North Bay Resources (NBRI) reports on project, shares hike
Posted on: September 6th, 2011Written by:
North Bay Resources (OTCBB: NBRI) saw its shares leap 8.6% to 19 cents Tuesday, on news of its latest gold mining project. More than 126,000 shares of North Bay changed hands, in contrast with an average of around 858,000.
A news release out September 6 revealed that that pre-production activities have commenced at the Ruby Mine in Sierra County, California. The following is a progress report of the work completed, ongoing, and planned as of this date.
Extensive survey work to map an expansion of the Ruby tailings areas was completed in August, and an amendment to the Reclamation Plan is in the final stages of completion. Once approved, the Company expects the expanded tailings area will provide enough capacity to support mining operations for at least another 5 to 7 years before another expansion will need to be considered.
A preliminary inspection of the electric power system has been completed by PG&E, the required deposits have been made by the Company, and PG&E has initiated its further estimation and assessment process to re-energize the powerline to the Lawry Shaft. Once power is restored to the Lawry Shaft, the hoist system will be serviced and inspected to meet MSHA safety compliance requirements.
The Company is also pleased to announce that it has received word that its EB-5 funding overseas is proceeding very well. The funding, in the amount of $7.5 million, is expected to be fully-subscribed. In the interim, the Company will be using its $5 million equity credit line with Tangiers Investors, LP to fund ongoing pre-production work at the Ruby until the EB-5 funds are released from escrow.
North Bay Resources Inc., based in Skippack, Pa., is a fully-reporting junior mining company with over 150 mineral and placer claims encompassing approximately 60,000 acres throughout British Columbia, Canada.
Atna Resources Ltd. (ATNAF) jumps on picking up Nevada mine
Posted on: August 11th, 2011Written by:
Atna Resources Ltd. (OTCBB:ATNAF) climbed 14% to 74.16 cents Thursday, on the acquisition of the Pinson Gold Mine in Nevada. Volume for the stock was nearly 550,000 shares, compared to a daily average of less than 29,000.
A news release out August 11 spelled out some of the details of the Asset Purchase and Sale Agreement with Pinson Mining Company, a subsidiary of Barrick Gold Corporation, to acquire PMC’s 70% interest in the Pinson Mine, located in Humboldt County, Nevada. On closing, Atna will also sign a non-exclusive Ore Milling and Gold Purchase Agreement with an affiliate of PMC allowing for processing of Pinson Mine ores at Barrick’s Goldstrike processing facilities.
The same release quoted CEO James Hesketh as saying “Unlocking value from the Pinson Mine has been a stated goal for the Company. By consolidating control of this project in Atna, we believe that the Company will be able to achieve this goal. This acquisition gives Atna 100% control of a high-grade gold resource located on the prolific Getchell gold belt of northern Nevada.”
Hesketh continued, “At a cost of approximately $15.50 per gold resource ounce acquired, not including the value of lands swapped, we believe that this transaction provides significant accretive value to Atna’s shareholders. In addition to the near term gold production potential, we believe that Pinson has substantial potential for resource expansion. We also welcome Barrick as a significant new shareholder of Atna as a result of this transaction.”
This acquisition will consolidate Atna’s ownership of the mineral resources at the Pinson Mine. Atna is headquartered in Golden, Colorado.
El Capitan Precious Metals Inc. (ECPN) prospers on mining results filing
Posted on: August 8th, 2011Written by:
El Capitan Precious Metals Inc. (OTCBB: ECPN) climbed in price Monday morning by 48.1% to 70 cents, on word the company had submitted results to an investment banker. Volume for the stock topped 969,000 shares, in comparison with a full-day average of 347,000.
A release put out August 8 revealed that one of the results to be reported shows a per-ton value of approximately 1.2 ounces of gold equivalent.
The Company recently confirmed its ore values through production, sold to a refining company, Gannon and Scott, not through assays. Copper State Analytical Laboratory used a direct smelt with silver-lead collection method on 200 pounds of 10-to-one concentrate, (the equivalent of one ton of head ore) and produced 41.5 ounces of silver and 0.19 ounces of gold. This equates to the approximately 1.2 ounces of gold equivalent, per ton of ore previously mentioned.
Management believes that the cost of recovery of these assets will be within the industry average common to open pit mines.
The Scottsdale, Arizona-headquartered El Capitan said its deposit consists of 141 million tons of “Measured Resource” based on the Canadian National Instrument 43-101 guideline. Measured Resource is an accepted mining term which means the indicated resources have undergone enough further sampling that a ‘competent person’ (defined by the norms of the relevant mining code) has declared them to be an acceptable estimate, at a high degree of confidence, of the grade, tonnage, shape, densities, physical characteristics and mineral content of the mineral occurrence stated above.
