News Article | May 10, 2017
VANCOUVER, BC--(Marketwired - May 10, 2017) - Newrange Gold Corp. ("Newrange" or the "Company") (TSX VENTURE: NRG) ( : CMBPF) ( : X6C) is pleased to announce the Company has received all necessary drilling permits from the Bureau of Land Management (BLM) and has posted the required reclamation bond. The drill, support vehicles and equipment are on site and drilling is scheduled to commence in the coming days at the Pamlico Gold Project. Objectives of this first phase of drilling are: Phase I drilling at Pamlico is focused on testing the postulated continuity of mineralization between that sampled in the Merritt decline and the high-grade intercepts from drilling in Merritt Zone by previous operators. This would indicate a mineralized zone approximately 100 to 130 meters wide that is presently open ended along strike. Importantly, the knowledge gained focusing on the Merritt decline -- Merritt Zone area will guide exploration for several similar target areas on the property including the Gold Box, Central and Sunset Mine zones. Located 12 miles southeast of Hawthorne, Nevada, along US Highway 95, the project has excellent access and infrastructure, a mild, year-round operating climate and strong political support from Mineral County, one of the most pro-mining counties in the pro-mining state of Nevada. The Pamlico project covers the historic Pamlico group of mines, as well as the nearby Good Hope, Central, Gold Bar and Sunset mines. Discovered about 1884, the district rapidly gained a reputation as being one of Nevada's highest grade districts. Held by private interests for most of its history, the property remains very underexplored in terms of modern exploration with no documented geophysical or soil geochemical surveys and only 103 drill holes totaling 27,838 feet (8,487 meters) scattered across the 1,200 hectare property. In 2013, the seller permitted and completed a modern, trackless, 188 meter long, 3 X 4 meter decline for test mining of high-grade mineralization they had previously identified by drilling just beyond the current face of the decline. However, they never systematically sampled the decline or drilled in the area of the decline. Newrange Gold acquired the property in July of 2016 when the owner's failing health forced the sale of the project. Recently announced systematic sampling of the Merritt decline by Newrange identified multiple high-grade structures assaying from 28.90 grams gold per metric tonne (g/T Au) over 1.5 meters to 104.75 g/T Au over 1.5 meters within an extensive zone of disseminated mineralization averaging 2.92 g/T Au over 75.5 meters in the decline. As a result of this work, the interpreted exploration potential of the project has materially increased from that of a strictly narrow high-grade gold vein system to a large disseminated gold system cut by numerous high-grade veins. In this release, all references to grams per tonne (denoted g/T Au) are grams per metric ton of 1,000 kilograms (2,204.62 pounds). All references to ounces per ton (denoted oz/t Au) are troy ounces per short ton of 2,000 pounds. Mr. Robert G. Carrington, P. Geo, a Qualified Person as defined by National Instrument 43-101, the President and CEO of the Company, has reviewed, verified and approved for disclosure the technical information contained in this news release. All sample results referenced are diamond saw cut channel samples cut to provide a channel 5 to 7 cm wide and 2 to 3 cm deep with a sample volume designed to replicate that of split HQ diameter diamond drill core. With an average sample weight of 4.5 kg per meter, sampled results provide "drill quality" data. All sampling was conducted under the direct supervision of Mr. Carrington and Mr. Nathan Tewalt, a consultant to the Company and a qualified geologist with more than 30 years of experience. All samples were maintained with a strict chain of custody and were delivered by the Company to American Assay Laboratories of Sparks, Nevada. Standards consisting of Certified Reference Material, blanks and duplicates were incorporated at a rate of not less than 1 in 20. About Newrange Gold Corp.: Newrange is an aggressive exploration and development company focused on near to intermediate term production opportunities in favorable jurisdictions including Nevada, Colorado and Colombia. Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com. Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Newrange Gold Corp. Actual results may differ materially from those currently anticipated in such statements.
News Article | May 10, 2017
"While it is disappointing that the Senate did not act to correct the rule more quickly, we look forward to working with the administration on policies that continue our commitment to safely produce the energy that Americans rely on, help consumers, create jobs, strengthen our national security, and protect our environment." Data from the EPA's annual draft inventory of U.S. greenhouse gas emissions report released in March fueled questions as to why the existing BLM rule is necessary. The report shows that methane emissions from all petroleum systems decreased by over 28 percent since 1990, notably including a decrease of emissions from petroleum production of around 8 percent from 2014 levels. EPA attributed this improvement to decreases in emissions from associated gas venting and flaring. "The United States is a global leader in production and refining of natural gas and oil while cutting greenhouse gas emissions, the result of technological advances in hydraulic fracturing and horizontal drilling. It is through innovation – not unnecessary, costly and duplicative regulation – that we are able to achieve this success." BLM's redundant and technically flawed rule overlaps with existing state and EPA regulations and could further reduce activity on federal lands where natural gas production is already down 18 percent from 2010 to 2015. Analysis by Environmental Resources Management on the proposed rule found that the added cost of compliance could result in up to 40 percent of wells that flare on federal lands being permanently uneconomic to produce. Based on 2016 royalties reported by the federal Office of Natural Resources Revenue, even a 1 percent loss of royalties due to loss of production would result in lost government revenues of more than $14 million. API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API's more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation's energy and are backed by a growing grassroots movement of more than 40 million Americans. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/api-blm-methane-rule-could-suppress-american-energy-renaissance-harm-consumers-300455478.html
News Article | May 10, 2017
The Lapon Project consists of 36 claims (720 acres) situated in the Wassuk Range, easily accessible by secondary state roads from the main highway (25 kilometres). A state grid power transmission line passes within three kilometres of the property. Initial drilling on the property was carried out in 2015 and 2016. Highlights (previously announced in 2016) included RC drill hole LC 16-10 intersecting 77.62 g/t Au (uncut) over 12.2 meters; and 48.02 g/t (uncut) over 13.7 meters; RC drill hole LC 16-12 intersected 39.17 g/t Au (uncut) over 9.2 meters; among other significant results. The drill program confirmed the potential for the emplacement of significant gold mineralization on the project. Because of these significant drill results, the Company has now outlined an additional 20,000 feet of drilling. Drill access, drill road maintenance, and pad emplacement is presently underway, with the Notice Level Exploration Plan Surface Management Notice approved by the Bureau of Land Management (BLM). Drilling is scheduled to begin in June of this year. The Lapon project is located within the Walker Lane shear zone, a 100 kilometre wide structural corridor extending in a southeast direction from Reno, Nevada. Within this trend, numerous gold, silver, and copper mines are located, notably the historic Comstock Lode mines in Virginia City, the past producing Esmeralda/Aurora gold mine, with reported production of some one million ounces, as well as the Anaconda open pit copper mine in Yerington. Nevada Copper's new mine, Pumpkin Hollow, is also located within the Wasuk Range about 25 kilometres north of Lapon. The Lapon project is cut by a series of steeply dipping cross fault structures cutting across the Walker trend, analogous to other cross fault structures responsible for many gold and base metal deposits in the world. These faults are heavily sheared and altered (sericite, iron oxides) with abundant silica. They vary in width from 60 to 300 meters. Four of these structures have been discovered at Lapon, and at least two can be traced for over four kilometers. Gold mineralization is located within en echelon structures within these faults. At least one of these shear zones, the Lapon Rose zone was the site of underground development, and shows a minimum strike length of 4 kilometers, has a width of over 60 meters and has a vertical extent of at least 650 meters. Small scale high grade mining began on the project in 1914. Approximately 600 meters of drifts and raises were developed from two adits and a two-stamp mill was built. Further underground work was carried out on the Project in the following years, including the installation of a ball mill and milling facilities. Finally, the Company is pleased to announce the appointment of Mr. Chris Hobbs, CA, as Chief Financial Officer. Mr. Hobbs has worked with several public companies, accounting and securities firms in an accounting, management, directorship and CFO role in the past 20 years. Mr. Hobbs is a member of the Chartered Accountants of Ontario and holds a bachelor of business administration degree from the Schulich School of Business at York University. E.Gauthier, Geol, Eng (OIQ) acts as the qualified person to the company and has approved the contents of this release. ON BEHALF OF THE BOARD OF DIRECTORS FOR FURTHER INFORMATION, PLEASE CONTACT: Neither TSX Venture Exchange Nor Its Regulation Service Provider (As That Term Is Defined In The Policies Of The TSX Venture Exchange) Accepts Responsibility For The Adequacy Or Accuracy Of This News Release.
