Sabina Gold & Silver Discovers New Mineralization Structure
Sabina Gold & Silver Corp. has announced the final results from the drilling program completed this past spring at the company’s 100%-owned Back River Gold Project in Nunavut.
The campaign tested the Hook zone, which is thought to be the link between the Goose Main and Nuvuyak deposits, and then drilled four early-stage targets, progressing the target pipeline on the Goose Property.
In the Hook zone, the successful four-hole program was highlighted by hole 21GSE600, which returned 5.42 g/t Au over 28.05 metres, including 12.68 g/t Au over 5.30 m. These previously-announced results confirmed Hook as a key mineralizing trend linking the Goose Main and Nuvuyak deposits. Remaining results for Hook are currently being integrated into the geological and mineralization modelling in support of future follow-up drilling
The four early-stage targets were tested, including the Wing zone, two targets associated with strong electromagnetic anomalies, and a secondary iron formation target (the Llama Deep Iron Formation). Highlights include a strong intersection of 8.37 g/t over 6.55 m from drillhole 21GSE601 in the Wing zone; the successful discovery of a new mineralizing structure associated with a previously un-drilled EM anomaly; and the identification of a new iron formation horizon located outside the main Lower Iron Formation horizon.
“After several years focused on growing and strengthening the Back River resources resulting in the addition of 1 million ounces in each of the measured and indicated and inferred categories, we turned our focus back to greenfield targets to continue advancing the Back River project pipeline,” said Bruce McLeod, President and CEO of Sabina Gold & Silver. “This strong intercept at Wing continues to distinguish the Goose gold system as outstanding
and we look forward to further success in developing a strong target and mining pipeline for years to come.”
Sabina Gold & Silver Corp. is well-financed and is an emerging precious metals company with district scale, advanced, high-grade gold assets in Nunavut. Sabina’s 100%-owned Back River Gold District is an 80 km long belt, with a series of gold deposits in banded iron formation, located approximately 520 km northeast of Yellowknife. The project was purchased from Dundee Precious Metals in 2009, who remains a shareholder.
Agnico Eagle Reports Fatal Accident Near Hope Bay Project
On September 15, 2021, Agnico Eagle Mines Ltd. reported a fatal accident involving an employee of a contractor that occurred near its Hope Bay mine in northwestern Nunavut.
According to a company press release, the accident occurred at approximately 3:02 pm local time on September 14, approximately 13 km from Hope Bay’s Doris Mine facilities. The emergency response team and medic from Hope Bay responded immediately. The RCMP in Cambridge Bay were notified as well as the Workers’ Safety and Compensation Commission. An investigation will be conducted to determine the exact cause of the accident.
"On behalf of Agnico Eagle, we would like to extend our deepest sympathy to the individual’s family, friends, and colleagues," said Ammar Al-Joundi, President of Agnico Eagle.
Operations at the Hope Bay Project were temporarily suspended for approximately 24 hours. Agnico Eagle stated that it would work with the contractor to ensure all the necessary support and assistance will be provided to the individual’s family. The company said it will also provide support and counselling for employees and contractors at the camp.
The Hope Bay property is located in the Kitikmeot region of Nunavut, approximately 685 km northeast of Yellowknife.
Agnico Eagle acquired the property in February 2021.
NorZinc Launches PEA On 2,400 TPD Mine Plan
NorZinc Ltd. has launched a Preliminary Economic Assessment (PEA) on a 2,400 tonnes per day (tpd) production plan for the Prairie Creek Project. The company was also excited to announce the achievement of a major permitting milestone – the advancement without the need for an additional Environmental Assessment (EA).
“I am delighted by the substantial progress being made on the Prairie Creek Mine,” Rohan Hazelton, CEO of NorZinc Ltd said. “The PEA will provide an update to all stakeholders on the company’s strategy to expand the throughput of Prairie Creek, based on an updated geological resource. The team is making excellent progress with environmental permitting for the expanded 2,400 tpd plan, and the ability to proceed to the next stages of the expansion permits without the need for a further Environmental Assessment was a significant milestone.”
According to a company press release, the company will start a PEA on an expanded mining and milling rate of 2,400 tpd.The initiative will be led by Ausenco Engineering Canada Inc.
The PEA will be an independent study to lay the foundation for an updated feasibility study expected to be completed by Q2 2022. It will also build upon the significant engineering and project development work performed to date including detailed studies on plant enhancement and road design.
