Euromax Significantly Grows Resource Estimate at Ilovitza

Euromax Resources (OTCQX: EOXFF; TSX-V: EOX) has completed an updated compliant resource estimate at Ilovitza to inlcude approximately 7,400 metres of drilling during 2010 and 2011.  The updated resource estimate consists of sulphide and mixed resources, which is comprised of gold, copper and molybdenum, and oxide gold resources.

The table below summarizes the updated 43-101 compliant resource estimate at Ilovitza.  Ilovitza now has an indicated resource of 0.2 million gold ounces and 111.5 million pounds of copper and an inferred resource of 4.4 million gold ounces and 1.7 million pounds of copper.  In the aggregate on a gold equivalent basis, Ilovitza’s combined indicated and inferred resource is approximately 8.2 million gold equivalent ounces.

 

 

 

 

 

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Advanced Explorations Inc. Collaborates with Government of Nunavut on Alternative Power Solutions

Advanced Explorations Inc. (TSX-V: AXI; OTC: ADEXF) announced that it has entered into an agreement with the Government of Nunavut to advance research on alternative energy sources for use in northern Canada. The Company continues to study energy sources for use at its Roche Bay and Tuktu iron ore projects located on the east coast of the Melville Peninsula, in Nunavut, Canada. The Company believes the application of alternative energy sources can supply power and reduce its operating costs for the future mine and allow potential production expansions.

In the release, John Gingerich, President & CEO stated: “The implementation of a sustainable, reliable and cost-effective power source for Canada’s North is the key to unlocking its true value and to facilitate economic and social development at a broader scale. We are very pleased to work together with the Government of Nunavut in moving forward with this vision. Our team has successfully worked on implementing a plan for an alternative power solution, and we believe that the potential savings in capital and operating cost or our mining projects will play a key part on our way to becoming a cost-competitive producer in the iron ore space”.

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Functional Technologies Signs LOI to Divest Non-Core Assets

Functional Technologies (OTC Other: FEBTF; TSX-V: FEB) has entered into a Letter of Intent (“LOI”) to divest its subsidiaries, Phyterra Bio Inc. and Maritime Pulse Drying Inc., as well as the early stage technology and property assets of these subsidiaries, in a management purchase by the President of the Company, Garth Greenham, and its Chief Scientific Officer, Michael Horne. 

Included in the LOI is the transfer of certain federal and provincial government loans and funding associated with these technologies and properties, plant and/or equipment, as well as certain other non-core assets of Functional Technologies and/or its subsidiary, Phyterra Yeast Inc. This is expected to allow for promising early stage applications to be further developed by other parties while reducing the capital and resource burdens to Functional Technologies associated with these non-core obligations.

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Xtra-Gold’s Drill Results Intercept 1.96 g/t Gold Over 25 Metres and 1.5 g/t Gold Over 23 Metres

Xtra-Gold Resources (OTCBB: XTGR; TSX: XTG) has assasys from 14 additional diamond core holes totaling 3,334 metres from its Kibi Gold Project in Ghana, highlights of which include:

• 25 metres grading 1.96 grams per tonne (“g/t”) gold, including 2.79 g/t gold over9 metres, in #KBDD12189 from 195 metres down-hole (Big Bend Zone);
• 23 metres grading 1.50 g/t gold, including 2.80 g/t gold over 6 metres, in #KBDD12187 from 331 metres down-hole (Big Bend Zone);
• Work on an initial NI 43-101 – compliant mineral resource estimate on the Big Bend and East Dyke gold zones of the Kibi Project’s Zone 2 has commenced by SEMS Exploration Services Ltd of Accra, Ghana.

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Lynden’s Wolfberry Project Production Exceeds 500 BOE/Day

Lynden Energy (OTC Other: LVLEF; TSX-V: LVL) produced more than 500 barrels of oil equivalent per day, net to Lynden, from its 30 (12.86 net) Wolfberry Project wells during the ten day period ended March 31, 2012.  The highest daily production during the period was 595 barrels of oil equivalent. 

The Company is continuing with its aggressive Wolfberry Project development plan which calls for the drilling of 31 gross (12.97 net) Wolfberry wells in calendar 2012, of which 4 gross (1.75 net) wells have now been drilled, completed and tied-in to production.

