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55 North Mining Inc. Reports Updated Gold Resource Estimate for Last Hope Project: 87% Increase to Indicated Mineral Resources, 48% Increase to Inferred Mineral Resources, New High Grade Potential Surface Mineable Mineral Resources

TORONTO, ON / ACCESSWIRE / September 27, 2021 / 55 North Mining Inc. (CSE:FFF) ("55 North" or the "Company") is pleased to report an updated NI 43-101…

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TORONTO, ON / ACCESSWIRE / September 27, 2021 / 55 North Mining Inc. (CSE:FFF) (“55 North” or the “Company“) is pleased to report an updated NI 43-101 compliant Mineral Resource Estimate on its high grade Last Hope Gold Project in Lynn Lake Manitoba, including high grade near surface Mineral Resources:

  1. Indicated Mineral Resources increased by 87%, Inferred Mineral Resources increased by 48%.
  2. Mining of the near surface Mineral Resources by trench mining could conceptually provide a low cost method for mining 14,500 high grade ounces early in the potential mine life.
  3. Updated Mineral Resource

The updated Mineral Resource Estimate reflects the previously announced results from the 2020/2021 winter drill program. The results indicated up and down plunge extensions of high grade shoots, and the extension along strike of high grade gold mineralization beyond the extent of the previous resource estimate dated February 2021. Assay results from 21 core holes (8,530 metres) were incorporated into the updated Mineral Resource Estimate. The resulting updated Mineral Resource Estimate is as follows:

Table 1: Last Hope Updated Mineral Resource Estimate (1-8)

 

 

Indicated Category

Inferred Category

 

Au cut-off grade

Tonnes

Grade Au

Ounces Au

Tonnes

Grade Au

Ounces Au

 

g/t

 

g/t

 

 

g/t

 

Near Surface

1.0

82,800

5.08

13,500

15,700

1.90

1,000

Underground

1.8

325,500

5.50

57,600

1,537,300

5.52

272,800

Total

 

408,300

5.41

71,100

1,553,000

5.48

273,800

1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.

4. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.

5. Metal prices used were US$1,650/oz Au and 0.76 CDN$/US$ FX with process recoveries of 95% Au.
A CDN$20/t process cost and CDN$5/t G&A cost were used.

6. The near surface mining cost for the top 20m of the Mineral Resource was CDN$35/t.

7. The underground mining cost was CDN$95/t. The underground Mineral Resource grade blocks were quantified above the 1.8 g/t Au cut-off, below 20 m from surface and within the constraining mineralized wireframes. Underground Mineral Resources selected exhibited continuity and reasonable potential for extraction by the long hole underground mining method.

8. Grade estimation was undertaken with the Inverse Distance Cubed method on 1.0m capped composites.

A NI 43-101 compliant Technical Report will be filed on SEDAR within 45 days of this news release.

Increase to Indicated and Inferred Mineral Resources

As shown in the following table, Indicated Mineral Resources increased 87% to 71,100 ounces from 38,000 ounces, and Inferred Mineral Resources increased 48% to 273,800 ounces from 184,100 ounces.

Table 2: Comparison to previous Mineral Resource Estimate at Last Hope

 

February 2021 Estimate
(1.8 g/t Au Cut-off)

September 2021 Estimate
(1.0   & 1.8 g/t Au Cut-off)

Classification

Tonnes

Grade Au

Ounces Au

Tonnes

Grade Au

Ounces Au

 

 

g/t

 

 

g/t

 

Indicated

213,000

5.53

38,000

408,000

5.41

71,100

Inferred

1,107,000

5.17

184,100

1,553,000

5.48

273,800

Sensitivity to Gold cut-off grades

The Au cut-off sensitivities to the Mineral Resource Estimate are demonstrated in the following table:

Table 3: Updated Mineral Resource Estimate Sensitivity

 

Indicated Classification

Inferred Classification

Cut-Off

Tonnes

Grade Au

Ounces Au

Tonnes

Grade Au

Ounces Au

g/t Au

 

g/t

 

 

g/t

 

