Posted by AGORACOM
at 1:06 PM on Friday, September 18th, 2020
VANCOUVER, British Columbia, Sept. 18, 2020 (GLOBE NEWSWIRE) — Candente Copper Corp. (TSX:DNT, BVL:DNT) (“Candente” or the “Company”) is pleased to announce the voting results for its Annual General Meeting of shareholders held Thursday, September 17th, 2020 in Vancouver, British Columbia.
A total of 34,206,593 common shares, representing 14.05% of the Company’s issued and outstanding shares were represented at the Meeting and all motions put forward were passed.
The following sets forth a summary of the voting results:
Number of Directors Determining the number of Directors at six (6).
Votes For:
89.75%
Votes Against:
10.25%
Election of Directors Determining the Directors to hold office until the next annual meeting of shareholders of the Company.
Votes For
Votes Withheld
Joanne C. Freeze
98.94%
1.06%
Sean I. Waller
94.81%
5.19%
Giulio Bonifacio
94.95%
5.05%
George Elliott
84.98%
15.02%
Andres J. Milla
84.98%
15.02%
Agustin Pichot
84.98%
15.02%
Appointment of Auditor Appointing Davidson and Company LLP, Chartered Professional Accountants, as Auditors of the Company for the ensuing year at a remuneration to be fixed by the Directors.
Votes For:
96.76%
Votes Withheld:
3.24%
Approval of Unallocated Options, Rights and Other Entitlements under Option Plan Approving, all unallocated options, rights and other entitlements under the Company’s Stock Option Plan.
Votes For:
88.95%
Votes Against:
11.05%
Shareholders Rights Plan Confirming the Company’s Shareholder Rights Plan Agreement.
Votes For:
99.32%
Votes Against:
0.68%
Other Matters Approving, other business as may properly come before the Meeting or any adjournment thereof.
Votes For:
89.64%
Votes Against:
10.36%
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, which all occur within a 5 km long structural setting. The Cañariaco project is located in the western Cordillera of the Peruvian Andes in the Department of Lambayeque in Northern Peru.
Joanne C. Freeze, P.Geo., President and CEO, is the Qualified Person as defined by National Instrument 43-101 for the projects discussed above. She have reviewed and approved the contents of this release.
This news release may contain forward-looking statements including but not limited to comments regarding timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Candente Copper relies upon litigation protection for forward-looking statements.
On behalf of the Board of Candente Copper Corp.
“Joanne C. Freeze” P.Geo. President, CEO and Director ___________________________________ For further information please contact:
Posted by AGORACOM
at 8:47 AM on Friday, September 18th, 2020
Copper prices rallied on Friday after predictions that Chinese imports of scrap metal are likely to fall by half, forcing the country to up cargoes of concentrate and unwrought copper, which are already at record levels.
Copper for delivery in December trading in New York exchanged hands for $3.0525 per pound ($6,730 a tonne) in midday trade, up 1.8% from yesterday’s settlement and not far off two-year highs struck at the beginning of the month.
China consumes more copper than the rest of the world combined and Reuters reports the China Nonferrous Metals Industry Association told a conference on Friday that imports of secondary copper could halve in 2020, from just under 1.5 million tonnes last year.
The country wants to eliminate imports of what it deems “foreign waste” and has implemented a strict quota system.
In a recent research report, Roskill called scrap the most vulnerable link in the global supply chain and said Chinese importers’ attempts at diversification by buying more ingot and copper granules have only had limited success, forcing importers to buy cathode from the rest of the world, where metal demand has slumped.
Jonathan Barnes, associate consultant for copper at the London-based metal and minerals researcher, noted regulations set for June that would have classified copper scrap as a “renewable resource” to enable refiners to skirt regulations have been delayed indefinitely.
Barnes says on top of that several major shipping lines are refusing to transport scrap, fearing liability for return shipment if containerized cargoes are rejected by Chinese customs.
Concentrate hard to come by
Barnes 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.
Customs data show China’s unwrought copper imports (anodes and cathodes) in August declined to 668,486 tonnes from July’s record haul of 762,211 tonnes, but still up 65% from August last year.
Year to date imports now total 4.27m tonnes, up 38% from 2019 and on track to easily beat 2018’s annual record of 5.3m tonnes.
At the same time, concentrate supplies from South America, where China sources the bulk of its mined copper, have been disrupted due to covid.
August imports of copper concentrate fell by more than 12% from the same month last year to 1.59m tonnes on lingering supply disruptions from Peru and Chile.
