Archive for June, 2010

Goodbye Underworld: KINROSS COMPLETES ACQUISITION OF UNDERWORLD RESOURCES

Kinross Gold Corp.’s acquisition of Underworld Resources Inc. has been completed, pursuant to the plan of arrangement described in the Underworld management information circular dated June 2, 2010. Under the plan of arrangement, each Underworld share will be exchanged for 0.141 of a Kinross common share plus one cent in cash, subject to adjustment with respect to fractional shares.

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Pacific Ridge Crews on Site at Mariposa Property, Yukon

Pacific Ridge Exploration Ltd. has mobilized exploration crews to its Mariposa gold property for a second year of exploration in the Yukon’s South Klondike.

The Mariposa property, covering an area of approximately 40 square kilometres and held under option from the Tintina syndicate, is located 25 kilometres southeast of Underworld Resource’s White Gold property and about 35 kilometres northeast of Kaminak Gold’s Coffee Creek property. Pacific Ridge’s 2009 exploration program included prospecting, historic data compilation, geologic mapping and initial soil geochemical surveys. Results from this first year of exploration indicated similar geological and aeromagnetic signatures to the nearby White Gold and Coffee Creek discoveries. In addition to which, Mariposa has seen a 100-year history of placer gold mining that has produced hackly gold nuggets suggesting proximity to potential lode gold sources. Mariposa contains a 7-kilometre-long open-ended zone of favourable rocks for hosting gold mineralization where selected grab sample assays have assayed to three grams per tonne gold. Yet to be fully defined gold geochemical anomalies in soils range from 20 parts per billion to 1300 parts per billion gold.

Pacific Ridge’s 2010 exploration program includes expanding geochemical sampling grids to further delineate the ultimate dimensions of already established gold anomalies. Backhoe trenching will then follow in order to facilitate sampling of near-surface bedrock. Contingent on the results of which work drilling of selected gold targets would then be proposed.

With a priority being placed on exploration at Mariposa, exploration plans for Pacific Ridge’s Gold Cap, Polar/Stewart and Eureka Dome will be deferred until later in the season.

Pacific Ridge’s disclosure of a technical or scientific nature has been reviewed by George Norman, PGeo, exploration manger for Pacific Ridge and a qualified person under the definition of National Instrument 43-101

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Silver Quest Starts Drilling in Yukon

Silver Quest Resources Ltd. has commenced the 2010 drill program at the Boulevard project. Boulevard is located 135 kilometres south of Dawson City, 35 kilometres south of the Golden Saddle deposit and 10 kilometres southwest of Kaminak’s recent discovery on its Coffee property. The Boulevard property consists of 238 claims, totalling 4,975 hectares. For a property location map and more detailed property information please see the company’s website.

Under the supervision of Equity Exploration Consultants Ltd., the drill program is intended to test the depth extension of mineralization discovered in 2008 as well as other recently defined targets. Mineralization occurs along a 2.5-kilometre-long gold-arsenic-antimony-barium soil geochemical anomaly as well as in trenches located within the anomalous area. The drill program will include approximately 2,500 metres of diamond drilling in 13 drill holes.

David Pawliuk, PGeo, is the qualified person as defined by National Instrument 43-101 and supervised the preparation of the technical information in this release.

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Arcus announces flow-through financing and expansion of Yukon land package

Arcus Development Group Inc. (the “Company”) announces that subject to regulatory approval, it will carry out a non-brokered private placement of flow-through shares. Up to 7,500,000 flow-through shares will be sold at $0.20 per share for proceeds of $1,500,000. Funds from the placement will be used to finance 2010 work on the Company’s projects in the Yukon.

The Company’s Yukon gold projects consist of the Green Gulch and the Touleary properties, immediately adjacent to the Underworld Resources White Gold property and the Dan Man property, immediately adjacent to the Kaminak Gold Coffee property. Maps showing the locations of the properties can be viewed on the Arcus website.