News Article | May 10, 2017
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News Article | May 10, 2017
VANCOUVER, BC / ACCESSWIRE / May 10, 2017 / Walker River Resources Corp. (TSX-V: WRR) ("Walker" or the "Company") is pleased to update its exploration program on the Lapon Canyon gold project, located approximately 60 kilometres southeast of Yerington, Nevada. The Lapon Project consists of 36 claims (720 acres) situated in the Wassuk Range, easily accessible by secondary state roads from the main highway (25 kilometres). A state grid power transmission line passes within three kilometres of the property. Initial drilling on the property was carried out in 2015 and 2016. Highlights (previously announced in 2016) included RC drill hole LC 16-10 intersecting 77.62 g/t Au (uncut) over 12.2 meters; and 48.02 g/t (uncut) over 13.7 meters; RC drill hole LC 16-12 intersected 39.17 g/t Au (uncut) over 9.2 meters; among other significant results. The drill program confirmed the potential for the emplacement of significant gold mineralization on the project. Because of these significant drill results, the Company has now outlined an additional 20,000 feet of drilling. Drill access, drill road maintenance, and pad emplacement is presently underway, with the Notice Level Exploration Plan Surface Management Notice approved by the Bureau of Land Management (BLM). Drilling is scheduled to begin in June of this year. The Lapon project is located within the Walker Lane shear zone, a 100 kilometre wide structural corridor extending in a southeast direction from Reno, Nevada. Within this trend, numerous gold, silver, and copper mines are located, notably the historic Comstock Lode mines in Virginia City, the past producing Esmeralda/Aurora gold mine, with reported production of some one million ounces, as well as the Anaconda open pit copper mine in Yerington. Nevada Copper's new mine, Pumpkin Hollow, is also located within the Wasuk Range about 25 kilometres north of Lapon. The Lapon project is cut by a series of steeply dipping cross fault structures cutting across the Walker trend, analogous to other cross fault structures responsible for many gold and base metal deposits in the world. These faults are heavily sheared and altered (sericite, iron oxides) with abundant silica. They vary in width from 60 to 300 meters. Four of these structures have been discovered at Lapon, and at least two can be traced for over four kilometers. Gold mineralization is located within en echelon structures within these faults. At least one of these shear zones, the Lapon Rose zone was the site of underground development, and shows a minimum strike length of 4 kilometers, has a width of over 60 meters and has a vertical extent of at least 650 meters. Small scale high grade mining began on the project in 1914. Approximately 600 meters of drifts and raises were developed from two adits and a two-stamp mill was built. Further underground work was carried out on the Project in the following years, including the installation of a ball mill and milling facilities. Finally, the Company is pleased to announce the appointment of Mr. Chris Hobbs, CA, as Chief Financial Officer. Mr. Hobbs has worked with several public companies, accounting and securities firms in an accounting, management, directorship and CFO role in the past 20 years. Mr. Hobbs is a member of the Chartered Accountants of Ontario and holds a bachelor of business administration degree from the Schulich School of Business at York University. E.Gauthier, Geol, Eng (OIQ) acts as the qualified person to the company and has approved the contents of this release. ON BEHALF OF THE BOARD OF DIRECTORS FOR FURTHER INFORMATION, PLEASE CONTACT: Neither TSX Venture Exchange Nor Its Regulation Service Provider (As That Term Is Defined In The Policies Of The TSX Venture Exchange) Accepts Responsibility For The Adequacy Or Accuracy Of This News Release.
News Article | May 10, 2017
Members of the Republican Party sitting in Congress have been particularly good at sticking with the “party line” on a wide range of issues — even when that means pouring more pollution into their constituents’ throats, working to increase the number of superstorms that slam the East Coast and the dramatic droughts that destroy the Southwest, voting through health care bills or amendments that make it much more expensive for normal Americans to get health care (apparently, just so the richest among us can keep more money in overinflated bank accounts), and pretending Donald Trump’s potentially corrupt connections and actions in regard to Russia wouldn’t have their faces exploding with range if it had been Obama in such a situation. There are many issues on which Republicans in Congress vote against the preferences of their constituents simply because that’s what the party leaders say they need to do, but there may be no topic where this is more the case than the topic of energy. Pollution industries (coal, oil, and gas) send nearly 100% of their political cash to Republicans. It’s a strikingly one-sided story for them. Incidentally, the Republican Party votes on the side of these pollution industries nearly 100% of the time. And by “Republican Party,” that basically means every single Republican. The thing is, even if some sensible, science-respecting, health-concerned, humanity-loving Republicans want to vote on the side of clean air and a livable climate, they know that the Koch Brothers, Chevron, Exxon, or other pollution giants will heavily fund a Republican primary challenger to remove them from Congress if they break rank. Among other reasons, this is likely a core reason why these cowardly politicians don’t follow their own moral compass. Frankly, I think Democrats would be wise to put a lot more attention on this matter and label the GOP the “Pollution Party,” but I’m not sure if I have the connections needed to get that message across. (That said, Bernie Sanders did share one of our stories on Facebook yesterday!) The good news is that some Republicans in Congress seem to be growing a moral backbone on the greatest threat to the human race … maybe. As Steve wrote the other day, there’s now a Climate Solutions Caucus in Congress. It is bringing together both Democrats and Republicans who want to work on stopping global warming. Following that story, we now have substantive news on 3 US senators breaking rank in order to protect an Obama rule regarding methane emissions. Needless to say, progressive climate hawks were jubilant. Think Progress reports: “The Senate failed to advance a resolution Wednesday morning that would have nullified a Bureau of Land Management methane waste prevention rule. Three Republicans — Sens. John McCain (AZ), Susan Collins (ME), and Lindsey Graham (SC) — sided with Democrats against allowing a vote on the resolution to proceed. “The vote marks a surprise defeat of congressional Republicans’ campaign to use the Congressional Review Act (CRA) to repeal a host of Obama-era regulations. The House passed a resolution in February to repeal the rule, but it was uncertain whether the Senate would approve the resolution before the deadline for using the CRA to repeal the rule expired. “As it turned out, the uncertainty over the future of the CRA resolution was justified.” “This is a huge win for our health, our clean air, and our climate, and shows that President Trump’s plans to unravel hard-won environmental protections are not a foregone conclusion.” “Today is a victory for our public lands and for the health of families across America, and a defeat for Donald Trump, corporate polluters, and their friends on Capitol Hill. People across the country will continue to resist and hold Congress and Trump accountable for any efforts to put the profits of polluters before the health of our families and our communities.” This particular instance may seem like a simple vote and technical matter, but I think it’s a big deal. Sure, McCain, Graham, and Collins aren’t likely to get knocked out of the Senate for standing up to the pollution industry and the ant-like Republican voting policy. Getting back to the technicality of the methane rule decision, here’s more from Think Progress: “Based on estimates, the rule will prevent the waste of 65 billion cubic feet of natural gas a year and save taxpayers $330 million annually. The repeal of the rule would have allowed for the unregulated release of a gas that traps 86 times more heat than carbon dioxide over a 20-year period. Because taxpayers collect royalties from energy produced on public lands, repealing the rule also could have reduced direct payments to taxpayers by $800 million over the next decade, according to the Western Values Project. “In March 1996, President Bill Clinton signed into law the Congressional Review Act, which Congress passed as part of the so-called Contract for America pushed by Rep. Newt Gingrich (R-GA) and other Republicans. The law empowers Congress to review new federal regulations issued by government agencies and, by passage of a joint resolution, overrule a regulation. “The CRA expressly prohibits agencies from issuing new rules “substantially the same” as one it has nullified. In fact, no agency has ever reissued a rule to replace a measure rescinded under the CRA, and no court has addressed whether such a rule would be