Posted by AGORACOM
at 10:10 AM on Thursday, October 8th, 2020
Vancouver, BC – TheNewswire – October 8, 2020 – Durango Resources Inc. (TSXV:DGO) (Frankfurt-86A1) (OTC:ATOXF), (the ” Company ” or ” Durango “) is pleased to report that further to its news release dated September 11, 2020, mechanical trenching has identified additional areas of interest on its Trove Property at Windfall Lake, Quebec
Figure 1 – Mineralized contact volcanic-sediment with carbonate alteration
The new outcrops are located within 100 metres from the first series of planned drill holes on the Trove Property which are designed to test continuity of mineralized trend between two drill intersections of Osisko Mining Inc. (TSX-OSK) ( OSK-UB-18-083 intersected 1.03 g/t Au and 5.13 g/t Au, OSK-UB-18-085 intersected 1.85 g/t Au) as well as near surface geophysical targets with coincident till with gold grains and gold anomalies in the rock samples. The new outcrop is in proximity of the northeast shear zone and is a contact zone of the volcanics and sediments. Mineralization was observed in a felsic dike with pyrite in quartz veining and carbonate alteration on the newly stripped outcrops.
Durango’s technical team recently discovered a northeast trending shear zone on the Trove Property as announced on September 11, 2020. In the Windfall Lake deposit area, the volcanic rocks are intruded by a series of felsic dikes near contacts between volcanic and sediments which host quartz veins with pyrite. The team has also confirmed an important regional deformation northeast shear with carbonate alteration in the wall rock zones that delineate the structural domains.
Mineralized 3-5% fine disseminated pyrite felsic dyke in volcanic near contact with sediment
Additional mineralization was also seen in the nearby sediments represented by pyrite, pyrrhotite and molybdenite in alteration zone (silica, biotite, chlorite and carbonate) including to quartz-carbonate veins.
Channel samples were taken from this new area of interest and have been sent for assay to the SGS Canada lab in Val d’Or, Quebec.
Marcy Kiesman, CEO of Durango, stated, “I would like to thank Durango’s exploration crew for such a great job on Phase I of our fall exploration program at Windfall Lake. The results in the mechanical trenching this month have been eye opening with the discovery of a sizable northeast shear zone, multiple locations with quartz veining and pyrite at surface and important geological indicators near the initial drill targets. The results to date highlight both the quality of our team to quickly perform grass roots work and the potential of our Trove Property at Windfall Lake. We look forward to the analysis of the field data in hopes to continue exploration and drilling into the winter months.”
The technical contents of this press release were approved by George Yordanov, professional geologist, an Independent Qualified Person as defined by National Instrument 43-101. The Trove Property has not yet been subject to an NI-43-101 report.
Trove, Quebec
Durango owns 100% interest in the Trove claims, which are surrounded by Osisko Mining Inc. (TSX-OSK), in the Windfall Lake area between Val d’Or and Chibougamau, Quebec. The 1,185 hectare property is compelling due to the coincidence of gold found in tills coinciding with magnetic highs, several Induced Polarization anomalies and two faults crosscutting the property. The fault systems north and south of the Trove, control gold mineralization elsewhere, indicating the Trove has excellent exploration potential. Durango received all the final drill permits for the Trove property in September 2019 and is undertaking its inaugural drill program.
About Durango
Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company is positioned for discovery with a 100% interest in a strategically located group of properties in the Windfall Lake gold camp in the Abitibi region of Quebec , Canada.
For further information on Durango, please refer to its SEDAR profile at www.sedar.com .
Posted by AGORACOM
at 8:36 AM on Thursday, October 8th, 2020
The Kingsway project is located within the highly prospective Gander Gold Belt
Along strike to the northeast of Newfound Gold Corp’s gold discovery
CSAMT survey consists of 20 line kilometres tarfeting an area of gold anomalies.
TORONTO, Oct. 08, 2020 (GLOBE NEWSWIRE) Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce that a CSAMT geophysical survey is currently underway at its 77km2 Kingsway Project near Gander Newfoundland. The Kingsway project is located within the highly prospective Gander Gold Belt along strike to the northeast of Newfound Gold Corp’s gold discovery announced earlier this year.
Controlled Source Audio Magnetotellurics (CSAMT) is an electrical geophysical technique that measures resistivity in the subsurface down to depths in excess of 500 metres. The resistivity profiles can be used to target silicification associated with gold mineralization as well as deep structures such as the Appleton Fault Zone.
The CSAMT survey is being undertaken by Clearview Geophysics and consists of 20 line kilometres covering an area of complex structure and significant gold anomalies. The structure is dominated by the Appleton Fault Zone and associated splays and cross faults outlined by a recently completed structural assessment of the district. Geochemical anomalies from previous work covering the survey area include gold values from below detection (0.5ppb) to 800ppb (0.8g/t) in soil, 111ppb to 1,073 ppb (1.1g/t) in till and 7 to 60 gold grains recovered from the till samples.
