Boxxer Gold Corp. (OTC Other: BXXRF; TSX-V: BXX) has received final approval from the Bureau of Land Management (BLM) to proceed with the proposed 8,000 metre (m) diamond drilling program on its 100% controlled Boss copper-gold porphyry project, located in the Goodsprings Mining District in southern Nevada. The drill contractor expects that rigs will begin heading to the property following the Labor Day weekend in the United States with drilling to begin immediately thereafter. As Boxxer looks to test the porphyry copper potential, we expect the news flow this fall to be gangbusters.
Laurion Mineral Exploration (OTC Other: LMEFF; TSX-V: LME), as part of its 2010 drilling program, has completed five drill holes along the Marge Vein, where historical trenching and channel sampling had indicated high grade gold. Results from Drill Hole LME10-01 confirm previous results, including 155 metres of accumulated channel samples which averaged 25 g/t gold over 0.36 metres of vein width (1984) and 47 metres of accumulated channel samples which averaged 17 g/t gold over 0.47 metres (2008). Significantly, drill hole LME 10-01 reported a high grade gold intercept of 20.20 g/t over 0.36 metres.
Gold Bullion Development Corp. (OTC Other: GBBFF; TSX-V: GBB) continues its Phase 2 drilling to expand the Long Bars Zone Eastern Extension at its 100% owned Granada Gold Property in northwestern Quebec. To this end, a total of 41 Phase 2 holes have been completed in the Eastern Extension covering an area measuring more than 202,000 square metres. Visible gold, associated with pyrite and arsenopyrite, has also been observed.
A total of 17,000 metres of Phase 2 drilling, 85% of the planned program, has now been completed throughout the LONG Bars Zone (Preliminary Block Model plus the Eastern Extension). Mineralization remains open in all directions. With all of that drilling completed, we expect that the Company will have lots of results to report over the coming weeks and months, beginning possibly the week of September 6th.
Advanced Explorations Inc. (TSX-V: AXI) expects to enter into a definitive agreement with XinXing Pipes Group (“XXP”) regarding a strategic investment by October 15, 2010 as a result of XXP’s recently completed review of and site visit to the Company’s Roche Bay project. The basis of the definitive agreement is a process by which XXP can acquire a substantial direct or indirect interest in the project in exchange for technical and financial support to ensure AEI’s development of the project.
Avanti Mining Inc. (OTC Other: AVNMF: TSX-V: AVT) continues to advance its Kitsault Molybdenum Mine, an update for which includes the following:
The final feasibility being prepared by AMEC is on schedule for completion by end of October 2010 and will incorporate the US$50 to US $70 million reduction in the initial capital expenditures in the tailing facility as well as other expected improvements from the pre-feasibility study of 2009.
Approximately 90% of the core from old drilling at the Bell Moly deposit has been recovered and is being re logged and re assayed. This deposit has historical unclassified resource of 96.4 million tonnes grading 0.54% molybdenum. (Note: Historic resource estimates do not comply with the CIM terminology under Canadian Securities Administrators NI 43-101 guidelines. The reader is cautioned that these estimates are not mineral reserves and should not be relied upon.)
Several of the drill hole collars at the Roundy Creek deposit have been located and the Company plans a confirmatory drill program this year to twin some of these holes.
The Canadian Environmental Assessment Agency (“CEAA”) has accepted effective August 18, 2010 the addendum to the Kitsault Project Description filed with the British Columbia Environmental Office (“BCEAO”). This acceptance will result in a Notice of Commencement (NoC) to be issued by CEAA within 90 days of August 18, 2010.
BCEAO has circulated a draft section 11 order under the Environmental Assessment Act for comment by all interested parties.
The draft Application Information Requirement (“dAIR”) document will be filed with the BCEAO shortly.
The Company’s financing strategy includes a potential sale of a minority interest in the Kitsault project to raise its share of equity portion of the capital funding required to rebuild the mine. This strategy, if successful, will be less dilutive to the shareholders than raising the required equity through the public equity markets. The Company is in discussions with potential strategic partners.
The Company expects to negotiate off-take agreements for future molybdenum production with price protection mechanisms to support the debt component of the capital required. This is being done in conjunction with its debt advisor who has arranged meetings with some of its molybdenum consuming steel clients.
September is almost upon us and historically is the best performing month in terms of the price of gold. We are hugely optimistic about the yellow metal and its junior counterpart, silver, regarding their performance between now and the end of the year. With that said, here is a link to a previous post which we think remains quite relevant.
VANCOUVER B.C. (www.BNWnews.ca ) – The recent headline-grabbing $39 billion bid by the world’s largest mining company for the planet’s top potash producer appears to be spurring potash-hungry Chinese investment funds into action.
On the heels of BHP Billiton’s (NYSE: BHP) unsuccessful initial takeover offer for Potash Corp. of Saskatchewan (TSX: POT) (NYSE: POT) last month, China Mining United Fund has announced a move to more than double its treasury to $760 million. Launched just last year, it is one of China’s first private mining-oriented investment funds.