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New Stratus Energy Completes Acquisition of Shares of Repsol Ecuador S.A. from Affiliates of Repsol S.A.

Calgary, Alberta–(Newsfile Corp. – January 14, 2022) – New Stratus Energy Inc. (TSXV: NSE) ("New Stratus" or the "Corporation") is pleased to announce…

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Calgary, Alberta–(Newsfile Corp. – January 14, 2022) – New Stratus Energy Inc. (TSXV: NSE) (“New Stratus” or the “Corporation”) is pleased to announce that further to its news release dated October 20, 2020 (link), it has closed the previously disclosed transaction with affiliates of Repsol S.A. (the “Sellers”) for the transfer of the shares (“Shares”) of Repsol Ecuador S.A. to New Stratus (the “Transaction”) on terms equivalent to those previously disclosed. The Corporation now holds an indirect 35% operated working interest in service contracts (the “Service Contracts”) for Blocks 16 and 67 in Ecuador (the “Blocks”) and Repsol Ecuador S.A., now a wholly-owned subsidiary of New Stratus, remains the operator of the Blocks.

Transaction Highlights:

  • Gross production as of January 5, 2022 on the Blocks was 14,306 barrels of oil per day (bopd) (5,007 bopd net).
  • Gross proved plus probable reserves of 4.506 million barrels of oil (1.577 million barrels of oil net).[1] In accordance with the COGE (Canadian Oil and Gas Evaluation) handbook reserves can be booked only to the end of the term of the current service contract which expires in December 2022 rather than the remaining economic life of the Blocks.
  • Significant production potential remains in the Blocks and the Corporation has previously announced plans to spend approximately US$200 million in 2022 and 2023 to drill approximately 30 development wells, following the completion of negotiations with the Government of Ecuador to extend rights to the Blocks through a production sharing contract. Upon the extension of rights to the Blocks, a new reserve report will be commissioned that will reflect reserves to the end of the newly negotiated contract.
  • In conjunction with the closing of the transaction, New Stratus is pleased to announce that Mr. Ramiro Paez, Director of the Ecuador Business Unit for Repsol has agreed to join New Stratus in the same role. Mr. Paez is a mechanical engineer and has over 40 years of international oil & gas experience in Indonesia, Spain, Libya, Venezuela and then recently with Repsol in Ecuador. Mr. Paez will be a fundamental figure in New Stratus’ continued development in Ecuador.

[1] See Reserves Advisory, below.

Blocks 16 and 67

The Corporation now holds a 35% operated working interest in the Service Contracts for the Blocks, which are located in the Orellana Province in the prolific Oriente Basin in Ecuador. The Blocks have a long history of production, with a total of 262 wells drilled, and excellent seismic coverage. This has contributed to substantial knowledge of the area’s characteristics, properties, distribution of reservoirs, production mechanisms, and additional exploration opportunities.

The Blocks are comprised of 9 fields, with gross production as at January 5, 2022 of 14,306 bopd (5,007 bopd net) at an average gravity of 15.5° API. The Blocks have accumulated primary production of approximately 373 million barrels of oil.

Existing infrastructure includes two oil and water processing centers with a capacity of 75,000 bopd and 900,000 barrels of water per day, with all the water production being reinjected into 30 wells. Additional area infrastructure includes electricity generation plants and a topping plant which produces diesel used to power operations.

The oil produced in the fields is moved by a 16-inch pipeline to Lago Agrio, where it is loaded into the Oleoducto de Crudos Pesados Ecuador S.A. pipeline and transported to a port on the Pacific Ocean.

Tariffs are governed by the Service Contracts and a portion of such tariffs is indexed to US CPI/PPI. While the existing Service Contracts expire in December 2022, significant production potential remain in the Blocks and the Corporation has previously announced plans to spend approximately US$200 million in 2022 and 2023 following the completion of negotiations with the Government of Ecuador to extend rights to the Blocks through a production sharing contract.

The Blocks include commitments to minimize the environmental impact of operations, to maintain high standards of safety, and to undertake long-term investments for the benefit of local communities.

Reserves

The net reserves attributable to the Blocks as of November 30, 2021 through to the expiry of the Service Contracts in December 2022 are as follows:

  • 1P: 1.556 mmbbls

  • 2P: 1.577 mmbbls

New Stratus is committed to maintaining stability for all employees of Repsol Ecuador S.A. in accordance with contractual commitments. Furthermore, New Stratus is committed to continue supporting the communities in the area of influence of the Blocks and will continue complying with all the commitments that Repsol Ecuador S.A. has made to the neighboring communities, as established by Ecuadorian law and in agreement with the Waorani Nation of Ecuador.

The Corporation looks forward to continued dialogue with the Ministry of Energy and Non-Renewable Natural Resources in Ecuador on the contract conversion, contract extension and applicable capital expenditure program.