“We are excited to get the CSAMT survey underway as it will aid us in effectively targeting potential gold mineralization at depth along the Appleton Fault Zone and associated structures,” said Roger Moss, President and CEO of the Company. “It will complement the property wide soil sampling and VLF-EM surveys that are expected to produce anomalies for further follow up by the upcoming initial drilling program.“
The Kingsway gold project covers 77 square kilometres of highly prospective ground in the Gander gold district of Newfoundland in Eastern Canada. The project is located immediately adjacent to New Found Gold’s Queensway project and just 4.5 kilometres along strike to the northeast of their recent discovery of 92.86 g/t gold over 19 metres. (Note that mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property). Most importantly, a recent structural interpretation of the district indicates the project covers approximately 22 kilometres of strike length of crustal scale faults, including the Dog Bay Line and Appleton Fault zone. The Appleton Fault Zone is known to be closely associated with many of the gold occurrences on New Found Gold’s Queensway project. As such, LabGold is the only other company in the district with ground covering this major crustal structure with a demonstrated association with gold mineralization. Prior gold exploration in the area covered by the Kingsway project has shown significant gold anomalies along the Appleton fault zone suggesting it remains a fertile structure for associated gold.
LabGold also announces the granting of 450,000 options to an officer and a consultant of the Company. The options are exercisable at a price of $0.45 for five years.
Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.
The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.
About Labrador Gold Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
In early March 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The property is along strike to the northeast of New Found Gold’s discovery of 92.86 g/t Au over 19.0 metres on their Queensway property. (Note that mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property). In early July 2020, the Company signed an option agreement to acquire a third license to add to the property package which now covers approximately 77 km2. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water.
The Hopedale gold property covers much of the Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Initial work by Labrador Gold has identified a 3 kilometre mineralized section of the northern portion of the belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold.
The Ashuanipi gold project is located just 35 km from the historical iron ore mining community of Schefferville, which is linked by rail to the port of Sept Iles, Quebec in the south. The claim blocks cover large lake sediment gold anomalies that, with the exception of local prospecting, have not seen a systematic modern day exploration program. Results of the exploration to date show gold anomalies in soils and lake sediments over a 15 kilometre long by 2 to 6 kilometre wide north-south trend and over a 14 kilometre long by 2 to 4 kilometre wide east-west trend.
The Company has 93,294,175 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
Posted by AGORACOM
at 11:53 AM on Wednesday, October 7th, 2020
Osisko Mining Inc. announced results from the continuing drill program at its 100-per-cent-owned Windfall gold project located in the Abitibi greenstone belt in Urban township, Eeyou Istchee James Bay, Quebec, where step out drilling has expanded high grade gold at Windfall, with 2.4m of 391g/t gold Windfall.
What a great intercept, proof that there is gold at Windfall, and Durango is aiming to prove its own deposits with initial drilling having begun on their 100% owned property.
Durango’s Trove property borders Osisko and is 100% owned
Collars of several holes that have intersected gold are 15km from Osiskos results
Durango has already begun drilling Trove, where Osisko has previously returned 5g/t gold 300 meters from the Trove border with Osisko
Do your DD and read below why Durango might be the next High Grade gold intercept at Windfall Lake
Durango Begins Drilling on Trove Property at Windfall Lake, QC
Vancouver, BC – October 6, 2020 – Durango Resources Inc. (TSXV:DGO) (Frankfurt-86A1) (OTC:ATOXF), (the ” Company ” or ” Durango “) is pleased to report that further to its news release dated September 17, 2020, drilling is now underway on the Trove Property at Windfall Lake, Quebec.
Due to the limited outcrops in the area, Durango has relied to date on surface geochemistry and induced polarization (” IP “) for planning its 2020 drill program. New mechanical stripping on the northeast extremity of the Trove Property has strongly contributed to confirm and more accurately define carbonate-altered pyrite mineralized zones.
Durango has designed the 2020 drill program to test the lithological contacts between the units associated structures and shear zones. The initial drill holes on the Trove Property are planned to confirm a mineralized trend between two drill intersections ( OSK-UB-18-083 intersected 1.03 g/t Au and 5.13 g/t Au, OSK-UB-18-085 intersected 1.85 g/t Au) and to test near surface geophysical targets based on chargeability highs of the IP anomalies conducted in 2019 and coincident with gold in till.
Marcy Kiesman, CEO of Durango, stated, “Durango’s exploration team and drilling crew are excited that drilling has commenced after months of preparation. Surface results to date on the Trove Property have been very promising with the discovery of a sizable northeast shear zone, contact, alteration and quartz veining at surface near the initial drill targets. Within the Trove Property limits, there are no recorded drill holes, so our team is looking forward to drill testing the geophysical anomalies, shear zones and vein structures on the Trove Property.”
