Bureau of Land Management
Bureau of Land Management
News Article | May 10, 2017
A Republican push to kill an Obama-era rule restricting methane emissions from the oil and gas industry fell short today. In a razor-thin 49–51 vote, the Senate rejected a resolution overturning the so-called methane rule. The vote comes just as the clock runs out on a tool Republicans have used to do away with 14 regulations issued in the last months of the Obama administration. Thursday is the last day for Congress to use the Congressional Review Act (CRA), which gives Congress 60 working days to overturn new regulations. Until this year, the act had been used only once—in 2001—to overturn a workplace ergonomics rule. The surprise deciding vote in the methane rule came from Senator John McCain (R–AZ). In a statement, McCain said although he has concerns about the current regulations, using the CRA would tie the hands of agencies, blocking them from issuing any “similar” rule in the future. “I believe that the public interest is best served if the Interior Department issues a new rule to revise and improve the BLM [Bureau of Land Management] methane rule,” he said. Two other Republican senators, Lindsey Graham (R–SC) and Susan Collins (R–ME), had previously announced their opposition to the bill. A handful of other science- and environment-related regulations, however, didn’t get a reprieve. The list of rules brought down with the CRA this year includes those that placed tighter restrictions for coal mining impacts on rivers and streams, banned some hunting practices inside national wildlife refuges in Alaska, and changed how BLM develops plans for managing much of the 100 million hectares of land under its control. Here are some details: A handful of other regulations caught the eyes of some in this Congress, leading to resolutions aimed at a CRA repeal. But they never received full votes in both the House of Representatives and the Senate. Targets of those failed CRA resolutions included an EPA rule adding more safety requirements for chemical plants housing toxic or flammable chemicals, Interior Department regulations around oil drilling in the Arctic and in wildlife refuges, and an EPA rule reducing emissions from coal-fired power plants in Utah to protect air quality in national parks there.
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
The U.S. Bureau of Land Management yesterday issued an environmental assessment with a proposed action that, if approved, would allow Ormat Technologies to move forward with its Dixie Meadows geothermal utilization plan.
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
TUCSON, AZ, May 10, 2017-- Bruce Lord Bandurski is a celebrated Marquis Who's Who biographee. As in all Marquis Who's Who biographical volumes, individuals profiled are selected on the basis of current reference value. Factors such as position, noteworthy accomplishments, visibility, and prominence in a field are all taken into account during the selection process.Marquis Who's Who, the world's premier publisher of biographical profiles, is proud to name Mr. Bandurski a Lifetime Achiever. An accomplished listee, Mr. Bandurski celebrates many years' experience in his professional network, and has been noted for achievements, leadership qualities, and the credentials and successes he has accrued in his field.An esteemed and prominent figure in his vocation, Mr. Bandurski most recently served as Senior Ecomanagement Advisor for the binational International Joint Commission, U.S.A. and Canada, a position in environmental diplomacy which he held for 15 years.In addition to his recognized status as a Lifetime Achiever by Marquis Who's Who, Mr. Bandurski has been conferred by the International Biographical Centre [IBC] of Cambridge, England, with its Lifetime Achievement Award and with that Centre's Tesla Award - honouring Outstanding Communicators - and with IBC's proposal by its Director General that Mr. Bandurski act as an Honorary Director General for the Americas. Recently, Mr. Bandurski received IBC's certificate in respect of IBC Top 100 Scientists and then commended upon him the honour of The Decoration for Achievement in Science 2017 and selected him as A World Leader of the Sciences as well as bestowing to him the Honorary Master of Science. In March 2017 the IBC Director General wrote Mr. Bandurski on behalf of the International Order of Merit to request that he represent the newly established Board of Scholars with a tenured position and, additionally, conveyed IBC's nomination to receive the Sir Isaac Newton Legacy of Honour Award. A graduate of the Honors College of Michigan State University, Mr. Bandurski - after service as a park ranger in Yellowstone National Park - worked in the nation's capital in the Division of Water Supply and Pollution Control in the U.S. Public Health Service prior to working, on secondment, as Acting/Deputy