Mining - Mining News
Alexis Minerals Corporation
Alexis Obtains Approval for $45 Million Debt Financing for Snow Lake and Announces Proposed Restructuring With Share Consolidation and Name Change
BacTech Environmental CorporationBactech Environmental Corp. BAC
Bactech Receives Water Use Authorization for Proposed Bioleach Plant in Snow Lake, Manitoba
TORONTO, CANADA--(Marketwired - April 4, 2013) - BacTech Environmental Corporation ("BacTech" or the "Company")(CNSX:BAC)(OTC:BCCEF) (WKN: A1H4TY) today announced that it has received a Development Authorization for its application to divert and use water from Snow Lake for industrial purposes. More...
Bison Gold Resources
TORONTO, ONTARIO--(Marketwire - April 27, 2011) - Bison Gold Resources Inc. ("Bison Gold" or the "Company") (TSX VENTURE:BGE) today announced that it has closed the first tranche of its non-brokered private placement originally announced on April 8, 2011. The flow-through portion of the offering was oversubscribed with the Company raising aggregate gross proceeds of $1,576,080+399,840 by issuing 3,502,400 common shares issued on a flow-through basis under the Income Tax Act (Canada), as amended (the "Flow-Through Shares") for gross proceeds of $1,576,080 and issuing 1,142,400 units (the "Units") at a price of $0.35 per Unit for gross proceeds of $399,840.
"We are very pleased with the successful first tranche closing of our 2011 financing. The fact that Bison Gold was able to raise support at a premium to market and at a time when junior explorers have taken a 'breather' across the board is a testament to the companyâ¬xs future potential and to its very loyal shareholders that have supported the companyâ¬xs exploration program", says Amir Mousavi, VP Corporate Development. "We will continue to work towards unlocking shareholder value through strategic development and exploration". Read more...
Callinan Royalties Corporation
VANCOUVER, Canada — The Board of Directors of Callinan Royalties Corporation declared on August 09, 2011 that the company will pay an inaugural quarterly dividend of two cents per common share on September 15, 2011, to the holders of the company’s outstanding common shares as of the close of business on the record date of September 1, 2011. Read more...
CaNickel Mining Ltd.
Vancouver, British Columbia --- September 30, 2011 --- CaNickel Mining Ltd. ("CaNickel" or the "Company"), is pleased to announce that it has been granted by the Manitoba government a revised Environment Act Licence (the "Licence") to construct and operate a land based tailing management area (the "TMA") at its Bucko Lake Mine, Wabowden, Manitoba.
The TMA is an expansion of the existing Interim Tailing Storage Facility (the "ITSF") and has a footprint of approximately 68.5 hectares to store all tailing from Bucko Lake Mine for the remainder of its existing mine life. Environmental studies indicated that the TMA would have a net benefit in relation to environmental impact, eliminating the need for sub-aqueous deposition of the tailing into Bucko Lake. The Construction of the TMA will be carried in two phases and the phase I construction is underway and expected to be completed by end of 2011 or early 2012.
"The granting of this License is a significant achievement for the Company." said Dr. Dianmin Chen, CEO of CaNickel. "The tailing storage issue concerning the Company over the past several years would now be resolved, and we are able to secure the privilege to continue to advance our strategic plan and ramp up and expand the operation at Bucko Lake Mine and to develop the untapped resources in the Company's projects in the Thompson Nickel Belts. We thank the Manitoba government and local community for their continued support to the Company." Read more...