The Company also announces that it has increased the size of its Dan Man property through the addition of 203 new mineral claims. These new claims are located immediately north of the Company’s original Dan Man claims and were acquired through staking. “Based on the encouraging results from Kaminak’s initial drilling on its Coffee claims, Arcus has significantly increased the size of its Dan Man claim block and is accelerated its 2010 exploration programs in the White Gold area,” reported Ian Talbot, the Company President.

Phase one of the Company’s 2010 Yukon program will focus on mechanically trenching soil and rock geochemical anomalies identified at each of the Dan Man, Green Gulch and Touleary properties in 2009. The phase two program will consist of the drill testing of targets identified during the stage one trenching program.

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Stina Resources has Started Exploration on the Dime Property

Stina Resources Ltd. has started its exploration program on the Dime property, located in the Dawson mining district, Yukon. The company has contracted Ground Truth Exploration Inc. from Dawson city, Yukon, to conduct approximately 2,600 soil samples on the property, establishing a grid over the former Teck Ten grid target, as well as to the northeast, covering approximately two-thirds of the property in total. Samples will be processed by ACME Laboratories in Whitehorse, Yukon, and assays completed at its facilities in Vancouver, with results announced as soon as available.

Exploration trenching on the property will also be conducted concurrently, lasting approximately 20 days, followed by electromagnetic surveying where necessary. Stina plans to drill on the former Teck target, as well as other indicated targets on the Dime property, in August, 2010, and has signed a contract with Kluane Drilling Ltd. of Whitehorse. The budget for the Dime property is approximately $600,000.

In the fall of 2009 a smaller 191-soil sample program was conducted, collected on a grid covering about 37 hectares on the Dime property. The gold values in the survey reached as high as 6,082 parts per billion, or six parts per million with a trend on the bottom claims of the property.

Exploration on the Kodiak property, approximately 75 kilometres to the south of Dime, will also be initiated early next week, with news forthcoming, and will also include soil grid sampling and trenching.

The Kodiak property lies directly south of Underworld’s (recently acquired by Kinross) White Gold property and directly to the north of Kaminak’s Kirkman and Coffee properties.

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KAMINAK STEP-OUT DRILLING EXTENDS LATTE AND SUPREMO ZONES ALONG TREND

Kaminak Gold Corp. has released assay results from step-out holes drilled on the newly discovered Latte and Supremo zones, located on the company’s 100-per-cent-owned Coffee property in the Yukon. These separate zones are located one kilometre apart and were found by drilling shallow holes beneath gold-in-soil anomalies. The Coffee property is host to an additional eight gold-in-soil trends that are not yet drill tested. Both the Latte and Supremo zones remain open along trend and at depth.

Drill highlights:

 

  • Latte step-out hole extends strike length of strongly oxidized mineralization for an additional 100 metres east, with hole CFD-008 yielding 51 m grading 1.32 grams per tonne gold (g/t Au) starting at seven-metre core depth;
  • Supremo step-out holes extend strike length of oxidized mineralization for an additional 50 m north, with hole CFD-003 intersecting 3.26 g/t Au over 17.35 m starting at 37-metre core depth and hole CFD-004 yielding 2.47 g/t Au over 20 m starting at 50-metre core depth;
  • The drill is currently located on the Supremo zone and is focused on extending the strike length of high-grade and shallow gold mineralization;
  • A total of seven drill holes have been completed at the Latte Zone over a 400-metre length. Samples for the remaining four holes (CFD-009 to CFD-012) are currently being processed at the assay laboratory. Samples from Supremo hole CFD-005 are also being processed.

 

Latte results

The Latte zone is associated with a regionally significant, east-west-trending and south-dipping structural corridor co-incident with a one-kilometre-long-by-100-metre-wide gold-in-soil anomaly. Gold mineralization is preferentially concentrated in the structural corridor and consists of silicification and oxidized sulphides hosted in brittle fractures and breccia zones that appear to overprint older fabrics.

