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Eskay Mining Reports Textbook VMS System at BC’s Golden Triangle – Shares up 11.27% Today

Eskay Mining Corp. [ESK-TSXV, ESKYF-OTCQB, KN7-Frankfurt, AOYDPM] said it has encountered broad intercepts of precious…

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This article was originally published by Resource World

Eskay Mining Corp. [ESK-TSXV, ESKYF-OTCQB, KN7-Frankfurt, AOYDPM] said it has encountered broad intercepts of precious metal-rich stockwork feeder mineralization in the TV deposit at its 100%-owned Consolidated Eskay VMS project in British Columbia.

Drilling highlights include 47.8 metres of grade 5.2 g/t gold equivalent (AuEQ) within 140.3 metres of grade 2.6 g/t AuEq, and 44.4 metres of grade 4.7 g/t AuEq within 92.3 metres of grade 2.7 g/t AuEq.

Eskay is focused on exploration and development of precious and base metals along the Eskay rift in a region of northwestern British Columbia known as the Golden Triangle, approximately 70 kilometres northwest of Stewart.

Its portfolio includes several gold and silver showings to the south and east of its SIB property, (which adjoins a previously mined rich VMS deposit known as the Eskay Creek mine), including the TV zone, which is held 80% by Eskay Mining and 20% by Kirkland Lake Gold Ltd. [KL-TSX, NYSE, KLA-ASX].

Eskay Mining completed approximately 23,500 metres of diamond drilling in 98 holes at its Consolidated Eskay precious-metal rich VMS (volcanogenic massive sulphide) project in 2021. Results released on Monday are from five drill holes.

The program picked up where diamond drill results from the 2020 program at the TV deposit, located approximately 13 kilometres south of Skeena Resources Ltd.’s [SKE-TSXV, SKREF-OTCQX, RXFB-FRA] Eskay Creek mine, left off.

“These first five holes indicate there is a large stockwork feeder under the upper massive sulfide deposit discovered in drilling late in the season,’’ the company said in a press release.

It said the 92.3-metre intercept grading 2.7 g/t AuEq in hole TV21-54 is thought to represent the true thickness of this large system, open along strike and down dip. “We will be anxious to see return of further assays from the TV stockwork, the upper and lower massive sulfide horizons, as well as the other VMS systems drilled by Eskay this season,’’ the company said. “These results are a great start.’’

“The TV deposit is showing all the signs of a textbook VMS system,’’ said Eskay’s Vice-President, Exploration, Dr. John DeDecker.

On November 5, 2021, Eskay shares closed at $2.13 in light trading activity. The shares currently trade in a 52-week range of $3.14 and 80 cents.

Eskay was in the news recently when it agreed to acquire a 19.5% stake in Garibaldi Resources Corp. [GGI-TSXV, GGIFF-OTC]. It said the acquisition was being made for investment purposes.

The company currently holds mineral tenures in this area covering 130,000 acres.

Garibaldi Resources has a 100% interest in the E&L project located on Nickel Mountain near Eskay Creek in northwestern B.C. The E&L project is the first magmatic nickel-copper-rich massive sulphide system to be discovered in B.C.’s Golden Triangle region which is known historically for its endowment of gold and silver.

Interest in Nickel Mountain was triggered in the summer of 2017 when drill hole EL-17-14 intersected 8.3% nickel, 4.2% copper, 0.19% cobalt, 1.96 g/t platinum, 4.5 g/t palladium, 1.1 g/t gold, and 11.1 g/t silver over 16.75 metres starting just 100.4 metres downhole, within a broader 40.4 metre core length highlighted by 3.9% nickel and 2.4% copper.

 

Author: Staff Writer

Base Metals

Moho Resources kicks off RC drilling at Omrah nickel target

Special Report: Drilling has commenced at the Omrah prospect targeting an EM conductor for ultramafic-hosted massive and disseminated nickel sulphide ……

Drilling has commenced at the Omrah prospect targeting an EM conductor for ultramafic-hosted massive and disseminated nickel sulphide mineralisation and other ultramafics in the vicinity.

Moho Resources has kicked off reverse circulation drilling at the Silver Swan North Project to test the Omrah and Wise nickel targets.