Copper Reef Mining Corporation
March 7, 2011. Copper Reef Mining Corporation (CNSX: CZC) (the "Issuer") is pleased to provide an update on the Company in light of its recent transactions and private placements. Three major events have placed Copper Reef in a much improved financial position which now permits it to begin realizing its potential. Firstly, the transaction with Foran Mining Corporation which saw Copper Reef sell its 25% ownership in the Hanson Lake Joint Venture while retaining the all important royalty on the McIlvenna deposit, any additions to its tonnage or any new discoveries on the property. In this asset exchange transaction Copper Reef, in addition to its retained Royalty, received $1,000,000 in cash, four million shares of Foran, and five major Manitoba properties all with large copper, zinc and gold potential. Every one of these properties contained an undefined tonnage or significant intersections of copper and zinc. The exception to this is the Smelter Claims lying just north of Hudbay Mineral’s Triple 7 head frame and the Callinan orebodies, which are currently being drilled, are located in the only portion of this stratigraphy not controlled by Hudbay. Secondly, upon acquiring the Smelter Claims, Copper Reef was able to arrange a private placement with Hudbay Minerals for $1,000,000 at $0.15 per share with a $0.15 warrant exercisable within 6 months. The conditions included that all funds received from Hudbay Minerals must be spent exploring the targets on the Smelter Claims. The funding highlights the potential that both Hudbay and Copper Reef’ place on these claims for a discovery. Two main targets have been outlined one of which is currently being drilled. Thirdly, the recent successful completion of a $2.1 million private placement of Copper Reef shares through its agents, Secutor Capital Management and Alliance Securities. The super flow through for Manitoba residents, carried out at $0.25 per share, will be used to explore the Smelter Claims as well as numerous targets outlined by a VTEM survey carried out over Copper Reef’s extensive land base in the main Flin Flon Camp and in the Snow Lake mining camp. Up to $500,000 regular flow through raised at 21¢ will be spent exploring the 700 m Bertrum Bay copper–zinc–silver zone on our 100% owned Hanson Lake Property, where drilling is continuing. The above deals which were all carried out in the last 5 months have netted Copper Reef along with the remainder of previous funds raised, a current total of $3,692,000 in cash. With $4,800,000 worth of Foran shares at current market price, Copper Reef’s liquid assets are roughly $8.5 million. This value does not include the Net Tonnage Royalty held of all ores mined from the large Hanson Lake Joint Venture Property containing the large McIlvenna zinc-copper –silver deposit held by Foran Mining nor the upside from are strategic land property base. Copper Reef is in the enviable position that almost all of our properties have plenty of work credits and we have no obligations to individuals or companies for option payments or work commitments. Future Plans Basemetals Copper Reef’s immediate focus is on drilling the Smelter Claims with the object of discovering a Triple Seven or Flin Flon Mine type orebody. Copper Reef will also continue to develop the Bertrum Bay zone where copper-zinc-silver mineralization has been outlined over a 700m length. In addition, Copper Reef will begin to explore and drill 10 new or under-explored airborne electromagnetic anomalies outlined in a VTEM survey carried out in 2010 on our properties in the main Flin Flon Camp and Snow Lake Camps. Two of these Airborne Targets in the Snow Lake camp lie in similar stratigraphy to Hudbay Mineral’s Lalor deposit and have either zinc tonnages or high grade zinc intercepts. In addition, because of our large land holdings Copper Reef will be optioning certain of its base metal properties in these camps as well as in the Lynn Lake Camp. Gold Currently Copper Reef has two main gold properties, Albert’s Lake (where over 9 g Au was intersected over 9 metres) and North Star-GoldRock which are currently being looked at by others for potential option-joint ventures. Three other gold properties are also available on which Copper Reef will carry out small programs this summer and next winter. The purpose of these options and joint ventures is to bring additional exploration to Copper Reef’s large land position thereby increasing the chances for discovery within the next 12-14 months. Read more...
Cream Minerals announced April 16, 2008 that it has signed an agreement with Geotech Ltd. and Walcott Geoscience to provide a VTEM survey over the Company's Wine Nickel and Grand Nickel properties in Manitoba.
The Wine Nickel property is located approximately 60 kms south east of Flin Flon, Manitoba and 12 kms north of VMS Ventures Ltd. discovery near Manitoba Highway 39.
On July 19, 2007, the Company reported assays from DDH Rad 07-01 for 66.8 feet from 182.6 to 249.4 feet at -49? as follows: - 1.30% Ni, 2.27% Cu, 0.319 g/t Au, 0.132 g/t Pt, 0.270 g/t Pd, with a subsequent assay September 18, 2008, of 0.05% cobalt. The true width is estimated to be 43.6 feet with an apparent plunge to the south east. Read more...
Force Energy Corp.
June 15, 2011- DENVER, COLORADO--Force Energy Corp. (OTC.BB:FORC) (FRANKFURT: FC2) (hereafter "Force", "the Company"), a junior Lithium and Rare Earths mineral exploration company, is pleased to announce that Phase One of the Zoro 1 property exploration program is underway. The Zoro 1 property is located east of the mining centre of Snow Lake, west-central Manitoba, Canada where mining and exploration has been ongoing for decades. The exploration team, lead by Dr. Mark Fedikow, P.Geo., will consist initially of a two-man prospecting crew mobilizing to the site from Winnipeg, MB. Force Energy’s exploration program was delayed due to above-average snow melt which caused heavy flooding and extreme conditions, inhibiting access to the property. The prospecting crew has now been mobilized and will access the property via helicopter on a daily basis, operating from a base in Snow Lake.