Posted by AGORACOM
at 6:13 PM on Thursday, September 17th, 2020
For anyone who missed it we are providing the link to Tudor’s presentation on Treaty Creek. Catalin Kilofliski and Ken Konkin only took 15 minutes to do a great job at giving us details on the geological system and where the focus is at Treaty Creek. We highly encourage everyone to take a few minutes to watch it.
The Treaty Creek Project is a Joint Venture with Tudor Gold, who owns 3/5th and acts as the operator. American Creek and Teuton Resources each have a 1/5th interest in the project creating a 3:1 ownership relationship between Tudor Gold and American Creek. American Creek and Teuton are both fully carried until such time as a Production Notice is issued, at which time they are required to contribute their respective 20% share of development costs. Until such time, Tudor is required to fund all exploration and development costs while both American Creek and Teuton have “free rides”.
We also recommend you forwarding this to friends, family, or anyone else you may know that has an interest in the gold mining sector.
Posted by AGORACOM
at 10:01 AM on Thursday, September 17th, 2020
The shear zone is 75 metres away from one of Durango’s high priority drill pads on the Trove Property.
Durango is in the final stages of targeting prior to commencing drilling on September 25, 2020.
Vancouver, BC – TheNewswire – September 17, 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, the exploration team has discovered a northeast shear zone with a set of stacked quartz veins at surface within a brecciated zone on the Trove Property at Windfall Lake, Quebec.
Durango now has multiple prospective areas, in addition to the previous drill targets defined by Induced Polarization (IP), soil sampling and airborne magnetic surveys. The Trove Property is located along the structural trend hosting Osisko Mining Inc.’s (TSX-OSK) Windfall Lake Deposit and the new surface data helps to better define the location of the structure on the Trove Property. Approximetly two hundred metres (200m) of newly stripped outcrops perpedicular to the structure are slated for sampling and assay.
The newly discovered shear zone is two metres (2m) wide and running subparallel to the regional fault. Figure 1 below shows the brecciated metasediment and the associated quartz veins. The structural measurements will help to precisely orient the upcoming drill holes. The shear zone is 75 metres away from one of Durango’s high priority drill pads on the Trove Property. The Company is in the final stages of targeting prior to commencing drilling on September 25, 2020.
Figure 1 – Brecciated metasediment with quartz veins and shear
The Company hired Orquest Drilling Inc. (“Orquest“) to undergo its fall drill program at Windfall Lake. The program is planned for a minimum of 2,220 metres and up to 5,000 metres with 27 permitted holes. Orquest will be using a clean-tech modular drilling system by DrillCo, which is the most environmentally friendly drill on the market. The DrillCo platform offers: 30% savings in fuel and electrical power; 75% reduction in the number of hoses and connections to reduce possibilities of leakage and spills; reduced hydraulic hoses to landfill; an air cooled system for reduced water consumption; and no discarded filters due to magnetic filtration systems.
Marcy Kiesman, CEO of Durango, stated, “Durango is proud to be using a new advanced drill system which offers financial savings, operational advantages and environmental responsibility. The ground work at Windfall Lake is ongoing and our exploration team has been continuously discovering important geological indicators pointing to the significance of the upcoming maiden drill program. We congratulate the geological team on their discovery of sizable shear zone, with multiple instances of quartz veining at surface. Durango is fully financed and looks forward to continue drilling into the winter, if warranted.”
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.
Figure 2 – Northwest oxidated blue quartz vein in contact with metasediment
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 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 11:51 AM on Monday, September 14th, 2020
Tajiri Resources Corp is exploring for world class gold deposits in Guyana with 2 exploration properties that could each wield major discoveries, the Gargantuan and Epeius projects. Supported by management that have a track record of discovery with almost 20 million ounces, mostly in Guyana. Click Here for More Info
(Kitco News) – Gold and silver prices are modestly up in early U.S. trading Monday. Gains in the metals are occurring despite better risk appetite in the marketplace to start the trading week. Importantly, recent sideways and choppy price action in gold has produced a bullish coiling pattern on the daily bar chart, suggesting the market is storing up energy for a bigger price move coming soon (possibly this week), and odds favor that price move being on the upside. October gold futures were last up $3.70 at $1,943.20 and December Comex silver was last up $0.163 at $27.02 an ounce.
