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Loncor $LN.ca Increases Interest in Adumbi Mining to 84.68% $ABX.ca $TECK.ca $RSG $NGT.to $GOLD $NEM

Posted by AGORACOM at 9:12 AM on Thursday, September 3rd, 2020
  • Through Loncor’s 84.68% interest, attributable ounces at the Imbo Project have increased to 2,117,000 ounces of gold.

TORONTO, Sept. 03, 2020 (GLOBE NEWSWIRE) — Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQX: “LONCF”; FSE: “LO51”) reports that its subsidiary, Adumbi Mining, has been restructured as per the requirements of the OHADA (Organization for the Harmonization of Business Law in Africa) Uniform Act relating to commercial companies.  OHADA Uniform Acts provide for a system of common business laws which have been adopted by seventeen West and Central African countries, including the Democratic Republic of the Congo (the “DRC”).  The restructuring has resulted in Loncor increasing its interest in Adumbi Mining to 84.68%, minority shareholders holding 5.32% and the DRC 10%.  The DRC was allocated 10% in accordance with the requirements of the new DRC Mining Code enacted in 2018.  Also as a result of the restructuring, Adumbi Mining will now operate as “Adumbi Mining S.A.” rather than Adumbi Mining SARL.

At the Imbo Project (which is held by Adumbi Mining), inferred mineral resources delineated to date are 2.5 million ounces of gold (30.65 million tonnes grading 2.54 g/t Au), such that, with Loncor’s 84.68% interest, Loncor’s attributable ounces at the Imbo Project have increased to 2,117,000 ounces of gold. 

In addition, the Company owns 100% of the Makapela deposit, where 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 549,000 ounces of gold (3.22 million tonnes grading 5.30 g/t Au) has been delineated. 

Arnold Kondrat, CEO of Loncor, stated: “Further consolidation of the Adumbi Mining shareholding moves Loncor one step closer to releasing maximum value for our shareholders with drilling soon to commence at our key Adumbi deposit – the drilling looking to add significantly to the 2,500,000 ozs of inferred resources already within Imbo.”

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 1,894 km2 of Loncor ground that they are exploring.  As per the joint venture agreement signed in January 2016, 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 JV, 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 the joint venture 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.

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Loncor Shares $LN.ca Listed on Frankfurt Stock Exchange $ABX.ca $TECK.ca $RSG $NGT.to $GOLD $NEM

Posted by AGORACOM at 10:09 AM on Wednesday, September 2nd, 2020
  • Shares are now quoted on the Frankfurt Stock Exchange under the trading symbol LO51.

TORONTO, Sept. 02, 2020 (GLOBE NEWSWIRE) — Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQX: “LONCF”; FSE: “LO51”) reports that its common shares are now quoted on the Frankfurt Stock Exchange under the trading symbol LO51.

John Barker, VP of Business Development, commented: “Loncor has dramatically developed over the last 12 months with the Company growing through increased gold resources, ongoing exploration and the commencement of drilling by our JV partner, Barrick Gold.  The listing on the Frankfurt Stock Exchange will heighten Loncor’s exposure in this major marketplace, given its knowledgeable investor base that is traditionally very active in the junior resource sector.  As the interest in gold and gold investments heightens, having its common shares quoted in Euros will assist European investors to participate in Loncor’s growth.”

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 1,894 km2 of Loncor ground that they are exploring.  As per the joint venture agreement signed in January 2016, 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 JV, 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 the joint venture 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 76.29% of this resource being attributable to Loncor via its 76.29% 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.

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. 

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American Creek $AMK.ca What Do Gretzky, Silver, and Treaty Creek Have To Do With Each Other and Why Is It Important? Doug Casey and Eric Sprott Explain $TUD.ca $SII.ca $GTT.ca $AFF.ca $SEA.ca $SA $PVG.ca $AOT.ca $ESK.ca

Posted by AGORACOM at 9:21 AM on Monday, August 31st, 2020

This week Rick Rule and Doug Casey had an excellent 2 part interview on Kitco. It was both highly informative and entertaining. I suggest that everyone watch it after you listen to Eric Sprott so I’ve included the Kitco links below for you. In the interview Doug Casey suggests that we all try to follow the advice of Wayne Gretzky which is this “On the ice skating arena, most guys skate to the puck, and that’s a problem because there’s all these big mean guys swinging sticks….skate to where you think the puck is going to be opposed to where all these big means guys swinging sticks are”.