The technical contents of this press release were approved by George Yordanov, professional geologist, an Independent Qualified Person as defined by National Instrument 43-101. The Trove Property has not yet been subject to an NI-43-101 report.
Trove, Quebec
Durango owns 100% interest in the Trove claims, which are surrounded by Osisko Mining Inc. (TSX: OSK), in the Windfall Lake area between Val d’Or and Chibougamau, Quebec. The 1,185 hectare property is compelling due to the coincidence of gold found in tills coinciding with magnetic highs, several Induced Polarization anomalies and two faults crosscutting the property. The fault systems north and south of the Trove, control gold mineralization elsewhere, indicating the Trove has excellent exploration potential. Durango received all the final drill permits for the Trove property in September 2019 and is ready to undertake its inaugural drill program.
About Durango
Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company is positioned for discovery with a 100% interest in a strategically located group of properties in the Windfall Lake gold camp in the Abitibi region of Quebec , Canada.
Posted by AGORACOM
at 9:02 AM on Tuesday, October 6th, 2020
Vancouver, BC – TheNewswire – October 6, 2020 – Durango Resources Inc. (TSXV:DGO) (Frankfurt-86A1) (OTC:ATOXF), (the ” Company ” or ” Durango “) is pleased to report that further to its news release dated September 17, 2020, drilling is now underway on the Trove Property at Windfall Lake, Quebec.
Due to the limited outcrops in the area, Durango has relied to date on surface geochemistry and induced polarization (” IP “) for planning its 2020 drill program. New mechanical stripping on the northeast extremity of the Trove Property has strongly contributed to confirm and more accurately define carbonate-altered pyrite mineralized zones.
Durango has designed the 2020 drill program to test the lithological contacts between the units associated structures and shear zones. The initial drill holes on the Trove Property are planned to confirm a mineralized trend between two drill intersections ( OSK-UB-18-083 intersected 1.03 g/t Au and 5.13 g/t Au, OSK-UB-18-085 intersected 1.85 g/t Au) and to test near surface geophysical targets based on chargeability highs of the IP anomalies conducted in 2019 and coincident with gold in till.
Marcy Kiesman, CEO of Durango, stated, “Durango’s exploration team and drilling crew are excited that drilling has commenced after months of preparation. Surface results to date on the Trove Property have been very promising with the discovery of a sizable northeast shear zone, contact, alteration and quartz veining at surface near the initial drill targets. Within the Trove Property limits, there are no recorded drill holes, so our team is looking forward to drill testing the geophysical anomalies, shear zones and vein structures on the Trove Property.”
The technical contents of this press release were approved by George Yordanov, professional geologist, an Independent Qualified Person as defined by National Instrument 43-101. The Trove Property has not yet been subject to an NI-43-101 report.
Trove, Quebec
Durango owns 100% interest in the Trove claims, which are surrounded by Osisko Mining Inc. (TSX: OSK), in the Windfall Lake area between Val d’Or and Chibougamau, Quebec. The 1,185 hectare property is compelling due to the coincidence of gold found in tills coinciding with magnetic highs, several Induced Polarization anomalies and two faults crosscutting the property. The fault systems north and south of the Trove, control gold mineralization elsewhere, indicating the Trove has excellent exploration potential. Durango received all the final drill permits for the Trove property in September 2019 and is ready to undertake its inaugural drill program.
About Durango
Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company is positioned for discovery with a 100% interest in a strategically located group of properties in the Windfall Lake gold camp in the Abitibi region of Quebec , Canada.
For further information on Durango, please refer to its SEDAR profile at www.sedar.com .
Posted by AGORACOM
at 11:29 AM on Monday, October 5th, 2020
Gold concentration up to 2,203ppb (2.2g/t Au) with 50 samples greater than 100ppb (0.1g/t Au)
Four areas of significant gold in soil anomalies with values up to 898ppb Au adjacent to Appleton Fault Zone
Anomalies cover a total strike length of 2.1km and are coincident with a shear zone outlined over 2.5km
TORONTO, Oct. 05, 2020 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce initial results of the soil sampling survey at its 77km2 Kingsway Project near Gander, Newfoundland. The Kingsway project is located within the highly prospective Gander Gold Belt along strike to the northeast of New Found Gold Corp’s gold discovery announced earlier this year. Soil sampling has now been completed with 7,740 soil samples collected over 16 grids. Results for 3,125 samples covering three grids on the Kingsway South license are reported here.
Gold values in the soils range from below detection (<0.5ppb) to 2,203ppb with 50 samples assaying greater than 100ppb. The gold in soil anomalies tend to be associated with interpreted structures, including the Appleton Fault zone, Dog Bay line and splays or cross faults to these major crustal structures.