Global stock markets were mostly up overnight. U.S. stock indexes are set for solidly higher openings when the New York day session begins. Trader and investor risk sentiment is upbeat to start the trading week. There were two big company deals announced over the weekend: Softbank plans to sell chipmaker ARM to Nvidia for more than $40 billion, and Gilead Sciences plans to acquire Immunomedics for $21 billion. Meantime, AstraZeneca said it has resumed its phase-three trial on a Covid-19 vaccine after being suspended last week. Pfizer also announced its vaccine could be distributed before year-end if all goes well with its trials.
Major central bank meetings are in the spotlight this week. The Federal Reserve, Bank of England and Bank of Japan all have monetary policy meetings this week. The Fed’s FOMC meeting will be closely scrutinized following its shift to an easing of its inflation constricts. The question remains how the FOMC puts its new policy into action.
Said an FXTM analyst in an email dispatch Monday: “From what we know now, the Fed is set up to keep interest rates near zero for a long time, possibly for several years. Given the new framework, any spike in inflation won’t translate into immediate rate hikes as the Fed wants to compensate for the lost years when they have failed to hit the target. The dot plot will be the key guide for investors and traders alike. If inflation projections remain at 2% or below for the foreseeable future, this will solidify market expectations for a low rate environment for many years to come. That said, Jay Powell would still have to explain in more detail how the new framework will be translated into policy action.”
The important outside markets today see the U.S. dollar index lower. Nymex crude oil prices are weaker and trading around $37.00. The yield on the U.S. Treasury 10-year note is trading around 0.67% today.
There is no major U.S. economic data due for release Monday but the report pace picks up rapidly on Tuesday.
Technically, the gold bulls have the firm overall near-term technical advantage, amid recent choppy and sideways trading that has produced the bullish coiling pattern. Prices are still in an overall near-term uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in October futures above solid resistance at the September high of $1,992.50. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at last week’s high of $1,966.60 and then at $1,972.40. First support is seen at Friday’s low of $1,936.20 and then at $1,925.00. Wyckoff’s Market Rating: 7.0
December silver futures bulls have the firm overall near-term technical advantage. Prices are still in an overall price uptrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the August high of $30.19 an ounce. The next downside price objective for the bears is closing prices below solid support at the August low of $23.80. First resistance is seen at $27.50 and then at last week’s high of $27.755. Next support is seen at $26.565 and then at last week’s low of $25.985. Wyckoff’s Market Rating: 7.0.
Posted by AGORACOM
at 9:30 AM on Friday, September 11th, 2020
Phase I of its fall exploration program at Windfall Lake has discovered a sizable shear zone, quartz veining at surface and rusty till near the initial drill targets.
Durango Resources Inc.(TSXV:DGO) (Frankfurt:86A1) (OTC:ATOXF), (the “Company” or “Durango“) is pleased to report that further to its news release dated August 27, 2020, the exploration team has discovered a two metre wide shear zone at surface on its Trove Property while preparing the drill site for its exploration program at Windfall Lake, Quebec.
Mechanical stripping commenced on the northeast extremity of the Trove Property to level and widen the access for the drill, exposing a two metre wide shear zone near Durango’s high priority drill targets. The shear zone appears to correlate with the geophysical anomalies and favourable IP signatures discovered in Durango’s previous exploration campaigns.
The trenching commenced as announced on August 27, 2020 and uncovered quartz veins at surface of over one metre in width. In addition to the quartz veining, visible rusty-coloured till is evident, which warrants the collection and analysis of additional till samples in the area. A photo of the till can be seen on Durango’s website in the newly established photo gallery under the “Windfall Lake Property” tab. https://durangoresourcesinc.com/projects/windfall-lake-properties-quebec/#windfall-photos&gid=1&pid=2
Marcy Kiesman, CEO of Durango, stated, “Durango is off to a great start on Phase I of its fall exploration program at Windfall Lake. In the first week of the program, the geological team has discovered a sizable shear zone, quartz veining at surface and rusty till near the initial drill targets. We continue to be very optimistic for Durango’s program at Windfall Lake and believe the upside potential for the Trove and East Barry properties is high. As we move through this fall program we look forward to the analysis of the field data as it is our intention to continue drilling into the winter.”
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.
The Board of Directors has approved the grant of 3,000,000 stock options to certain directors, officers and consultants of the Company. The options will be granted pursuant to the Company’s 10% rolling stock option plan with an exercise price of $0.125 per share for five years. The option grants are subject to final approval of the TSX Venture Exchange.
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 its 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.