Who can argue with Gretzky given his track record? That’s exactly what Eric Sprott is doing with his investments. He closely follows the silver / gold ratio which is 17.5:1 in the ground. As you can see on the 10 year chart below the market ratio has had dramatic increases over the last decade, and industry experts are saying it is due to silver being more manipulated than gold. In April of this year it reached a peak of 114.77 (a 94 year high) and (for various reasons) is on its way back down.

Sprott has stated that all the data “is screaming” that the market silver / gold ratio will go down to a 15:1 ratio (for many reasons but one is that the silver / gold ratio in production is only 8:1 so there just isn’t enough silver out there to account for all the silver accounts on paper and people are starting to want delivery – a very wise decision).  So like Gretzky, Sprott is looking at where the puck is going to be, or in this case where silver is going to be, and evaluating companies based on where they would be if a 15:1 ratio were to take place.
 
I thought he would start talking about the many high-grade projects out there but instead the very first example he had was Treaty Creek where the silver is just an afterthought!  The first 12 minutes is spent discussing arguments for silver and then Eric explains why Treaty is the first one he mentions would benefit from a dropping silver / gold ratio (11:40 – 13:19).  

As promised, here is the two part interview with Rick Rule and Doug Casey.  I highly suggest you watch it to the end!

SOURCE: American Creek Resources

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Industry Bulletin: Roskill Sees ‘Structural Shift’ in Copper Market on Intense Buying From China SPONSOR: Candente Copper $DNT.ca $CN.ca $FCX.ca $TECK.ca $FMG.ca

Posted by AGORACOM at 10:47 AM on Friday, August 28th, 2020
http://blog.agoracom.com/wp-content/uploads/2020/08/candente-copper-for-blog1.jpg

Candente Copper is currently focused on its 100% owned Canariaco project, which includes the Feasibility stage Canariaco Norte deposit as well as the Canariaco Sur deposit and Quebrada Verde prospect, located within the western Cordillera of the Peruvian Andes in the Department of Lambayeque in Northern Peru. Canariaco is included in Goldman Sachs 84 Top Copper Projects Worldwide

An employee looks over sheets of copper cathode at Glencore’s Lomas Bayas copper operation in Chile. Credit: Glencore.

Copper was once again approaching the psychologically important US$3 per lb. level on the back of falling inventories, booming Chinese demand and pandemic hit supply from South America, the U.S. and Africa.

On Aug. 26, Copper for delivery in December trading in New York jumped 1.5% to US$2.9965 per lb. ($6,605 a tonne) in afternoon trading, bringing gains in 2020 to more than 7%, and 50% since the Covid-19 lows struck in March.

A new report from Roskill suggests the rally in copper, which has surprised many with its speed, has further to go.

Jonathan Barnes, associate consultant for copper at the London-based metal and minerals research firm, says while the effects of Covid-19 could decrease world consumption of the metal by 3%-4% this year, the drop in mine output and scrap flows has been greater.

This is most visible in the fall in inventories around the world.

Globally, total visible stocks, which include those on exchanges and bonded warehouses in China, fell by 40% from March through July to below 600,000 tonnes. LME warehouse inventories are at 13-year lows.

China is responsible for more than half of the world’s copper consumption, and the country is buying copper at record-setting rates.

“China is importing more refined metal from nearly every country suggesting a structural shift, not a temporary change,” says Barnes. 

“If you are looking for signs of panic buying, you can find evidence of that in China – total Chinese stocks represent less than two weeks’ consumption at current rates of use.”

In the rest of the world, where demand has dropped by much more relative to China, stocks represent only one week of consumption.

The lack of available scrap – imports are down 50% in the first half – after Beijing delayed new importing rules, has forced the Chinese buyers to replace secondary sources with cathode, further driving down visible inventories.

Roskill estimates a 300,000-tonne shortfall in imports of secondary materials — scrap, ingots and granules – into China from January to July.

Barnes believes global scrap flows may not normalize until the first quarter of next year, but would depend on new rules in China.

Roskill’s sources have not been able to confirm that China’s State Reserve Bureau has been buying up strategic stocks of copper, “but if they were, they probably would have done so earlier, when prices were much lower,” Barnes says.

Disruptions to mine supply could be between 750,000 to 1 million tonnes in 2020, with eight out of the 10 largest miners recording lower output during the first half of the year.

China’s concentrate imports are down year on year, while sourcing anodes from the central Africa copper belt is also hitting roadblocks.