valid. This ensures that any meaningful effort by the agency to address the problem would be met with years of costly litigation. … “If Republicans thought the methane waste rule went too far and if they wanted to change it, Democrats were ‘more than happy to sit down and discuss that,’ Cantwell said. By enacting the rollback, Republicans bar Congress from taking any action on that agenda legislatively. Nothing else can be done on this subject matter for that particular rule.” Also, something that will hardly be mentioned in mainstream media coverage of the news (if it’s mentioned at all) is that Republican voters overwhelmingly support this methane emissions rule. Like other humans, they think it makes sense to have clean air, and they understand that means imposing some requirements on the oil & gas industry to cut pollution. “The rule has widespread support in Colorado and across the West. In Colorado, 83 percent of residents supported the BLM rule, including a majority of support among Republican voters. Among seven Western states with significant amounts of public lands, the rule had overwhelming support among voters, according to a Colorado College poll.” Nonetheless, only 3 Republicans in the Senate broke rank and voted with their constituents. If we want Republican politicians to really start acting in the interests of the public on pollution matters, I think we need three basic things: Senators John McCain (AZ), Susan Collins (ME), and Lindsey Graham (SC) just made one small but forceful step forward on #2. Let’s hope they and others have the courage to protect human health and a livable climate again in the coming months. Check out our new 93-page EV report. Join us for an upcoming Cleantech Revolution Tour conference! Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech daily newsletter or weekly newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.
News Article | May 15, 2017
Highlights of the Mine Optimization Plan at Moss: Proposed Powerline to Provide Clean Utility Electrical Power and Replace Diesel Generators at Moss Mine Site; recent developments to support this initiative include: Signed Letter of Intent with Tri-R Construction Inc. for the Sale of the Moss Aggregate Waste Rock; details of this arrangement include: Northern Vertex President and CEO, Kenneth Berry stated, "We are very pleased with the progress of our optimization plan intended to significantly enhance the overall economics of the Moss Mine as well as provide a positive impact to the local community of Bullhead City. The extra efforts carried out by Mohave Electric Cooperative, by our consultants, and by our staff are appreciated. The level of co-operation and assistance extended to us by the engineering staff and government leaders of Bullhead City, Mohave County and the BLM Kingman field Office staff has been instrumental to our progress. The energy cost savings, road improvements and reduction of fossil fuels derived from the program further supports our mandate to adhere to the highest level of operational efficiency and social and environmental responsibility." Power Line Specifications The design and permitting progress of the proposed new 14.4/24.9 kV line is a significant initial step in the continuing program to improve infrastructure and enhance economics at the company's 100% owned Moss Mine gold-silver project ("Moss Mine"). The new Aluminum Conductor Steel Reinforced (ASCR) line will enable efficient and reliable supply of clean, utility generated, electric-power to the mine, replacing on site, diesel fueled generators, thereby lowering costs and reducing emissions. Reduction of fossil fuel emissions The Moss Mine Feasibility Study; Plan of Operations and Air Quality Permit specify the electric power source for all mine and process operations as on-site generators powered by Tier IV diesel engines (the most environmentally advanced engines available today). However, the installation of a direct powerline, would eliminate the need for the diesel gen-sets, resulting in improved air quality by decreasing emissions of noxious gases and particulates. Job creation in Local Communities and the State of Arizona The mining, processing and aggregate activities are expected to create 100+ direct jobs for the local region and the State of Arizona. In addition, ancillary benefits from processing the waste rock include the provision of a lower cost aggregate for both civic and private construction projects in the Bullhead City Region. The improvements to Silver Creek Road will be appreciated by local residents, by tourists and by company employees and contractors. Qualified Person: The foregoing technical information contained in this news release has also been reviewed and verified by Mr. Joseph Bardswich, P.Eng., General Manager - Moss Project, and a Qualified Person ("QP") for the purpose of National Instrument 43-101 (Disclosure Standards for Mineral Projects). About Northern Vertex Northern Vertex Mining Corp. is an exploration and mining company focused on the reactivation of its 100% owned Moss Mine Gold/Silver Project located in NW Arizona, USA. The Company's management comprises an experienced management team with a strong background in all aspects of acquisition, exploration, development, operations and financing of mining projects worldwide. The Company is focused on working effectively and respectfully with our stakeholders in the vicinity of the historical Moss Mine and enhancing the capacity of the local communities in the area. ON BEHALF OF THE BOARD OF NORTHERN VERTEX "Kenneth Berry " President & CEO Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements: This news release contains statements about our future business and planned activities. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements including but are not limited to comments regarding the timing and content of upcoming work and analyses. Forward-looking statements usually include words such as may, intend, plan, expect, anticipate, believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this news release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations. Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the execution of a Master Lease Agreement and related documents with Cat Financial, drawdowns under the Equipment Finance Facility to fund equipment purchases, timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
News Article | May 11, 2017
VANCOUVER, British Columbia, May 10, 2017 (GLOBE NEWSWIRE) -- Mason Resources Corp. (TSX:MNR – "Mason Resources" or the "Company") is pleased to announce that it will today file its National Instrument 43-101 technical report titled "2017 Updated Preliminary Economic Assessment on the Ann Mason Project, Nevada, U.S.A." (the "2017 PEA") for its flagship Ann Mason Project in Nevada. This follows the May 9, 2017 closing of the previously announced spin-out of the Ann Mason and Lordsburg assets from Entrée Resources Ltd. (formerly Entrée Gold Inc. – "Entrée") to Mason Resources. Today the Toronto Stock Exchange ("TSX") issued a bulletin in respect of the commencement of trading of the Mason Resources shares, under the symbol "MNR". The Mason Resources shares are expected to commence trading on May 12, 2017. The Company has approximately 77.8 million shares issued and outstanding, along with a solid cash balance of US$8.75 million. The Ann Mason Project ("Ann Mason" or the "Project") is the 4th largest undeveloped copper porphyry resource in Canada and the United States. The Project is located in the Yerington district of Nevada, which is rated among the top global mining jurisdictions. Previous work by Entrée included a 40-hole infill drilling program during 2014/2015 resulting in 95% of the mineralization constrained within the Preliminary Economic Assessment ("PEA") life-of-mine pit ("Phase 5 Pit") being categorized as Measured plus Indicated, while only 5% remains as Inferred mineralization. The 2017 PEA also includes results of a detailed metallurgical program completed in 2016, which supports a 92% average copper recovery and a 30% concentrate grade with no significant penalty elements. The metallurgical program has been done to sufficient detail to support a future Pre-Feasibility Study. Significantly, the Project does not require a permit under Section 404 of the Clean Water Act. In April 2016, the Project received an approved Waters of the U.S./Wetlands ("WOUS/Wetlands") jurisdictional determination from the Regulatory Division of the U.S. Army Corps of Engineers ("USACE"). According to USACE, the water drainages on the Ann Mason Project are considered "isolated waters with no apparent interstate or foreign commerce connection" and as a result, no permit under Section 404 of the Clean Water Act is required for Ann Mason. Stephen Scott, President & CEO of Mason Resources noted, "We are very excited about launching Mason Resources as a stand-alone company with two quality projects in great mining districts at a time when economically attractive advanced copper projects not already controlled by major companies have become extremely scarce. Having a significant treasury at launch affords Mason Resources the optionality of advancing its projects itself or bringing in a strategic partner." Highlights: (all currency quoted is USD unless otherwise indicated) The 2017 PEA is preliminary in