Axiom Gold and Silver Corporation (AXIO) jumps on new results from Mexican project
Posted on: August 5th, 2011Written by:
Axiom Gold and Silver Corporation (OTCBB: AXIO) shares rocketed 8.7% late Thursday to $1.75, following the update on its Aurora Project located in Sonora State, Mexico.. Volume for the stock was 22,462 shares, or about double its daily average.
A news release out August 4 reported that Tucson-based Axiom., through its wholly-owned subsidiary Axiom Minerals de Mexico, S.A. de C.V., received analytical results from Acme Analytical Laboratory Ltd. in Vancouver, B.C. for the first two sets of rock samples (70 samples total) from the systematic sampling program ongoing at the Aurora project. The recent sampling continues to confirm the presence of an extensive surface gold anomaly in excess of 4,000m east-west by 500 metres north-south, with 12 samples (17%) returning values above 0.1g/t gold.
Sampling is continuing and an additional 70 samples are awaiting analysis. Detailed mapping is ongoing concurrently with the sampling, with the objective of selecting drill targets for the initial drill program in October.
Company President Dr. John Larson was quoted in the release as saying, “Given the reports of visible gold from our field team, we intend to start taking large volume samples (10 kg – 20 kg) to give us, what we think will be, a more realistic representation of the gold present in the area. This large volume sampling will begin immediately and will also help identify drill targets”.
Axiom through its wholly owned subsidiary, Axiom Minerals de Mexico S.A. de C.V., is a mineral exploration company with current properties located in Sonora State, Mexico, and is also actively seeking additional exploration and mining concessions in Mexico, Argentina and Chile.
Liberty Star Uranium and Metals Corp. (LBSR) records new find, stock leaps
Posted on: August 3rd, 2011Written by:
Liberty Star Uranium and Metals Corp. (OTCBB: LBSR) shares leapfrogged 17.7% to six cents Wednesday, on word of a new find. Volume for the stock surpassed 4.2 million shares.
A news release dated August 3 announced the detailed delimitation of a zoned series of geochemical metal anomalies over a large covered area which are interpreted to indicate a covered porphyry copper-gold-silver-moly mineral zone approximately 0.7 miles in diameter.
The geometry of the anomalous copper, gold, silver and potassium are just like the Lowell Guilbert porphyry copper model and are interpreted to indicate a buried porphyry copper system exhibiting a gold center and a copper and potassium halo surrounded by a very large gold-silver and low temperature metal halo.
Multi-element anomalies include copper, molybdenum (moly), gold, silver, lead, zinc and potassium, and other low temperature metals. These anomalies were determined through the analysis of vegetation samples conceived and developed by geochemist Dr. Herbert Hawkes over the copper mines south of Tucson in the 1950s and ’60s. Jim Briscoe and geochemist Shea Clark Smith, along with Dr. John Guilbert, refined the process at Silver Bell, AZ, in the mid-1990s, as well as at the Big Chunk Caldera, AK, in 2004 and 2005 where significant discoveries were made.
Comments CEO/Chief Geologist Briscoe, “This geochemical discovery falls squarely within the theoretical framework of the Porphyry Copper Model laid out by Liberty Star Board Director Dr. John Guilbert [in The Geology of Ore Deposits]. Of course drilling will be ultimately required to determine the character and grade of the covered mineralization giving rise to anomalous metal values at the surface.”
Colorado Rare Earths Inc. (CALY) jumps on Boeing contract
Posted on: August 2nd, 2011Written by:
Colorado Rare Earths Inc. (OTCBB: CALY) jumped 6.3% in price to $8.50, on word it had awarded a contract to the Boeing Company (NYSE: BA) for the utilization of their leading edge technology designed to identify and confirm rare earth and other mineral deposits. Volume for the stock had yet to register by late morning Tuesday; its usual daily average totaled more than 3,700 shares.
In a news release dated August, 2, company CEO Michael Parnell decalred, “Boeing’s technology will greatly expand the scope and efficiency of our exploration activities and may provide definitive profiles of individual Heavy Rare Earth Elements (HREE) as well as Light Rare Earth Elements (LREE).”
“We have worked diligently and have been extremely successful in acquiring large resource claims with a goal to commercialize our holdings for the U.S. market. Boeing’s technology should accelerate our timetable. With Boeing’s ability to expand our exploration and incorporate large-scale analysis of our claims and other possible rare-earth deposits, this contract could greatly increase our ability to become a substantial domestic supplier of rare earths for the U.S. military’s strategic requirements as well as for the green technologies sector,” Parnell added.
Colorado Rare Earths, Inc. is a mineral claims acquisition company. The Company currently focuses on rare-earth elements and owns a 100% interest in a group of Colorado, Idaho and Montana unpatented, mineral claims; the Iron Hill Property located in Gunnison County, the Wet Mountains Property located in Freemont and Custer Counties, and the Lemhi Pass District Property located in Idaho and Montana.