Posted by AGORACOM-JC
at 9:23 AM on Friday, September 11th, 2020
3 Golden Reasons Loncor Is A Top Small Cap Gold Explorer
Loncor Resources (LN: TSX / OTCQX: LONCF /) is a proven gold explorer focused 100% on Africa, a continent where the team has previously discovered over 27 million ounces of resources…. with plans to find even more.
The Company controls its flagship Imbo Project in the Democratic Republic of the Congo, where it has already has 2.5 million ounces of inferred resources with 2.19M ozs at the Adumbi deposit alone. Loncor is looking to swiftly increase its gold resource through focused drilling at Adumbi, increasing its ounces toward production.
More than just lip service, Loncor has a billion-dollar gold miners as shareholders that also believe in the Company’s vision.
Resolute Mining of Australia has a market capitalization of $1.5 Billion and owns 27% of Loncor
Newmont continues to hold a position in Loncor with 7%
Moreover, Loncor’s CEO owns 26% of the Company. Taken all together, it adds up to a great deal of confidence in Loncor Resources, which should provide any current or potential new shareholder with even greater confidence considering the due diligence abilities of these large shareholders.
WAIT …… 1 MORE MULTI BILLION DOLLAR GOLD COMPANY BEHIND LONCOR … BARRICK GOLD
There is another element to the Loncor story that adds tremendous opportunity, a Joint Venture on all of Loncor’s remaining land with Barrick Gold, the $53 Billion Company whose mandate is to find “Tier 1 gold deposits” on Loncor’s ground. Barrick has commenced drilling on Loncor’s land looking for their target of a + 5,0 million ounce gold deposit.
But Barrick is focusing there for a reason.
Barrick operates their outstanding DRC mine – Kibali – in a JV with another multi-billion gold operator, Anglogold Ashanti, plus the Government of the DRC. The mine is situated 220kms from Loncor’s Ngayu ground. Kibali represents one of the world’s great new gold mines, producing a record breaking 814,027oz in 2019 at “all in sustaining costs” of just US$693/oz. Barrick, who owns a 45% share, has joined other major mining players like Ivanhoe Mines and Glencore in releasing the billions of dollars of potential mineral wealth in the DRC.
Loncor arguably offers the largest direct exposure to the gold potential of the DRC, backed up by individuals who know the DRC well (drill down below). With Barrick moving two rigs in to take a closer look at 6 high priority targets defined by them. You now know why Barrick has a JV with Loncor on their other DRC assets – they are looking for the next Kibali style project and nothing less.
Though Loncor’s Imbo project is not part of the Barrick JV it’s on the same huge geological belt, has grades similar to Kibali and has more than 2.5 million ounces of inferred gold resources already – with drilling ongoing- Loncor isn’t just wishful thinking that much more can possibly be found.
THE DEMOCRATIC REPUBLIC OF THE CONGO
As you may have guessed by now and contrary to layman perceptions, the Democratic Republic of the Congo is a significant player in the world’s production of resources, which are the Congo’s largest source of export income. An estimated $24 trillion in untapped deposits of raw mineral ores lie beneath the Congo’s incredibly vast lands. This is the equivalent to the combined Gross Domestic Product of Europe and the United States. Multi-billion dollar companies such as Tesla, Glencore, Samsung, Ivanhoe Mines, Zijn Mining Group, China Molybdenum Ltd, Barrick Gold and AngloGold Ashanti all have deals or projects in the DRC.
Finally, all junior resource investors know that in order to be successful, companies like Loncor must have a great exploration team with relevant knowledge and area expertise. In this regard, Loncor does not disappoint.
Loncor’s team has previously delineated +/-13 million ounces of gold resources in the 20 years many of the individuals have operated in the DRC, with the huge Ngayu Belt now the focus. In Africa, their record is more impressive with key individuals finding closer to 27 million ounces of total resources.
As an example, President Peter Cowley has over 40 years’ experience in the minerals industry and a history of major exploration successes in Africa, including the DRC. Among his major accomplishments, from 2004 to 2008 he led the exploration at Banro that delineated major gold resources at Twangiza and Namoya, also in the DRC.
Prior to joining Banro, Mr. Cowley was Managing Director of Ashanti Exploration, where he led the exploration team in the discovery and development of the Geita mine in Tanzania, a resource of over 17M ozs.
Prior to Ashanti, he was Technical Director of Cluff Resources which discovered and developed mines in Zimbabwe, Ghana and Tanzania.
Mr Cowley has found and knows where to find ounces in Africa, especially in the DRC.