nature and includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the 2017 PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The Base Case discounted cash flows in the 2017 PEA are provided both pre-tax and post-tax, and are prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators. The 2017 PEA was completed by AGP Mining Consultants Inc. ("AGP"), an independent Canadian-based engineering firm and the mineral resource estimate was prepared by Amec Foster Wheeler Americas Limited ("Amec Foster Wheeler"). Unless otherwise noted, a reference to "$" in this news release is to United States currency. Due to rounding, some of the totals in the tables in this news release may not sum exactly. Table 1 summarizes the key outputs of the 2017 PEA. * 835 Mt at 0.30% copper, 0.005% molybdenum, 0.03 grams per tonne ("g/t") gold and 0.59 g/t silver are Measured and Indicated material, and 42 Mt at 0.27% copper, 0.005% molybdenum, 0.03 g/t gold and 0.58 g/t silver are Inferred material. ** "Cash Costs" and all-in sustaining cost (or "AISC") per unit of production are Non-GAAP Financial Measures. These financial measures are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. The calculations of these measures may differ from those used by other issuers. The Company discloses these measures in order to provide assistance in understanding the results of the operations within the 2017 PEA and to provide additional information to investors. Table 2 summarizes 2017 PEA base case financial model outputs (post-tax) and the metal price sensitivity. Note: The Base Case metal prices are based on a review of current analyst consensus reports and recent SEDAR filings for similar reports. The Ann Mason mineral resource estimate is based on all scientific and technical information as of March 3, 2017 and therefore has an effective date of March 3, 2017. The mineral resource model and the mineral resource estimate have not changed since September 9, 2015, the effective date of the previous mineral resource estimate completed by Entrée. There has been no additional drilling or other scientific or technical information collected since September 9, 2015 to present. The assumptions used in 2015 to assess reasonable prospects of eventual economic extraction including metal prices, mining, processing and general and administration cost metallurgical recoveries and pit slopes remain the same and are still considered reasonable. The resource estimate was prepared by Peter Oshust, P.Geo, Principal Geologist of Amec Foster Wheeler. Mr. Oshust is a Qualified Person for the purposes of NI 43-101 and is independent of the Company. The resource estimate is classified as approximately 20% Measured, 49% Indicated (69% Measured plus Indicated) and 31% Inferred resources. The "near-surface" portion of this mineral resource forms the basis of the 2017 PEA and is constrained by the Phase 5 Pit. Mineral resources within the Phase 5 pit are now classified 44% as Measured and 51% as Indicated (95% as Measured plus Indicated) with only 5% remaining as Inferred. Table 3 shows the Ann Mason mineral resources at a range of copper cut-offs. The 0.2% copper cut-off base case is highlighted. The Ann Mason drill hole database was reviewed by Greg Kulla, P.Geo., Principal Geologist of Amec Foster Wheeler. Mr. Kulla is a Qualified Person for the purposes of NI 43-101 and is independent of the Company. The Ann Mason drill hole database is comprised of 198 diamond drill holes totalling 106,167 metres of drilling. Of these totals: Entrée applied a leading-practice QA/QC program consisting of blanks, standards and duplicates and check samples for all samples from their drill programs. Entrée also implemented a re-assay program of the legacy drill samples following the same QA/QC procedure. No significant grade biases or transcription errors were identified. Entrée collected 5,016 wax-coat water immersion specific gravity ("SG") measurements from Anaconda and Entrée holes. Checks made at an independent laboratory showed no significant biases in the SG measurements. Deposit geology, structure, alteration and sulphide zoning have been reinterpreted and modelled based on the integration of all of the historic data with current drilling results. The resource estimate was prepared in accordance with the May 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves. Geological interpretation completed by Company geologists was used as the basis for a three dimensional model created by Amec Foster Wheeler using Leapfrog™ geological modeling software. Three lithological units were modelled as well as three significant faults. Analysis of assay data within the lithological models demonstrated no significant lithological control over the grade distribution. A 0.15% grade shell was used as the primary control for the interpolation of copper. A block model was constructed in Vulcan™ software with block dimensions of 20 metres × 20 metres x 15 metres high. Copper, gold, silver, and molybdenum grades were interpolated into the blocks by ordinary kriging in three passes. Blocks were classified based on a combination of factors including the number of holes used for each block and the distance to the nearest composites. Validation of the estimated block model revealed no significant global or local grade biases. Outlier analysis was completed on the copper, molybdenum, gold, and silver composites. Capping thresholds with the 0.15% grade shell are as follows: copper, 0.6%; molybdenum, 0.09%; gold, 0.27 g/t; silver, 4.6 g/t. Outlier restrictions were also applied to copper values outside of the 0.15% grade shell. To assess reasonable prospects for eventual economic extraction, Amec Foster Wheeler assumed that the Ann Mason deposit would be mined utilizing open pit mining methods and conventional flotation recovery methods. The Whittle™ pit optimiser software was utilized to prepare a conceptual pit design, constrained within property boundaries, with inputs on mining, processing, G&A, transportation and smelting and refining. Preparation of the pit was based on economic and technical assumptions listed below. Amec Foster Wheeler is of the opinion they remain reasonable for supporting the 2017 Ann Mason mineral resource estimate: *The $1.09/tonne mining cost with $0.02/bench increment is approximately equivalent to $1.20/tonne over the assumed life of mine. A large open pit mine is envisioned for Ann Mason, involving the development of five pit phases over a three year period of pre-production, plus a 21 year production life, feeding the mill at a rate of 120,000 tpd. Mining will use conventional rotary drilling, blasting, and loading with large cable shovels and 363-tonne trucks. The total mill throughput in the 2017 PEA is estimated to be 877 million tonnes ("Mt"), of which 835 Mt at 0.30% copper, 0.005% molybdenum, 0.03 g/t gold and 0.59 g/t silver are Measured and Indicated material, and 42 Mt at 0.27% copper, 0.005% molybdenum, 0.03 g/t gold and 0.58 g/t silver are Inferred material. A net value per tonne cut-off was applied to the Lerchs-Grossman ("LG") shells, which form the basis of the mine plan. The net value per tonne cut-off incorporates grade and recovery data for the four payable metals (copper, molybdenum, gold and silver) and approximates a 0.145% copper-only cut-off. The high ratio of Measured plus Indicated to Inferred material in the mine plan emphasizes the high confidence of the resource base used for the 2017 PEA and limits the amount of additional drilling required prior to proceeding to a Pre-Feasibility level. The LOM waste to mineralization strip ratio is approximately 2:1 (including pre-strip). Pit slopes are variable depending on the geotechnical parameters of the rock types and range from 50 degrees in the overlying volcanic rocks (pre-strip), to 37 degrees in rocks that host the porphyry mineralization. In 2015 Entrée retained SGS Minerals Services in Lakefield, Ontario to advance the metallurgy of the Ann Mason deposit to a level suitable for a future Pre-Feasibility Study. AGP oversaw and interpreted the results of the work on behalf of Entrée. More than 1,700 kilograms of core and reject samples (502 sample locations) were shipped to SGS to produce composites representing geometallurgical domains and mine production periods, as well as to evaluate variability within the deposit. The program scope includes a comprehensive grindability study, including JK drop-weight and SMC testing, which provide input parameters for process modeling of the SAG/ball mill circuit. Large diameter (PQ) core was provided specifically for grindability testing. Downstream flowsheet optimization consists of locked cycle flotation testing, a liquid/solid separation study for tailings and concentrate, and final product characterisation. A summary of results from the locked cycle tests on the domain composites is presented in Table 4. The first two tests, LCT-1 and LCT-2, were run at a primary grind target of 170 micrometres. This target was lowered in LCT-3 and LCT-4 to optimize the copper recovery. In addition, a rougher scavenger flotation stage was added to further reduce losses to the rougher tailings stream. The results show that a relatively coarse grind size (P80 155 micrometres) can be used in the flowsheet with only a minor impact on average copper recovery and helping