Four northeast – southwest trending anomalies with gold values up to 898ppb and 11 samples with more than 100ppb occur adjacent to the Appleton fault zone over a combined distance of 2.1km. These anomalies are coincident with a shear zone in slate that appears to extend over approximately 2.5km based on field observations to date. The slate is carbonate altered in places and contains abundant quartz veining with local sericite alteration. Extensive sampling is currently underway along the shear zone.
Several other significant gold in soil anomalies occur on the three grids including a 532m northeast trending anomaly adjacent to the Dog Bay line with gold values from 24ppb up to 339ppb. The highest gold value of 2,203 ppb occurs within a 390m east-west trending anomaly that also includes samples with 142, 241 and 311ppb Au. This anomaly is close to the Cracker gold showing where historical grab samples resulted in assays from 1.8g/t to 61.73g/t Au (see news release dated July 6, 2020 for details).
“The initial results of the soil sampling survey have confirmed and expanded on the results of historical work. We are pleased to see the gold in soil anomalies trending along the Appleton Fault Zone and associated structures that are key to the localization of gold in the district,” said Roger Moss, President and CEO of the Company. “Follow up of the soil anomalies has already resulted in the discovery of a shear zone with significant quartz veining adjacent to the Appleton Fault Zone. We are just getting started at Kingsway and anticipate a lot more significant results to come.“
The Kingsway gold project covers 77 square kilometres of highly prospective ground in the Gander gold district of Newfoundland in Eastern Canada. The project is located immediately adjacent to New Found Gold’s Queensway project and just 2.5 kilometres along strike to the northeast of their recent discovery of 41.2 g/t gold over 4.75 metres at the Lotto Zone (Note that mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property). Most importantly, a recent structural interpretation of the district indicates the project covers approximately 22 kilometres of strike length of crustal scale faults, including the Dog Bay Line and Appleton Fault zone. The Appleton Fault Zone is known to be closely associated with many of the gold occurrences on New Found Gold’s Queensway project. As such, LabGold is the only other company in the district with ground covering this major crustal structure with a demonstrated association with gold mineralization. Our recent soil sampling, as well as prior exploration in the area covered by the Kingsway project, has shown significant gold anomalies along the Appleton fault zone suggesting it remains a fertile structure for associated gold.
Samples were shipped to Eastern Analytical Laboratory in Springdale, Newfoundland, for sample preparation, with analyses completed at the Vancouver laboratory of Bureau Veritas. Samples were analyzed for gold and another 36 elements by ICP-MS (inductively coupled plasma-mass spectrometry) following an aqua regia digestion. The company submitted blanks, field duplicates and certified reference standards with batches of samples to monitor the quality of the analyses.
Roger Moss, PhD., P.Geo., is the qualified person responsible for all technical information in this release.
The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.
About Labrador Gold Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
In early March 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The property is along strike to the northeast of New Found Gold’s discovery of 92.86 g/t Au over 19.0 metres on their Queensway property. (Note that mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property). In early July 2020, the Company signed an option agreement to acquire a third license to add to the property package which now covers approximately 77 km2. The three licenses comprising the Kingsway project cover approximately 22km of the Appleton and Dog Bay Line faults which is associated with gold occurrences in the region, including the New Found Gold discovery. Historical work over the area covered by the Kingsway licenses shows evidence of gold in till, vegetation, soil, stream sediments, lake sediments and float. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water.
The Hopedale property covers much of the Hunt River and Florence Lake greenstone belts that stretch over 80 km. The belts are typical of greenstone belts around the world but have been underexplored by comparison. Initial work by Labrador Gold during 2017 show gold anomalies in soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 kilometres along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 57km strike length of the Florence Lake Greenstone Belt.
The Ashuanipi gold project is located just 35 km from the historical iron ore mining community of Schefferville, which is linked by rail to the port of Sept Iles, Quebec in the south. The claim blocks cover large lake sediment gold anomalies that, with the exception of local prospecting, have not seen a systematic modern day exploration program. Results of the 2017 reconnaissance exploration program following up the lake sediment anomalies show gold anomalies in soils and lake sediments over a 15 kilometre long by 2 to 6 kilometre wide north-south trend and over a 14 kilometre long by 2 to 4 kilometre wide east-west trend. The anomalies appear to be broadly associated with magnetic highs and do not show any correlation with specific rock types on a regional scale (see news release dated January 18th 2018). This suggests a possible structural control on the localization of the gold anomalies.
