information in the JS Research report.
There is a lot we could say about American Creek Resources (AMK:TSXV) Treaty Creek Project but you might accuse of us of making it up, so we’ll let the words of 4 much smarter and wealthier people do all the talking:
Eric Sprott, Billionaire Investor and 2X Investor In American Creek Resources
“It certainly looks like they have 20 million ounces and they could easily get to 30 or 40 or 50 million ounces (of gold)” – July 24, 2020
Darren Blaney, President & CEO American Creek Resources
“Clearly, we have a massive, world-class gold system that still shows no signs of weakening to the northeast nor at depth.”
Walter Storm, CEO Tudor Gold (JV Partner) And Financier Of Osisko Gold Reaching $4.5 Billion Market Cap
“These results have proven that we have an excellent understanding of the structure, geology and mineralogy of this massive gold system.”
Ken Konkin , Tudor Gold Exploration Manager (Credited With Discovering Brucejack Mine Just South Of Treaty Creek)
“Given the success of the two deep drill holes GS19-47 and GS19-48, the Goldstorm System shows no signs of weakening to the northeast and several more drill holes will be needed to find the length and depth of this huge gold system.“
With a maiden resource estimate now expected over the next few months and the last set of drill results now announced, including 3.286 gpt AuEq over 82.5 Meters, Within 531.0 Meters of 0.999 gpt AuEq investors should grab their favourite beverage and watch this interview with American Creek Resources.
Cardston, Alberta–(Newsfile Corp. – January 7, 2021) – American Creek Resources Ltd. (TSXV: AMK) (“the Corporation”) is very pleased to present results for the last set of 2020 diamond drill holes for the Goldstorm Zone at their JV flagship property, Treaty Creek. The project is located within the heart of the Golden Triangle of Northwestern British Columbia which is on-trend from Seabridge’s KSM Project located five kilometers southwest of the Goldstorm Zone. Results from sampling of 9,621.7 meters of HQ and NQ2 core, from 11 diamond drill holes, have recently been received from MSA Labs. American Creek’s JV partner, Tudor Gold has completed 50 diamond drill holes at the Goldstorm System (GS) and three diamond drill holes at the Perfect Storm Zone (PSZ), for respective totals of approximately 44,000 meters (GS) and 1,600 meters (PSZ) during the 2020 exploration season. It was necessary to abandon two of the final drill holes as ground conditions prevented the safe completion of GS-20-99 and GS-20-101 late in the season, however, significant gold and silver mineralization was encountered in GS-20-99 (0.647 gpt AuEq over 109.5 meters) and this hole ended in strong stockwork within the DS5 System. Unfortunately drill hole GS-20-101 was abandoned before intersecting the area of the intended target and this hole will be re-drilled in 2021. From the remaining 51 drill holes, all but one were successful in intersecting the intended targets.
Tudor Gold’s Vice President of Project Development, Ken Konkin, P.Geo., stated: “We are very pleased with the results obtained from our 2020 exploration program and we anticipate the completion of an initial resource estimate over the next few months. We are also determined to continue the exploration efforts in 2021 to better define and potentially expand the Goldstorm and Perfect Storm Systems. It was not possible to attempt drilling at some of our high priority exploration targets due to the rapid accumulation of snow in late November and December that caused avalanche hazards, therefore, these sites remain as excellent drill targets. We have since received our explosives permit and have purchased an explosives magazine so our avalanche teams can now safely remove snow build-up for the up-coming exploration season. Our goal is to again have a late spring start-up so that we can effectively prepare the slopes to allow drilling in the northeast area of the Goldstorm System that was not completed in 2020. The Au-Ag-Cu mineralization remains open to the northeast and to the southeast, with the possible exception of section 114+00 NE, where the easternmost drill hole (GS-20-102) may have defined the southeast limit in that area.”
Goldstorm Highlights include:
Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQX: “LONCF”; FSE: “LO51”) is pleased to announce that the third core hole of a 7,000 metre drilling program at its Adumbi deposit has intersected significant gold intersections of 28.00 metres grading 3.26 g/t gold (including 4.90 metres grading 6.96 g/t Au and 3.53 metres grading 8.30 g/t Au) and 20.30 metres grading 2.83 g/t Au (including 6.55 metres grading 4.64 g/t Au and 2.30 metres grading 7.25 g/t Au) at its 84.68% owned Imbo Project in the eastern part of the Ngayu greenstone belt in the Democratic Republic of the Congo (see Figure 1 below).