Barnes says China’s two-year restocking cycle is rising in amplitude as the country’s dominance in the copper market increases, and he expects an 11.5% rise for the full year in copper imports.

The country has a structural copper market deficit, and it restocks whenever LME prices appear attractive. Moreover, says Barnes, China can take a long term view and use tomorrow what it does not need today.

Roskill expects trade data to show another bumper August for imports, despite being a seasonally muted month for shipments.

The copper price will likely rise further towards the end of 2020, Barnes says, and the current environment has strong parallels to the rebound in the copper price after the global financial crisis.

Copper hit a low of US$1.32 per lb. in January 2009, then surged to US$3.55 by April 2010, on its way to an all-time high of US$4.58 (more than $10,000 per tonne) in February 2011.

SOURCE: https://www.northernminer.com/commodities-markets/copper-price-to-extend-rally-on-signs-of-chinese-panic-buying/1003821456/

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Durango Resources $DGO.ca to Begin Exploration Program at Windfall Lake $OSK.ca $BTR.ca $SII.ca $TLG.ca

Posted by AGORACOM at 8:40 AM on Thursday, August 27th, 2020
http://blog.agoracom.com/wp-content/uploads/2020/06/DGO-Small-square.png
  • Identified 12 immediate drill targets for the Trove Property to test favourable IP signatures which coincide with geochemistry and geophysical anomalies including gold that was previously found in till samples.

Vancouver, BC – TheNewswire – August 27, 2020 – Durango Resources Inc.(TSXV:DGO) (Frankfurt:86A1) (OTC:ATOXF), (the “Company” or “Durango“) is pleased to report that further to its news released dated July 15, 2020, the exploration team is preparing to mobilize to its Windfall Lake properties.

Mechanical stripping and sampling will commence immediately on the northeast extremity of the Trove Property along Durango’s high priority drill targets controlled by the NE-SW Barry fault. Durango has secured the equipment necessary to begin its fall program and the exploration team will begin its program next week by creating two trenches. The trenching will provide: (a) a cross section of the lithological contacts and the structural geology that will be used to align drilling more accurately; (b) a surface projection for drill interpretation; and (c) the collection of additional rock samples.

The excavating equipment will remain on site during the program as Durango will rehabilitate some sections of logging roads to allow for full access of the equipment which will include leveling and widening in areas on both the Trove Property and the parallel East Barry Property, as necessary.

Durango has identified 12 immediate drill targets for the Trove Property to test favourable IP signatures which coincide with geochemistry and geophysical anomalies including gold that was previously found in till samples. The drill campaign is scheduled to begin on or about the 15th of September on the Trove Property. Additional updates on the drill plan details will be released shortly.

Marcy Kiesman, CEO of Durango, stated, “We have just completed our largest financing in the history of the Company and I am very enthusiastic that Durango has a real opportunity to explore and complete drilling on all of the key areas set out in the initial drill program. Durango is in a position to continue drilling if the mineralization continues to correspond to that reported by Osisko Mining on their neighbouring property. The potential for the Trove and East Barry properties is high.”

On August 25, 2020, Globex Mining Enterprises Inc. (TSX-GMX) announced it sold six cells in the Windfall Lake mining camp to Osisko Mining Inc. (TSX-OSK). As stated by Globex, “…two are near, to southwest and on strike of the Black Dog gold deposit.” These two cells are tied to Durango’s Trove Property northern boundary and 500 meters away from the drill targets planned in the upcoming campaign. https://durangoresourcesinc.com/_resources/images/Map-For-PR1.png

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 and East Barry properties have 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 ready to undertake its inaugural drill program.

East Barry, Quebec

Durango owns 100% interest in the East Barry claims which run parallel to Trove claims. The East Barry block is over 7,740 hectares in size and borders the eastern perimeter of Osisko’s holdings and the southern perimeter of Bonterra’s holdings and is less than 4km south of the Gladiator deposit. The East Barry claims host a gold trend which covers approximately 10km in length and is subparallel to the main Barry Fault held by Osisko. In 2018 a till sampling program was conducted and one of the till samples returned fourty-two (42) pristine gold grains with reported gold values of 2.184 g/t Au. A high count of pristine gold grains indicates that the gold has travelled a very short distance from its source. The East Barry block underwent an Induced Polarization survey in 2018 which identified a high priority target coincident with the high count of pristine gold grains.

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.