Arnold Kondrat, is the founder and CEO of Loncor Resources with over 30 years’ experience in the public markets, primarily in the resource industry. His 25-year history in the Democratic Republic of the Congo has enabled the Company to secure a number of highly prospective gold assets. Arnold has repeatedly supported the company, often through difficult times, and now owns 26% of Loncor.
THE 3 REASONS WHY LONCOR IS A WORLD CLASS, SMALL CAP GOLD EXPLORER:-
1.Loncor’s Imbo Project looks like a potential company maker with 2.5 million ounces already outlined
Loncor is independently on its way to creating a world class gold project at Imbo. They control 84.68% of all gold discovered at Imbo and have a fully funded 12-hole drill program planned over the next 9 months where they believe they can readily add ounces to the 2.5 million inferred resource outlined to date. The Adumbi Deposit remains the focus and has 2.19M ounces and its sister deposits – Kitenge and Manzako – account for approximately 300,000 more ounces.
Enterprise Value to Ounces in the Ground currently approaches US$14/oz
For around US$14 an ounce you can currently buy an “option” on Loncor continuing to succeed in adding ounces through drilling at Adumbi, moving the project closer to the sort of economics displayed at Kibali.
2. Resolute and Barrick Relationships
There isn’t a junior resource explorer in the world who wouldn’t want to have just 1 supportive relationship with one of the major miners – and Loncor has 3:
Resolute Mining is a gold producer with multiple long life, high margin assets and a strong platform for growth and consolidation within Africa. Resolute sees its 2020 gold production at 500,000 oz. They own 27% of Loncor’s stock
Newmont continues to hold a 7% position in Loncor
Barrick Gold is a $53 Billion dollar major whose JV with Loncor in the DRC speaks for itself as they search for Kibali II.
If a new investor was looking for 3rd party validation to justify investing in a small-cap resources company, it simply doesn’t get much better than having these mining thoroughbreds supporting Loncor.
3. Management Expertise and Ownership
If you are looking for gold follow the people who have already found it. The old adage is true, and management is one of the best indicators of how far a company can exceed expectations. Loncor management has delineated 13 million ounces previously in the DRC and is looking to add more through drilling in 2020.
Add in the fact that key management own 26% of Loncor stock and it is clear they have put their money where their mouth is long before asking outside investors to do the same.
CONCLUSION – With gold prices trending aggressively higher, investors will be hard pressed to find a better company than Loncor Resources to participate in a bull market for gold.
Loncor is in a position few juniors could ever hope to achieve, with the combination of their own +3-million-ounce projects, a JV with Barrick and shareholders that include other major miners.
Posted by AGORACOM
at 8:38 AM on Friday, September 11th, 2020
American Creek Resources Ltd. (TSXV: AMK) (“the Corporation”) is pleased to report that it has now completed a 450 line km 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. was chosen to complete the 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 survey, which was conducted 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 geophysical instruments used were GEM Systems GSMP-35A Potassium Vapor Magnetometers mounted in a Tri-Axal array.
Darren Blaney, CEO and President stated: “We look forward to seeing the results of the recently completed magnetic and Lidar surveys as that new data, combined with our fall 2019 IP data, will greatly expand our understanding of the underground geology and enhance drill placement and targeting. We will also now be able to develop strong correlations between known mineralized zones and future untested targets thus potentially improving our hit ratio as we target these high-grade vein systems with the drill.
We have always thought that the numerous high-grade gold and silver showings associated with the Portland Canal Fissure Zone, that extends through the property for several kilometers down the valley, are related in some meaningful way and are likely part of the same geological event. We will soon be in position to begin proving this with the commencement of the Dunwell Phase II drill program planned for this fall.”
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 close proximity to town.
Because of the property’s low elevation and heavy rainfall, it is completely covered with a heavy canopy of vegetation with exposed bedrock limited to gullies and stream beds. Notwithstanding this limited surface outcrop, there are over two dozen known high-grade showings on the property. As no modern exploration techniques or technologies had been employed on the Dunwell property prior to American Creek’s acquisition, careful consideration was given as to the best options and techniques that could lead to discovery. This analysis resulted in a decision to proceed with an extensive Induced Polarization (IP) survey in the fall of 2019 and, to further define targets, this just completed detailed Magnetic survey in 2020.
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 potentially 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. Once the data provided by Genesis is processed, Simcoe will also be using their expertise to integrate the new 3D Magnetic Survey results with the existing IP results, the 2019 maiden drill program results, and all historic data in order to fine tune drill targets. 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 vein systems hosted within 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.