On the Company’s Mitchell Ranch Project, two new wells have been scheduled for drilling in the area of the Spade #17-1 in June / July with the objective of developing the Wolfcamp zone that is producing in the Spade #17-1. This zone is at a depth of approximately 5,000 feet.

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Revolution Resources Closes $5.77 Million Financing

Revolution Resources (OTCQX: RVRCF; TSX: RV) has closed its previously announced bought deal public offering, including the full exercise of the over-allotment option granted to the underwriters. The Company issued 16,962,500 units at a price of $0.34 per unit for gross proceeds of $5,767,250 (the “Offering”). Each unit was comprised of one common share and one-half of one transferable share purchase warrant. Each whole share purchase warrant will entitle the holder to acquire one common share of the Company at a price $0.60 for a period of 18 months following the closing of the Offering.

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Gold Standard Continues to Intersect Thick Intervals of Gold Mineralization

Gold Standard Ventures (OTCQX: GDVXF; TSX-V: GV) continues to intersect significant gold mineralization, including in drill hole RR11-18, 77.8 metres of 1.63 g/t gold, including 33.5 metres of 2.58 g/t gold.  Both intercepts are between 326.1 metres and 403.9 metres in depth. 

“Early in our Railroad exploration program our drilling encountered large, thick zones of collapse breccias containing anomalous gold up to the one gram, or more, and these results led us into the NBFZ target area. Potential economically important high grade feeders that created the breccias and fed in the gold mineralization are thoroughly obscured by the non-receptive capping units, and in places post-mineral volcanic rocks. Gravity data combined with geochemistry provided good information for getting us close to the major structures and the possible flanking feeder zones, but it has now become the job of the drill and careful geological interpretation of drill core and assay results to further zero in on the high grade feeder zones. We believe we may have clipped one of these feeders (185 feet of 0.125 ozAu/st) in hole RR11-16,” states Dave Mathewson, Vice President of Exploration.

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Roxgold Drill Program Underway, Results Starting to Come In

Roxgold (OTC Other: ROGFF; TSX-V: ROG) resumed drilling at its Yaramoko property in Burkina Faso in mid-January 2012, since which time the Company has completed 49 holes with an additional 3 holes in progress.  From these holes, 6,605 core samples were submitted to the assay facility in Burkina Faso for processing.  To date, complete results have been received for only 2 holes and their significant gold intercepts are set out below.

• YRM-12-DDH-070 reported 9.96 g/t gold from 85.0 m to 87.4 m (1.92 m estimated true width)
• YRM-12-DDH-074 reported 7.58 g/t gold from 90.5 m to 93.6 m (2.48 m estimated true width)

Discussions with the local assay lab have indicated a large backlog of samples at that facility and no assurance of timely delivery of additional results. As a result, Roxgold has removed 530 selected samples from this facility and with those on hand has begun the process to ship the 636 samples by air to TSL Laboratories in Saskatoon, Saskatchewan. This process was employed by the Company during Phase 1 of its drilling campaign last year to avoid the excessive delays associated with assaying in Burkina Faso and results were generally received within 3-4 weeks of the date of shipping.

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African Gold Continues Work at Kobada Property in Mali Without Interruption

African Gold Group (OTC Other: AGGFF; TSX-V: AGG) continues to work, unabated, at the Company’s Kobada, Mali gold project.  No disruption in work programs or staffing has been experienced as a result of recent events in Bamako, Mali.

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Balmoral Resources Drill Results Intersect 11.42 g/t Gold Over 9.3 Metres, Confirms Additional High-Grade Gold Discovery

Balmoral Resources (OTCQX: BALMF; TSX-V: BAR) has assays back on the first four drill holes of the winter 2012 drill program.  Follow-up testing of the ME-16 discovery, announced December 5, 2011 (NR11-31), returned an intercept of 9.30 metres grading 11.42 g/t gold from drill hole MDE-12-20. This compares favourably with discovery hole MDE-11-16 which returned 9.33 metres grading 12.93 g/t gold. The reported intercept from hole MDE-12-20 includes a bonanza grade section which returned 41.22 g/t gold over a 2.50 metre interval.

According to Darin Wagner, President and CEO of Balmoral, “The initial results from the Martiniere East – ME-16 drilling confirm the presence of another high-grade gold bearing feature on the Martiniere Property.  Located approximately one kilometre east of the Martiniere West Zone, the ME-16 area may have the potential to add additional high-grade, near surface ounces to the expanding discovery at Martiniere West.”

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