Posted by AGORACOM
at 11:28 AM on Monday, November 18th, 2019
A 3D Induced Polarization (IP) geophysical survey on its Tabasquena project in Zacatecas, Mexico has outlined a significant continuous chargeability anomaly.
This anomaly now has an east-west width of approximately 400 to 500 metres and an apparent strike length of over 1000 metres.
The anomaly remains open to the north and to the south and at depth.
Drilling to commence once the IP survey has been completed.
The
chargeability anomaly is approximately 250 metres below historical
mining and was designed for 500 to 550 metres of vertical depth
investigation.
The IP data also clearly shows that the large polarisable body/target
is apparently quickly deepening northward and getting closer to surface
southward. The IP anomaly starts at around 100 metres below the past
drill hole intersections that contained widespread gold and silver
mineralization in epithermal veins.
Tabasquena
Previous drilling found a network of veins with widespread gold and silver mineralization.
The
first phase geophysical survey revealed a large chargeability anomaly
right below these veins and is getting nearer to the surface as it
trends south.
Geophysical advisor described the anomaly as ‘quite remarkable in its size and continuity.
Advance is in a region with very large mines, including the El Coronel open pit, 12 miles to the south of Tabasquena.
Posted by AGORACOM
at 9:20 AM on Thursday, November 7th, 2019
Loncor Resources Inc. (“Loncor” or the “Companyâ€)
(TSX: “LN”; OTCQB: “LONCF”), a Canadian gold exploration company with
significant projects in the Democratic Republic of the Congo (“DRCâ€),
is pleased to provide an update on exploration activities undertaken by
Barrick Gold Corporation (NYSE: “GOLD”; TSX: “ABX”) (through its
subsidiary, Barrick Gold (Congo) SARL) (“Barrickâ€) on
Loncor’s Ngayu Joint Venture Project in northeastern DRC. Recent
exploration has focussed on the major Imva fold structure where a number
of drill targets have been developed. Drilling is now expected to
commence during the coming dry season.
The opening of the Mambati airstrip in September is expected to
assist in expediting the forthcoming drilling program. The Ngayu
Archaean Greenstone Belt is 200 kilometres southwest of
Barrick/AngloGoldAshanti’s Kibali Gold Mine. Barrick’s exploration at
Ngayu during the most recent quarter has focused on four priority areas
all located along the 30 kilometre-long Imva fold structure (see Figure 1
below). These blocks are Bavadili/Bavanidi, Bakpau, Lybie (Matete
east)/Salisa and Bikira-Makasi.
At Bavadili, further trenching was undertaken to test the concept of a
mineralized northwest trending shear corridor parallel to the
interpreted F2 axial plane. Results were encouraging and included 24
metres @ 0.94 g/t Au and confirmed the mineralized corridor with
mineralization associated with brecciated cherty “BIF†(Banded Ironstone
Formation) with disseminated limonite, weak hematite alteration along
with sugary quartz veins and fine cubic boxworks (~ 5% pyrite). The
mineralization occurs along a strongly foliated northwest-southeast
structure between dolerite to the south and basalt to the north.
Results support and confirm the model of a +1.5 kilometre potential
mineralized structure from Bavadili Hill to Bavanidi. At Bavadili Hill,
additional trenching undertaken to test the continuity of the folded,
mineralized cherty BIF, 250 metres southwest from the mineralized cherty
BIF intersected in trench BVTR0114A, gave results of 24 metres @ 0.94
g/t Au.
Additional work involved a geological re-assessment of the Bavadili
Block, integrating all data including gold and multi-element soil
geochemical and geophysical data to improve the understanding of the
regional model. The new interpretation highlights more than 6
kilometres of multiple folded layers of anomalous BIF displaying two
sets of regional F1 and F2 folds with the P1 axial plane, trending
northeast, reactivated by P2, trending east-northeast, producing the
S-shape fold configuration which is interpreted to host the mineralised
shoots within the Bavadili Block. The interpretation further suggests
the same BIF continues 12 kilometres to the east of the Lybie/Salisa
targets.
At Lybie, encouraging results from trench NZTR0006 confirmed a
continuous mineralized corridor of +1 kilometre hosted within
volcanoclastic and brecciated cherty BIF within an interpreted fold
limb. The trench revealed at least two continuous mineralized
structures – the northwestern most of the two structures is from
colonial trenching which returned 20 metres @ 0.58g/t Au, whereas trench
NZTR0006 returned 20 metres @ 0.54g/t Au.