Additionally, NorZinc has renewed a Memorandum of Understanding (MOU) with Parks Canada regarding the operation and development of the Prairie Creek Mine and the management of the Nahanni National Park Reserve.
According to the MOU, both NorZinc and Parks Canada will work collaboratively, within their respective areas of responsibility, authority, and jurisdiction, to achieve their respective goals of managing the Nahanni National Park Reserve and operating the Prairie Creek Mine. In particular, Parks Canada recognizes and respects the rights of NorZinc to develop the proposed Prairie Creek Mine and NorZinc will manage the development of Prairie Creek in a manner that does not negatively affect the management and operation of the Nahanni National Park Reserve.
The renewed MOU follows the previous MOU which was signed in 2015 and expired in 2020, and is valid for the next five years.
The Prairie Creek Mine is located in traditional Dene territory in the NWT and is thought to have a 15-year mine life.
Mountain Province Diamonds Announces Extension of Revolving Credit Facility, Repayment of Term Loan
Mountain Province Diamonds Inc. has announced the extension of its US$25 million revolving credit facility and subsequent repayment of loan.
According to a company press release, Mountain Province Diamonds has completed an agreement to extend by six months the maturity date of its US$25 million senior secured revolving credit facility with Dunebridge Worldwide Ltd. The extended revolving facility will mature on March 31, 2022 and will support Mountain Province Diamonds' general working capital needs. The interest rate and other features of the facility remain unchanged.
As a condition of the extension, the company has made a US$11.5 million payment towards the US$33 million term loan, announced on May 12, 2021. This payment brings the balance of the term loan to zero ahead of the term loan maturity date of December 31, 2021.
Mountain Province Diamonds independent directors have unanimously recommended the transaction to the board of directors of the Company Board. The independent directors have unanimously found that that the company is in serious financial difficulty and that the transaction is designed to improve the financial position of the company.
Dermot Desmond is the ultimate beneficial owner of Dunebridge, and thus is an insider and related party of Mountain Province Diamonds. Mr. Desmond owns approximately 33% of the Mountain Province Diamonds stock. The transaction therefore constitutes a "related party transaction" within the meaning of MI 61-101.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in the NWT, which consists of several kimberlites that are actively being mined, developed, and explored for future development.
Fortune Minerals Starts NICO Drill Program
Fortune Minerals Ltd. has initiated an approximately 3,000-metre drill program on the company’s NICO Cobalt-Gold-Bismuth-Copper Deposit (the NICO Deposit) in the NWT. Equipment and personnel are currently being mobilized to the site and drilling was expected to commence at the end of October.
According to a company press release, NICO Deposit and Fortune’s nearby Sue-Dianne Copper-Silver-Gold satellite deposit belongs to the Iron-Oxide-Copper-Gold (IOCG) class. In addition to testing the east strike extension of the NICO Deposit, drilling will also test a number of coincident magnetic, gravity, magnetotelluric, chargeability, and resistivity anomalies, including some with previous drilling that encountered significant gold and cobalt intersections.
The NICO Project is comprised of a planned mine and concentrator in the NWT and a related hydrometallurgical refinery in southern Canada producing cobalt sulphate, gold doré, bismuth ingots and oxide, and a copper cement precipitate. The company says that the NICO Project is one of the most advanced cobalt development assets outside of the Democratic Republic of Congo (DRC) to meet the growing demand in lithium-ion batteries powering electric vehicles, portable electronics, and stationary storage cells, and to mitigate supply chain issues from geographic concentration of production in the DRC and China and associated policy risks.
The critical minerals assemblage of the NICO Deposit includes primary cobalt, 12% of global bismuth reserves, by-product copper, as well as a highly liquid 1.1 million ounce in-situ gold co-product.
Fortune contracted Aurora Geosciences in 2020 to complete induced polarization and magnetometer surveys to provide better definition of exploration targets identified in previous geophysical surveys and drill programs carried out in the 1990s.Visit https://bit.ly/3Al9n2o to read the about the five high-priority targets the company is planning to explore.
The NICO Deposit contains proven and probable open pit and underground mineral reserves totaling 33 million tonnes and containing 1.1 million ounces of gold, 82.3 million pounds of cobalt, 102.1 million pounds of bismuth, and 27.2 million pounds of copper. The deposit has been assessed in a positive Feasibility Study by Micon International Ltd. in 2014 and has received environmental assessment approval and the major mine permits.