The target for exploration is a pegmatite-hosted deposit of Lithium-bearing mineralization that is exposed at surface. This mineralization can be traced over significant distances in one main dyke exposed by multiple trenches. Several other dykes are present on the property but to date have received very little exploration. The property has also shown potential for the existence of high grade rare earth elements, which the Company believes adds significantly to the prospectivity of the property. Initial steps of the exploration program will include locating the additional trenches on the property, producing a geologic map of each and then cleaning and preparing the exposed pegmatite for sampling. Samples will be a combination of composite chips and channel samples collected with the use of a rock saw. The samples will be sent for assay to confirm historical lithium assays and to assess the pegmatite for rare metals, rare earth elements and gold. Read more...
Great Northern Gold Exploration
VANCOUVER, Jan. 24, 2013 /CNW/ - Great Northern Gold Exploration Corporation, ("Great Northern Gold" or the "Company") announced that it has commenced drilling on its Wekusko Gold Property in Northern Manitoba. Bodnar Drilling Ltd. of Ste. Rose du Lac, Manitoba has been contracted to complete the drill program.Read More....
HudBay Minerals Inc.
TORONTO, ONTARIO--(Marketwired - July 31, 2013) - HudBay Minerals Inc. ("Hudbay" or the "company") (TSX:HBM)(NYSE:HBM) -
Second quarter operating cash flow before stream deposit and change in non-cash working capital decreased to negative $10.7 million from $66.1 million in the second quarter of 2012, primarily due to lower sales volumes, realized metals prices and the impact of the Silver Wheaton precious metals stream transaction. Read More...
International Samuel Exploration Corp.
March 29, 2010: Vancouver BC: International Samuel Exploration Corp. (ISS: TSX-V) ("Company") is pleased to announce drilling has commenced on its Reed Lake project located adjacent to VMS Ventures Inc. recent VMS discovery. As operator, the Company will oversee all aspects of the drill program. Earlier this season the company identified two top priority conductive targets for drilling. These were identified using Crone Geophysics’ Large Loop Time Domain EM system, which is the same system used in 2007 by HudBay Minerals to discover the Lalor Lake deposit. The company is currently drilling several holes at one of the top priority targets to an expected depth of 250-300 meters. Read more...
February 3, 2011 – Pass Lake, Ontario - James R. B. Parres, President & CEO of Jiminex Inc. is pleased to provide an update on the current exploration activities. Geochemical analyses from drill samples from the Snow Lake, Manitoba property have been received from TSL Laboratories, Saskatoon, Saskatchewan and have been evaluated by the Company. Highlights include a 0.25 metre section from drill hole P10-3 which returned 1.8% copper and 1.51 grams per tonne gold from an intermediate volcanic tuff located at a hole depth of 132.50 to 132.75 metres. Mr. Parres commented "The interesting copper intersection in hole P10-3 as well as the conductive zones containing anomalous geochemical values in copper and/or zinc in holes P10-1, -2, -3 and -5 require further evaluation. We intend to undertake further drilling to follow up on this copper intersection along strike as well as on several other anomalies not accessible before freeze-up. Meanwhile, we are continuing with two drills active at our Hemlo property and are in the process of preparing a winter drill camp for our Pickle Lake drill program."
The majority of the conductors were determined to be 0.5 to 1.5 metre semi-massive (20-50%) pyrrhotite and pyrite zones in andesitic-dacitic-rhyolitic volcanic rocks. Six conductive zones in 4 holes had geochemically-anomalous values (greater than 500 ppm for copper and greater than 1000 ppm for zinc) in copper and/or zinc over widths varying from 0.25 up to 1.55 metres. The first phase of drilling on the Parres property in late 2010 consisted of drilling eight holes located into 9 VTEM airborne geophysical anomalies. Drill core totaling 1,847 metres was recovered and a total of 326 samples were sent to TSL laboratories for ICP-MS multi-element geochemical analysis. Copper, zinc, silver and gold were included in the 37 element analysis. Read more...
Murgor Resources Inc.
Kingston, Ontario, May 27, 2011 – Murgor Resources Inc. (MGR: TSX-V) (“Murgor”) is pleased to announce that it has entered into an engagement letter with Dundee Securities Ltd. (“Dundee”) for a best-efforts private placement of “flow-through” shares and units in a maximum amount of $4 million.
In the private placement, Murgor will issue a maximum of 16,130,000 “flow-through” shares at a price of $0.155 per share, for maximum gross proceeds to Murgor of approximately $2.5 million. Murgor will use the proceeds from the issuance of the flow-through shares for exploration on its properties in Canada.
Murgor will also issue a maximum of 10,715,000 units at a price of $0.14 per unit, for maximum gross proceeds to Murgor of approximately $1.5 million. Each unit will be comprised of one common share and one-half of a common share purchase warrant. Each full warrant will entitle its holder to acquire one additional common share of Murgor at a price of $0.25 for 24 months from the date of closing.