Marcy Kiesman, CEO

Telephone: 604.428.2900 or 604.339.2243

Email: [email protected]

Website: www.durangoresourcesinc.com

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Agustin Pichot $DNT.ca Appointed Director Representing Fortescue Metals Group $CN.ca $FCX $BHP $TECK.ca $FMG.asx

Posted by AGORACOM at 8:13 AM on Monday, August 24th, 2020
  • Fortescue Metals Group Limited holds 19.9% shareholding in the Company.
  • Fortesque is a strategic Advisor to advance Canariaco Norte

VANCOUVER, British Columbia, Aug. 24, 2020 (GLOBE NEWSWIRE) — Candente Copper Corp. (TSX:DNT, BVL:DNT) (“Candente Copper” or the “Company”) is pleased to announce that Mr. Agustin Pichot has been appointed to the board of directors of Candente Copper, representing Fortescue Metals Group Limited (“Fortescue”) who has a 19.9% shareholding in the Company.

Mr. Pichot is President of Fortescue South America and is responsible for the development of Fortescue’s mining, energy and infrastructure business across the region. 

Previously (in 2000) Mr. Pichot founded Pegas Group, a large South American sport media and marketing agency and also worked in asset management and global investment strategies in the financial sector in Argentina from 2015 to 2018.

Prior to 2010, Mr. Pichot spent 16 years as a player and national captain in world rugby representing Argentina and France.  He also served as an Executive Board Member, for both the Argentina Rugby Union and the International Rugby Board between 2011 and 2020.  A philanthropist, Mr. Pichot is also part of the executive teams of two foundations, Fundación Enrique Alberto Pichot and the Minderoo Foundation.

On another matter, John Black has advised the company that due to his many other demanding commitments, he has decided not to stand for re-election as Director at the upcoming Annual General Meeting (“AGM”) in September.  We are pleased to advise, however, that Mr. Black will stay on as an advisor to the Company and as a member of the Cañariaco Norte Technical Committee, which the Company is forming with Fortescue. 

About Candente Copper
Candente Copper is a mineral exploration company engaged in acquisition, exploration, and development of mineral properties. The Company is currently focused on its 100% owned Cañariaco project, which includes the Feasibility stage Cañariaco Norte deposit as well as the Cañariaco Sur deposit and Quebrada Verde prospect, located within the Western Cordillera of the Peruvian Andes in the Department of Lambayeque in Northern Peru.

On behalf of the Board of Candente Copper Corp.

“Joanne C. Freeze” P.Geo.
President, CEO and Director
___________________________________
For further information please contact:

“Joanne C. Freeze” P.Geo.
President, CEO and Director
Tel +1 604-689-1957
[email protected]
www.candentecopper.com

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Client Feature: Tajiri Resources $TAJ.ca Embarks on Maiden Drill Program At Rio Project, Burkina Faso $GXS.ca $EDV.ca $IMG.ca $GUY.ca

Posted by AGORACOM at 9:23 AM on Friday, August 21st, 2020

Reo Gold Project in Burkina Faso is one of 2 Company making gold projects it its property portfolio.  

Maiden Drill Program Initiated: 

  • Drilling contractor hired to conduct up to 7000m of reverse circulation drilling.  
  • Drilling is expected to start within the next 2 weeks. 

Project Focus: Morley and K4-K5 Prospects  

Morley: Prior operator identified a potential high-grade gold bearing structure of 3-10m width and 400 metres in strike. 

Previous drill and trench exploration identified high grade gold; 

  • KRAC11 32m @ 17.5g/t from 2m,  
  • MRTR001(trench) 11m @ 7.97g/t,  
  • MRRC005 10m @ 9.63g/t from 74m,  
  • MRRC040 5m @ 16.9g/t from 33m 
  • KRC022 10m @7.55g/t from 16m 

There are clear signs of potential for a high grade near surface orebody similar in nature to other mines in the region. 

K4-K5: A large gold bearing system 4 x 5 km in size with 30,000m of previous drill data guiding current exploration. 

Targeting 20 new zones for exploration follow up that correlate with the following past results  

  • MRRC0047  13m @ 2.47g/t from  
  • MRRB1608  12m @ 3.23 from 4m 
  • MRRC0081  16m @ 1.95g/t from 7m, 
    • 6m @ 2.27g/t from 54m,  
    • 13m @ 2.19g/t from 85m 
  • MRRC0091  10m @ 3.47g/t from 25m 

Additionally, Tajiri will also test another 3-6 highly prospective targets with 1,500-2,000m of further drilling. 