to keep process operating costs low. In addition, grindability work has confirmed that the feed material is of moderate hardness, with average Bond Rod Work Index and Bond Ball Work Index values of 15.6 kWh/t and 15.5 kWh/t, respectively. A bulk flotation test was carried out on a 1.5 tonne composite sample to generate sufficient copper concentrate for copper-molybdenum separation testwork. The objective of the work was to build upon the initial development testwork in 2012, which was limited by feed sample size. The program consisted of pilot-scale continuous primary grinding and rougher flotation, followed by batch regrinding and cleaning in a 10 kg flotation cell, and then separation tests in a 2 kg flotation cell. Several Cu-Mo separation tests were run and the best results were achieved in test Mo-6, where a 28% Mo grade was realized at a 78% stage recovery after three open-circuit cleaning stages. Overall, the operation of the pilot roughers and batch copper cleaner stages was not sufficiently optimized and resulted in a lower molybdenum grade and recovery to the final concentrate, as well as a limited mass of sample to work with for the separation testwork. Despite adjustments to reagent additions, grind size, and cleaning stages, the batch tests on the bulk concentrate were unsuccessful at improving upon the results of the 2012 program. Future testwork should focus on large-scale batch tests, upwards of 100 kg test charges, to ensure both sufficient metal units to complete the test and manageable sample size for accurate sampling and testing purposes. Locked cycle flotation testing has demonstrated that a simple flotation flow sheet with moderate grinds, three stages of cleaning, and low reagent additions is able to generate a saleable copper concentrate, with no significant penalty elements identified. The proposed flowsheet for the processing plant consists of a conventional SAG/Ball milling circuit to generate a flotation feed product P80 of approximately 155 micrometres. The flotation circuit would produce separate copper and molybdenum concentrate products for dewatering and shipment to third party smelters. LOM average mill feed would consist primarily of material from the chalcopyrite (46%) and bornite (41%) domains, with a lesser amount from the pyrite zone (13%). Table 5 presents a summary of the metallurgical projection for the Ann Mason deposit. Grades and recoveries are based on the results of the locked-cycle flotation tests from the 2011 Metcon and 2015 SGS testwork programs. Table 5. Projected Grades and Recoveries for the Copper and Molybdenum Concentrates. It should be noted that the grade and recovery to the molybdenum concentrate are, at this point, only estimates. The Cu-Mo separation testwork in the 2012 program successfully demonstrated that a separate molybdenum concentrate was achievable, but the target grade of 50% molybdenum was not reached during three stages of cleaning. Additional stages were not possible due to the small mass of the 3rd cleaner concentrate. The follow up work in 2015 again demonstrated potential, but encountered technical limitations with the lab procedure that prevented higher concentrate grades being achieved. As a result, the projection includes only an estimate of molybdenum recovery to concentrate of 50%. The next phase of testwork is expected to provide additional characterisation of the relationship between grade and recovery for the molybdenum product. The pre-production capital cost estimate includes the open pit mine capital expenditures, capitalized pre-production stripping, a 120,000 tonnes per day processing plant, infrastructure (including a tailings facility, power improvements, water and roads), environmental costs, owner's and indirect costs and contingency. The open pit mine equipment is assumed leased; therefore, only the down-payment portion is considered in the mine capital costs. The lease cost occurring within the pre-production period is also capitalized. Sustaining capital cost includes the down payment portion of LOM mine equipment replacement, tailings expansions, infrastructure upgrades and reclamation costs. Initial capital and sustaining capital costs for the 2017 PEA, summarized below in Table 6, were estimated using current (Q2 2015) data and pricing. The pricing was verified for this update and is considered current for Q1 2017. No material change was noted based on that review. Total Years 1-21 operating costs for the Project are estimated to be $9.92/tonne of mill feed on a pre-tax basis (post-tax $11.34/tonne). Mining costs were estimated as $1.50/tonne mined, inclusive of equipment lease payments. LOM copper pre-tax cash costs are $1.72/lb on a copper only basis (post-tax $1.96/lb), or $1.49/lb net of by-product (molybdenum, gold and silver) credits (post-tax $1.74/lb). LOM AISC are $1.79/lb on a copper only basis (post-tax $2.04/lb), or $1.57/lb net of by-product (molybdenum, gold and silver) credits (post-tax $1.81/lb). Table 7 below shows a breakdown of the operating cost categories for Years 1-21 on an average cost per tonne of mill feed basis. All prices in the 2017 PEA are quoted in 2Q 2015 United States dollars unless otherwise noted. For this update, the input costs were verified and found to be very similar. Therefore, no changes to cost inputs were required. Over the past several years, Entrée continually focussed on advancing environmental studies and permitting for Ann Mason. Baseline environmental studies, including Biology (vegetation and wildlife), Cultural Resources, and WOUS/Wetlands Delineation, have been completed on approximately 4,063 hectares (10,040 acres) of the Project area. On April 1, 2016, the Company received an approved WOUS/Wetlands jurisdictional determination from the USACE. According to USACE, the water drainages on the Ann Mason Project are considered "isolated waters with no apparent interstate or foreign commerce connection" and as a result, no permit under Section 404 of the Clean Water Act is required for Ann Mason. This is a very significant positive step for Mason Resources in the path towards eventually permitting the Ann Mason Project for development. No significant obstacles to the development of Ann Mason were identified in any of the baseline environmental studies completed to date. Other permits required for the development of Ann Mason include an approved Mining Plan of Operations from the Bureau of Land Management ("BLM"), Water Pollution Control and Reclamation Permits from the Nevada Bureau of Mining Regulation and Reclamation, an Air Quality Permit from the Nevada Bureau of Air Pollution Control and Conditional Use/Special Use Permits from Lyon and Douglas Counties. Results of the baseline environmental studies will form part of an Environmental Impact Study ("EIS") of the Project, as required by the National Environmental Policy Act ("NEPA"). Once Mason Resources completes a Pre-Feasibility Study of the Ann Mason Project and submits its Mining Plan of Operations to the BLM for approval, an EIS will be required as part of the approval process. The BLM will be the lead agency under NEPA rules, and will only issue a final EIS after considering comments from the public and other agencies including the U.S. Environmental Protection Agency. The Blue Hill oxide target is approximately 1.5 kilometres northwest of the Ann Mason deposit and hosts copper oxide mineralization that extends from near-surface to a maximum depth of 185 metres (average approximately 125 metres), over an area of 800 by 500 metres and remains open to the northwest and southeast. The Blue Hill mineral resource estimate remains the same as the estimate published in the 2012 and 2015 PEAs. Mineral resources at Blue Hill were estimated under the supervision of Pierre Desautels, P.Geo. of AGP. The estimate is based on copper, molybdenum, gold, and silver drill hole sample grades collected from 6 core and 24 RC drill holes completed by Entrée, and also from 20 historical core and RC drill holes completed by Anaconda and PacMag. A total of 10 holes drilled in 2013 and 2015 were subsequently added to the database. Four of those holes were located in close proximity to the Blue Hill mineral resource but were considered not material to the overall Ann Mason Project; therefore, the Blue Hill mineral resource estimate was not updated and remains the same as in the 2012 PEA. No new drilling or sampling has been completed at Blue Hill since the 2015 PEA. The Blue Hill mineral resource estimate is based on all scientific and technical information as of March 3, 2017 and therefore has an effective date of March 3, 2017. The mineral resource model and the mineral resource estimate have not changed since July 31, 2012, the effective date of the previous mineral resource estimate. The assumptions used in 2012 to assess reasonable prospects of eventual economic extraction including metal prices, mining, processing and G&A cost metallurgical recoveries and pit slopes remain the same and are still considered reasonable. The key parameters of the estimate are as follows: Mineral resources were reported within a LG pit shell, generated by AGP, above a copper cut-off of 0.10% for the oxide and mixed zones and 0.15% for the sulphide zone. AGP believes these cut-offs are still valid for resource reporting. The general parameters