Mineralized sections are summarised in the table below:
| Borehole Number | From (m) | To (m) | Intersected Width (m) | Grade (g/t) Au |
| LADD004 | 429.00 | 457.00 | 28.00 | 3.26 |
| LADD004 | Incl. 432.00 | 436.90 | 4.90 | 6.96 |
| LADD004 | Incl. 450.62 | 454.15 | 3.53 | 8.30 |
| LADD004 | 473.80 | 478.40 | 4.60 | 2.07 |
| LADD004 | 505.85 | 526.15 | 20.30 | 2.83 |
| LADD004 | Incl. 506.85 | 513.40 | 6.55 | 4.64 |
| LADD004 | Incl. 523.85 | 526.15 | 2.30 | 7.25 |
Borehole LADD004 had an inclination of minus 70 degrees and azimuth of 220 degrees at the start of hole and regular measurements of inclination and azimuth were taken at 30 metre intervals down the hole. All core was orientated and it is estimated that the true widths of the mineralised sections are 81% of the intersected width. All intercepted grades are uncut. LADD004 intersected the mineralized zone at a shallower depth than planned due to upward deflection of the borehole.
Commenting on these latest drilling results, Loncor President Peter Cowley said: “We are very encouraged by the results of the first three core holes of our 7,000 metre drilling program at Adumbi. All these boreholes have intersected significant widths and grades and should increase the current inferred mineral resource of 2.19 million ounces (28.97 million tonnes grading 2.35 g/t gold) at Adumbi, both within the current open pit and at depth below the pit (see Figure 2 below).
The gold mineralization at Adumbi is associated with a thick package (up to 130 metres) of interbedded banded ironstone and quartz carbonate and chlorite schist with higher grade sections being found in a strongly altered siliceous unit termed “Replaced Rock” (RP) where structural deformation and alteration has completely destroyed the primary host lithological fabric. Disseminated sulphide assemblages include pyrite, pyrrhotite and arsenopyrite which can attain up to 20% of the total rock in places.
The objective of the current drilling program at Adumbi is to outline additional mineral resources to the current inferred mineral resource of 2.5 million ounces of gold on Loncor’s 84.68%-owned Imbo Project which contains the Adumbi, Kitenge and Manzako deposits (inferred mineral resources of 30.65 million tonnes grading 2.54 g/t Au).
Quality Control and Quality Assurance
Drill cores for assaying were taken at a maximum of one-metre intervals and were cut with a diamond saw, with one-half of the core placed in sealed bags by Company geologists and sent to the Company’s on-site sample preparation facility. The core samples were then crushed down to 80% passing minus 2 mm and split with one half of the sample up to 1.5 kg pulverized down to 90% passing 75 microns. Approximately 150 grams of the pulverized sample was then sent to the SGS Laboratory in Mwanza, Tanzania (independent of the Company). Gold analyses were carried out on 50g aliquots by fire assay. In addition, check assays were also carried out by the screen fire assay method to verify high-grade sample assays obtained initially by fire assay. As part of the Company’s QA/QC procedures, internationally recognized standards, blanks and duplicates were inserted into the sample batches prior to submitting to SGS Laboratory.
Qualified Person
Peter N. Cowley, who is President of Loncor and a “qualified person” as such term is defined in National Instrument 43-101, has reviewed and approved the technical information in this press release.
Figures accompanying this announcement are available at
Technical Reports
Additional information with respect to the Company’s Imbo Project (which includes the Adumbi deposit) is contained in the technical report of Minecon Resources and Services Limited dated April 17, 2020 and entitled “Independent National Instrument 43-101 Technical Report on the Imbo Project, Ituri Province, Democratic Republic of the Congo”. A copy of the said report can be obtained from SEDAR at www.sedar.com and EDGAR at www.sec.gov.
Additional information with respect to the Company’s Makapela Project, and certain other properties of the Company in the Ngayu gold belt, is contained in the technical report of Venmyn Rand (Pty) Ltd dated May 29, 2012 and entitled “Updated National Instrument 43-101 Independent Technical Report on the Ngayu Gold Project, Orientale Province, Democratic Republic of the Congo”. A copy of the said report can be obtained from SEDAR at www.sedar.com and EDGAR at www.sec.gov.
About Loncor Resources Inc.