Contact Information:

Jose Francisco Arata
Chairman & Chief Executive Officer
[email protected]

Wade Felesky
President & Director
[email protected]

Mario Miranda
Chief Financial Officer
[email protected] – (416) 363-4900

Forward-Looking Information

Certain information set forth in this news release constitutes “forward-looking statements”, and “forward-looking information” under applicable securities legislation (collectively, “forward-looking statements“). All statements other than statements of historical fact are forward-looking statements. Forward-looking statements may be identified by the use of conditional or future tenses or by the use of words such as “will”, “expects”, “intends”, “may”, “should”, “estimates”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions, including variations thereof and negative forms. Forward-looking statements in this press release include expectations about management’s expectations with respect to the Transaction and plans with respect to drilling and operations on the Blocks, expectations regarding capital investment in the Blocks, the extension of the term of the Blocks, the commission of a new reserves report, and entering into a production sharing contract with the Government of Ecuador in respect of the Blocks, and are based on the Corporation’s current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Forward-looking statements are not guarantees of future performance and undue reliance should not be placed on them. In respect of the forward-looking statements contained herein, the Corporation has provided them in reliance on certain assumptions that it believes are reasonable at this time, including assumptions as to the ability of the Corporation to receive, in a timely manner, the ability of the Corporation to negotiate extension to the term of the Blocks and enter into production sharing contracts with the Government of Ecuador, and the ability of the Corporation to obtain debt financing on satisfactory terms, some or all of which may prove to be incorrect. Accordingly, readers should not place undue reliance on the forward-looking statements contained herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the ability to successfully integrate operations and realize the anticipated benefits of the Transaction; incorrect assessments of the value of the Transaction; changes in commodity prices and currency exchange rates; currency and interest rate fluctuations; the ability to secure adequate debt financing; and management’s ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. New Stratus undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. New Stratus has included the above summary of assumptions and risks related to forward-looking statements provided in this news release in order to provide readers with a more complete perspective on the Transaction and such information may not be appropriate for other purposes. Actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits may be derived therefrom.

Reserves Advisory

This news release includes reserves information attributable to the Blocks effective as of November 30, 2021 prepared by Petrotech Engineering Ltd., which is an independent qualified reserves evaluator. The reserves information was prepared in accordance with the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities.

Statements relating to reserves and resources are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated. The reserve and resource estimates described herein are estimates only. The actual reserves and resources may be greater or less than those calculated.

Estimates of net present values of future net revenue, whether calculated with or without a discount rate, do not represent the fair market value of reserves.

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.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION BY ANY UNITED STATES NEWS DISTRIBUTION SERVICE

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/110114








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Today’s News

Jaxon Applies MDRU’s Porphyry Index To Netalzul Mt Porphyry System Target And Extends Geochemical Rock And Soil Survey Sampling Area; Chip Samples Contain Up To 3052 g/t AgEq Including 2915 g/t Ag, 0.39 g/t Au, 0.35% Cu, 2.06% Pb And 0.43% Sb

Vancouver, British Columbia–(Newsfile Corp. – January 19, 2022) – Jaxon Mining Inc. (TSXV: JAX) (FSE: 0U31) (OTC PINK: JXMNF)  ("Jaxon" or the "Company")…

Vancouver, British Columbia–(Newsfile Corp. – January 19, 2022) – Jaxon Mining Inc. (TSXV: JAX) (FSE: 0U31) (OTC PINK: JXMNF)  (“Jaxon” or the “Company”) is pleased to announce it has extended the soil and rock sampling program at the Netalzul Mt project where 120 rock and 409 soil samples were collected from the new areas in the 2021 field season (Figure 1). The samples report up to 3052 g/t silver equivalent including 2915 g/t Ag, 0.39 g/t Au, 0.35% Cu, 2.06% Pb and 0.43% Sb (Table 1). Based on MDRU’s Toodoggone report (link), the samples identify a high MPIx (MDRU Porphyry Index) centre area coincident with the target vectors generated by Fathom Geophysics’ previous modeling. These surface expressions are a product of the large epithermal porphyry system Jaxon is targeting within Netazul Mt.

38 of the new rock samples were assayed for porphyry geochemical index elements and the results outline a high MPIx centre which is used to vector in on the location of the centre of the porphyry system. The Netalzul Mt porphyry is marked by geochemical anomalies involving an intense suite of indicator minerals, as well as significant geophysical anomalies, structural controls and an extended propylitic alternation zone populated with multiple, polymetallic high-grade epithermal, sulfide quartz veined zones perforated by monzonite dykes and with visible K-silicate alteration. Jaxon has commenced programming to conduct a definitive drill test of the centre and the mineralized shells of the Netalzul Mt porphyry system in the summer of 2022.

Netalzul Mt is one of seven porphyry system targets on Jaxon’s 100% owned Hazelton property in northwestern British Columbia, approximately 50 km north of the town of Smithers.