Mission Director of the United States Man-in-the-Sea Program (after serving as watch director for the female team of aquanauts) prior to his becoming the National Environmental Policy Act Officer for the Bureau of Land Management in the U.S. Department of the Interior where he achieved three achievement awards for his performance in that capacity. His leadership capabilities were recognized in community service avocations during 28 years as a member of the Evening Program faculty of The Graduate School (U.S. Department of Agriculture) as well through his service as Chairman of the Conservation Roundtable of Washington, D.C. Furthermore, Mr. Bandurski has been a featured listee in Marquis Who's Who in America, Who's Who in Science and Engineering, Who's Who in the East, and in Who's Who in the World.About Marquis Who's Who :Since 1899, when A. N. Marquis printed the First Edition of Who's Who in America , Marquis Who's Who has chronicled the lives of the most accomplished individuals and innovators from every significant field of endeavor, including politics, business, medicine, law, education, art, religion and entertainment. Today, Who's Who in America remains an essential biographical source for thousands of researchers, journalists, librarians and executive search firms around the world. Marquis publications may be visited at the official Marquis Who's Who website at www.marquiswhoswho.com
News Article | May 10, 2017
This story has been updated. The Senate on Wednesday narrowly blocked a resolution to repeal an Obama-era rule restricting methane emissions from drilling operations on public lands — with three Republicans joining every Democrat to preserve the rule. The 51-to-49 vote on a procedural motion marked the first time since Trump’s election that Republicans have failed in their attempt to use the Congressional Review Act to overturn Obama-era rules. Thirteen other resolutions, based on the 1996 law that allows Congress to overturn rules within 60 legislative workdays of their adoption, have succeeded. Thursday is the deadline for using the Congressional Review Act this way. The methane emissions rule, issued by the Interior Department’s Bureau of Land Management in November, addresses a potent greenhouse gas that is accelerating climate change. The rule would force oil and gas companies to capture methane that had been previously burned off or “flared” at drilling sites. According to federal estimates, the rule would prevent roughly 180,000 tons a year of methane from escaping into the atmosphere and would boost federal revenue between $3 million and $13 million a year because firms only pay royalties on the oil and gas they capture and contain. Sen. John McCain (R-Ariz.) unexpectedly voted no against a motion to proceed with consideration of the resolution, along with GOP Sens. Susan Collins (Maine) and Lindsey O. Graham (S.C.). Two Democrats who had considered backing the rule’s elimination — Heidi Heitkamp of North Dakota and Joe Manchin III of West Virginia — voted against the motion, and sent a letter asking Interior Secretary Ryan Zinke to make it less burdensome. In a floor speech after the vote, Sen. Tom Udall (D-N.M.), said “the very first victory” lawmakers have had in beating back a Congressional Review Act bill this year came from a combination of Democratic unity and a few Republicans’ willingness to buck their leadership. “Thank you so much for coming forward and seeing the common-sense nature of this issue,” Udall said, referring to Collins, Graham and McCain. [Earth could break through a major climate threshold in the next 15 years, scientists warn] Jamie Williams, president of the Wilderness Society, hailed the vote as an example of how grass-roots organizing can work. “In recent months, thousands of Americans asked the Senate to stand up for clean air and against the oil lobby, and their efforts were successful today,” he said. Republicans and industry officials said they would now switch their focus to getting the Interior Department to rewrite the rule, and Trump officials confirmed Thursday they would seek to either change or pull it back altogether. Barry Russell, president of the Independent Petroleum Association of America, said his group “looks forward to working with the Interior Department on a targeted, meaningful solution that will achieve the common goal of ensuring the American taxpayers receive a fair and equitable return in the form of royalties while developing a workable regulation, instead of this one-size-fits-all approach.” [EPA dismisses half of key board’s scientific advisers; Interior suspends more than 200 advisory panels] And Senate Environment and Public Works Committee Chairman John Barrasso (R-Wyo.) said in a statement that Interior should withdraw the regulation outright. “If left in place, this regulation will only discourage energy production, job creation, and economic