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Leading News Releases
Toronto, Ontario – November 13, 2019 – MacDonald Mines Exploration Ltd. (TSX-V: BMK) (“MacDonald Mines”, “MacDonald” or the “Company”) announces highlights from nineteen grab samples collected outside of the Scadding Mine footprint. Polymetallic mineralization, indicative of an Iron-Oxide-Copper-Gold (‘IOCG’) deposit, was observed 3.5 kilometres northeast of the Scadding Mine (Figure 1). The grab samples, collected in the northern extension of the previously reported uranium anomaly (Oct. 1, 2019 News Release) returned anomalous cobalt, copper, nickel and gold. (Figure 2, Table 1). The Company has expanded its exploration program to include additional geophysical surveys. The current drill program at the Scadding Mine is ongoing and assay results will be announced as they are received.
“Our 2019 surface exploration program at the Scadding Deposit, combined with our 2018 exploration work on the Powerline and Jovan properties, suggest that the SJP Property may host an under-explored Iron-Oxide-Copper-Gold system that extends over several kilometres in both strike and width. The system has the potential to host zones of gold, copper, cobalt and nickel mineralization. Our results to date validate the spatial association between airborne uranium anomalies and polymetallic mineralization, providing us with a powerful exploration tool to identify new zones of mineralization as we continue to advance our exploration program on the property.”
Quentin Yarie, MacDonald’s President and CEO
MacDonald’s surface work encountered the presence of copper-gold mineralization, associated with a stockwork of quartz veins mineralized with chalcopyrite and pyrite, 3.5 kilometres north of the Scadding Mine, near the Ashigami Showing. MacDonald’s exploration work also expanded the known occurrences of gold and cobalt mineralization 25 metres north and south along a NNE strike.
This style of gold-cobalt mineralization, associated with pyrite, is comparable to zones of gold-cobalt mineralization on the Powerline Property, 5 kilometres SE of the Ashigami Showing. MacDonald’s work in 2018 on the Powerline Property indicated that this type of mineralization in the limestone units of the Espanola Formation could be proximal to zones of iron-rich chlorite alteration that are associated with high-grade gold mineralization in the Scadding Deposit.
West of the Scadding Deposit, surface work revealed that sodic alteration (the addition of sodium (Na)) extends 250 metres west of the known footprint of the deposit. Sodic alteration has been shown to be associated with gold-rich chlorite zones in the Scadding Deposit. This observation indicates that the gold bearing system remains open to the west. Read more…
Kirkland Lake, Ontario–(Newsfile Corp. – November 11, 2019) – RJK Explorations Ltd. (TSXV: RJX.A), (OTC: RJKAF) (“RJK” or “the Company”) has increased its land position surrounding the Company’s Bishop diamond exploration claims near Cobalt, Ontario, in search of the source of the historic 800 Carat Nipissing Diamond.
Over the past 9 months, RJK has conducted research and compiled data on potential kimberlite targets south of Cobalt, Ontario. The results of this work directed RJK to approach key land claim holders, which led to option agreements with prospector Alan Kon, First Cobalt Corp., and Power Group Projects Corp., adding a minimum of 17 potential kimberlite targets for exploration and drilling, while also securing the Kon Kimberlite showing. The Kon Kimberlite is the only known kimberlite south of Cobalt between the major structural Lake Timiskaming and Montreal River faults. It has never been drilled or properly sampled to determine its diamond potential. Other potential targets on the Kon claims will be drill tested once permitting is obtained. Within the First Cobalt optioned claims lies the Peddie Kimberlite Pipe. Additionally, RJK has staked 177 new claim blocks, comprising some 4,000 hectares in the area.
The Exploration Agreement with Prospector Alan Kon:
The terms of the Kon Kimberlite Property option are that, to earn 100% interest in the claim block, RJK will pay $30,000 on signing and issue 250,000 Class A Common Shares to the property vendor, Alan Kon, with a first-year anniversary payment of $50,000 and 250,000 Class A Common Shares. A second-year anniversary and final payment will be made up of $100,000 and 300,000 Class A Common Shares. A 2% Gross Overriding Royalty (GORR) on the production of diamonds has been granted to the vendor, which may be purchased, all or in part, by RJK at a rate of $500,000 for each 0.5% up to 2%. A 2% Net Smelter Return Royalty on the production of products other than diamonds has been granted to the vendor except for one legacy claim unit whereby the Net Smelter Return Royalty is reduced to 1%. The Royalty may be purchased, all or in part by RJK, at a rate of $250,000 per 0.5% up to 2%.