At Salisa, results from rock sampling assayed up to 3.75 g/t Au in
volcaniclastic and 3.05 g/t Au hosted in BIF and coincide with the soil
source line trending northeast-southwest. To better trace the
mineralized system and constrain the potential and the source of the
higher grade rock samples, a scout trenching program is underway.
At Bakpau, trenching has been completed on northwest-southeast and
north-south trending sections on widely spaced trench lines. The two
trenches, BKTR0005 and BKTR0006, respectively, at 500 metres northeast
and southwest of trench BKTR0001 (70 metres @ 0.34g/t Au), returned 26
metres @ 0.35 g/t Au and 30 metres @ 0.12 g/t Au, respectively. These
trenches have exposed and confirmed the continuity of anomalous grade,
near surface mineralization in the Bakpau East Zone over a strike length
of 1.2 kilometres.
At Medere, trenching on the +800 metre long 80ppb soil anomaly along
the northeast trending hill, focused on establishing the controls on
mineralization (structure and alteration) and trends of mineralization
along strike between the zones exposed in previous trenches and
artisanal pits. Significant gold results from the first trench across
quartz stockwork style mineralization were received during the most
recent quarter with a trench intersection of 48 metres @ 0.51g/t Au and
is still open to the southeast. The current trenching has only been
able to expose the margin of the soil anomaly due to thick scree/talus
cover on the hill slopes towards the southeast.
In addition to outlining drill targets along the Imva fold, drilling
is also planned to be undertaken during the forthcoming drill campaign
at the Anguluku prospect area (including Golgotha, Baberu and Bayinga)
in the southwest side of the Ngayu greenstone where a sequence of fine
grained metasediment, carbonaceous shale, metabasalt and BIF trend
approximately east-west and dip moderately to south-southwest within an
antiformal structure. An initial 10 core hole (2,490 metres) drilling
program is proposed to test 4,500 metres of potential strike.
About Loncor Resources Inc. Loncor
is a Canadian gold exploration company focused on two projects in the
DRC – the Ngayu and North Kivu projects. Both projects have historic
gold production. Exploration at the Ngayu project is currently being
undertaken by Loncor’s joint venture partner Barrick Gold Corporation
through its DRC subsidiary Barrick Gold (Congo) SARL (“Barrickâ€).
The Ngayu project is 200 kilometres southwest of the Kibali gold mine,
which is operated by Barrick and in 2018 produced approximately 800,000
ounces of gold. As per the joint venture agreement signed in January
2016, Barrick manages and funds exploration at the Ngayu project until
the completion of a pre-feasibility study on any gold discovery meeting
the investment criteria of Barrick. 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.
Certain parcels of land within the Ngayu project surrounding and
including the Makapela and Yindi prospects have been retained by Loncor
and do not form part of the joint venture with Barrick. Barrick has
certain pre-emptive rights over these two areas. Loncor’s Makapela
prospect 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). Loncor also recently acquired a 71.25% interest in the
KGL-Somituri gold project in the Ngayu gold belt which has an Inferred
Mineral Resource of 1.675 million ounces of gold (20.78 million tonnes
grading 2.5 g/t Au), with 71.25% of this resource being attributable to
Loncor via its 71.25% interest.
Resolute Mining Limited (ASX/LSE: “RSG”) owns 27% 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. Newmont Goldcorp Corporation (NYSE:
“NEM”; TSX: “NGT”) owns 7.8% of Loncor’s outstanding shares.
Additional information with respect to Loncor and its projects can be found on Loncor’s website at www.loncor.com.
Posted by AGORACOM
at 2:34 PM on Friday, November 1st, 2019
Sponsor: Loncor is a Canadian gold exploration company focused on two projects in the DRC – the Ngayu and North Kivu projects. Both projects have historic gold production. Exploration at the Ngayu project is currently being undertaken by Loncor’s joint venture partner Barrick Gold (Congo) SARL (“Barrickâ€). The Ngayu project is 200 kilometres southwest of the Kibali gold mine, which is operated by Barrick and in 2018 produced approximately 800,000 ounces of gold. As per the joint venture agreement signed in January 2016, Barrick manages and funds exploration at the Ngayu project until the completion of a pre-feasibility study on any gold discovery meeting the investment criteria of Barrick. 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. Click Here for More Info
The first thing is gold
It’s true that gold has made a significant upward move from $1,300
per ounce in May to currently around $1,500 per ounce with at least some
of that move being attributable to bullish market fundamentals. Yet, we
can also count on a lot more whipsaw action as gold continues to be
ping-ponged about from geopolitical headline to geopolitical headline.