Highlights of 2021 Rock and Soil Sampling at Netalzul Mt Project

  • 409 soil samples were collected and tested in the field with a handheld XRF analyzer. A large strong Zn anomaly (up to 3681 ppm; 11.7% of soil samples >1000 ppm) was identified in the strongly faulted hornfels area to the north boundary of the Netalzul granodiorite intrusion (Figure 2). The Zn anomaly overlays the Rocks 1 geochemical anomaly previously defined by Fathom Geophysics in early 2021 (news release), and coincides with a discrete demagnetized zone, comparable to the Blackwater deposit in the same geological setting 250 km southeast of the Netalzul Mt project.
  • 38 of the 2021 rock samples were assayed for 48 elements to extend the geochemical survey area. Jaxon applied MDRU’s MPIx to characterize the samples as porphyry/proximal, distinguishing them from those typically found in distal/shallow mineralizing environments. A higher MPIx number indicates closer proximity to porphyry-type mineralization. The Netalzul rock samples with the higher MPIx indexes are concentrated in the area surrounding Pad 5 (Figure 3). These results are consistent with the results generated by Fathom Geophysics’ modeling of Jaxon’s geochemical and geophysical data in 2021, as well as with the lithology and mineralization observed in the core logs (strong potassic quartz veins and alterations), the assay results from the 2021 drilling program, the field observations of K-silicate alteration, and the observations in the core of the multiple occurrences of monzonite dykes.
  • 82 mineralized rock samples were collected and assayed for 34 elements. Two new artisanal mining adits (Adit 3 and Adit 4) were discovered in the east extension of the Daisy South Adit Zone (Figures 1, 5 and Table 1). Ag grades can be up to 2915 g/t with 0.39 g/t Au, 0.35% Cu, 2.06% Pb and 0.43% Sb from a one metre chip outcrop sample (sample ID# 72013) at the Adit 4 area within the Daisy South Adit Zone (Figure 5); Au grades can be up to 7.01 g/t with 49 g/t Ag and 0.53% Cu from a one metre quartz vein zone chip outcrop sample (sample ID# A0027300) at Daisy North Contact Zone (Figure 6); Cu grades can be up to 1.47% with 20 g/t Ag from a porphyry monzonite dyke outcrop grab sample (sample ID# 72521) at the southwest area of Netalzul Mt project (Figure 7). These rock samples have typical epithermal intermediate sulfidation (IS) mineralization or display the disseminated porphyry characteristics generated by deep porphyry systems as prototypically modeled (Figure 8).

Statement from Chairman and CEO John King Burns

“Netalzul Mt exhibits one of the strongest geochemical anomalies indicating the location of a porphyry system in BC to date and was ranked as Jaxon’s priority porphyry target, the first of seven on the Hazelton property, using Fathom Geophysics’ comparative porphyry model earlier in 2021.”

“Jaxon’s primary technical focus in the winter of 2022 is to reprocess all existing geochemical and geophysical datasets, integrate the new data collected in 2021 and regenerate our geological models to show the geometry of and generate more precise locational coordinates for the Netalzul Mt porphyry system. The modelling will be reviewed by Jaxon’s geochemical, geophysical and structural advisors as part of a comprehensive drill target vectoring exercise.”

“In the spring of 2022, we expect to publish the updated 3D geological model illustrating projections of the Netalzul Mt porphyry system and the specific vectors that each of the ~5 planned, ~1200-metre tests holes will follow.”

Figure 1. Soil and rock samples, Netalzul Mt, 2021

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/881/110749_15b6383bd42daa94_001full.jpg

Cannot view this image? Visit: https://www.nxtmine.com/wp-content/uploads/2022/01/7b64d8cb147f84b79680b4fff1dfa2ff.jpg

Figure 2. A large and strong Zn anomaly (> 1000 ppm) has been identified in the hornfels at Netalzul Mt.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/881/110749_15b6383bd42daa94_002full.jpg

Cannot view this image? Visit: https://www.nxtmine.com/wp-content/uploads/2022/01/5b6a645fe90694ab6d63ccc860f61319.jpg

Figure 3. MDRU Porphyry Index ratios indicating the footprint of the porphyry mineralization at Netalzul Mt.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/881/110749_15b6383bd42daa94_003full.jpg

Cannot view this image? Visit: https://www.nxtmine.com/wp-content/uploads/2022/01/05ed880a08d2d7273afae4d15a16de0a.jpg

Figure 4. Rock samples (represented by blue diamonds) from mineralized zones at Netalzul Mt.

To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/881/110749_15b6383bd42daa94_004full.jpg

Cannot view this image? Visit: https://www.nxtmine.com/wp-content/uploads/2022/01/11756abe4db912c8a12d7992bb2ee295.jpg

Figure 5. Adit 3 (left); one metre chip sample (#72013) from Adit 4 area with Ag grade @ 2915 g/t (right).

