Archive | Junior Exploration Sector

NEWS RELEASE: Save Canadian Mining Encouraged by the Consultation Report Released by Ontario’s Capital Markets Modernization Taskforce

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Capital Markets Modernization Taskforce Consultation Report: https://bit.ly/3iYMA58

Toronto, Ontario–(Newsfile Corp. – July 13, 2020) – Save Canadian Mining (SCM) today responded to the 47 policy proposals contained within the consultation report released by Ontario’s Capital Markets Modernization taskforce last week. The advocacy group, which includes many junior mining companies as well as mining associations and TSX Venture Exchange, was pleased with the attention paid to predatory short selling, which they claim has disproportionately impacted the junior mining sector for years.

“We commend the work of the taskforce and are encouraged that our message on the need for more regulatory oversight of predatory short selling has been heard. We remain hopeful that the final recommendations will include an endorsement of the “tick test” and that the government decides to reinstate this critical safeguard,” said Terry Lynch, Executive Director of SCM.

SCM has been raising awareness for the importance of the tick test (among other regulatory and structural issues within Canada’s capital markets) since the advocacy group launched in November of last year. Continue Reading →

Red Lake District: Home to High-Grade Gold Deposits and Great Bear Resources, a Gold Rush Catalyst (The Deep Dive – July 12, 2020)

https://thedeepdive.ca/

The Red Lake mining district in Northwestern Ontario is best known for its high-grade gold deposits, with historical production exceeding 30 million ounces of gold, mostly from the iconic Campbell and Red Lake gold mines and ten smaller mines.

A number of factors such as declining gold reserves, global economic instability, and a rise in the price of gold have led to a resurgence in gold exploration. Recent new discoveries in the Red Lake district, with Great Bear Resources (TSXV: GBR) leading the pack, have led to what amounts to another gold rush.

Geology

Commonly referred to as the Campbell-Red Lake gold deposit, the Campbell and Red Lake mines are located in the Red Lake Uchi Subprovince – Superior Province Greenstone Belt, considered to be one of Canada’s largest Archean gold deposits. The bedrock in Red Lake, primarily basalt, was formed 2.85 billion years ago during the early Neoarchean period, and gold has been dated back 2.7 billion years ago during the Uchiyan Phase of the region’s formation. Continue Reading →

OPINION: The best way to modernize capital markets is to finally launch a national securities regulator (Globe and Mail – June 30, 2020)

https://www.theglobeandmail.com/

Bay Street is about to get its first peek at proposals to modernize Ontario’s capital markets.

The province’s Capital Markets Modernization Taskforce is poised to publish its preliminary report in the coming weeks, according to people familiar with the matter. (The Globe and Mail is not identifying the sources because they are not authorized to speak publicly about the process.)

Task force members, some of the business community’s sharpest minds, will offer their two cents worth on updating Ontario’s aging securities legislation. But the most important advice those savants can provide is urging the Ford government to jump-start plans for the pan-Canadian securities regulator. Continue Reading →

Yukon First Nation calls on territory to abolish ‘colonial’ claim staking process for mines – by Julien Gignac (The Narwhal – June 29, 2020)

The Narwhal

A Yukon First Nation is calling on the territorial government to abolish its wide-open process for recognizing mineral claims, citing colonial underpinnings that have brought waves of miners to the territory since the advent of the Klondike Gold Rush.

Under Yukon’s free entry system, prospectors can stake a claim anywhere they want, as long as it isn’t in a park or on certain municipal or settlement lands, for instance.

This outdated legislation hands over the rights to miners while removing First Nations from the consultation equation, according to Carcross/Tagish First Nation. The nation voiced this concern in its response to a request for comments on a Yukon Mineral Development Strategy now in the works for the territory. Continue Reading →

Gold mining puts Dubreuilville on the comeback trail – by Ian Ross (Northern Ontario Business – June 25, 2020)

https://www.northernontariobusiness.com/

With sawmill under the axe, legendary forestry town looks to service the mineral resource sector, attract more families

Pat Dubreuil wants to restore the entrepreneurial spirit to Dubreuilville. The Sudbury businessman is knee-deep into gold exploration around the northeastern Ontario community that his grandfather, Joachim (George) Dubreuil, and his uncles made famous in the early 1960s when they carved out the former sawmilling town from the bush.

Dubreuil, a local developer, tourism operator and unabashed community promoter, wants to economically diversify Dubreuilville beyond just being a bedroom community for the mining industry and a seasonal snowmobiling and off-roading destination.