of the LG pit are as follows: Drilling of the underlying sulphide target remains sparse, but has identified a target more than one kilometre in width which remains open in most directions with potential for expansion. Blue Hill has not been incorporated into the 2017 PEA, however, through additional drilling there is potential for the Blue Hill oxide copper project to be incorporated into the overall mine plan. In addition, several high priority targets for additional oxide copper mineralization occur peripheral to Blue Hill. The Ann Mason Project development options are sufficiently understood and the Project shows positive economics to support a decision to proceed to a Pre-Feasibility Study. As an initial part of the preparation for a Pre-Feasibility Study, a two-stage drill program is recommended in the 2017 PEA to bring the mineral resources within the current Phase 5 Pit to a minimum Indicated mineral resource category and to complete a program of wide-spaced, drilling within the pit, but outside of the current 0.15% copper grade shell. A second program of exploration drilling is also recommended to test several key target areas within the Project boundaries, initially focused on near-surface oxide copper mineralized targets in the vicinity of Blue Hill and Ann Mason, as well as several high priority, deeper sulphide mineralized targets at the Blackjack IP target and to the west of Ann Mason. The overall budget to complete the recommended work is summarized as follows: Blue Hill and the peripheral oxide targets are very strong priorities for Mason Resources that would see a portion of the regional exploration drilling. On the near-surface Blue Hill oxide target, copper oxide mineralization extends from surface to a maximum depth of 185 metres (average approximately 125 metres), over an area of 800 by 500 metres and remains open to the northwest and southeast. Drilling of the underlying sulphide target remains sparse, but has identified a target more than one kilometre in width which remains open in most directions with potential for expansion. Blue Hill has not been incorporated into the 2017 PEA, however, through additional drilling there is potential for the Blue Hill oxide copper deposit to be incorporated into the overall mine plan. AGP also recommends in the 2017 PEA that Mason Resources develop a thorough Pre-Feasibility scope and detailed budget. AGP estimates that in addition to the budget for the two stages of in-pit drilling and regional exploration noted above, a Pre-Feasibility Study for Ann Mason would be approximately $9 to $11 million to complete. The Pre-Feasibility Study would cover areas such as: The 2017 PEA was completed independently by AGP Mining Consultants Inc., Toronto and Amec Foster Wheeler Americas Limited, Vancouver. The information in this news release that relates to the mining and metallurgy portions of the 2017 PEA was approved by: Jay Melnyk, P.Eng. and Lyn Jones, P.Eng., both from AGP. The information in this news release that relates to the geology and mineral resource estimation portions of the PEA was approved by: Greg Kulla, P.Geo and Peter Oshust P.Geo, both from Amec Foster Wheeler. Robert Cinits, P.Geo., Chief Operating Officer with Mason Resources, a Qualified Person as defined by NI 43-101, approved all other technical information in this news release. The 2017 PEA, titled “2017 Updated Preliminary Economic Assessment on the Ann Mason Project, Nevada, U.S.A.” with an effective date of March 3, 2017 is available on SEDAR at www.sedar.com and on the Company’s website at www.masonresources.com. This document refers to "Cash Costs" and all-in sustaining cost (or "AISC") per unit of production, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. The calculations of these measures may differ from those used by other issuers. The Company discloses these measures in order to provide assistance in understanding the results of the operations within the 2017 PEA and to provide additional information to investors. Mason Resources Corp. is a well-funded Canadian copper exploration and development company focused in the U.S.A. The Company’s key asset is its 100% owned Ann Mason Project – an extensive, prospective land package located in the Yerington District of Nevada. The Ann Mason Project hosts two copper-molybdenum porphyry deposits, Ann Mason and Blue Hill, as well as numerous earlier-stage or untested priority targets. The Ann Mason deposit is currently at a PEA level and is among the largest undeveloped copper porphyry resources in Canada/U.S.A. The excellent infrastructure, year-round access, strong community support and clear permitting process are all factors that contribute to making Yerington, Nevada one of the best mining jurisdictions in the world. Mason also holds a 100% interest in the Lordsburg property, an exciting earlier-stage copper-gold porphyry project, located within an historic mining district in New Mexico. Mason’s strong financial position and high-quality asset portfolio provide it with a solid foundation and flexibility for growth, by advancing development of Ann Mason towards Pre-Feasibility, introducing one or more strategic development partners, exploring high priority targets or considering strategic acquisitions. This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements with respect to requirements for additional capital; uses of funds; the value and potential value of assets; the future prices of copper, gold, molybdenum and silver; the estimation of mineral resources; the realization of mineral resource estimates; anticipated future production, capital and operating costs, cash flows and mine life; potential size of a mineralized zone; potential expansion of mineralization; the potential discovery of new mineralized zones; potential metallurgical recoveries and grades; the potential impact of future exploration results on Ann Mason mine design and economics; completion of a Pre-Feasibility Study on the Project; potential development of the Ann Mason Project; potential to incorporate the Blue Hill deposit into the mine plan; potential types of mining operations; permitting timelines; government regulation of exploration and mining operations; plans for future exploration and/or development programs and budgets; anticipated business activities; corporate strategies; and future financial performance. While the Company has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee of the Company’s future performance and are based on numerous assumptions regarding present and future business strategies, local and global economic conditions and the environment in which Mason Resources will operate in the future, including the price of copper, gold, silver and molybdenum. Uncertainties and factors which could cause actual results to differ materially from future results expressed or implied by forward-looking statements and information include, amongst others, the market valuing Entrée and Mason Resources in a manner not anticipated by the companies; unanticipated costs, expenses or liabilities; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; the size, grade and continuity of deposits not being interpreted correctly from exploration results; the results of preliminary test work not being indicative of the results of future test work; fluctuations in commodity prices and demand; changing foreign exchange rates; actions by government authorities; the availability of funding on reasonable terms; the impact of changes in interpretation to or changes in enforcement of, laws, regulations and government practices, including laws, regulations and government practices with respect to mining, foreign investment, royalties and taxation; the terms and timing of obtaining necessary environmental and other government approvals, consents and permits; the availability and cost of necessary items such as power, water, skilled labour, transportation and appropriate smelting and refining arrangements; and misjudgements in the course of preparing forward-looking statements. In addition, there are also known and unknown risk factors which may cause the actual results, performances or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements and information. Such factors include, among others, risks related to international operations, including legal and political risk; risks associated with changes in the attitudes of governments to foreign investment; discrepancies between actual and anticipated production, mineral reserves and resources and metallurgical recoveries; global financial conditions; changes in project parameters as plans continue to be refined; inability to upgrade Inferred mineral resources to Indicated or Measured mineral resources; inability to convert mineral resources to mineral reserves; conclusions of economic evaluations; future prices of copper, gold, silver and molybdenum; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining government approvals, permits or licences or financing or in the completion of development or construction activities; environmental risks; title disputes; limitations on insurance coverage; as well as those factors discussed in the Company’s continuous disclosure documents available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company is under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.