To view an enhanced version of Figure 5, please visit:
https://orders.newsfilecorp.com/files/881/110749_15b6383bd42daa94_005full.jpg

Cannot view this image? Visit: https://www.nxtmine.com/wp-content/uploads/2022/01/8a2f478823de32b55b4d7f6e898c04b5.jpg

Figure 6. One metre chip sample (A0027300) at Daisy North Contact Zone area with Au grades of up to 7 g/t.

To view an enhanced version of Figure 6, please visit:
https://orders.newsfilecorp.com/files/881/110749_jaxon.2.jpg

Cannot view this image? Visit: https://www.nxtmine.com/wp-content/uploads/2022/01/389a0198b233b858f6ba70877daa6de9.jpg

Figure 7. Monzonite dyke grab sample (72521) with Cu grades of up to 1.47% from the southwest area of Netalzul Mt.

To view an enhanced version of Figure 7, please visit:
https://orders.newsfilecorp.com/files/881/110749_15b6383bd42daa94_007full.jpg

Cannot view this image? Visit: https://www.nxtmine.com/wp-content/uploads/2022/01/e564d5acac4c308a67c795b094e19bbd.jpg

Figure 8. Conceptual model of epithermal-porphyry system at Netalzul Mt.

To view an enhanced version of Figure 8, please visit:
https://orders.newsfilecorp.com/files/881/110749_15b6383bd42daa94_008full.jpg

Table 1. Significant Assay Results from Rock Samples at Netalzul Mt in 2021

Sample ID

Description

Au ppm

Ag ppm

Cu ppm

Pb ppm

Sb ppm

Zn ppm

AgEq ppm

72013

Breccia QV with tetrahedrite in adit 4 area

0.39

2915

3518

20600

4252

738

3052

72004

Sulfide QV at Daisy central zone

1.54

1960

22750

19300

10000

5768

2416

A0027292

2 m wide polymetallic QV at Daisy central zone

0.82

442

5824

41400

3336

23100

725

A0027300

4 QVs ~ 10-40cm each, total 3-4m wide at Daisy Central zone

7.01

49.1

5301

681

39

1523

613

72008

2m wide massive sulfide QV veins at adit 3 area

0.16

298

2651

33600

591

7040

432

72035

Sulfide QV 30cm

4.41

64.7

2110

1588

300

315

410

72007

Strongly oxidized QV, abundant pyrite and chalcopyrite patches

0.15

93

28890

56

8

98

395

72015

QV float with chalco-py. and black minerals.

0.18

234

11590

1557

630

569

372

72018

50-100cm thick striking 25, dip at 70, str. Py/chalco-py.

0.70

101

6242

808

952

1913

226

72009

Adit 4 area, QV zone >15m

0.09

147

683

4528

587

300

183

72521

disseminate monzonite porphyry dyke under a big granodiorite bold in the SW area

0.07

20.2

14710

68

7

152

172

72019

strongly FeOx altered, 10-15cm wide, ds py

0.20

125

1398

331

167

469

157

A0027298

QV and granite in the fracture zone

0.40

92

1882

842

1011

2672

154

72041

QV and Granite with massive chalco-Py and less Py, main QV only 2-3 cm wide

0.03

29

11440

5

5

58

146

A0027316

QV float on the east valley slope

0.15

111

786

1268

1685

74

144

72006

Large QV > 50cm in hornfels. it is in contact zone between hornfels and granite,

0.08

63.1

1693

637

615

237

118

72002

6 QVs, strongly FeOx altered, locally sulphide, largest one 15-20cm wide, others 2-5cm wide

0.06

79.8

595

162

5

16

93

72521-1

monzonite dyke with diss sulfide, extension of Monzonite dyke in hole 5

0.03

40.4

2769

207

98

156

91

72012

>3m wide QV Breccia zone, QV breccia same as adit 4

0.08

64.1

422

484

405

114

80

72033

QV and granite, see Mo, Py and gray color Quartz, see yellow Mo oxidation, total QV zone > 20 meters

0.13

40.1

1873

360

58

123

76

72010

QV > 5cm, Py/Chalopy in QV group zone > 2m wide

0.02

39.2

2834

324

16

142

71


Rock and Soil Sampling and Analytical Procedures

All samples described in this news release were collected by the Company’s Qualified Professional Geologists. Chip and prospecting samples were collected in the field by experienced, professional geological staff who selected hand samples from outcrop or chip samples. The samples were numbered, described and located in the field for follow-up. Numbered rock sample tags were placed inside each bag and securely closed for transport to the Company’s secure cold storage locked facility in Smithers, B.C. MSALABS in Langley, B.C. received the rice bag shipments after secure transport from Smithers. Samples were prepared by crushing, grinding and pulverizing to a pulp with barren material washing between each sample at the crush and pulverizing stages. Then 20 g of pulp was used for the ICP-230 for 34 elements or IMS-231 for 48 elements, FAS-111 fire assay for gold with ICP-ES finish and MET-440 for ore grade samples. Overlimit silver is determined by Fire ASSAY 415 method. Laboratory standards and QA – QC are monitored by the Company.