“I want to go back to the roots of Dubreuilville,” said Dubreuil, vice-president of community and First Nation engagement with Manitou Gold, a large holder of exploration property near the community of 613, north of Wawa and a 38-kilometre jaunt off the Trans-Canada Highway. Continue Reading →

Argo Gold: Reviving an old Gold Mining Camp – by Judy Baker and Deio Tortosa (Ontario Prospector – Fall 2019)

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Judy Baker is President and CEO of Argo Gold and Delio Tortosa is a geological consultant.

After a 25-year lag in gold exploration in the Uchi Gold Camp, Argo Gold Inc. has been reviving exploration discovery interest in the ‘shadow of the headframe’ south of the historical Uchi Gold Mine with its high-grade Uchi Gold Project in Northwestern Ontario.

During the mid-1930s to the early 1940s, four gold mines were developed by Uchi Mines Ltd. under the direction of Jack Hammel, a well known mine developer in the Red Lake area. The gold mines are in the southeast end of the Birch-Uchi Greenstone Belt, about 100 km east of the prolific Red Lake Greenstone Belt.

Argo Gold’s Uchi Gold Project of 22 square kilometers of 100% owned claims is the highly prospective, yet relatively unexplored ground immediately south and on trend with the historical mines. Continue Reading →

Diamonds Snapshot: Six juniors staying in the game – by Alisha Hiyate(Northern Miner – June 13, 2020)

Global mining news

For companies without the size and heft of the big producers De Beers and Alrosa, the diamond space has always been a challenging one – even before the coronavirus pandemic. But with long-term fundamentals that point to a bright future for diamonds, some juniors are finding ways to advance their projects, despite the tough times.

Here’s a look at several active Canadian-based diamond explorers (and one miner), with a focus on the prospective and friendly jurisdictions of Canada and Botswana.

Adia Resources – Adia Resources is a private company held 54% by royalty company and prospect generator Altius Minerals (TSX: ALS; US-OTC: ATUSF). The company is advancing the 1,640-sq.-km Lynx project, near Oxford House, Man., where it has recovered microdiamonds not from kimberlite, but from Archean age volcaniclastic rocks. Continue Reading →

RCMP and securities regulators investigating cross-country stock promotion scheme touting tiny B.C. mining company – by Niall McGee and Greg McArthur (Globe and Mail – June 12, 2020)

https://www.theglobeandmail.com/

A capital markets fraud investigation involving the RCMP and several securities regulators is under way into an apparent “pump and dump” stock promotion mail campaign that has blanketed the country over the past few months and caused wild swings in the shares of a tiny Canadian mining exploration company.

In April and May, letters were delivered to households in cities across the country by Canada Post, aggressively promoting shares in Crestview Exploration Inc., a British Columbia-registered gold exploration company that trades for pennies on the Canadian Securities Exchange.

Feeding off fears of pending economic catastrophe brought on by the coronavirus pandemic – and gold’s status as a safe haven investment – the letter claimed investors would strike it rich by buying shares in Crestview. Continue Reading →

[Canadian Gold Mining/Exploration During Depression] The Trails of `34 – by Leslie McFarlane (MACLEAN’S Magazine – September 15, 1934)

https://archive.macleans.ca/

THE CARIBOO, the Yukon, the Porcupine—these fields have been the scenes of epic Canadian gold rushes. In each case the stage setting was colorful, the action dynamic. Each field had its peak year of raw drama. They were spectacular rushes, with an element of madness and frenzy. They belong to history.

And yet in sheer enormity, in point of men involved, money expended, wealth produced and in sight, not one of them could hold a candle to the great gold rush of ’34.

Men still speak of the Cariboo Trail and the Klondyke Trail. There can be no such convenient designation for the scene of this year’s great gold trek unless one refers in a general way to the ‘Trails of ’34. Because the scene is all Canada, and the trails lead to new fields and old. The effort is not concentrated upon a single area. The stage is so wide, so crowded with effects that the term “rush” may seem at first glance a misnomer. And yet from Nova Scotia to British Columbia, across the whole breadth of the Dominion, one of the greatest gold treks of all time is in full swing. Continue Reading →

Electrum fund boosts stake in Nickel Creek Platinum – by Carl A. Williams (Northern Miner – June 9, 2020)

Global mining news

The Electrum Strategic Opportunities Fund has increased its interest in Nickel Creek Platinum (TSX: NPC; US-OTC: NCPCF) to 33.88% following the closure of the second tranche of a private placement.