Murgor will grant an over-allotment option to Dundee, which may be exercised up to 48 hours prior to the closing date, pursuant to which Dundee will have the right to sell additional flow-through shares and/or units in a maximum amount equal to 15% of the number of flow-through shares and units sold in the private placement, respectively. If the over-allotment option is exercised in full, the gross proceeds to Murgor from the private placement will be approximately $4.6 million.
In connection with the private placement, Murgor will pay a cash commission to Dundee in an amount equal to 7% of the gross proceeds. In addition, Murgor will issue to Dundee non-transferable broker warrants to acquire a number of units and flow-through shares representing 7% of the number of units and flow-through shares sold in the private placement, respectively. Each broker warrant for the units will entitle the holder to acquire one additional unit of Murgor at a price of $0.14 for 24 months from the date of closing. Each unit will have the same attributes as the units issued in the private placement. Each broker warrant for flow-through shares will entitle the holder to acquire one additional non-flow-through common share of Murgor at a price of $0.155 for a period of 24 months from the closing date. Read more...
Nanika Resources Inc.
VANCOUVER, June 24 /CNW/ - Nanika Resources Inc. (TSX-V: NKA and FSE: C7X) today announces that it has received assay results for the exploration program on Nanika's 100% owned Herb Lake property in Manitoba. Phase 1 of the work program included extensive prospecting, mapping and sampling. During the program a geological map in the scale of 1:10,000 was prepared. The map will provide guidance in designing any future geophysical programs. Thirteen grab samples were collected and one of the samples collected during the program assayed 0.17% copper. The sample consists of disseminated chalcopyrite within metamorphosed volcanic rock. Nanika's geological staff believes the sample represents VMS type mineralization. None of the other samples returned significant values.
The Herb Lake property is located approximately 25 kilometers south of Snow Lake, Manitoba. Nanika's Herb Lake property is comprised of eleven mineral claims on approximately 5,930 acres to the immediate north of the Copperman Project of VMS Ventures Inc. (TSXV-VMS). Read more...
Rockcliff Resources Inc.
TORONTO, Jan. 24, 2013 /CNW/ - Rockcliff Resources Inc. (RCR: TSXV) is pleased to announce that its winter exploration program, including a minimum 1,500 meters of drilling, has begun at its Snow Lake Project located in central Manitoba. Line cutting and a DPEM geophysical survey have commenced on the Tower Property. Drilling will start in February or earlier and will begin at the former copper-zinc producer Dickstone Property then shift to the Tower Property. The Snow Lake Project is located within the prolific Flin Flon greenstone belt, host to the largest Paleoproterozoic VMS district in the world. Read More...
Sabina Gold and Silver Corp.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 12, 2010) - Sabina Gold & Silver Corp. (the "Company") (TSX:SBB) reported today the financial results for the quarter ended June 30, 2010. Q2 Highlights The first quarter culminated in a number of events for the Company:
Troymet Exploration Corp.
June 6, 2011 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the "Company") reports that Hudson Bay Exploration & Development Ltd. ("HudBay") has notified the Company that it has incurred the necessary expenditures on the two McClarty Lake option claims (DYC3606 & DOL78; 252 hectares) to earn back a 20% interest and, that as a result, a Joint Venture is now established with HudBay holding a 60% interest and Troymet holding a 40% interest.
Troymet is awaiting delivery of the technical data and confirmation of expenditures by HudBay.
Troymet is pleased with this development as it believes HudBay is the best partner to explore and develop the McClarty Lake project. HudBay's participation in the project lends strong support to management's belief that McClarty Lake is a property of substantial merit with excellent discovery potential for a precious metal rich VMS deposit(s). Read more...
Victory Nickel's Minago Development
TORONTO, ONTARIO--(Marketwire - Sept. 19, 2011) - Victory Nickel Inc. (the "Company") (TSX:NI) (www.victorynickel.ca) today announced that its Board of Directors has approved the development of the 100%-owned Minago sulphide nickel mine located on the Thomson Nickel Belt in central Manitoba.
"Minago is an outstanding project around which to build Canada's next nickel producer," said René Galipeau, Vice-Chairman and CEO. "The Board of Directors has recognized this by providing management with a decisive mandate to advance the project through the next step toward development." Read more...
VMS Ventures Inc.
VANCOUVER, BRITISH COLUMBIA, Jan 09, 2013 (Menafn - MARKETWIRE via COMTEX) --VMS Ventures Inc. ("VMS Ventures" or the"Company") is pleased to report on developments at the Reed copperproject near Snow Lake, Manitoba. Reed is a high grade copper depositscheduled to begin production in the fourth quarter of 2013. VMSVentures owns 30% and is carried to production. HudBay Minerals ("Hudbay") owns 70% and is the Operator. Read More...