Near Surface Pit Mineral Resource Estimate Sensitivity

0.50

103,300

4.21

14,000

16,500

1.86

1,000

0.75

90,300

4.73

13,700

16,400

1.86

1,000

1.00

82,800

5.08

13,500

15,700

1.90

1,000

1.25

76,600

5.40

13,300

9,400

2.42

700

1.50

73,000

5.59

13,100

6,800

2.84

600

1.75

68,400

5.86

12,900

6,000

3.01

600

2.00

65,000

6.07

12,700

5,400

3.12

500

Underground Mineral Resource Estimate Sensitivity

1.40

375,300

4.98

60,100

1,722,700

5.10

282,500

1.60

348,500

5.25

58,800

1,622,100

5.32

277,700

1.80

325,500

5.50

57,600

1,537,300

5.52

272,800

2.00

302,600

5.78

56,200

1,454,700

5.73

268,000

2.25

274,100

6.16

54,200

1,362,100

5.98

261,700

2.50

248,000

6.55

52,300

1,263,000

6.26

254,100

2.75

225,900

6.94

50,400

1,179,100

6.52

247,000

3.00

205,900

7.33

48,500

1,120,300

6.71

241,600

Geologic Model

The Last Hope Property is located within the Churchill Structural Province of the Canadian Shield, lying 5 km south of the southern portion of the Lynn Lake Greenstone Belt. The Lynn Lake Greenstone Belt, comprised of the North and older South Belts, is part of a larger litho-structural unit which extends in a north-easterly direction from the La Ronge Greenstone Belt in Saskatchewan.

The Last Hope Deposit can be classified as a mesothermal lode gold deposit in a Paleoproterozoic setting. Lithologies which host the gold bearing structures have been altered to the upper greenschist to lower amphiboilite facies. The protoliths have not been determined. Gold is associated with disseminated to semi massive pyrite/pyrrhotite sulphide mineralization. Gold-bearing sulphide minerals are structurally controlled by a predominant north west to south east striking near vertical zone of deformation. This deformation zone is truncated to the north by the east west striking Johnson shear, the host of numerous gold occurrences and deposits.

QA/QC protocols

The drilled core is cut in half with the cut sample being placed in a bag which is sealed and transported to TSL labs in Saskatoon. A certified standard with low grade, mid-grade and high-grade gold values that approximates the lithology of the submitted sample is placed with random grade values in the sample stream every 10 samples. A certified blank standard is placed in the sample stream every 30 samples and a field duplicate is placed in the sample stream every 20 samples. In addition, TSL labs maintains their own QA/QC protocols consisting of selected resampling of the submitted samples and the insertion of 6 internal standards

High Grade Near Surface Resource

The Company is considering a scenario whereby it could mine the top 20 metres of high grade mineralization utilizing simple, potentially low cost trench mining methods. The Company believes that the Near Surface Mineral Resource announced today (Indicated: 13,500 ounces grading 5.08 g/t, Inferred: 1,000 ounces grading 1.90 g/t) is amenable to surface extraction using these methods as the vein is near vertical and virtually outcrops at surface. The potential method considered would utilize blast cuts which would be mined using a narrow remotely operated loader, crane and bucket. Although the analysis process is still in its early stages, this option could potentially provide the opportunity for a low capex and opex method for upfront extraction of a portion of the Mineral Resource, thereby having a very positive impact on upfront cashflow.

Future Drill Program to Potentially Incorporate Cost Saving All Season Road

55 North is planning the construction of a 5.6 km access road, subject to permitting, which would provide year-round road access to drill sites planned for its Phase 3 drill program, significantly lowering transportation costs of personnel and equipment.

A Phase 3 drill program is currently being planned to follow up on the previously announced favourable results of the 21 holes of the 2020/2021 drill program, and will consider in part the following:

  • Infill drilling in the areas of widening high-grade gold zones (hole LH-20-08 (19.25 g/t over 15.7m) and hole LH-21-20 (6.17 g/t over 8.0m))
  • Infill drilling in areas of multiple en-echelon zones (holes LH-21-16 and LH-21-18).
  • Drilling to extend down-plunge extensions of high-grade shoots.
  • Step-out drilling to extend mineralization along strike to the southeast.

Also planned for Phase 3 is the use of directional drilling which will improve accuracy and lower costs.