The Company has 93,294,175 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
For more information please contact:
Roger Moss, President and CEO Tel: 416-704-8291 Or visit our website at: www.labradorgold.com
Posted by AGORACOM
at 9:00 AM on Monday, October 5th, 2020
Vancouver, British Columbia–(Newsfile Corp. – October 5, 2020) – Affinity Metals Corp. (TSXV: AFF) (FSE: 34IA) (“the Corporation”) (“Affinity”) is very pleased to report that it has entered into an option agreement to earn up to a 100% interest in the Carscallen Extension property located immediately adjacent to the Melkior Resources- Kirkland Lake Gold Carscallen Project approximately 25 km west of Timmins, Ontario, Canada. Affinity’s Carscallen Extension property consists of 47 claim units covering approximately 940 hectares.
Melkior’s Carscallen property has gained considerable attention in recent months since Kirkland Lake Gold (“KL”) first entered into negotiations to join with Melkior in advancing the property. On September 30th, 2020, Melkior closed a strategic partnership with KL in an option deal worth up to $110 million. The confidence of a major producer like KL entering into an agreement of this size is very promising and shows the potential of this newly discovered gold system.
The Carscallen hosts high-grade gold and has strong indications of a base metal volcanogenic massive sulphide (VMS) system. In a news release dated June 26th, 2020, Melkior reported that to date, they have delineated a potential 800m striking gold system running NW-SE through the Zam Zam and Shenkman Gold Zones that is also open in both directions. The Affinity Carscallen Extension property borders Melkior’s property to the north and is located on trend approximately 1000m NW of the presently defined gold system with similar underlying geology.
Melkior’s Carscallen property and Affinity’s Carscallen Extension property are located on the western end of the Abitibi Greenstone Belt, in the geopolitically stable and resource friendly province of Ontario. Along with the Frasier Institute deeming it the 4th most attractive mining jurisdiction in the world, the Abitibi Greenstone Belt is home to dozens of world class deposits, and has reportedly produced in excess of 170 million ounces of gold, 400 million ounces of silver, 15 billion tons of copper, and 35 billion tons of zinc.
Affinity previously entered into an option agreement for the West Timmins property with the same arm’s length party that also holds the Carscallen Extension property. The West Timmins property was recently drilled by Affinity. An existing single shallow drill hole was extended to 525m in depth in an effort to accomplish two objectives: 1) to test the validity and accuracy of the Stargate Acoustic EM technology to delineate geological contacts, more specifically to define the extent of granite caps which commonly mask the underlying geology within the west Timmins region, and 2) to test the geology immediately beyond the granite cap.
The technology was able to predict the contact where the granitic cap terminated in the hole. This ability to potentially map granitic intrusions and caps at depth, where other geophysical techniques have failed, has far reaching positive implications and potentially opens up many possibilities for increasing exploration success in granitic environments within the Timmins camp and elsewhere.
The geological environment to the 525m depth drilled did not produce any significant precious metal values in the core samples that were assayed.
Given the recent Melkior-KL partnership, and after considerable examination of the regional data specific to the immediate vicinity around Melkior’s Carscallen Project, it was determined that Affinity’s immediate focus and priority should shift away from the Timmins West property to the south and instead to secure the northern Carscallen Extension project and pursue a more aggressive exploration program on this property located on trend to the north and much closer to Melkior’s recent work that attracted KL to the Carscallen property.
The relationship that Affinity has developed with the owners holding both the Timmins West and Carscallen Extension properties allowed us the flexibility to have optionality between priorities and projects. The Timmins West property option has now been terminated with no cash or share payments having been made, and the Carscallen Extension project has effectively replaced the previous agreement. Affinity has the opportunity to enter into a new option agreement and return to the Timmins West property at the discretion of the optionor but Affinity may not hold both the Timmins West and Carscallen Extension properties concurrently. Affinity’s present and immediate focus is now to advance the Carscallen Extension property.
Rob Edwards, Affinity CEO & President stated: “As the Carscallen Extension property immediately adjoins the Melkior-Kirkland Lake Carscallen project to the north, and also clearly appears to be on trend with the gold system that Melkior has defined to date and believes to be open for expansion, we believe the Carscallen Extension to be the most prospective property within the immediate region associated with this exciting partnership project. We very much appreciate the flexibility afforded us by the holders of the Timmins West and Carscallen Extension properties and for their confidence in Affinity in allowing us to secure the Carscallen Extension property and to shift focus and capitalize on the recent Kirkland Lake developments and associated potential.”
The terms of the Carscallen Extension option agreement are as follows:
Granting of 70% option:
In order for Affinity to earn a 70% interest in the property, within 6 months of Exchange approval of the option agreement:
1) Affinity shall pay $1,539.63 in outstanding assay fees and shall receive assays for the bottom section of a previously drilled hole. 2) Pay the optionor $30,000 in cash. 3) Complete a minimum of 1,300 meters of drilling. 4) Grant to the optionor a 1% NSR along with an initial $25,000 advance royalty payment.