Results from the fall 2019 survey resulted in thirty-seven anomalous zones being identified and 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 Faults, the secondary targets running down each side of the primary target, and the tertiary targets running along the western edge of the fissure zone.
Property Description and History
The Dunwell 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.
Image of the Dunwell Mine Property located between Ascot’s Premier Mine and Red Mountain.
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 in the Golden Triangle near Stewart, the Dunwell Mine is located in low mountainous terrain (800m 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.
According to historic records, 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 production 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.
American Creek’s Phase I maiden drill program on the Dunwell (which took place within the vicinity of the Dunwell Mine in the fall of 2019) produced many high-grade intercepts including:
For a table showing breakdown of metals and complete results please click here for the press release.
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 on the Dunwell property that produced ore historically 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. They were basically high-grading operations focused on vein systems that were exposed on surface.
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 in the near future once the data and interpretation from the geophysical survey is integrated with the IP data, last year’s drilling data, and all historical data.
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.
Posted by AGORACOM
at 9:32 AM on Wednesday, September 9th, 2020
Drill Hole GS-20-73 Expands the 300 Horizon with a 229.5 Meter Intercept Averaging 1.506 Gpt AuEq Within a 775.5 Meter Interval Averaging 0.932 Gpt AuEq.
Drill Hole GS-20-66 Expands the CS-600 System 100 Metres to the Southeast with a 75 Meter Intercept Averaging 2.150 Gpt AuEq.
Expands the Goldstorm Mineralization Along the Northeast Axis to 1100 Meters
Cardston, Alberta–(Newsfile Corp. – September 9, 2020) – American Creek Resources Ltd. (TSXV: AMK) (“the Corporation”) is pleased to report that its JV partner Tudor Gold Corp announced today that it has completed the third set of diamond drill holes at our JV flagship property, Treaty Creek located in the heart of the Golden Triangle of Northwestern British Columbia. Diamond drilling is progressing very well with six diamond drill rigs currently working on the Goldstorm Zone which is on-trend from Seabridges’ KSM Project to the southwest.
Three drill holes have intersected the newly discovered gold-dominant PSZ System located approximately 2 kilometers southwest of the Goldstorm Zone. These diamond drill holes targeted a 1.5 kilometer-wide geophysical anomaly (magnetometer high). Tudor Gold has discovered this new thrust-hosted porphyry-style gold-copper-silver bearing system on trend, and approximately 4 km northeast from Seabridges’ Iron Cap Deposit, which is located at the southwestern boundary of the Tudor Claim block.
Furthermore, diamond drilling on the Goldstorm System has successfully expanded the mineralization to the northeast, southwest and southeast as well to depth. The Goldstorm System 300 Horizon has now been traced for 1100 meters along the northeast axis.
Goldstorm Drilling Highlights include:
Five diamond drill holes are reported from Goldstorm, all having hit their intended targets with favorable results listed in Table l.
The best intercept was from drill hole GS-20-73 on Section 110+00 NE that cut 775.5 metres (29.0m to 804.5 m) averaging 0.932 gpt AuEq containing an enriched portion that averaged 1.506 gpt AuEq over 229.5 meters (519.5m to 749.0 m). This was a southwest offset to drill hole GS-20-57 that averaged 1.40 gpt AuEq over 217.5 meters (544.5 to 762.0 meters) within an overall composite averaging 0.845 gpt AuEq over 973.05m (34.50 to 1007.55 meters). (GS-20-57 was collared on Section 110+00 but deviated drastically to the northeast and the lower portion plotted on Section 111+00 NE leaving a gap in the drill model which GS-20-73 has now filled).
A second longer intercept from GS-20-73 includes material that averaged 0.828 gpt AuEq from a 949.5 meter intercept (29.0 to 978.5 meters) but the hole was abandoned at 980 meters due to safety concerns with the drill platform so hole GS-20-73 WAS STOPPED IN MINERALIZATION. However, the results from entire hole composites are extremely consistent between GS-20-57 (0.845 gpt AuEq over 973.05 meters) and GS-20-73 (0.827 gpt AuEq over 949.5 meters).
Drill hole GS-20-73 is undercut by GS-20-65; a remarkable 348 meter intercept of 2.120 gpt AuEq within a larger 930 meter intercept of 1.161 gpt AuEq (Press Release July 27th, 2020), which is currently the best intercept on the project to-date.
Tudor expanded the CS-600 Zone 100m to the southeast on Section 109+00 NE with a 75 meter intercept averaging 2.150 gpt AuEq in hole GS-20-66.
