Posted by AGORACOM
at 12:13 PM on Tuesday, January 26th, 2021
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.
Posted by AGORACOM
at 7:57 AM on Friday, January 22nd, 2021
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.
“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.
Posted by AGORACOM
at 10:45 AM on Wednesday, January 13th, 2021
Drilling is underway on its wholly owned East Barry property at Windfall Lake, Québec.
Durango Resources Inc.(TSXV:DGO) (Frankfurt-86A1) (OTC:ATOXF), (the “Company” or “Durango”) is pleased to announce that further to the news release of January 8, 2021, drilling is underway on its wholly owned East Barry property at Windfall Lake, Québec.
The purpose of the East Barry Property drilling is to test high priority exploration targets coincident with elevated till anomalies of up to 2.19 g/t gold and pristine gold grains in till trend. The drilling commenced on schedule on the East Barry Property and has reached approximately 300m depth on the first hole so far.
Marcy Kiesman, CEO of Durango, stated, “The drill team from Faubert & Fils Inc. are off to a great start on the East Barry Property and are drilling faster than scheduled. We are excited to finally be testing the large target anomaly on the East Barry Property and searching for the source of the gold grains in till to create value for Durango’s shareholders.”
Posted by AGORACOM-JC
at 8:27 PM on Sunday, January 10th, 2021
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.“
Posted by AGORACOM
at 9:59 AM on Friday, January 8th, 2021
Durango has received drill permits for the East Barry claim block to test high priority targets
Drilling is scheduled to begin on January 11th with two exploration holes on the East Barry Property budgeted for depths of approximately 750m each.
Durango Resources Inc.(TSXV-DGO) (Frankfurt-86A1) (OTC:ATOXF), (the “Company” or “Durango”) is pleased to announce that further to the news release of December 18, 2020, the drill and team from Faubert & Fils Inc. has arrived on site on its wholly owned East Barry property at Windfall Lake, Québec.
East Barry Property
Further to the news release of November 19, 2020, Durango has received drill permits for the East Barry claim block to test high priority targets coincident with high till anomalies of up to 2.19 g/t gold and pristine gold grains in till trend. Now that weather conditions are favourable for access, a winter road has recently been built and a drill is on site at the East Barry Property. The drilling is scheduled to begin on January 11th with two exploration holes on the East Barry Property budgeted for depths of approximately 750m each.
Trove Property
To date, 2,100m has been drilled over nine holes on the Trove Property at an average depth of 233m. Drilling on the Trove Property stopped before Christmas and Durango’s exploration crew has not been back to Windfall Lake yet in 2021 due to the Québec government Covid-19 restrictions. The Association de l’exploration Miniere du Québec (“AEMQ”) announced on January 6, 2021 that the government has made the decision to maintain mining activities, allowing exploration to continue in Québec.
Posted by AGORACOM
at 8:23 AM on Thursday, January 7th, 2021
Best near-surface intercept was from the 300 Horizon in GS-20-91 on Section 112+50 NE that averaged 0.856 gpt AuEq over 1033.5 meters containing an enriched portion of 532.5 meters (60.0-592.5 m) that averaged 1.112 gpt AuEq.
GS-20-92 also had a remarkable 82.5 meter intercept (213.0-295.5 m) of 3.286 gpt AuEq within the 300 Horizon, which is the highest grade gold composite interval drilled to date on the project. This lies within a longer intercept of 531.0 meters (90.0-621.0 m) averaging 0.999 gpt AuEq.
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:
Eleven diamond drill holes in this news release totaling 9,621.7 meters; the favorable composite results are listed in Table 1 below.
Best near-surface intercept was from the 300 Horizon in GS-20-91 on Section 112+50 NE that averaged 0.856 gpt AuEq over 1033.5 meters (60.0-1093.5 m) containing an enriched portion of 532.5 meters (60.0-592.5 m) that averaged 1.112 gpt AuEq.
GS-20-92 also had a remarkable 82.5 meter intercept (213.0-295.5 m) of 3.286 gpt AuEq within the 300 Horizon, which is the highest grade gold composite interval drilled to date on the project. This lies within a longer intercept of 531.0 meters (90.0-621.0 m) averaging 0.999 gpt AuEq.
An aggressive 150 meter step-out drill hole (GS-20-99) extended the DS-5 Zone further to southeast on section 115+50 NE. The intercept averaged 0.647 gpt AuEq over 109.5 meters (855.5-965.0 m). The hole was lost at 965.0 meters in strong stockwork and DS5-type mineralization. The system remains open to the northeast and southeast along Section 115+50 NE.
Posted by AGORACOM
at 11:14 AM on Tuesday, January 5th, 2021
Drill results include 28.00 metres grading 3.26 g/t and 20.30 metres at 2.83 g/t Au
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.