FULL DISCLOSURE: Tajiri Resources is an advertising client of AGORA Internet Relations Corp.

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Tajiri Resources $TAJ.ca to Begin Drilling at the 100% Owned Reo Gold Project, Burkina Faso $GXS.ca $EDV.ca $IMG.ca

Posted by AGORACOM at 3:28 PM on Thursday, August 20th, 2020

Past Drill Highlights:

  • KRAC11 32m @ 17.5g/t from 2m,
  • MRTR001(trench) 11m @ 7.97g/t,
  • MRRC005 10m @ 9.63g/t from 74m,
  • MRRC040 5m @ 16.9g/t from 33m
  • KRC022 10m @7.55g/t from 16m

VANCOUVER, BC, Aug. 20, 2020 /CNW/ – Tajiri Resources Corp. (the “Company”) (TSX VENTURE: TAJ) is pleased to announce that it has entered into an agreement with Sahara Natural Resources (or “Sahara’) to provide full support to the Company’s maiden exploration program on the Reo Gold Project located some 130km west of the country’s capital Ouagadougou in Burkina Faso.  Sahara is a full-service natural resource contractor and has been providing services globally since 2010. Sahara is accredited with all major stock exchanges.  The contract envisages 4,000- 7,000m of RC drilling and 1,500- 2,500m of diamond core drilling with all work to be conducted by and supervised by Sahara.   Drilling is expected to start within the next 2 weeks.

The specific focus of the drill campaign will be at the advanced Morley and K4-K5 prospects with drilling commencing at Morley, where the previous project owner Middle Island Resources identified through drilling and trenching a potential high grade gold bearing structure of 3-10m width and 400 metres in strike, The true extent of which remains unknown.  The perspectivity of Morley is clearly demonstrated by numerous drill and trench intersections such as:

  • KRAC11 32m @ 17.5g/t from 2m,
  • MRTR001(trench) 11m @ 7.97g/t,
  • MRRC005 10m @ 9.63g/t from 74m,
  • MRRC040 5m @ 16.9g/t from 33m
  • KRC022 10m @7.55g/t from 16m

A minimum of 2,000m of RC drilling is scheduled for Morley with the objective of infilling gaps in previous drilling to demonstrating down continuity and extending the zone along strike.  With an extensive collection of historical data to provide a blueprint the Company plans to both confirm and expand on the Morley prospect area in the upcoming program, as there are clear signs of potential for a high grade near surface orebody similar in nature to other mines in the region.

After drilling Morley additional work is planned to continue, without pause, at the K4/K5 prospect, where previous scout drilling of approximately 30,000 metres of various methods has identified a large gold bearing system that to date has been defined to be some 4 x 5 km in size.  In addition, in 2013 an IP survey was conducted which identified >20 discrete chargeability + resistivity anomalies which correlate with drill intersected mineralisation such as:

  • MRRC0047  13m @ 2.47g/t from
  • MRRB1608  12m @ 3.23 from 4m
  • MRRC0081  16m @ 1.95g/t from 7m,
    • 6m @ 2.27g/t from 54m,
    • 13m @ 2.19g/t from 85m
  • MRRC0091  10m @ 3.47g/t from 25m

The planned drill program will include 2,000-4,000m of shallow RC drilling to extend strike from historic drill intersections along the chargeability + resistivity anomalies.  Drilling will be on 50-100m strep outs and will test 2-3 of the chargeability + resistivity anomalies as proof of concept before the Company embarks on a resource drilling campaign.

In addition the Company will also test 3-6 deep, highly prospective, resistivity/chargeability IP targets with 1,500-2,000m of diamond core drilling to a depth of ~400m.  IP surveys have indicated the presence of 6 targets at depths of between 250m-400m below surface that are 2-4 times the intensity of shallower targets and appear 30-50m in width. To date drilling at K4-K5 has been generally shallow with only 5 diamond drill holes ranging from 71-190m depth having been completed.  As only one of these drill holes came close to testing a deeper IP target-  MRDD 003 drilled – to a depth of 170m – which intersected at the bottom of the hole a silica-chlorite altered granodiorite which returned 2m @ 16.8g/t between 158 and 160 metres.  MRDD 003 was drilled in a down dip direction, did not test the most prospective part of the resistivity/chargeability target, and therefore the possibility that a deeper a higher grade mineralisation is related to the highly altered subsurface intrusion and as such presents an exploration target of the highest priority.

On Behalf of the Board,

Tajiri Resources Corp.