Drill hole CFD-008 was drilled facing north at a minus-50-degree angle and is located 100 metres to the east and along trend of previously announced discovery hole CFD-006, which returned 83.93 m grading 1.08 g/t Au. Drill hole CFD-008 intersected a thick interval of gold mineralization yielding 51 m at a grade of 1.32 g/t Au starting at seven-metre core depth. It should be noted that this hole collared in well-altered and mineralized rocks, and true width of the intersection could be significantly longer. This result confirms an east-west trend to mineralization at Latte which remains open along trend and at depth. A total of seven drill holes have been completed at the Latte zone over a 400-metre length. Samples for the remaining four holes (CFD-009 to CFD-012) are currently being processed at the assay laboratory.

Supremo results

Gold mineralization at the Supremo zone (trench 3 area) is hosted in a north-south-trending structure co-incident with strong gold-in-soil values. Ground magnetic data suggest the structure may continue for at least one kilometre toward the Latte zone. Drill holes CFD-003 and CFD-004 were drilled facing west from the same set-up, with CFD-003 drilled at a minus-50-degree angle and CFD-004 drilled at a minus-70-degree angle. These holes were drilled 50 metres north of high-grade drill intercepts from CFD-001 and CFD-002. Hole CFD-003 intersected 17.35 m grading 3.26 g/t Au starting from 37-metre core length and CFD-004 yielded 20 m grading 2.47 g/t Au starting at 50-metre core length. These results confirm that mineralization along the trench 3 trend is north-south trending and steeply dipping to the east, and remains open along strike and at depth.

A detailed plan map, cross-section, assay sheet and photo montage of select core samples from these holes are available on the Kaminak website.

 

                                                      Weighted
Drill hole No.   From (m)   To (m)    Length (m)    grade (g/t)

CFD-003               37    54.35         17.35           3.26
CFD-004               50       70            20           2.47
incl                  52       62            10           3.48
CFD-008                4       69            65           1.10
incl                   7       58            51           1.32

Note: True width is estimated at 70 to 100 per cent of core
length.

Quality assurance/quality control

Kaminak’s disclosure of a technical or scientific nature in this press release has been reviewed and approved by Dr. Rob Carpenter, PhD, PGeo, Kaminak’s president and chief executive officer, who serves as a qualified person under the definition of National Instrument 43-101. Quality assurance and quality control procedures include the systematic insertion of blanks and standards into the drill core sample string. Samples are placed in sealed bags and shipped directly by charter plane to the ALS Chemex preparatory laboratory in Whitehorse prior to gold fire assay and ICP-MS analysis. The Coffee property is an early stage exploration property and does not contain any mineral resources as defined by National Instrument 43-101.

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Kaminak Makes Second Yukon Gold Discovery

Kaminak Gold Corp. is releasing drill results from the first two holes completed at the Latte zone, located on its 100-per-cent-owned Coffee project, Yukon. The Latte zone is situated approximately one kilometre south of the recently discovered Supremo zone, where drilling earlier this season by Kaminak intersected 17.07 grams per tonne gold over 15.5 metres. Latte and Supremo are hosted in separate structural corridors and are both open along trend and to depth.

Drill highlights:

A total of seven drill holes were completed at the Latte Zone over a 400 m length. Assays from the first two holes are detailed in this release.

  • CFD-006 intersected 1.08 grams per tonne gold over 83.93 m (from 28.07 m core depth).
  • CFD-007 intersected 1.12 g/t Au over 55 m (from 33 m core length) in addition to a second zone of 1.24 g/t Au over eight m (from 101 m core length).
  • The Latte zone is associated with a regionally significant, east-to-west trending, steeply dipping structural corridor coincident with a one-kilometre-long gold-in-soil anomaly. Regional geophysical surveys trace the Latte structural zone for over eight kilometres.
  • Gold-bearing rocks at Latte closely resemble rocks from the Supremo zone, that is extensive silica-sericite-clay alteration and brecciation accompanied by aresenic-silver-antimony-barium enrichment.
  • Samples for the remaining five holes are currently being processed at the assay laboratory.