News Article | May 9, 2017
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 9, 2017) - West Kirkland Mining Inc. (TSX VENTURE:WKM)(OTCQB:WKLDF) ("West Kirkland" or the "Company") announces the execution of an exchange agreement (the "EA") with Newmont Mining Corporation ("Newmont") whereby the Company has exchanged all of its rights, title and interests in, and its obligations associated with the TUG Property, located within the Long Canyon Trend of northern Nevada/Utah, for an approximate 1.1% net smelter returns ("NSR") royalty forming part of Newmont's 2.4% NSR royalty on the Hasbrouck Gold Project, located near Tonopah, Nevada, plus the right to US$1.194 million in payments due upon commercial production at Hasbrouck or Three Hills and extinguishment of land fees. The Hasbrouck Gold Project is held by a dedicated limited liability corporation ("LLC") of which the Company holds a 75% interest and of which Clover Nevada LLC, a Nevada LLC wholly-owned by Waterton Precious Metals Fund II Cayman, L.P., holds a 25% interest. The Company now owns for its own account approximately a 1.1% NSR royalty, or 31.4% of the existing 3.5% NSR royalties on the Hasbrouck Gold Project. The existing NSR royalties are over claims hosting the proven and probable reserves and have not been altered by way of this transaction. A September 2016 Updated Pre-Feasibility Study (the "PFS Update") was prepared for the Hasbrouck Gold Project (see "Technical Report and Updated Preliminary Feasibility Study: Hasbrouck and Three Hills Gold-Silver Project, Esmeralda County, Nevada," dated September 14, 2016 and prepared by Thomas L. Dyer, P.E., Paul Tietz, C.P.G., Ryan T. Baker, Herbert C. Osborne and Carl E. Defilippi). Using the PFS Update financial model, the attributable Hasbrouck cash flow acquired by the Company pursuant to the EA is US$9.5 million over the eleven-year project life. At a 5% discount rate, this attributable cash flow amounts to approximately US$7.8 million. At the holding LLC level (75% owned by West Kirkland), the PFS Update estimated a US$120 million NPV (5%) and a 43% IRR, after-tax, with a 3.1 year pay-back at US$1,275/oz Au and US$18.21/oz Ag metal price assumptions. The 1.1% NSR royalty acquired by the Company would add to the Company's share of this modelled value. West Kirkland's CEO, R. Michael Jones, stated, "We are very pleased to complete this transaction with Newmont. Although we believe the TUG Property to be highly prospective, at current gold prices the known deposit is not economic. By comparison, the acquisition of a 1.1% NSR royalty on the Hasbrouck Gold Project plus US$1.194 million in payments and eliminated land fees is very accretive to West Kirkland at today's gold prices. We also see good exploration potential at Hasbrouck and the transaction is attractive across all of the large land position where recent drilling has been successful." The PFS Update estimated open pit proven and probable reserves for 100% of the Hasbrouck Gold Project (based on 100% of the project) totalling 45.3 million tons at a grade of 0.017 oz/ton gold and 0.233 oz/ton silver, containing 762,000 oz gold and 10.6 million oz silver. These reserves were used in the PFS Update and the royalty value model. West Kirkland completed an initial Resource estimate on the TUG deposit in June 2012. The TUG deposit is located within the Long Canyon Trend, which is part of the old Tecoma Mining District. The TUG deposit is a sediment hosted, Carlin style gold deposit that was extensively drilled by the Company and previous operators. An updated NI 43-101 Resource Estimate and Preliminary Economic Assessment ("PEA") by Roscoe Postle Associates USA Ltd. was announced on August 1, 2013 and filed on SEDAR September 13, 2013. Based on a 100% project interest for TUG, the PEA predicted a 26% after-tax IRR and US$9 million NPV (8%) at US$1,525 gold/ US$28 silver. Initial capital cost was projected to be US$24 million. To date the Company has spent approximately US$4.85 million on the TUG Property. After an impairment in a prior period, at year end December 31, 2016 the Company recorded a US$3.37 million carrying value (CAD$4.53 million) for its rights and interests in the TUG Property. The Hasbrouck Gold Project consists of two all-oxide gold-silver deposits eight kilometers apart. Both deposits will be mined in open pits having low stripping ratios and minimal pre-stripping should the project proceed to production. West Kirkland's independent consultants, MDA, produced an updated Pre-feasibility Study in September 2016 which is available on SEDAR and at www.wkmining.com. All necessary permits to construct and operate the Three Hills Mine are in hand, and work to obtain permits for the Hasbrouck Mine is ongoing, with submission of a Plan of Operation to the Bureau of Land Management (BLM) targeted for Q4, 2017. R. Michael Jones P.Eng, CEO for West Kirkland Mining, is a non-independent Qualified Person as defined by NI 43-101. He has reviewed the information contained in this news release and has verified the data by hiring qualified geologists and engineers and has completed a review of the detailed technical information. Mineral Reserve information in this news release relating to the Hasbrouck Gold Project has been developed and approved by Thomas L. Dyer, P.E., of MDA following CIM standards. Mineral Resource information in this news release relating to the TUG Property has been developed and approved by Stuart Collins, P.E., and Luke Evans, P.Eng, of Roscoe Postle Associates USA Ltd (RPA), following CIM standards. West Kirkland Mining utilizes a well-documented system of inserting blanks and standards into the assay stream and has a strict chain of custody. Assays are completed at independent laboratories which have internal quality assurance and quality control systems and procedures. Assays were performed by ALS Chemex Labs Ltd., by fire assay and ICP methods. West Kirkland owns a 75% interest in the Hasbrouck Gold Project in Tonopah, Nevada. The remaining 25% is owned by Clover Nevada LLC, a Nevada limited LLC and 100% subsidiary of Waterton Precious Metals Fund II Cayman, LP. A Pre-feasibility Study with construction-level drawings and all federal and state permits for the phase-one Three Hills Mine provides a ready-to-construct project. Exploration for potential expansion is underway. On behalf of West Kirkland Mining Inc., For further information, please see the Company's website at www.wkmining.com or contact us by email at firstname.lastname@example.org. This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. Forward-looking information in this news release includes, without limitation, the completion of the Prefeasibility Study, the project approach of the Prefeasibility Study and exploration and all information under the heading "Prefeasibility Study Detail", including the Prefeasibility Study budget. Although West Kirkland believes that such timing and expenses as set out in this press release are reasonable, it can give no assurance that such expectations and estimates will prove to be correct. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for gold or other minerals that may be produced generally, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
News Article | May 11, 2017