Graham Keevil,
President, CEO

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American Creek $AMK.ca Begins High-Resolution Magnetic and Lidar Surveys at Past Producing Dunwell Mine Property in Golden Triangle of BC $TUD.ca $SII.ca $GTT.ca $AFF.ca $SEA.ca $SA $PVG.ca $AOT.ca $ESK.ca

Posted by AGORACOM at 9:15 AM on Thursday, August 20th, 2020
  • Dunwell Mine is one of dozens of high-grade gold / silver / lead / zinc occurrences that are primarily associated with the Portland Canal Fissure zone that extends for several kilometers through the property.

Cardston, Alberta–(Newsfile Corp. – August 20, 2020) – American Creek Resources Ltd. (TSXV: AMK) (“the Corporation”) is pleased to report that it has commenced a high-resolution magnetic survey in combination with a LIDAR survey at the company’s 100% owned Dunwell Mine gold and silver property located in the Golden Triangle of British Columbia.

Genesis Aviation Inc. is currently completing a High- Resolution Gradient Magnetometer survey in conjunction with a Three-Dimensional LIDAR survey over the property. This type of magnetic survey is flown by a low altitude helicopter and offers Measured Horizontal and Vertical Gradient data. This makes a significant difference to the magnetic inversion that provides a model at depth. The LIDAR survey being collected over the whole property will allow the past, present and future geological and geophysical programs to be correlated with a much higher degree of accuracy than otherwise possible.

The Dunwell Mine is a high-grade past producing polymetallic mine located just 8 kilometers by road from the shipping town of Stewart BC. The mine itself is one of dozens of high-grade gold / silver / lead / zinc occurrences that are primarily associated with the Portland Canal Fissure zone that extends for several kilometers through the property. The Dunwell Mine project boasts exceptional logistics and a rich mining history with potential for future development. It is located within the Bear River valley which was one of the first areas prospected in the Stewart camp because of its combination of rich veins and easy access due to the low elevation and proximity to town.

Figure 1: Image of the historic Dunwell Mine which shut down during World War II

To view an enhanced version of Figure 1, please visit:
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Because of the property’s low elevation and heavy rainfall, it is completely covered with a heavy canopy of vegetation with limited exposed bedrock in gullies and stream beds. As no modern exploration techniques or technologies had been conducted on the Dunwell prior to American Creek’s acquisition, careful consideration was given as to the best options that could lead to discovery. This resulted in a decision to proceed with a detailed Magnetic survey in 2020 and an Induced Polarization (IP) survey in the fall of 2019.

Alpha IP was chosen over a conventional IP survey because of its cutting-edge technology in detecting detailed high chargeability / low resistance anomalies in the ground. Specifically, the Alpha IP survey has far greater resolution and depth than standard IP’s and can provide the data in a 3D view. These are critical factors as the Dunwell Mine property contains numerous high-grade veins that are more readily detected using a high-resolution survey. Simcoe Geoscience, who performed the survey, was chosen because of their exceptional experience in this field and the in-depth interpretation they provide. They will also be using their expertise to integrate the new 3D Magnetic Survey results with the existing IP results. Simcoe’s same Alpha IP system continues to achieve success locating high-grade veins at Ascot’s neighboring Silbak-Premier Mine (9km away).

The exploration objectives of the Alpha IP survey were to detect the source of potential high‐grade Au, Ag, Pb, Zn, Cu in quartz and detect quartz breccia veins hosted in thin bedded argillite, siltstone and greywacke of the Middle Jurassic Salmon River Formation (Hazelton Group). The Alpha IP system was used to provide the following benefits:

  • Detect and delineate zones and structures related to the emplacement of sulphide mineralization to depths of up to 400 meters with chargeability and resistivity.
  • Mapping the resistivity and chargeability features related to mineralization, alteration, faults and lithologies.

Thirty-seven anomalous zones were interpreted as significant targets for follow up from surface to ~300m+ depth. Out of thirty-seven anomalous zones, fifteen are considered first priority, sixteen second and six are third priority targets. The anomalous zones consist of strong to moderate chargeability related to associated conductive to resistive zones. These targets have a strong correlation with the Portland Canal Fissure Zone with the strongest targets running along the Dunwell Creek / Portland Canal Fault, the secondary targets running down each side of the primary target, and the tertiary targets running along the western edge of the fissure zone.

CEO and President, Darren Blaney stated: “We are excited about the magnetic and Lidar surveys taking place right now and the further detail they will give us in expanding our understanding of the underground geology when combined with last fall’s Alpha IP.