Granting of additional 10% (80% option):
In order for Affinity to earn an 80% interest in the property:
1) Within 30 days of receipt of assays from the 1,300m drilling above, issue 400,000 shares of Affinity to the optionor. 2) Complete an additional 6,000 meters of drilling on the property within 4 months of completing the 70% option.
Granting of additional 10% (90% option):
In order for Affinity to earn a 90% interest in the property:
1) Upon completing the 80% earn in and electing to proceed with the 90% earn in, issue 500,000 Affinity warrants to the optionor. 2) Complete an additional 4,000 meters of drilling on the property within 15 months of Exchange approval of the option agreement.
Granting of additional 10% (100% option):
In order for Affinity to earn a 100% interest in the property:
1) Pay $5,000,000 to the optionor.
Affinity shall pay advance royalty payments of $25,000 every 6 months to an aggregate total of $250,000 to maintain the property in good standing.
Affinity will also deliver a Preliminary Economic Assessment within 5 years of executing the option agreement or the property will revert back to the optionor.
The optionor will hold a 1% NSR on the property with no buy back provision.
All shares or warrants issued under this agreement will be subject to a statutory 4 month hold period. This agreement is subject to approval by the TSX Venture Exchange.
Qualified Person
The qualified person for the Carscallen Extension Project for the purposes of National Instrument 43-101 is Kevin Montgomery, P.Geo. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.
About Affinity Metals
Affinity is focused on the acquisition, exploration and development of strategic metal deposits within North America. Affinity is following a hybrid approach of combining the advancement of strategic assets along with following a Project Generator model.
In addition to the recently acquired Carscallen Extension property, Affinity presently holds two properties in British Columbia as well as four additional properties located near Timmins, Ontario.
A drill program is presently underway on the Regal property located near Revelstoke, BC in the northern end of the prolific Kootenay Arc. Over 3,000m of drilling has been completed to date.
On behalf of the Board of Directors
Robert Edwards, CEO and Director of Affinity Metals Corp.
Posted by AGORACOM
at 8:10 AM on Thursday, October 1st, 2020
TORONTO, Oct. 01, 2020 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce the appointment of Matthieu (Matt) Lapointe as VP Exploration effective immediately.
Mr. Lapointe, P.Geo. has over 15 years of greenfield and brownfield precious metal exploration throughout Canada and internationally. Most recently Mr. Lapointe was Chief Geologist for TMAC Resources where he developed exploration strategy and managed regional exploration of the 1,600 km2 Hope Bay Project in Nunavut including brownfield targeting at the active Doris gold mine and two advanced stage gold deposits.
“I am very pleased to welcome Matt to the LabGold technical team,” said Roger Moss, President and CEO of the Company. “He is a seasoned explorationist well versed in evaluating large land packages and advancing projects from grassroots to production stages. I expect him to have an immediate impact on our exploration program at Kingsway, especially as we gear up for our fall drilling campaign.”
Matt Lapointe commented, “I am pleased to join the LabGold team as the company begins the next phases of exploration. LabGold has assembled an impressive property portfolio and have been systematically exploring highly prospective areas. The progress and results to date are encouraging and I look forward to continue advancing these exciting projects.”
Roger Moss, PhD., P.Geo., is the qualified person responsible for all technical information in this release.
About Labrador Gold Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
In early March 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The property is along strike to the northeast of New Found Gold’s discovery of 92.86 g/t Au over 19.0 metres on their Queensway property. (Note that mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property). In early July 2020, the Company signed an option agreement to acquire a third license to add to the property package which now covers approximately 77 km2. The three licenses comprising the Kingsway project cover approximately 16km of the Appleton fault zone which is associated with gold occurrences in the region, including the New Found Gold discovery. Historical work over the area covered by the Kingsway licenses shows evidence of gold in till, vegetation, soil, stream sediments, lake sediments and float. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water.
The Hopedale property covers much of the Hunt River and Florence Lake greenstone belts that stretch over 80 km. The belts are typical of greenstone belts around the world but have been underexplored by comparison. Initial work by Labrador Gold during 2017 show gold anomalies in soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 kilometres along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 57km strike length of the Florence Lake Greenstone Belt.
The Ashuanipi gold project is located just 35 km from the historical iron ore mining community of Schefferville, which is linked by rail to the port of Sept Iles, Quebec in the south. The claim blocks cover large lake sediment gold anomalies that, with the exception of local prospecting, have not seen a systematic modern day exploration program. Results of the 2017 reconnaissance exploration program following up the lake sediment anomalies show gold anomalies in soils and lake sediments over a 15 kilometre long by 2 to 6 kilometre wide north-south trend and over a 14 kilometre long by 2 to 4 kilometre wide east-west trend. The anomalies appear to be broadly associated with magnetic highs and do not show any correlation with specific rock types on a regional scale (see news release dated January 18th 2018). This suggests a possible structural control on the localization of the gold anomalies. Historical work 30 km north on the Quebec side led to gold intersections of up to 2.23 grams per tonne (g/t) Au over 19.55 metres (not true width) (Source: IOS Services Geoscientifiques, 2012, Exploration and geological reconnaissance work in the Goodwood River Area, Sheffor Project, Summer Field Season 2011). Gold in both areas appears to be associated with similar rock types.