Perhaps nobody should talk to noted white nationalist, Richard Spencer, he of the face-punch heard ‘round the world. If someone does have to speak with Spencer, however, and on TV at that, it’s for the best that it’s W. Kamau Bell. After all, Bell is such a virtuoso of the awkward conversation that if he doesn’t change Spencer’s mind—and let’s face it, he probably won’t—he’ll at least extract some valuable nugget of insight from hearing him out, and share it with the rest of us. The word awkward used to mean something else. Before it came to be embodied by Zooey Deschanel’s adorable social ineptitude, or Larry David’s curmudgeonliness, it was something grittier. When W. Kamau Bell has an awkward moment, it’s more productively uncomfortable than, say, failing to acknowledge a fair weather acquaintance at a party. Historically, the veteran comedian with a political bent has used awkward conversations to break down barriers and find out who people really are–and what they need him to be. “This country gets better when we confront things we feel awkward about,” Bell says. “The seed of every protest is someone going ‘Hey can I talk to you about something that’s not working for me?'” Productively uncomfortable conversations are a specialty Bell serves up on his Emmy-nominated CNN show, United Shades of America. They’re something he also does on his podcast, Politically Re-Active, alongside co-host Hari Kondabolu. And these types of talks are particularly abundant in the pages of his just-released book of essays, The Awkward Thoughts of W. Kamau Bell. Although Bell began writing the book long before November of 2016, it became a much more timely work following the election, when many people woke up to the fact that they don’t know their neighbors as well as they thought. “This is like The Matrix but less fun,” Bell says, laughing. “We didn’t all learn kung fu.” Although the book veers between straight-up memoir and trenchant essays about the issues currently dividing our nation–along with black superheroes and other illuminating diversions–one constant is awkward conversations. It’s clear from the book that Bell has learned a lot from wading through the muck of discomfort separating cultures, political beliefs, races, genders, and sexual orientations. Fast Company spoke with the comedian and author recently to find out more about how and why having these conversations can change a person’s life. Buy Lunch For Someone Who’s Nothing Like You Everybody resides in some kind of bubble, geography be damned. The only way to pop yours is by meeting different kinds of people and finding out what they know that you don’t. The only problem is, it doesn’t just happen automatically. “I think a lot of times people think like, ‘I asked that black guy at work, who I never talk to, to explain Black Lives Matter to me and he looked me like I was crazy,'” Bell says. “There are people around you every day who you don’t talk to enough. The way to get to these awkward conversations is to first form friendships. So instead of not talking to that guy at work, actually have a conversation. You don’t start on the first day going ‘Tell me about your deepest, darkest secrets.’ You start with ‘Let’s go out to lunch.’ Buying somebody lunch will go a long way to them one day divulging their deepest, darkest secrets. At some point, you can with your good friends go ‘Can you explain BLM to me?’” Allow People To Explain What New Words You Should Use The more you talk with people who don’t look or think exactly like you and share your confirmation bias, the more you’ll bump up against our hyper-evolving language. That’s where things get interesting. “There’s a tendency in many of us, when somebody says there’s a new thing called cisgender, we’re like ‘What? Another new thing? I can’t learn another new thing!’” Bell says. “But if you’re friends with somebody who knows about that thing, they’ll explain it. Like when [comedian and TV host] Guy [Branum] explained cisgender to me the first nine times, I was like ‘I still don’t think I get it.’ But since this is my friend, Guy, I know he wants the best for me, so I’m not doing myself a service by not leaning into this office.” Allow People To Explain What Old Words You Should Not Use It’s difficult to consciously change the way you’re used to speaking–unless, that is, you listen to and ask questions about somebody’s case for doing so. “If you want to live a life where you can use whatever words you want and it doesn’t seem to be hurting you in any way, go for it. I’m not gonna get into a free speech argument, but for me, it’s very clear,” Bell says. “Like with my friend, Martha Rynberg, and the word ‘bitch.’ She kept explaining why I should stop saying it, and I resisted. But eventually, I knew this was gonna be a thing that might lose me this friendship. Or at least it would alter this friendship from the thing I want it to be. At a certain point, you gotta ask: If you’re using the words you want, are you leading the life you want to be leading?” Awkward conversations about gender, race, sexual orientation, and politics are not always going to be fun. That’s why they’re awkward. Sometimes you’re just going to have to get your ass verbally kicked. “It’s a little like those massages that scrub all your dead skin off. Sometimes people aren’t prepared to give you a spoonful of sugar as they give you the medicine, just because they’re not in that space, and you have to be okay with that,” Bell says. “Some people are always gonna say ‘But I just feel so much shame.’ Okay! What’s wrong with shame? The problem with any one emotion is if you stay in it for too long. Shame is fine if you use it as a motivator to move onto something else. Shame has turned me into a better person many times. I’m a much better husband because of shame. I’ve improved a lot as a result of some ‘My God, I can’t believe I screwed that up!’ moments.” But Don’t Go Around Apologizing Sometimes, people think they’re having a necessary awkward conversation by apologizing to someone else, unprompted, on behalf of their race or gender. They are not entirely correct. “To quote Daniel Tiger, ‘Saying I’m sorry is the first step to how can I help,’” Bell says, laughing. “A lot of times people think the apology is the thing, but the apology is definitely not the thing. It’s like, ‘I’m sorry on behalf of all white guys.’ Okay. Now, what can you do to help make sure that the thing you’re apologizing for doesn’t happen again? And a lot of times people don’t even want to get caught up in that; they just wanna go, ‘I said I was sorry.’ When a kid goes ‘I said I was sorry!’ you go, ‘That doesn’t matter. What are you gonna do?’” If It’s Too Awkward, Keep Going . . . Later The thing about awkward conversations is that sometimes they end in an even more awkward place than they started. All that outcome means, however, is that there is much more to discuss next time. “You can get caught into dead ends in these conversations. You can get caught in a place where you’re not going to resolve this point right now or agree on anything. But I think just thinking that every conversation has to end up in a solution is the problem,” Bell says. “These are a series of conversations you have to have with people. I hear from people all the time, like ‘I tried to talk to my grandfather and he wouldn’t listen.’ Once? You tried to talk once? That’s the problem is we expect too much from each individual conversation, and if you expect too much too soon, you’re not really understanding how this works. Sometimes, the conversation has to end with, ‘Okay, I need to sit with that for a minute.’ Some things, I’ve had to sit with and struggle with and come back to. And when that’s happened, it’s always been for the best.”