opportunity across the West.” Kate MacGregor, Interior’s acting assistant secretary for land and minerals, said in a statement that as part of President Trump’s energy plan and related executive order, Interior “has reviewed and flagged the Waste Prevention rule as one we will suspend, revise or rescind given its significant regulatory burden that encumbers American energy production, economic growth and job creation.” “The vote today in the Senate doesn’t impact the administration’s commitment to spurring investment in responsible energy development and ensuring smart regulatory protections,” she added. Before this year, Congress had only nullified one rule, a regulation on ergonomics former president Bill Clinton enacted during his final year in office. In less than four months, Republicans have wiped away rules covering everything from limits on the dumping of waste from surface-mining operations to enlarging states’ power to offer retirement accounts to private-sector workers. But the move to strike a rule requiring companies to limit the practice of flaring, or leaking, methane from oil and gas operations on federal and tribal land had given some Republicans — who control 52 seats in the Senate — pause. Many Republicans and fossil-fuel producers criticized the regulation after it was finalized last year, and a resolution to repeal it passed quickly in the House of Representatives at the end of January. But despite Trump’s support, the repeal measure had been sitting in the Senate for months. It had to pass by Thursday to be eligible to be signed into law. Democrats, as well as environmental and public-health groups, ran a months-long campaign to persuade Heitkamp and Manchin not to disclose their position publicly while arguing to centrist Republicans that abolishing the rule would cost taxpayers money as well as harm the environment. [Trump undertakes the most ambitious regulatory rollback since Reagan] Sen. Rob Portman (R-Ohio) also remained on the fence until Monday, when he announced in a statement that he would vote to overturn the BLM regulation. Two other wavering Republicans, Cory Gardner (Colo.) and Dean Heller (Nev.), ultimately joined Portman in voting to proceed with the bill’s consideration. “Unfortunately, the previous administration’s methane rule was not a balanced approach,” Portman said. “As written, it would have hurt our economy and cost jobs in Ohio by forcing small independent operators to close existing wells and slowing responsible energy production on federal lands. There’s a better way.” He added that he believes the Interior Department should still work to reduce venting and flaring on public lands. Last week, Portman wrote to Interior Secretary Ryan Zinke, calling for a commitment that the department would continue to work to reduce methane waste if the Obama rule were reversed. On May 4, Zinke responded, affirming that “the Department is committed to reducing methane waste, and under my leadership, we will take important steps to accomplish this goal.” Environmentalists urged Portman to reconsider. In a statement on Tuesday, Environmental Defense Action Fund Executive Director Fred Krupp said Zinke’s assurances were “unfounded” and argued that the strategies for reducing methane waste outlined in his letter would have little impact. A coalition of industry groups have argued that they are taking steps to reduce fugitive methane emissions because they recognize capturing them can yield additional profits. The American Petroleum Institute noted that the Environmental Protection Agency data, released in March, shows about an 8 percent drop in methane emissions from petroleum production since 2014, largely because of improved gas venting and flaring techniques. The legislative window for Congressional Review Act resolutions to be considered ends Thursday, though a handful of conservative analysts believe that agencies’ failure to submit a two-page report on previous rules to Congress could open the door to reconsideration of dozens of much older rules. Curtis W. Copeland, a regulatory expert who specialized in American government at the Congressional Research Service, said in an email that regardless of how many rules this Congress ultimately overturns, “The CRA can no longer be described as ‘obscure’ or ‘little known.’ It now has to be viewed as a substantive tool of congressional oversight regarding an outgoing President’s rules, and it is likely be used again in the future.” ‘We all knew this was coming’: Alaska’s thawing soils are now pouring carbon dioxide into the air New EPA documents reveal even deeper proposed cuts to staff and programs For more, you can sign up for our weekly newsletter here and follow us on Twitter here.
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 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 email@example.com. 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.