GS-20-67 on Section 114+00 NE deviated drastically to the north thereby extending the length of the northeast axis of the 300 Horizon to 1100 meters. This hole also ended in mineralization with the last 15 meters (1325m to 1340m) averaging 0.905 gpt AuEq within a strong quartz stockwork zone similar to the DS-5 stockwork system found at the bottom of GS-19-47 (243 meters averaging 0.996 gpt AuEq). See Section 114+00 NE attached below.
Notable increase to silver grades occurred within GS-20-73. A 78 meter intercept (534.5m to 612.5m) had elevated silver grades averaging 26.3 gpt Ag associated with 1.588 gpt gold.
Tudor Gold’s Vice President of Project Development, Ken Konkin, P.Geo., states: “We are very pleased to have intersected significant gold-copper-silver porphyry-related mineralization within a large magnetic anomaly called Perfectstorm (PSZ). This magnetic anomaly is located along a relatively evenly spaced frequency of large deposits following the Treaty-Sulphuretes Thrust Fault, approximately mid-way between the Iron Cap Deposit to the southwest and our Goldstorm System to the northeast. Results obtained from PS-20-01 and PS-20-02 on Section 89+00 NE demonstrate the consistency within these two drill holes completed off the same drill pad. PS-20-01 intersected 0.594 gpt AuEq over 133.5 meters while PS-20-02 intersected 151 meters of 0.621 gpt AuEq. The third PSZ System drill hole was a 300 meter step-out to the southwest and this hole (PS-20-03) intersected 220.5 meters of 0.402 gpt AuEq on Section 86+00 NE. The results suggest that the system is open to expansion to the southwest and to the northwest. The exploration target area is at least 1.5 kilometers long and 500-800 meters wide. We are very excited to see the results confirming that large mineralized polymetallic systems occur at a predictable frequency along the Sulphuretes-Treaty Thrust Fault belt. We are planning an aggressive diamond drill-hole program for 2021 to further expand the limits of the PSZ System’s potential mineralization, searching for the center of the metal pile as we have successfully done with the Goldstorm System.”
The two tables below provide the complete list of composite results from the eight drill holes reported, as well as the drill hole data including hole location, elevation, depth, dip and azimuth. Perfectstorm Sections 86+00 NE and 89+00 NE with Goldstorm Sections 109+00 NE, 110+00 NE and 114+00 NE are attached below along with corresponding plan maps (also available on the Company’s website).
Table l Gold equivalent composite values from five Goldstorm Zone holes and three PSZ drill holes.
Section
HOLE
Horizon
From
To
Interval (m)
Au (gpt)
Ag (gpt)
Cu (ppm)
AuEq (gpt)
109+00 NE
GS-20-66
300H+CS600
6.0
529.5
523.5
0.673
1.86
425
0.758
109+00 NE
GS-20-66
including 300H
7.5
156.5
149.0
0.941
3.29
190
1.008
109+00 NE
GS-20-66
including CS-600
454.5
529.5
75.0
2.075
1.87
352
2.150
109+00 NE
GS-20-68
300
4.85
798.0
793.15
0.521
1.73
127
0.561
109+00 NE
GS-20-68
including 300H
4.85
62.0
57.15
1.026
1.11
60
1.048
109+00 NE
GS-20-68
& including 300H
221.0
536.0
315.0
0.744
1.82
135
0.785
109+00 NE
GS-20-72
300H
4.5
730.5
726.0
0.475
1.53
97
0.507
110+00 NE
GS-20-73
330H
29.0
804.5
775.5
0.842
5.47
160
0.932
110+00 NE
GS-20-73
or 330H
29.0
978.5
949.5
0.749
4.67
152
0.828
110+00 NE
GS-20-73
including
29.0
80.0
51.0
1.276
6.52
168
1.379
110+00 NE
GS-20-73
& including
519.5
749.0
229.5
1.338
11.94
170
1.506
114+00 NE
GS-20-67
300H
62.0
68.0
6.0
1.799
0.88
100
1.824
114+00 NE
GS-20-67
and 300H
126.5
908.0
781.5
0.486
2.99
238
0.557
114+00 NE
GS-20-67
including 300H
321.5
591.5
270.0
0.618
5.20
492
0.754
114+00 NE
GS-20-67
and 300
1325.0
1340.0
15.0
0.860
1.64
175
0.905
89+00 NE
PS-20-01
Main
240.0
373.5
133.5
0.483
2.75
527
0.594
89+00 NE
PS-20-01
including
240.0
320.5
80.5
0.573
4.11
775
0.737
89+00 NE
PS-20-02
Main
265.5
416.5
151.0
0.514
3.16
469
0.621
89+00 NE
PS-20-02
including
300.5
350
49.5
0.781
6.71
648
0.957
86+00 NE
PS-20-03
Main
152.0
372.5
220.5
0.293
1.78
591
0.402
86+00 NE
PS-20-03
including Upper
152.0
171.5
19.5
0.885
0.82
160
0.919
86+00 NE
PS-20-03
including Lower
348.5
371
22.5
0.846
3.73
340
0.942
All assay values are uncut and intervals reflect drilled intercept lengths.