Loncor is a Canadian gold exploration company focussed on the Ngayu Greenstone Belt in the northeast of the Democratic Republic of the Congo (the “DRC”). The Loncor team has over two decades of experience of operating in the DRC. Ngayu has numerous positive indicators based on the geology, artisanal activity, encouraging drill results and an existing gold resource base. The area is 220 kilometres southwest of the Kibali gold mine, which is operated by Barrick Gold (TSX: “ABX”; NYSE: “GOLD”). In 2019, Kibali produced record gold production of 814,000 ounces at “all-in sustaining costs” of US$693/oz. Barrick has highlighted the Ngayu Greenstone Belt as an area of particular exploration interest and is moving towards earning 65% of any discovery in approximately 2,000 km2 of Loncor ground in the Ngayu Greenstone Belt that they are exploring. As per the joint venture agreements entered between Loncor and Barrick, Barrick manages and funds exploration on the said ground until the completion of a pre-feasibility study on any gold discovery meeting the investment criteria of Barrick. In a recent announcement Barrick highlighted six prospective drill targets and have commenced confirmation drilling in 2020. 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.
In addition to the Barrick joint ventures, certain parcels of land within the Ngayu Belt surrounding and including the Adumbi and Makapela deposits have been retained by Loncor and do not form part of any of the joint ventures with Barrick. Barrick has certain pre-emptive rights over the Makapela deposit. Adumbi and two neighbouring deposits hold an inferred mineral resource of 2.5 million ounces of gold (30.65 million tonnes grading 2.54 g/t Au), with 84.68% of this resource being attributable to Loncor via its 84.68% interest in the project. Loncor’s Makapela deposit (which is 100%-owned by Loncor) 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).
Resolute Mining Limited (ASX/LSE: “RSG”) owns 26% 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.
Additional information with respect to Loncor and its projects can be found on Loncor’s website at www.loncor.com.
VANCOUVER, BC , Dec. 18, 2020 – Tajiri Resources Corp. (the “Company”) (TSXV: TAJ) is excited to announce preliminary, yet outstanding results from a small, single line twelve hole, 25m spaced auger programme sampling the top 2 metres of saprolite at the Epeius Project. The program, tested the extrapolated strike extensions of known gold mineralisation currently undergoing resource definition drilling by Troy Resources Limited (ASX:TRY or ‘Troy’) at their Goldstar Prospect where initial drill and trench results reported to date demonstrate the potential for several sub parallel zones with highlights that include : RC drilling: 6m @ 10.0g/t from 66m ; 17m @ 2.2g/t from 3m ; 16m @ 1.0 g/t from 31m , 16m @ 1.7g/t from 59m Trenches horizontal at surface : 13m @ 3.3g/t; 8m @ 3.0g/t, 7m @ 2.9g/t; 10m @ 1.0g/t; & 11m @ 1.5g/t.
The auger results reported today indicate potential for a significant zone of gold mineralisation, within a small portion of the Epeius Project, over a potential 1,800 metres of strike length (see Figure 2 ). The zone of potential extends 1,150 metres from the Project’s southern boundary which is contiguous with the Goldstar Prospect, through the auger holes and onward for 650m to the Project’s northern boundary,where weaker but persistent soil gold anomalism has been encountered by Troy.
The zone of gold anomalism outlined by the auger holes is ~230m wide @ >40ppb and includes the following higher gold in saprolite values of: 4,034 (4.03g/t), 702, 251, 276 & 113 ppb Au. Auger Holes were drilled at depths between 4 to 7 metres and the last two metres where saprock textures were visible was sampled and assayed by 1kg, 24 hour cyanide leach with an accelerant. The values are therefore in-situ bedrock values and the width of the zone of gold anomalism which topographically lies at the uppermost of a ridge that has not been substantially effected by mechanical lateral dispersion – more typical of gold in soil anomalies.
Mineralisation in this part of the Epeius Project is hosted by early Proterozoic greenstones of the Barama Mazaruni Supergroup and is associated with a NNW trending zone of regional shearing (the Gem Creek Corridor), which extends for at least 20km strike and which for most its known strike approximately follows the contact of a geochemically distinct basalt which displays high magnesium and chrome contents. This basalt has been identified by Troy as the same unit which hosts the Smarts and Hicks deposits (15.5Mt @ 2.3g/t of NI43-101 compliant M+I+I resources reported pre-mining 9 th September 2014 ) nine kilometres to the south.
Significantly, of the 1,150 metres of strike potential between the Company’s line of auger holes and Troy’s resource drilling the projected mineralisation is completely covered by alluvium for 600m of strike and partially covered for 400m of strike. As such the company’s auger holes were located in the first area on strike from Troy’s Goldstar Prospect where a transect of the full width of the mineralised trend projecting from Goldstar could be tested. Furthermore, all creeks in near vicinity of the auger holes have been worked repeatedly and extensively by artisanal miners and the area where the potential mineralisation is completely covered for 550m of strike, immediately adjacent to Goldstar, is the upstream starting point for a prodigious area of artisanal alluvial mining varying between 200 and 800 metres width and extending downstream along the flats of the West Kaburi and Kaburi Rivers for 15,000 metres. As such the scale of alluvial workings suggest that the Goldstar Prospect and its indicated strike extensions through the Epeius Project is a bedrock gold source of considerable, but yet to be determined size.