This comes after Moho (ASX:MOH) revealed three high priority exploration targets for nickel on September 29, 50km north of Kalgoorlie in Western Australia’s eastern Goldfields region

A review of historical geological and geophysical data identified the Omrah, Wise, and Dukes targets within 10km of Poseidon Nickel’s Black Swan nickel plant.

Drilling to target ultramafic lithologies  

Moho Resources
Rig set up for drilling at Omrah. Pic: Supplied

The Omrah prospect is host to an untested electromagnetic (EM) conductor which has been confirmed by interpretation of multiple surveys.

A 3,000m RC and diamond drilling program is planned to not only test the conductor, but also target additional ultramafic lithologies in the proximity.

The rig will then move to the nearby Wise prospect to begin a 1,200m RC drilling program to investigate magnetic anomalies associated with ultramafic rocks and anomalous historic nickel intersections.

MOH managing director Shane Sadleir said the company is looking forward to testing the EM conductor at Omrah given the potential for discovery of nickel sulphide mineralisation.

Moho announced in October that it had been awarded a grant of $150,000 under the Exploration Incentive Scheme (EIS) program by the WA Government to fund up to 50% of drilling costs associated with the RC and diamond drilling program to test the Omrah nickel prospect.

 


 

 

This article was developed in collaboration with Moho Resources, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post Moho Resources kicks off RC drilling at Omrah nickel target appeared first on Stockhead.



Author: Special Report

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Antipa proves ‘camp-style’ gold-copper potential right next door to Newcrest in the Paterson

Special Report: There appears to still be plenty of untapped greenfield discovery potential at Antipa’s Minyari Dome Project, with the … Read More
The…

There appears to still be plenty of untapped greenfield discovery potential at Antipa’s Minyari Dome Project, with the company unearthing more shallow, high-grade gold and copper within 3.5km of the Minyari resource.

Antipa Minerals (ASX:AZY) recently completed 11,000m of greenfield drilling to test multiple high priority gold-copper targets in close proximity to the Minyari resource, in WA’s Paterson Province – just 35km from Newcrest Mining’s (ASX:NCM) massive Telfer gold-copper-silver mine.

Drilling delivered significant shallow, high-grade gold and copper mineralisation at the Minyari South prospect, which sits 250m southwest of the Minyari resource.

Four holes drilled at that prospect returned a top intercept of 9m at 10.8 grams per tonne (g/t) gold and 0.6% copper from 54m, including 3m at 19.4g/t gold and 1.4% copper from 55m.

One hole drilled at the Sundown prospect, meanwhile, delivered a broad intercept of 42m at 0.53g/t gold and 0.2% copper from 125m, including 14m at 1.3g/t gold and 0.4% copper along with 4m at 3.1g/t gold and 1% copper from 135m.

The drilling at Sundown, located 400m west of the Minyari resource, indicated similarities to the northern upper zone of the Minyari deposit, where gold grade increases with depth.

“The increasing cache of greenfield discoveries within close proximity to the Minyari and WACA deposits demonstrates the significant exploration and resource growth potential within the company’s 100% Minyari Dome Project,” Managing Director Roger Mason said.

“The company’s recently completed 11,000 metre 2021 greenfield RC drill program tested 14 targets and has delivered four discoveries (assay results available), with significant sulphide mineralisation intersected at another four targets (assay results pending).

“The Minyari Dome area is showing signs of camp-style potential with multiple mineral systems developed around one or more causative intrusions.”

A reference to ‘camp-style’ potential indicates the possible significant scale of a project, with these multiple near-surface discoveries remaining open.

Map of the southern region of the Minyari Dome Project showing Minyari and WACA resource locations, select 2021 priority greenfield drill targets/prospects and drill hole collars (2016 to 2021).

Follow up drilling at the GP01 prospect, 400m east of the WACA resource, intersected further mineral system related sulphides and alteration along 150m of strike, which remains open.

Drilling also intersected significant mineral system related sulphides and alteration at four other targets, which remain open in most directions and are all within close proximity to Minyari. Assay results are pending for GP01 and the four other targets.

With the continued exploration success at Minyari Dome, the project has shown potential to be both an open pit and underground mining operation.