Qualified Persons

The technical content disclosed in this press release was reviewed and approved by Peter Karelse, P.Geo., VP Exploration for 55 North, a Qualified Person, and Eugene Puritch, P.Eng., President of P&E Mining Consultants Inc., an independent Qualified Person, both as defined under National Instrument 43-101. Mr. Karelse and Mr. Puritch consent to the publication of this announcement by 55 North Mining Inc. and certify that this announcement fairly and accurately represents the information for which they are responsible.

About 55 North Mining Inc.

55 North Mining Inc. is an exploration and development company advancing its high-grade Last Hope Gold Project located in northern Manitoba, Canada.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Mr. Bruce Reid
Chief Executive Officer, Director
55 North Mining Inc.
[email protected]
cell: 1-647-500-4495
office: 1-416-477-7771

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release of 55 North contains statements that constitute “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.

SOURCE: 55 North Mining Inc.

View source version on accesswire.com:
https://www.accesswire.com/664755/55-North-Mining-Inc-Reports-Updated-Gold-Resource-Estimate-for-Last-Hope-Project-87-Increase-to-Indicated-Mineral-Resources-48-Increase-to-Inferred-Mineral-Resources-New-High-Grade-Potential-Surface-Mineable-Mineral-Resources





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World Gold Council Report Underscores Barrick’s Leading Role in Sharing the Benefits of Mining

All amounts expressed in US dollarsTORONTO, Nov. 30, 2021 (GLOBE NEWSWIRE) — Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) today welcomed the release…

All amounts expressed in US dollars

TORONTO, Nov. 30, 2021 (GLOBE NEWSWIRE) — Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) today welcomed the release of the World Gold Council’s report highlighting the role of its members in contributing to socio-economic development in the countries and communities in which they operate. According to the report, available at www.gold.org, this contribution amounted to almost $38 billion in 38 countries last year, in the form of payments to governments, employees and suppliers.

Barrick’s status as an industry leader in socio-economic development was underscored by the comparison between its performance and the industrywide figures reported by the World Gold Council:

  • 97% of Barrick’s employees and contractors were host country nationals, compared to 95% reported cumulatively by the World Gold Council member companies;
  • Barrick paid $1.8 billion out of the total $7.6 billion reported in taxes, royalties and dividends to host governments;
  • $4.5 billion of the total $26 billion spent on goods and services was spent with local and national suppliers; and
  • Barrick’s total economic contributions amounted to $12.1 billion out of the total $37.9 billion contribution reported for the 2020 year.

Barrick president and chief executive Mark Bristow said that the company’s ability to share the benefits of mining was one of the key ways it measured its success. “We partner with our host communities and countries to transform their natural resources into tangible benefits and mutual prosperity. Additionally, we hire talented individuals from the communities closest to our mines and train them to world-class standards; we leverage our supply chain to facilitate the growth of thriving and self-sustaining businesses; and our taxes further contribute to the economic development of the countries and communities in which we operate,” he said.

“This all happened against the backdrop of the Covid-19 pandemic when our prompt and effective responses protected our businesses from the worst of the virus and provided a further opportunity for us to demonstrate our commitment to partnerships,” Bristow said.

Barrick spent more than $30 million on Covid-related community support measures in 2020 and prepaid more than $300 million in taxes and royalties. It also supported communities through a number of initiatives ranging from medical supply donations to local hospitals, loans to small businesses, setting up food banks and delivering food packages.

Enquiries:

Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]

Website: www.barrick.com

Cautionary Statement on Forward-Looking Information

Certain information contained or incorporated by reference in this press release, including any information as to our strategy, plans, or future operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “leading”, “transform”, “leverage”, “contribute”, “further”, “opportunity”, “commit”, “support” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to the amount of Barrick’s economic contributions and commitment to socio-economic development in the countries and communities in which it operates through the hiring of local nationals, the payment of taxes, royalties and dividends and payments to local suppliers; and Barrick’s response to the Covid-19 pandemic and related community support initiatives.  Forward-looking statements are necessarily based upon a number of assumptions, including material assumptions considered reasonable by Barrick as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies.

Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned not to put undue reliance on forward-looking statements which are not guarantees of future events, and speak only as of the date made. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements, and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.