When received, the Company considered the auger results worthy of immediate follow-up and consequently an excavator commenced trenching at Epeius, December 3 rd 2020, along the line of auger holes and south over a strike of ~400m along strike, across projected areas of mineralisation where not covered by alluvium. To date approximately 600 linear metres has been excavated in seven trenches to a depth of ~ 4m to in situ saprolite exhibiting bedrock and mappable textures.
First assay results from the trench programme are expected within two weeks but examination of the trenches confirms several potentially mineralised zones similar to gold mineralisation described by Troy resources at Goldstar. These include possible gold mineralisation at the contacts between the high MgO basalt with small felsic intrusive bodies of (2- 15m width) and with small dolerite bodies of (4- 12m width) within the High MgO basalt. Potential gold mineralisation appears as both stock works and shallow dipping vein sets within the felsic intrusive bodies and dolerites and as highly oxidised, iron oxide rich “black coated” often boudinage quartz veins within highly strained MgO basalt. In particular, the peak 4.0g/t value from auger drilling corresponds with a 4- 12m wide dolerite which exhibits a well-developed stockwork of 1-30cm wide quartz-carbonate veins and the next highest value of 0.7g/t was located within a fine grained felsic intrusive of approximately 8m width which exhibited well developed NW striking, flat to 20 dipping quartz veins and minor stockwork veining and veinlets. (see plates 1, 2 & 3)
Background
The Epeius Project, comprised of 9,300 hectares of tenements granted for gold and precious metals is contiguous with the Company’s wholly owned Kaburi Project of 2,600 Ha. The combined projects are located in Guyana South America , 165km southwest of the country’s capital Georgetown and between 3.5 and 25 kilometres from the 1 Mtpa Karouni Mine Mill of Troy resources. 35 km to the ESE lies the Omai gold mine which produced 3.7Moz @ 1.3g/t. Results subject of today’s announcement are located 9 km north of the Karouni Mine Mill.
The Acquisition of the Epeius Project by execution of a binding LOI was announced 24 th June, 2020 and is pending share approval at the Company’s next AGM scheduled for 2 nd February, 2020. Sampling reported today has been undertaken as part of the company’s Due diligence on the Epeius Project.
The Chairman’s Comments
Executive Chairman, Dominic O’Sullivan observed: “Having worked extensively in and around the Kaburi and Epeius Projects over the past 14 years and having led the team which in part discovered and defined the two principal deposits of the Karouni Mine, I can say the results reported today present one of the better zones of saprolite gold anomalism in the district comparable to those that were returned by early saprolite auger drilling at the Smarts Deposit.
We took a big jump along strike from recently discovered mineralisation at Troy’s Goldstar Prospect and results have come up quite nicely for us right where the potential strike extensions of the Goldstar Prospect were projected to be. It doesn’t cost much to hand drill and assay 12 auger holes but Bang there you go a potential 1.2km mineralised zone demonstrated for a few thousand US dollars.
The trenching program in progress should also prove a low-cost way to further our understanding of mineralisation prior to drilling, of which a substantial portion will be through shallow alluvial cover.
We of course await the assay results of our trenches before we can say with confidence we have a truly significant gold mineralised zone, but I take early encouragement not only from the auger results but from a recent announcement by Troy that they are undertaking a 15 x 10 metre resource definition drilling program at Goldstar over a 500m strike from our boundary southwards ( 7 th December, 2020) and have already commenced construction of a haul road between Goldstar and the Karouni Mill.”
Qualified Person
The Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects for this news release is Dominic O’Sullivan a geologist, member of the AusIMM, Executive Chairman of Tajiri and who has reviewed and approved its contents.
On Behalf of the Board,
Tajiri Resources Corp.
Graham Keevil ,
President & CEO
About Tajiri
Tajiri Resources Corp. is a junior gold exploration and development Company with exploration assets located in two of the worlds least explored and highly prospective greenstone belts of Burkina Faso , West Africa and Guyana , South America . Lead by a team of industry professionals with a combined 100 plus years experience the Company continues to generate shareholder value through exploration.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.
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.
SOURCE Tajiri Resources Corp.