“We have always thought that the numerous high-grade gold and silver showings associated with the Portland Canal Fissure Zone, that extends for several kilometers down the valley, are related in some meaningful way and may be part of the same geological event. The additional geophysics will greatly add to our understanding of the geology down to 400 meters in depth.

“We are expecting quick turnaround of the new geophysics data which will allow us to commence the Phase II drill program this fall with the advantage and added benefit of utilizing this new information in targeting the drill.”

Property Description and History

The property is located just 7 km east of the Silbak Premier Mine (Ascot Resources), 11 km west of the Red Mountain deposit (Ascot – formally IDM), and only 9 km north of the past producing Porter Idaho silver mine (Strikepoint Gold). Through a series of strategic acquisitions American Creek was able to purchase the past-producing Dunwell Mine as well as several adjoining very prospective properties, combining them into one large land package that encompasses the most promising gold and silver mineral occurrences and historic workings within the Bear River valley. The amalgamated property spans 2,222 hectares covering the majority of the Portland Canal Fissure Zone, an area first prospected in the late 1800’s and hosting some of the earliest producing gold and silver mines in the Stewart area.

Figure 2: Image of the Dunwell Mine Property located between Ascot’s Premier Mine and Red Mountain

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The Portland Canal Fissure Zone is the most significant geological feature in the Bear River valley. This zone of faulting and shearing trends north, dips steeply west and hosts a vein system that extends southward for 6.5 kilometres from the Victoria/Dandy occurrence (on Dunwell) in the north, through the Dunwell mine itself, across Glacier Creek to the Ben Bolt occurrence (on Dunwell) in the south. With the recent acquisition of the Glacier Creek Crown Grants (south of Glacier Creek) American Creek now controls 5km of the 6.5km fissure zone which contains numerous high-grade polymetallic mineral occurrences including two past producing mines (Dunwell and Portland Canal).

The Dunwell project is located 8km northeast of Stewart and is road accessible with the Dunwell Mine adit itself located only 2km from Highway 37A and a major power line (both running through the property). Stewart hosts two deep sea ports including ore loading and shipping facilities. Unlike the majority of mineral properties located near Stewart, the Dunwell Mine is located in low mountainous terrain (800 m and lower elevation) with relatively moderate relief. These features allow for potential year-round work which typically isn’t the case for exploration programs conducted in the Stewart region where projects are typically at higher altitude, are accessible only by helicopter, and lack critical infrastructure such as roads and power. The Dunwell Mine project may very well have the best logistics of any project within the Golden Triangle.


Figure 3: Image of the Dunwell Mine boundary and showings

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The Dunwell Mine is the most significant mineral occurrence within the Portland Canal Fissure Zone. Production at the Dunwell occurred between 1926 and 1941. From historic reports, it appears that a total of 45,657 tonnes averaging 6.63 g/t gold, 223.91 g/t silver, 1.83% lead, 2.43% zinc and 0.056% copper were produced.

In addition to the Dunwell mine itself, the property package also contains over two dozen other high-grade gold and silver occurrences and historic small-scale gold/silver high-grading operations along a north/south trend that correlates to the fissure zone and major faulting. Some examples of the nine areas that actually produced ore are:

  • Ben Ali: 4,500 tons at 21.6 g/t gold
  • Lakeview 60 tons at 4.7 g/t gold, 2,734 g/t silver, and 11.5% lead
  • Victoria 11 tons at 20.15 g/t gold, 775 g/t silver, 25% lead
  • Tyee 8.2 tons at 124.4 g/t gold and 4,478.8 g/t silver
  • George E 12 tons at 13 g/t gold and 3,250 g/t silver, 23.3% lead

Each of these areas were producing during the 1930’s when exploration techniques and technology was very primitive.

The High- Resolution Gradient Magnetometer survey combined with the 3D Alpha IP survey represent the cutting edge in geophysical technology today and are designed to aid with understanding potential correlations between the multiple high-grade surface showings.

The Dunwell Phase II drill program is expected to commence early this fall once the data and interpretation from the geophysics survey is available.

For more information on the Dunwell Mine please click here:
https://americancreek.com/index.php/projects/dunwell-mine

Qualified Person

The Qualified Person for this news release for the purposes of National Instrument 43-101 is Jim McRae, 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 American Creek

American Creek holds a strong portfolio of gold and silver properties in British Columbia.