The Minyari and WACA deposits currently host 723,000 ounces of gold at 2 grams per tonne (g/t) and 26,000 tonnes of copper at 0.24% in the soon to be superseded 2017 resource, with material upside potential.

Antipa’s Minyari Dome project sits within 35km of Newcrest’s huge Telfer gold-copper-silver mine and processing facility and 54km along strike from Havieron.

Newcrest, Australia’s largest gold producer, just last week committed to spending a further $10m on exploration at Antipa’s Wilki Project, also in the Paterson Province.

The mining heavyweight has already spent $6M on the project and it did that well before the initial two-year deadline.

With three majors doing the heavy exploration lifting on the Wilki, Citadel and Paterson projects, Antipa is free to focus all its resources on advancing its 100% owned Minyari Dome Project.

 


 

 

This article was developed in collaboration with Antipa Minerals, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post Antipa proves ‘camp-style’ gold-copper potential right next door to Newcrest in the Paterson appeared first on Stockhead.




Author: Special Report

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Base Metals

Ground Breakers: Are sliding dry bulk shipping rates about supply chains, or iron ore demand?

Never mind the impact of the Omicron coronavirus variant, which sent shudders through markets today. ASX-listed miners have so far … Read More
The post…

Never mind the impact of the Omicron coronavirus variant, which sent shudders through markets today.

ASX-listed miners have so far proved resilient in the face of Covid-19 and this morning was no exception.

The materials index rose by 0.6%, driven by the big iron ore miners despite a more than US$5/t drop in iron ore prices on Friday.

Fortescue Metals Group (ASX:FMG) recorded a more than 2% gain.

That may have been partly due to an AFR report that Andrew Forrest’s FMG was planning to use the GLX Digital platform to trade some of its iron ore on the spot market, the same company that set up Pilbara Minerals’ (ASX:PLS) Battery Material Exchange which it has used to blast lithium concentrate sales records out of the water.

Meanwhile BHP (ASX:BHP) was also up almost 1.5% in morning trade.

While iron ore prices fell to around US$96/t to end last week on the back of weak steel production data and the proposed continuation of restrictions on polluters in Tangshan, futures have been resilient this morning.

Iron ore miners’ share price today:


 

Dry bulk freight rates are sliding. Is that a good thing?

One positive for bulk miners has been a contraction in dry bulk shipping rates that hit multi-year highs in mid-October.

That situation played a role in the closures of a number of smaller, higher cost iron ore operations in WA and Tasmania, and crimped margins for the bigger producers with shipping and transport consuming a widening portion of their cash margins.

While the issue has abated in recent weeks, whether that is a sign of supply chains beginning their long return to normal or just weakness in China’s demand for commodities is up in the air.

“After tripling since the start of the year, the BDI has now fallen by just over 50% since its early-October peak. However, the decline in the BDI has not been mirrored in other shipping cost indices. Container shipping costs have dipped recently, but they remain historically very high,” Capital Economics chief commodities strategist Caroline Bain said in a report last week.

“Instead, we think the drop in the BDI is related to the recent plunge in the price of iron ore which is, in turn, a reflection of the sharp drop in China’s steel production,” Bain said.

“Iron ore typically accounts for around 20-30% of the dry bulk trade and China consumes around 2/3 of the world’s seaborne iron ore.”

“For now, China’s iron ore imports have held up relatively well given the downturn in steel production, but stocks at ports are rising and we think it is just a matter of time before imports plunge. Regardless, Chart 4 suggests that the BDI has further to fall even at current import levels.”

“So, if the BDI continues to slump, it should not be seen as a sign that global logistics are improving or that supply chain bottlenecks are easing, it will merely reflect weakness in China’s commodity demand.”

It remains to be seen what China’s steel outlook will be in 2022, after it instituted a series of measures to restrict production through the second half of 2021. Many analysts believe the restrictions could unwind after the Beijing Winter Olympics in February.

Capital Economics chart comparing iron ore imports to Baltic Dry Index
Pic: Capital Economics

The post Ground Breakers: Are sliding dry bulk shipping rates about supply chains, or iron ore demand? appeared first on Stockhead.



Author: Josh Chiat

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