HQ and NQ2 diameter core samples were sawn in half and typically sampled at standard 1.5m intervals
The following metal prices were used to calculate the Au Eq metal content: Gold $1322/oz, Ag: $15.91/oz, Cu: $2.86/lb. Calculations used the formula Au Eq g/t = (Au g/t) + (Ag g/t x 0.012) + (Cu% x 1.4835). All metals are reported in USD and calculations do not consider metal recoveries. True widths have not been determined as the mineralized body remains open in all directions. Further drilling is required to determine the mineralized body orientation and true widths.
Walter Storm, President and CEO, stated: “We are delighted to see continued success from the Treaty Creek drill program. Not only are we getting excellent results from all the drill holes completed this year, we have also discovered a new mineralized system at Perfectstorm. This demonstrates the remarkable potential that our flagship property holds. However, we must now focus all our exploration efforts on completing the drilling at Goldstorm. We intend to continue our 150 meter step-outs to the northeast on Section 115+50 NE as well as expand the drilling to the southeast and northwest along Sections 110+00 NE, 111+00 NE, 112+50 NE and 114+00 NE. The Goldstorm System remains open in all directions and at depth.”
Tudor Gold Corp and our associated service companies have taken extreme measures to maintain the highest professional standards while working within COVID-19 health and safety protocols. Only essential personnel are permitted to enter the camp and staging areas. Of those who are at the project site and staging site, we have strict daily monitoring of the workers’ temperatures and general health conditions. We have a certified paramedic at the staging area to examine all in-coming and out-going Tudor personnel and all service providers.
QA/QC
Drill core samples were prepared at MSA Labs’ Preparation Laboratory in Terrace, BC and assayed at MSA Labs’ Geochemical Laboratory in Langley, BC. Analytical accuracy and precision are monitored by the submission of blanks, certified standards and duplicate samples inserted at regular intervals into the sample stream by Tudor Gold personnel. MSA Laboratories quality system complies with the requirements for the International Standards ISO 17025 and ISO 9001. MSA Labs is independent of the Company.
Qualified Person
The Qualified Person for Tudor’s news release for the purposes of National Instrument 43-101 is Tudors Vice President Project Development, Ken Konkin, P.Geo. He has read and approved the scientific and technical information that forms the basis for their disclosure contained in their news release. The Qualified Person for this news release is James A. McCrea, P. Geo., for the purposes of National Instrument 43-101. While American Creek has not independently confirmed Tudors information, Mr. McCrea has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.
Treaty Creek JV Partnership
The Treaty Creek Project is a Joint Venture with Tudor Gold owning 3/5th and acting as operator. American Creek and Teuton Resources each have a 1/5th interest in the project creating a 3:1 ownership relationship between Tudor Gold and American Creek. American Creek and Teuton are both fully carried until such time as a Production Notice is issued, at which time they are required to contribute their respective 20% share of development costs. Until such time, Tudor is required to fund all exploration and development costs while both American Creek and Teuton have “free rides”.
Treaty Creek Background
The Treaty Creek Project lies in the same hydrothermal system as Pretium’s Brucejack mine and Seabridge’s KSM deposits with far better logistics.
American Creek is a Canadian junior mineral exploration company with a strong portfolio of gold and silver properties in British Columbia.
Three of those properties are located in the prolific “Golden Triangle”; the Treaty Creek JV with Tudor Gold/Walter Storm, the D-1 McBride, and the 100% owned past producing Dunwell Mine.
The Corporation also holds the Gold Hill, Austruck-Bonanza, Ample Goldmax, Silver Side, and Glitter King properties located in other prospective areas of the province.
See additional images of drill locations in this press release at www.americancreek.com.
For further information please contact Kelvin Burton at: Phone: 403 752-4040 or Email: [email protected]. Information relating to the Corporation is available on its website at www.americancreek.com