Soil samples were taken on a 50 m by 50 m grid along the mineralization zone. Approximately 200 g to 300 g of soil was sampled at a depth of approximately 25-30 cm from surface. Soil sampling primarily targeted the B horizon where appropriate, and samples were collected in labelled craft paper bags. Soil samples were analyzed via PXRF (Portable Thermo Scientific Niton XL3t GOLDD+ X-Ray Fluorescence Analyzer) for Cu, Pb, Zn, Ag, Mo, Sb and W. All work was conducted by the Company’s team of qualified geologists.

Qualified Person

Yingting (Tony) Guo, P.Geo., President and Chief Geologist of Jaxon Mining Inc., a Qualified Person as defined by National Instrument 43-101, has reviewed and prepared the scientific and technical information and verified the data supporting such scientific and technical information contained in this news release.

About Jaxon Mining Inc.

Rich in large-scale geological targets/assets, Jaxon has seven porphyry system targets on its 100% controlled Hazelton property, an interconnected network of concessions spanning 705.7 km2 in the Toodoggone region of the Skeena Arch in northwest British Columbia, Canada. The Skeena Arch is an exceptionally orogenic and metallogenic setting, geochronologically suitable to host preserved porphyries.

Jaxon pursues the discoveries of deeper, under cover, commercial scale and grade Cu, Au, Ag, polymetallic porphyry epithermal systems associated with distal mineralized, propylitically altered zones nearer to surface. Jaxon’s team is made up of experienced model-driven explorationists. Geochemical, geophysical and structural data is collected and integrated to generate 3D models to assist in the visualization and projection of the location of targeted porphyry systems.

Netalzul Mt is Jaxon’s most advanced target, the priority of seven identified porphyry epithermal system targets at Hazelton. Red Springs is the second target being prepared for drill testing. The five other targets are in various advancing stages of exploration.

ON BEHALF OF THE BOARD OF DIRECTORS
JAXON MINING INC.

John King Burns

John King Burns, Chairman

For more information please contact:

Investor Relations

Kaye Wynn Consulting
T: 604-558-2630
TF: 1-888-280-8128
E: [email protected]

Freeform Communications
T: 604-243-0499
E: [email protected]

Corporate
T: 604-424-4488
E: [email protected]

This news release may contain forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release may include, but is not limited to, the Company’s objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames, or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither TSX Venture exchange nor its Regulations 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/110749





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Today’s News

Falcon Gold Acquires 10,150 Hectares in Gander North, Adjacent to Sassy Resources – Plans High Resolution Magnetic Surveys

VANCOUVER, BC / ACCESSWIRE / January 19, 2022 / FALCON GOLD CORP. (TSX-V:FG), (GR:3FA), (OTCQB:FGLDF); ("Falcon" or the "Company") is pleased to announce…

VANCOUVER, BC / ACCESSWIRE / January 19, 2022 / FALCON GOLD CORP. (TSX-V:FG), (GR:3FA), (OTCQB:FGLDF); (“Falcon” or the “Company”) is pleased to announce it has acquired a significant land position in the Gander North area via staking and cover 406 claims totaling 10,150 hectares. The Company has immediate plans to commence high resolution magnetic surveys upon approval of exploration permits. These new claims are located 25 kilometers due East of New Found Gold‘s Queensway Project and are contiguous to Sassy Resources Gander North Project which Sassy had optioned from Shawn Ryan.

Figure 1. Regional location of Falcon’s Gander North Gold property.

Northeast trending structural lineaments first recognized by Sassy Resources to the immediate east are interpreted to continue onto the Property. An interpretation of the regional magnetics shows NNE trending, ophiolite bearing thrust faults are cross-cut by a series of brittle NE trending fault-fractures, which indicate a regional setting similar to that to the highly prospective eastern Exploits Subzone. Gold mineralization models along the Exploits Subzone are based on analogous structural settings to those at Fosterville in Victoria, Australia (https://exploitsdiscovery.com/projects/).

Recent exploration by Sassy Resources on their Gander North Project have returned spectacular results from soil geochemistry sampling surveys as evidenced with recent published results of 1,432 ppb Au in northeast trending zones.

Falcon’s Chief Executive Officer, Karim Rayani commented, The Gander North Property marks an exciting addition to our property portfolio – the recent soil sampling program released by Sassy Resources and world-renowned prospector Shawn Ryan is further proof that we continue to acquire land positions in highly prospective terrains, where our interpretations show a very high probability of a continuation of a structural system running through our ground. We eagerly await the exploration permitting approvals and the start of our detailed high resolution magnetic surveys within our Gander Project Area.”