The devaluation of fiat currencies in the
face of rising and unsustainable debt loads across all developed
economies will be the true driver of the long-term bull market that’s
beginning to take form now.
US government spending is so wildly out of control, and has been for
more than a decade, that the federal debt will become unmanageable in
the very near future.
Not that long ago, economists didn’t really have to think in terms
of “Trillions of Dollars.†Yet today, we’ve grown accustomed to the
fact… however dire it may be…that our federal debt is ballooning at a
rate of nearly $1.5 Trillion each and every year. It’s simply not
sustainable.
At this rate, it will only be a few years until America can no longer
afford to service its federal debt — no matter where interest rates
go.
Add to that the fact that we’re seeing this exact pattern of
excessive money printing combined with unsustainable debt accumulation
emerge across all developed economies.
The end result can be only one thing: A devaluation of all fiat currencies.
This doomed race to the bottom will leave gold, along with silver, standing alone as the only real store of value.
The EU is nearing recession
The Eurozone continues to experiment with negative interest rates in
an attempt to spur economic growth by encouraging bank lending and also
by boosting exports. Yet, the bottom line is that banks simply cannot
make money in a negative deposit rate environment.
As much as banks may continue to try and sway lenders to do
something more useful with their money than simply parking it with the
European Central Bank, it’s doubtful such an ill-devised monetary policy
can stave off recession.
Thus far, growth has remained anemic, raising the specter of a recession hitting the Eurozone sometime next year.
US/China Trade War: A trickle down effect across Europe’s largest economies
Germany, Europe’s largest economy, is suffering its worst
manufacturing downturn in almost seven years as the US/China trade war
spills over into european economies.
It’ll be interesting to see if Germany resorts to injecting fiscal
stimulus (aka, the printing of even more money!) to boost its sagging
export-reliant economy. Growth forecasts for 2020 have already fallen
below the key 1% threshold.
Britain, Europe’s second largest economy, remains mired in its
self-induced Brexit maelstrom, which certainly isn’t helping things from
an economic standpoint.
In what looks to be a warning sign of impending stagnation, the
British economy took its first step backward (in Q2) in more than 7
years. Amid all the turmoil, it seems increasingly doubtful Britain will
be exiting the EU on October 31st, with or without a deal, as the
Brexit cloud continues to darken.
New reports are also revealing weakness in Europe’s third largest
economy, France. In fact, the export sectors of both France and Germany –
which includes their high-profile automobile industries – are being hit
hard by flagging demand from China.
The luster is coming off the Chinese economy
While growth in China held steady at 6.4% in Q1 this year, it
proceeded to slip to 6.2% in Q2. Economic numbers over the last few
months reveal that the worst may not yet be over for China with analysts
projecting weakening third quarter data.
A recent survey by China Beige Book reveals slowing growth and soaring debt levels for the world’s second largest economy.
Here at home, the trade war continues to stoke recession fears
US gross domestic product grew at a 2% annual pace from April to
June, which was in-line with expectations. Yet, how long can that last?
Posted by AGORACOM
at 2:55 PM on Thursday, October 17th, 2019
A 3D Induced Polarization (IP) geophysical survey on its Tabasquena project in Zacatecas, Mexico has outlined a significant continuous chargeability anomaly.
This anomaly has an east-west width of approximately 250 metres and an apparent strike length of over 800 metres.
2nd planned IP surgery to extend the grid approximately 1000 metres to the south where due to the elevation change the anomaly is closest to surface.
The anomaly remains open to the north and to the south and at depth.
Drilling to commence once the IP survey has been completed.
The chargeability anomaly is approximately 250 metres below historical mining and was designed for 500 to 550 metres of vertical depth investigation.
The IP data also clearly shows that the large polarisable body/target is apparently quickly deepening northward and getting closer to surface southward. The IP anomaly starts at around 100 metres below the past drill hole intersections that contained widespread gold and silver mineralization in epithermal veins.
Tabasquena
Previous drilling found a network of veins with widespread gold and silver mineralization.
The first phase geophysical survey revealed a large chargeability anomaly right below these veins and is getting nearer to the surface as it trends south.
Geophysical advisor described the anomaly as ‘quite remarkable in its size and continuity.