The Company has 93,294,175 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
Posted by AGORACOM
at 10:20 AM on Friday, September 25th, 2020
The original program has been expanded with the present amount drilled now exceeding 3,000 meters.
A total of 15 holes have been completed to date in 2020 and drilling is ongoing.
Vancouver, B.C. – Affinity Metals Corp. (TSX-V:AFF)”) (“Affinity”) (“the Corporation”) is pleased to announce that it has expanded its 2020 drill program at its flagship Regal Project encompassing 8,800 hectares of the northern end of the prolific Kootenay Arc approximately 25 km northeast of Revelstoke, British Columbia, Canada.
Along with geological mapping and associated geochemical sampling, the original 2020 drill program included up to 2,000 meters of diamond drilling. The original program has been expanded with the present amount drilled now exceeding 3,000 meters. A total of 15 holes have been completed to date in 2020 and drilling is ongoing.
Shares for Services – Online Marketing
Further to its news release of September 17, 2019, in which the Company disclosed a shares for services agreement it had entered into with Agoracom dated September 13, 2019, the Company advises that to date it has issued to Agoracom 96,000 common shares having a hold period expiring on January 16, 2020. Under the terms of the agreement, the Company is required to issue an additional 297,295 common shares to Agoracom, which it proposes to do upon receipt of TSXV approval. When issued, the 297,295 shares will have a hold period expiring 4 months and one day after their date of issuance in accordance with applicable securities laws and the policies of the TSXV. Subject to approval of the TSXV, the Company intends to issue common shares to Agoracom for the services provided. The number of shares issuable and the share price will be determined at the market price of the Company’s common shares at the time the quarterly payments were due, in compliance with the policies of the TSXV. Under the initial 2019 agreement, services would have been terminated September 15, 2020 however on September 11, 2020, Agoracom provided an amended agreement for services that now extends the original agreement to January 15, 2021. No new shares will be issued as a result of the extension.
Shares for Services – Business Advisory Services
The Company is also pleased to announce that it has entered into a shares for services agreement with Herbert Strauss for providing financial and strategic business planning and international market advice. Mr. Strauss has an extensive background in the German speaking European market specific to arranging corporate partnerships, international expansion and providing recommendations related to market reach and industry contacts.
The agreement was effective on September 1, 2020 and will continue until July 31, 2021. In consideration of the services provided, the Company has agreed to pay Mr. Strauss the following fees:
A cash payment of $3,900 upon signing of the agreement and;
240,00 common shares of the Company due in quarterly instalments of 60,000 common shares at the end of each three month period starting on the effective date of the agreement.
When issued, the 240,000 shares will have a hold period expiring 4 months and one day after their date of issuance in accordance with applicable securities laws and the policies of the TSXV. The number of shares issuable and the share price will be determined at the market price of the Company’s common shares at the time the quarterly payments are due, in compliance with the policies of the TSXV. The agreement has been approved by the TSXV.
About Affinity Metals Affinity is focused on the acquisition, exploration and development of strategic metal deposits within North America. Affinity is following a hybrid approach of combining the advancement of strategic assets along with following a Project Generator model.
Affinity presently holds two properties in British Columbia as well as five properties located near Timmins, Ontario.
On behalf of the Board of Directors
Robert Edwards, CEO and Director of Affinity Metals Corp.
Posted by AGORACOM
at 12:44 PM on Thursday, September 24th, 2020
Durango owns 100% interest in the Trove claims, in the Windfall Lake area between Val d’Or and Chibougamau, Quebec., which are surrounded by Osisko Mining Inc. The property is compelling due to the coincidence of gold found in tills, coinciding with magnetic highs, several Induced Polarization anomalies and two faults crosscutting the property. Durango is undergoing a final review process for the proposed 3,000m drill program in 2020. Click Here For More Info
Gold’s bull rally is being challenged by strong U.S. dollar gains but this current pullback “is unlikely to turn into a rout,” according to TD Securities.
“Justice Ginsberg’s passing and its implications for a Phase 4 deal, rising Covid cases, and the upcoming election uncertainty have created vulnerabilities for the yellow-metal longs … [But] the secular bull market is intact, as long-term inflation expectations will likely continue to rise post-election, particularly if a fiscal deal can be agreed upon in the U.S.”