The portfolio includes three Golden Triangle gold/silver properties; the Treaty Creek joint venture with Walter Storm/Tudor Gold, as well as the 100% owned D-1 McBride property and 100% owned past-producing Dunwell Mine.

Other properties held throughout BC include the Gold Hill, Austruck-Bonanza, Ample Goldmax, Silver Side, and Glitter King.

For further information please contact Kelvin Burton at: Phone: 403 752-4040 or Email: [email protected]. Information relating to the Corporation is available on its website at www.americancreek.com.

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Posted in All Recent Posts, American Creek Resources Ltd. | Comments Off on American Creek $AMK.ca Begins High-Resolution Magnetic and Lidar Surveys at Past Producing Dunwell Mine Property in Golden Triangle of BC $TUD.ca $SII.ca $GTT.ca $AFF.ca $SEA.ca $SA $PVG.ca $AOT.ca $ESK.ca

American Creek $AMK.ca Announces Significant Expansion of the D1-McBride Property in BC’s Golden Triangle $TUD.ca $SII.ca $GTT.ca $AFF.ca $SEA.ca $SA $PVG.ca $AOT.ca $ESK.ca

Posted by AGORACOM at 3:39 PM on Tuesday, August 18th, 2020
  • The D1-McBride property is located 60 km northeast of the Red Chris mine (Imperial Metals / Newcrest Mining)

Cardston, Alberta–(Newsfile Corp. – August 18, 2020) – American Creek Resources Ltd. (TSXV: AMK) (“the Corporation”) is pleased to report that it has significantly expanded its D1-McBride property located in the northeast corner of British Columbia’s Golden Triangle. The new claim block encompasses an area of approximately 2,600 hectares immediately adjacent to and surrounding the Corporation’s original 34-hectare D1-McBride property. The Corporation holds a 100% interest in the property.

The D1-McBride property is located in the Liard Mining Division, about 64 km southeast of Dease Lake and 60 km northeast of the Red Chris mine (Imperial Metals / Newcrest Mining). This area of the Stikine Mountain Range has a history of placer gold and Jade mines. It is quickly becoming a hotbed of activity as companies are starting to recognize the potential it holds.

According to BC MINFILE No 104-093, the property is host to a galena and gold bearing quartz/calcite vein system. According to Assessment Report 35096, work on the property in 2014 included limited rock sampling of a vein subcrop from the Discovery Showing which returned high grade assays of 43.1 g/t gold, 240 g/t silver, 1.8% lead and 1.98% zinc and 13.1 g/t gold, 16 g/t silver, 2.32% lead and 3.02 zinc. Previous sampling of veins returned assays of 161.32 g/t gold, 1,110.9 g/t silver, 3.17% lead and 2.1% zinc across 10 centimeters and 115.89 g/t gold, 589.72 g/t silver, 12.3% lead and 11.04 oz/t zinc across 25 centimeters (Assessment Report 14004). The vein strikes 030 degrees with a vertical dip and has been traced, through prospecting and trenching, for 30 meters on surface. The overburden-covered lineament in which the vein occurs can be traced for 300 meters (MINFILE N0 104-093).

The additional claims expand the property to cover the projected trace of the exposed veining system, the fault system believed to be related to the mineralization, and regional faults. The property now spans 2,600 hectares, making it the Corporation’s largest single property. Very limited past exploration has taken place on the property.



D1-McBride Claims

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This most recent expansion of the D1-McBride is part of the Corporation’s ongoing strategy of adding shareholder value by increasing its gold and silver property portfolio in key exploration and mining camps such as the Golden Triangle. The Golden Triangle is quickly becoming one of the world’s premiere exploration jurisdictions. While there is a strong history of mining in the northeast part of the Triangle, the vast majority of this portion of the Triangle is still relatively untouched and awaiting exploration.

Qualified Person

The Qualified Person for this news release for the purposes of National Instrument 43-101 is Jim McCrea, 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 American Creek

American Creek holds a strong portfolio of gold and silver properties in British Columbia.

The portfolio includes three Golden Triangle gold/silver projects; the Treaty Creek joint venture with Walter Storm/Tudor Gold, as well as the 100% owned D-1 McBride property and 100% owned past-producing Dunwell Mine.

Other properties held throughout BC include the Gold Hill, Austruck-Bonanza, Ample Goldmax, Silver Side, and Glitter King.

For further information please contact Kelvin Burton at: Phone: 403 752-4040 or Email: [email protected]. Information relating to the Corporation is available on its website at www.americancreek.com.

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