Falcon Gold Gander South Property

Falcon’s new land acquisition is hosted within the Exploits Subzone of the central Newfoundland gold belt. The property covers extensions or is proximal to major structure, the Dog Bay-Appleton-Grub Line fault system, a crustal scale fault zone that extends from the north coast of Newfoundland, southwest through Gander and these structural corridors are intimately associated with recent gold discoveries including New Found Golds Queensway Project. The property lies within a domain of ambiguous geophysical signatures with the only coverage being large-scale regional geophysical surveys and even with these coarse lines spacings, preliminary interpretations indicate zone boundaries and mapped units differ significantly from published regional geological maps.

Qualified Person

Mr. Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.

The QP has not completed sufficient work to verify the historic information on the properties comprising the Hope Brook property, particularly regarding historical exploration, neighboring companies, and government geological work. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.

About Falcon Gold Corp.

Falcon is a Canadian mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas. Falcon’s flagship project, the Central Canada Gold Mine, is approximately 20 km southeast of Agnico Eagle’s Hammond Reef Gold Deposit which has currently estimated 3.32 million ounces of gold (123.5 million tonnes grading 0.84 g/t gold) mineral reserves, and 2.3 million ounces of measured and indicated mineral resources (133.4 million tonnes grading 0.54 g/t gold). The Hammond Reef gold property lies on the Hammond shear zone, which is a northeast-trending splay off the Quetico Fault Zone (“QFZ”) and may be the control for the gold deposit. The Central Gold property lies on a similar major northeast-trending splay of the QFZ.

The Company holds 8 additional projects. The Esperanza Gold/Silver/Copper mineral concessions located in La Rioja Province, Argentina. The Springpole West Property in the world-renowned Red Lake mining camp; a 49% interest in the Burton Gold property with Iamgold near Sudbury Ontario; and in B.C., the Spitfire-Sunny Boy, Gaspard Gold claims; and most recently the Great Burnt, Hope Brook, and Baie Verte acquisitions adjacent to First Mining, Benton-Sokoman’s JV, and Marvel Discovery in Central Newfoundland.

CONTACT INFORMATION:

Falcon Gold Corp.

“Karim Rayani”

Karim Rayani
Chief Executive Officer, Director

Telephone: (604) 716-0551
Email: [email protected]

Cautionary Language and Forward-Looking Statements

This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, 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.

This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, 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.

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.

SOURCE: Falcon Gold Corp

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Barksdale Intercepts 47m of 0.75% Copper and 39m of 0.61% Copper at San Javier in Sonora, Mexico

Vancouver, British Columbia–(Newsfile Corp. – January 19, 2022) – Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) ("Barksdale" or the "Company")…

Vancouver, British Columbia–(Newsfile Corp. – January 19, 2022) – Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) (“Barksdale” or the “Company“) is pleased to announce assay results from 8 additional drill holes from its Phase I, 5,000-meter drilling program at the Cerro Verde zone, San Javier project Sonora. These latest results continue to confirm continuity of drilled mineralization, as well as expansion of the mineralization footprint, including both oxide and sulfide copper.

Drilling Highlights:

  • Drilling has continued to confirm and expand the footprint of the Cerro Verde zone with key results including 47m of 0.75% copper from 138-185m (SJ21-28) and 39m of 0.61% copper from 21-60m (SJ21-24), and 6m of 0.90% copper from 102-108m (SJ21-14).
  • Oxide gold intercepts in hole SJ21-29, including 15m grading 0.73 g/t gold and 8m grading 0.84 g/t gold, have extended the gold bearing portion at Cerro Verde by approximately 60m to the south.

Rick Trotman, President and CEO of Barksdale commented, “The drill results continue to demonstrate that the Cerro Verde zone has significant shallow copper mineralization. The final results from the drilling program, which are primarily step-out holes to the west and south, are expected to be released within the next few weeks, at which point we can complete our resource estimation for Cerro Verde.”

Drill Hole Discussion

Holes SJ21-27, SJ21-28 and SJ21-29 were drilled on the same section (Figure 1) with the goal of providing infill definition between existing sections spaced ~100m apart. Hole SJ21-27 intersected 13.5m meters of 0.35% copper oxide mineralization between 45 to 58.5m, at which point the hole was abandoned after encountering a 4.5m void from 58.5 to 63m. Hole SJ21-28 intersected extensive enriched and primary copper mineralization immediately above and at the supergene / primary boundary. The main copper intercept contained 47m of 0.75% copper from 138 to 185m. Additionally, the upper portion of hole SJ21-28 intersected three narrow oxide gold intercepts (with little copper) which included 0.54 g/t gold from 21-24m, 0.58 g/t gold from 36-39m and 0.39 g/t gold from 45-48m. Hole SJ21-29 results include four oxide gold intercepts including: 15m of 0.73 g/t gold between 21-36m, 9m of 0.41 g/t gold from 39-48m, 9m of 0.84 g/t gold from 51-60m and 3m of 0.58 g/t from 66-69m. These gold intercepts represent the projected southern extension of gold encountered in SJ21-05 (see the press release dated October 25, 2021).