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Great Atlantic Resources Closes First Tranche of Financing $1,280,500

VANCOUVER, BC / ACCESSWIRE / November 30, 2021 / GREAT ATLANTIC RESOURCES CORP. (TSXV:GR) (the "Company" or "Great Atlantic") is pleased to announce that…

VANCOUVER, BC / ACCESSWIRE / November 30, 2021 / GREAT ATLANTIC RESOURCES CORP. (TSXV:GR) (the “Company” or “Great Atlantic”) is pleased to announce that it has closed the first tranche of a non-brokered private placement originally announced on November 17, 2021, consisting of 3,201,250 flow-through shares at a price of $0.40 per share for gross proceeds of $1,280,500. Each Flow-Through unit consists of one common share that qualifies as a “flow-through share” as defined in subsection 66(15) of the Income Tax Act and one share purchase warrant. Each whole warrant will entitle the holder to purchase one additional non-flow common share at the price of $0.75 for 36 months after closing. The net proceeds from the Offering will be used for exploration expenses on the Company’s mineral properties in Atlantic Canada.

The Company paid a cash commission of $70,000 and issued 175,000 finders warrants to Qwest Investment Fund Management Ltd. The finder warrants are valid for 3 years from closing with an exercise price of $0.40. The Company also paid a cash commission of $2,800 and issued 7,000 finder warrants to Haywood Securities Inc. and paid a cash commission of $7,385 and issued 18,463 finder warrants to Arthur Perna. These finder warrants are valid for 3 years from closing with an exercise price of $0.75

All securities issued in connection with the flow through Offering will be subject to a hold period expiring March 25, 2022. The closing of this private placement financing is subject to final TSX-V approval.

On Behalf of the board of directors

“Christopher R Anderson”

Mr. Christopher R. Anderson
“Always be positive, strive for solutions, and never give up”
President CEO Director

Investor Relations:

Andrew Job
1-416-628-1560
[email protected]
Office Line 604-488-3900

About Great Atlantic Resources Corp.: Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral assets in the resource-rich and sovereign risk-free realm of Atlantic Canada, one of the number one mining regions of the world. Great Atlantic is currently surging forward building the company utilizing a Project Generation model, with a special focus on the most critical elements on the planet that are prominent in Atlantic Canada, Antimony, Tungsten and Gold.

This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Great Atlantic Resource Corp
888 Dunsmuir Street – Suite 888, Vancouver, B.C., V6C 3K4

SOURCE: Great Atlantic Resources Corp.

View source version on accesswire.com:
https://www.accesswire.com/675290/Great-Atlantic-Resources-Closes-First-Tranche-of-Financing-1280500







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Eric Sprott Announces Voting Support Agreement for Hochschild Mining PLC’s Proposed Acquisition of Amarillo Gold Corporation

Toronto, Ontario–(Newsfile Corp. – November 30, 2021) – Further to the press release of Amarillo Gold Corporation (Amarillo) dated November 29, 2021,…

Toronto, Ontario–(Newsfile Corp. – November 30, 2021) – Further to the press release of Amarillo Gold Corporation (Amarillo) dated November 29, 2021, Eric Sprott announces that 2176423 Ontario Ltd., a company which Mr. Sprott beneficially owns, has entered into a voting support agreement with Hochschild Mining PLC (Hochschild) in connection with Hochschild’s proposed acquisition of all of the issued and outstanding common shares of Amarillo (Amarillo Shares) by way of a statutory plan of arrangement (Arrangement) under the Business Corporations Act (British Columbia). 

2176423 Ontario holds 68,300,000 Amarillo Shares representing approximately 17.7% of the outstanding Amarillo Shares.

Mr. Sprott intends to hold the Amarillo Shares through 2176423 Ontario for investment purposes and to support the Arrangement, and, depending on market or other conditions, may acquire additional securities of Amarillo. If the Arrangement does not close or the voting support agreement is terminated, Mr. Sprott may acquire additional securities of Amarillo including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Amarillo is located at 82 Richmond Street East, Suite 201, Toronto, Ontario M5C 1P1. A copy of 2176423 Ontario’s early warning report will appear on Amarillo’s profile on SEDAR at www.sedar.com and may also be obtained by contacting Mr. Sprott’s office at (416) 945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105858





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