Advance is in a region with very large mines, including the El Coronel open pit, 12 miles to the south of Tabasquena.
Posted by AGORACOM-JC
at 8:40 AM on Friday, May 27th, 2016
Announces the acquisition of 1 mining claim (2 mineral claim units) situated in the Porcupine mining division, district of Cochrane, in the Ogden Township, Ontario
Claim is located in Ogden Township to the north of the Ogden Property. Highway 101 West is north of the property and provided excellent access to the city of Timmins
ROUYN-NORANDA, QUEBEC–(May 27, 2016) –Explor Resources Inc. (“Explor” or “the Corporation”) (TSX VENTURE:EXS)(OTCQX:EXSFF)(FRANKFURT:E1H1)(BERLIN:E1H1) is pleased to announce the acquisition of 1 mining claim (2 mineral claim units) situated in the Porcupine mining division, district of Cochrane, in the Ogden Township, Ontario. This claim is located in Ogden Township to the north of the Ogden Property. Highway 101 West is north of the property and provided excellent access to the city of Timmins.
Explor Resources Inc. will pay CDN $6,000 and issue 60,000 common shares to acquire a 100% interest in the additional Ogden claim. The optionors have retained a 2% NSR in the property. This acquisition is subject to the approval of the TSX Venture Exchange.
With this acquisition, the Ogden property now consists of 9 mining claims (72 mineral claim units) covering 1,152 hectares situated in the Porcupine mining division, district of Cochrane, in the Ogden Township, Ontario. The Ogden property has been previously explored by Hollinger Mines, Tex-Sol Exploration, Inmet Mining Corporation, Amax Mineral Exploration, Noranda Exploration and Knick Exploration. The majority of the holes drilled by previous operators were less than 100 meters in length. Historically on the Ogden Property, the only hole that hit significant mineralization was a diamond drill hole by Tex-Sol Exploration in 1965 which returned 6.0 g/t Au over 9.1 m at a shallow depth. On the TPW Gold Property significant mineralization was intersected below 300 meters of vertical depth requiring drill holes of 500 to 600 m in length. Explor has completed a drill program on the Ogden Property and results are pending.
The most significant deposits in Timmins are spatially associated with porphyry units that are in proximity to the Porcupine Destor Fault. The deposits appear to be also associated with splay faults that trend off and to the North of the Porcupine Destor fault inside an interpreted splay fault corridor.
The Ogden Property is contiguous on the east side of the Timmins Porcupine West Property. The Timmins Porcupine West Project has as a Target Model “The Hollinger-McIntyre-Coniaurum System.” The Hollinger-McIntyre-Coniaurum (HMC) System has produced a total of over 30 million oz of gold is spatially associated with the Pearl Lake Porphyry. The high-grade gold bearing quartz veins which hosted the bulk of the gold at the HMC occurred in the adjacent mafic volcanics, located outboard from the porphyry itself.
Chris Dupont P.Eng is the qualified person responsible for the information contained in this release.
Explor Resources invites investors to visit our booth at the following conference:
Booth #P28 (Pavilion) at the Big Event, Canadian Mining Expo in Timmins, Ontario, held at the McIntyre Community Centre from June 1 to June 2, 2016.
The management team at Explor Resources Inc. looks forward to having you join us.
Explor Resources Inc. is a publicly listed company trading on the TSX Venture (EXS), on the OTCQX (EXSFF) and on the Frankfurt and Berlin Stock Exchanges (E1H1).
This Press Release was prepared by Explor. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
Explor Resources Flagship project is the Timmins Porcupine West (TPW) Project located in the Porcupine mining camp, in the Province of Ontario. The TPW mineral resource (Press Release dated August 27, 2013) includes the following:
Open Pit Mineral Resources at a 0.30 g/t Au cut-off grade are as follows:
Indicated:
213,000 oz (4,283,000 tonnes at 1.55 g/t Au)
Inferred:
77,000 oz (1,140,000 tonnes at 2.09 g/t Au)
Underground Mineral Resources at a 1.70 g/t Au cut-off grade are as follows:
Indicated:
396,000 oz (4,420,000 tonnes at 2.79 g/t Au)
Inferred:
393,000 oz (5,185,000 tonnes at 2.36 g/t Au)
This document may contain forward-looking statements relating to Explor’s operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Explor’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filling. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Explor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
Christian Dupont, President
888-997-4630 or 819-797-4630
819-797-6050
www.explorresources.com [email protected]