The mining-focussed private equity fund based in New York is part of the Electrum Group founded by billionaire Thomas Kaplan.

The fund purchased nearly 21 million units at a price of 5¢ per unit, raising $1.1 million of Nickel Creek’s total equity raise of $1.53 million. Continue Reading →

Thunder Bay: Legal experts call for halt to ‘mining as usual’ during pandemic – by Amy Hadley (CBC News Thunder Bay – June 9, 2020)

https://www.cbc.ca/news/canada/thunder-bay/

Letter to provincial minister asks government to press pause on mineral staking, permitting

A number of legal experts are calling on the provincial government to press pause on mineral staking and permitting processes on Indigenous territory in light of the COVID-19 pandemic.

In a letter addressed to Greg Rickford, the province’s minister of energy, northern development and mines, nine faculty members at York University’s Osgoode Hall Law School state that continued exploration is putting an undue burden on remote northern communities, and making it too difficult for meaningful consultation to take place.

“We didn’t think it’s lawful the way they’re proceeding with mining as usual in the context of a global pandemic,” said Dayna Scott, an associate professor at the school and in the faculty of urban and environmental change at York, and the primary author of the letter. Continue Reading →

Ontario consolidation creates district-scale project – by Mariaan Webb (MiningWeekly.com – June 4, 2020)

https://www.miningweekly.com/

Toronto-listed companies First Mining and Treasury Metals on Wednesday unveiled a deal to combine their Ontario projects, creating a district-scale, multimillion-ounce gold opportunity.

The companies will put together their adjacent Goldlund and Goliath projects in a transaction that will see advanced-stage developer Treasury acquire First Mining subsidiary Tamaka Gold. First Mining will be the largest shareholder in Treasury.

The consolidation solidifies the combined asset as one of the largest undeveloped gold assets in Canada, with a consolidated resource base of two-million ounces of gold in the measured and indicated resource categories, and 1.1-million ounces of gold in the inferred resource category. Continue Reading →

Kirkland Lake Gold invests in Melkior Resources – by Carl A. Williams (Northern Miner – May 21, 2020) https://www.northernminer.com/

Global mining news

Kirkland Lake Gold (TSX: KL; NYSE: KL) has struck a strategic partnership with Melkior Resources (TSXV: MKR), which is advancing its flagship Carscallen gold project in the Timmins gold camp of Ontario.

The Toronto-based gold miner, whose high-grade mines in Canada and Australia produced 974,615 oz. of the precious metal last year, is investing $1 million in a non-brokered private placement for up to 1.25 million units of Melkior at 80¢ per unit, giving it a 9.9% stake in the junior on a fully-dilutive basis.

“We are extremely proud to announce this landmark equity investment and potential joint-venture agreement with one of the world’s most respected gold mining companies,” Jonathon Deluce, CEO of Melkior Resources, said in a May 20 press release. Continue Reading →

CHART: Mining exploration spending to drop 29% this year – by Frik Els (Mining.com – May 21, 2020)

https://www.mining.com/

The rally in the gold price will not be enough to prevent 2020 turning into the worst year in 15 for global exploration spending.

According to a new report by S&P Global Market Intelligence, outlays for exploration across the industry are set to drop from $9.3 billion in 2019 to $6.6 billion this year.

Despite a gold price approaching seven-year highs above $1,700 an ounce, money spent on drilling for the precious metal this year is likely to shrink by more than $800 million, compared to 2019. Continue Reading →

Canada Nickel discovers PGM zones at Crawford – by Carl A. Williams (Northern Miner – May 21, 2020)

Global mining news

Canada Nickel Company (TSXV: CNC) has discovered two new palladium-platinum zones and extended nickel mineralization at its wholly owned Crawford nickel-cobalt project located in the Timmins-Cochrane mining camp, 40 km north of Timmins, Ontario.

Discovery holes drilled in the East zone at the property have doubled the strike length of the nickel mineralization, while partial assays from a third hole have extended the PGM zone on the Main zone, the company reports.

“Crawford just keeps getting bigger and better as we move forward,” Mark Selby, the company’s chairman and CEO, said in an interview. “It’s pretty amazing that after we’ve already drilled off the eleventh largest nickel-sulphide resource globally, that with our first step-out holes from this anomaly we get the best nickel intersection and best palladium-platinum intersection to date.” Continue Reading →