“Latte represents our second major gold discovery on the Coffee property this spring and confirms that our exploration strategy of drilling underneath high-quality gold-in-soil anomalies is working,” stated Rob Carpenter, president and chief executive officer of Kaminak. “Moreover, the Coffee property is host to at least eight such soil trends, and we will continue to methodically drill test each of these targets as well as expand the Supremo and Latte zones along trend and at depth.”

Drill results

The Latte zone is associated with a regionally significant, east-to-west-trending and south-dipping structural corridor coincident with a one-kilometre-long-by-100-metre-wide gold-in-soil anomaly. The structural corridor comprises variably textured paragneiss and amphibolite that generally appears mylonitic or strongly foliated, giving the overall appearance of a high-strain fault zone. Gold mineralization is preferentially concentrated in the structural corridor and consists of silicification and oxidized sulphides hosted in brittle fractures and breccia zones that appear to overprint older fabrics.

Drill holes CFD-006 and CFD-007 were drilled to the north from the same set-up and were designed to test the depth extent of the one-kilometre-long gold-in-soil trend. Trenching of the soil anomaly near CFD-006 and CFD-007 by Kaminak in 2009 yielded 1.01 g/t Au over 10 m. CFD-006 was drilled at a minus-50-degree angle and CFD-007 was drilled at a minus-70-degree angle. A detailed plan map, cross-section, assay sheet and photo montage of select core samples from these holes are available on the Kaminak website.

Both holes intersected wide intervals of consistent gold content from shallow depths. Drill hole CFD-006 intersected 83.93 m grading 1.08 g/t Au (starting from 28.07 m core depth) and CFD-007 intersected 1.12 g/t Au over 55 m (starting from 33 m core depth) in addition to a second downhole interval of 1.24 g/t Au over eight m (starting from 101 m core depth). These intercepts outline a broad, steep south-dipping mineralized zone which is open along trend and to depth.

Drill hole No.     From (m)    To (m)   Length (m)(i)   Weighted grade  (g/t)

CFD-006             28.07       112           83.93                    1.08
CFD-007                33        88              55                    1.12
And                   101       109               8                    1.24

(i)true width is estimated at 70-100% of core length

 Comparison between Latte and Supremo zones

The Supremo and Latte gold zones are both hosted in As-Ag-Sb-Ba-enriched, altered paragneiss and amphibolite in addition to non-foliated dacitic-looking rocks accompanied by pervasive silicification and breccia textures. This suggests that the two discrete zones were formed during the same hydrothermal event although the gold mineralization at Supremo is north to south trending whereas the Latte gold zone is east to west trending. More drilling is needed to define the relationship between these two zones and the projected intersection of these two structures could be an important focus for gold. Several high-quality gold-in-soil anomalies occur at this projected intersection and Kaminak considers the area to be a high-priority exploration target.

Exploration update

Trenching crews are currently being mobilized to the Coffee property and priority sampling will begin at the Supremo zone and the area where the projected intersection of the Latte and Supremo zones occurs. Soil sampling across the property is also under way and is designed to generate additional trenching targets in new unsampled areas. Approximately 90 per cent of the 43-kilometre-long property remains unexplored.

Quality assurance/quality control

Kaminak’s disclosure of a technical or scientific nature in this press release has been reviewed and approved by Dr. Rob Carpenter, PhD, PGeo, Kaminak’s president and chief excecutive officer, who serves as a qualified person under the definition of National Instrument 43-101. Quality assurance and quality control procedures include the systematic insertion of blanks and standards into the drill core sample string. Samples are placed in sealed bags and shipped directly by charter plane to the ALS Chemex preparatory laboratory in Whitehorse prior to gold fire assay and ICP-MS analysis. The Coffee property is an early-stage exploration property and does not contain any mineral resources as defined by National Instrument 43-101.

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