TORONTO, Nov. 6, 2019 /CNW/ – RNC Minerals (TSX: RNX) (“RNC”) announces its financial results and review of activities for the three and nine months ended September 30, 2019 and 2018. All amounts are expressed in Canadian dollars, unless otherwise noted, and are based on the unaudited condensed interim consolidated financial statements of RNC as at September 30, 2019. For additional information please refer to RNC’s MD&A and Financial Statements for the three and nine months ended September 30, 2019.
Third Quarter of 2019 Highlights
- Third quarter 2019 consolidated gold production of 24,216 oz and AISC2 of US$1,183/oz
- Announced second half 2019 production and cost guidance of 42,000 – 49,000 ozs at AISC of US$1,150 – US$1,250 per oz
- Third quarter 2019 was the first full quarter of processing material at RNC’s 100% owned Higginsville Mill achieving a 35% reduction in milling costs (now A$29/t vs. prior $45/t while toll-milling)
- Generated adjusted earnings2 and adjusted EBITDA2 of $8.0 million and $9.1 million, respectively
- Strong quarter-end cash balance of $24.8 million and positive working capital of $12.2 million
- New management appointments to strengthen gold-focused team
- Additional high grade coarse gold discoveries announced at Beta Hunt of 1,750 oz (see RNC news release dated September 24, 2019) and 3,200 oz (see RNC news release dated October 17, 2019)
- Strong exploration results reported outside of Baloo open pit 8.7 g/t Au over 3 meters from 63 meters downhole in drill hole BLOR003 (see RNC news release dated October 15, 2019)
- Reported increased resource at Beta Hunt: 395% increase in the global measured and indicated resource to 944 koz (10,104 kt @ 2.9 g/t Au) and 195% increase in the inferred resource to 406 koz (4,109 kt @ 3.1 g/t Au) at a low discovery cost of A$7.30 per oz
- Maiden Proven and Probable gold reserve at Beta Hunt on track to be delivered in 4Q19
“We are extremely pleased to announce the results of a transformational third quarter at RNC. With the completion of the Higginsville mine and mill acquisition, the third quarter of 2019 reflects the first time that RNC has processed gold ounces at its wholly owned milling facility at Higginsville.
In a very short time, RNC has evolved from a single mine producer subject to high-cost toll milling to a company with two producing mines feeding a low-cost centralized mill. The results returned during the first 90 days following the acquisition of our mill are just the beginning of continued productivity and cost improvements underway across all of our operations. Furthermore, we now have over 1,800km2 of underexplored land at Higginsville in the Kalgoorlie district and a list of priority targets at Beta Hunt. With our significantly strengthened balance sheet and quarter-end cash balance of $24.8 million, RNC is now a completely transformed company. I am very excited about our future.
Lastly, I would like to personally thank our staff and employees in Australia, who have worked tirelessly to ensure a smooth integration of our Higginsville Mine and Mill. I look forward to reporting the strong results of their efforts over the coming quarters.”
Paul Huet, Chairman and CEO
Consolidated gold production for the third quarter of 2019 totalled 24,216 ounces. Production during the third quarter of 2019 reflects mining of the Beta Hunt deposit coupled with production from the Baloo open pit at Higginsville Gold Operations (“HGO”) and a small amount of stockpile material.
Third quarter consolidated all-in-sustaining costs were US$1,183 per oz, benefitting significantly from the integration of the lower cost Higginsville mill compared to prior toll-milling arrangements. A material reduction of 35% in milling costs from AUD $45/t to AUD $29/t was realized as a result of the transition to owner-operated milling. In addition to these significant cost reductions, the Company has eliminated its exposure to variable toll milling rates and reduced toll mill availability in the Kambalda region given the recent increase in gold mining activity with the rise in gold prices. Over the coming quarters, RNC expects additional operational synergies will be generated by the integration of Beta Hunt and HGO, driving continued milling cost reductions. Read more…