Hole SJ21-24 and SJ21-25 were drilled on the same section (Figure 2) with the goal of infilling a 125m gap in historic drill data (SJ21-24) as well as to extend copper mineralization to the east (SJ21-25) in an area where steep topography did not allow for road construction. SJ21-24 intersected 39m grading 0.61% copper from 21-60m comprised of multiple zones of both oxide and sulfide mineralization. SJ21-25 was drilling shallowly to the east and was successful in extending mineralization by approximately 40m. Intercepts included 27m of 0.26% oxide copper from 24-51m, 12m of oxide copper from 78-90m, 33m of 0.28% mixed oxide/sulfide copper from 138-171m and 12m of 0.52% primary copper from 183 to the end of the hole.

Figure 1. Drill section highlighting copper and gold assay results from SJ21-27, SJ21-28, and SJ21-29. True widths are approximately 90-100% of drill intercepts.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/8531/110743_c1f4d13204a8cb1c_002full.jpg

Cannot view this image? Visit: https://www.nxtmine.com/wp-content/uploads/2022/01/4b68fb51872debff5cd7ab8a356a9d8a.jpg

Figure 2. Drill section highlighting copper and gold assay results from SJ21-24 and SJ21-25. True widths are approximately 40-70% of drill intercepts.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/8531/110743_c1f4d13204a8cb1c_003full.jpg

Cannot view this image? Visit: https://www.nxtmine.com/wp-content/uploads/2022/01/faed5a693cabc74e9cb2f5911eceee92.jpg

Figure 3. Plan view of the Cerro Verde zone showing the historic mineralization footprint, the extent of mapped oxidation at surface, and recently completed drilling by Barksdale. Mineralization remains open to the south, southeast, southwest, and northeast.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/8531/110743_c1f4d13204a8cb1c_004full.jpg

Table 1. Significant Drill Hole Results (Copper above 0.20% and/or Gold above 0.20 g/t). True widths vary between 40-100% and average 80%.

From To Interval Cu Au Type of
 Hole (m) (m) (m) (%) (g/t) Mineralization
 SJ21-14 102 108 6 0.90 Oxide
 SJ21-23 12 30 18 0.38 Oxide/Primary
 Including 12 21 9 0.36 Oxide
21 30 9 0.39 Primary
 SJ21-24 21 60 39 0.61 Oxide/Primary
 Including 21 27 6 0.61 Oxide
27 36 9 0.84 Primary
36 39 3 1.26 Oxide
39 60 21 0.42 Primary
 and 69 72 3 0.68 Primary
78 81 3 0.20 Primary
108 111 3 0.26 Primary
 SJ21-25 24 51 27 0.26 Oxide
 Including 24 27 3 0.46 0.30 Oxide
33 36 3 0.23 0.25 Oxide
45 51 6 0.30 0.28 Oxide
54 60 6 0.06 0.83 Oxide
 and 72 75 3 0.22 Oxide
78 90 12 0.48 Oxide
129 132 3 0.22 Oxide
138 171 33 0.28 Oxide / Primary
 Including 138 147 9 0.43 Oxide
147 162 15 0.22 Primary
162 171 9 0.25 Oxide
183 195 12 0.52 Primary
 SJ21-26 15 21 6 0.29 Oxide
27 30 3 0.15 0.39 Oxide
90 117 27 0.33 Oxide / Primary
 Including 90 99 9 0.45 Oxide
99 117 18 0.28 Primary
105 108 3 0.34 0.50 Primary
 SJ21-27 15 18 3 0.02 0.80 Oxide
45 58.5 13.5 0.35 Oxide
58.5 63 4.5 Void / No Sample
 SJ21-28 21 24 3 0.03 0.54 Oxide
36 39 3 0.00 0.58 Oxide
45 48 3 0.03 0.34 Oxide
138 185 47 0.75 Enriched / Primary
 including 138 150 12 1.00 Enriched
150 162 12 0.36 Primary
162 180 18 0.95 Enriched
180 185 5 0.41 Primary
 SJ21-29 21 36 15 0.07 0.73 Oxide
39 48 9 0.02 0.41 Oxide
51 60 9 0.02 0.84 Oxide
66 69 3 0.01 0.58 Oxide

 

Quality Assurance and Quality Control

Drilling was completed using HQ size diamond drill core and core was logged by geologic consultants engaged by the Company. Drill holes were logged and marked for sampling prior to being sawn in half using a diamond blade saw, with one half of the sawn core being placed in a cloth sample bag, with a unique sample tag, while the second half was returned to the wooden core box for storage on site. Sample assays are being performed by Skyline Assayers & Laboratories, an accredited (ISO 9001) laboratory. Core samples are analyzed for total copper, acid soluble copper, cyanide soluble cooper, as well as well as a multi element ICP Analysis.