Gold’s late-longs are currently being punished as gold trades “nearly tick-for-tick with the broad dollar index.” TD Securities also points to a rise in ETF gold holdings in recent days, which shows that there is still investment appetite for gold. “The elevated hurdle rate for CTA liquidations further limits the extent of the liquidation for both gold and silver.
The risk for gold bugs is therefore limited to an extension of the global risk-off which catalyzed the dollar’s breakout,” TDS says.
Posted by AGORACOM
at 12:13 PM on Tuesday, September 22nd, 2020
Affinity is focused on the acquisition, exploration and development of strategic metal deposits within North America. In addition to the West Timmins Gold project, Affinity is advancing the Regal Project in the northern end of the prolific Kootenay Arch. Regal hosts two major geophysical anomalies as well as three past producing mines. Recent drill results included a new silver discovery with an 11.10 meter interval of 143.29 g/t silver which included a 0.55 meter interval of 2,612.0 g/t silver Click Here For More Info
They say patience is a virtue. Well, if anyone is virtuous these days, it has to be silver bulls.
They also say good things come to those who wait. I believe those good things will be coming…in spades.
Silver reached just shy of $50 back in April 2011. A decade later, we’re still just barely above half that level.
But that’s all about to change.
Since bottoming in March, gold has rocketed to a new all-time high near $2,070 in early August, up 40%.
But silver’s trough-to-peak gains have put gold’s to shame. The white metal bottomed in March near $12, then soared to a $29 peak, also in early August, for a blistering 140% gain in just 4½ months.
When silver really gets going, it can surprise even the most ardent of silver bulls. And odds are it’s going to go on several more runs like this in the future.
Here’s what’s making this metal tick, and why what lies ahead for silver is going to surprise us all.
1. Silver’s Monetary Side
It’s widely accepted that silver is both an industrial metal and a monetary metal. But now that precious metals are in a secular bull market, silver’s monetary side is likely to have an outsized impact.
If we look at how silver compares to gold in bull runs, it turns out silver has outperformed five of the last six times. Silver Comparative Price Vs Rising Gold Prices
That’s likely going to happen again this time, and the main driver will be investment demand.
According to the Silver Institute’s Annual World Silver Survey, silver investment demand was up 12% in 2019 over the previous year. The Institute recently reported that in the first half of 2020, investors hoarded 10% more silver than in H1 2019, mostly through buying silver-backed exchange-traded products (ETPs). As a result, ETPs have been setting successive record high levels of holdings this year. Total Silver Demand 2019
What’s more, it’s estimated that just 6% of all above-ground silver is in investment form like coins or bars. The rest is almost evenly split between industrial uses and jewelry/decorative uses.
2. Challenged Silver Supply
Besides rapidly growing investment demand, one of the biggest drivers of higher silver is going to be limited new supply.
Just 28.7% of new silver supply comes from primary silver mines. 71% of newly mined silver is only produced as a by-product of other metals like gold, copper, lead and zinc. Silver Supply
In a recent Kitco News interview (Kitco.com) E.B. Tucker, director at Metalla Royalty & Streaming (OTC:MTA), (TSXV:MTA) said:
“Silver’s got some catching up to do. One of the things about silver that people need to understand is that the supply of silver is not elastic, and what that means is if the price goes higher, the mines can’t just turn it on. Only about a quarter of the supply comes from actual direct silver mining, the rest of it comes from by-products, and recycling.”
Even once silver prices soar, mines that produce silver cannot just ramp up silver production. And silver is often a small portion of their revenues, so there’s little incentive to produce more.
3. Silver’s Technical Outlook
With fundamentals lining up, let’s examine the technical side of silver’s near-term outlook. Silver Daily Chart
Silver has been forming a symmetrical triangle pattern since early August. Volume’s been dropping over the past month, and the RSI and MACD momentum indicators continue to move downwards. This suggests more consolidation and, for now, a possible downside move once the triangle is breached. The $26 level is the first downside target, then the $23–$24 range would be next.
Silver stocks, via Global X Silver Miners ETF (NYSE:SIL), are reacting in much the same way as silver itself.
SIL Daily
The only difference here is the RSI has gone mostly sideways for five weeks. For SIL I’d expect a first downside target to be $45, followed by $40.
But once the current consolidation/correction is over, which could still play out over several more weeks, I’d expect silver to come back with a vengeance.
The Fed is standing ready to “print more on demand,” while the European Central Bank and others are signaling more as well. The COVID pandemic is seeing cases tick up as kids head back to school and we head indoors. Oh, and there’s a critical federal U.S. election, amid a highly antagonistic political environment, in under two months.
Silver is likely going to reach above $37 before the year is out, as its monetary role starts to dominate once again.
Silver Comparative Price Vs Rising Gold Prices
Total Silver Demand 2019
Silver Supply
Silver Daily Chart
SIL Daily