The analytical work has been and is subject to a QA/QC program that includes certified reference standards from OREAS North America. These standards are of similar composition to the rock types at San Javier. Several different standards are included in each batch of samples submitted to the lab. These controls are tracked to ensure the integrity of the assay data. Results are all within acceptable limits.

Table 3. Drill Hole Information

Hole Easting Northing Elevation Depth Azimuth Dip Status
SJ21-01 623292 3160798 942 100 0 -90 Metallurgical Hole
SJ21-02 623138 3160631 967 100 0 -90 Metallurgical Hole
SJ21-03 623140 3160622 967 90 180 -45 Metallurgical Hole
SJ21-04 623341 3160588 1007 61 0 -90 Metallurgical Hole
SJ21-04 623341 3160588 1007 201 0 -90 Extension of Met Hole (Previously Announced)
SJ21-05 623258 3160598 1006 260 90 -72 Previously Announced
SJ21-06 623258 3160602 1019 250 45 -50 Previously Announced
SJ21-07 623432 3160791 922 200 90 -70 Previously Announced
SJ21-08 623554 3160599 829 285 270 -50 Previously Announced
SJ21-09 623462 3160563 893 150 270 -55 Previously Announced
SJ21-10 623229 3160482 960 231 45 -50 Previously Announced
SJ21-11 623440 3160641 903 176 0 -90 Previously Announced
SJ21-12 623016 3160344 869 180 90 -51 Previously Announced
SJ21-13 623332 3160401 896 120 0 -90 Previously Announced
SJ21-14 623331 3160401 896 140 270 -55 Announced in this Release
SJ21-15 623129 3160534 931 155 90 -59 Previously Announced
SJ21-16 623529 3160750 820 52.5 270 -51 Previously Announced
SJ21-17 623529 3160750 820 55 0 -55 Previously Announced
SJ21-18 623435 3160408 873 60 0 -90 Previously Announced
SJ21-19 623435 3160408 873 80 245 -55 Previously Announced
SJ21-20 623533 3160852 768 170 270 -45 Previously Announced
SJ21-21 623533 3160852 768 30 0 -45 Previously Announced
SJ21-22 623655 3160882 698 30 225 -50 Previously Announced
SJ21-23 623584 3160911 771 30 260 -55 Announced in this Release
SJ21-24 623406 3161005 849 120 90 -64 Announced in this Release
SJ21-25 623602 3161009 786 195 90 -55 Announced in this Release
SJ21-26 623195 3160750 960 120 270 -80 Announced in this Release
SJ21-27 623200 3160549 969 63 0 -90 Announced in this Release
SJ21-28 623257 3160557 1009 185 0 -90 Announced in this Release
SJ21-29 623302 3160553 996 140 0 -90 Announced in this Release
SJ21-30 623352 3160556 1003 185 0 -90 Assays Pending
SJ21-31 623311 3160435 920 147 0 -50 Assays Pending
SJ21-32 623138 3160586 951 166.5 0 -90 Assays Pending
SJ21-33 623025 3160500 846 165 270 -60 Assays Pending
SJ21-34 623017 3160600 850 130 270 -60 Assays Pending
SJ21-35 623010 3160650 849 84 270 -60 Assays Pending
SJ21-36 623200 3160000 789 95 0 -90 Assays Pending

 

Scientific and technical information in this news release has been reviewed and approved by Lewis Teal, Senior Consultant to the Company and a ‘Qualified Person’ as defined under Canadian National Instrument 43-101.

Barksdale Resources Corp. is a base metal exploration company headquartered in Vancouver, B.C., that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.

ON BEHALF OF BARKSDALE RESOURCES CORP

Rick Trotman
President, CEO and Director
[email protected]

Terri Anne Welyki
Vice President of Communications
778-238-2333
[email protected]

For more information please phone 778-238-2333, email [email protected] or visit www.BarksdaleResources.com.

Neither the 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 news release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes “forward-looking information” under applicable securities legislation including, but not limited to, the ability of Barksdale to verify or replace historic estimates at San Javier as current resources, the proposed technical and drill program at San Javier and the timing thereof, the prospective deposits, targets and mineralization at San Javier and the anticipated receipt and timing of necessary governmental or third party approvals and permits. Such forward-looking information reflects management’s current beliefs and is based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information is neither a promise nor guarantee, and is subject to known and unknown risks and uncertainties including, but not limited to, delays in obtaining governmental or third party approvals and permits, actual results of exploration activities, unanticipated geologic formations, structures and characteristics, environmental risks, future prices of base and other metals, operating risks, accidents, labor issues, and other risks in the mining industry as well as general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets and lack of available capital. There are no assurances that the Company will obtain the necessary permits for and successfully complete the proposed technical and drill program at San Javier as currently contemplated or at all. In addition, there is uncertainty about the spread of COVID-19 and variants of concern and the impact they will have on the Companys operations, supply chains, ability to access mineral properties, conduct due diligence or procure equipment, contractors and other personnel on a timely basis or at all and economic activity in general. All forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

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