Posts Tagged Arcus Development

Arcus Makes New VMS Discovery in Yukon White Gold District Drills 14.15 Metres of 1.44% Cu, 16.5 G/T Ag and 0.77 G/T Au

Arcus Development Group Inc. (“Arcus”) is pleased to announce the discovery of the first significant volcanogenic massive sulphide (VMS) system in the White Gold District of north central Yukon at its Touleary property. 2011 diamond drilling targeted a 300 by 100 m area within a 1,200 m long zone of coincident geophysical and intermittent gold-in-soil geochemical anomalies. Highlights from the five hole (935 m) drill program include:

  • High-grade copper-silver-gold-zinc mineralization grading up to 7.18% Cu, 116 g/t Ag, 3.55 g/t Au and 4.30% Zn across 2.25 m;
  • Near surface intersections starting at 64.21 m;
  • Excellent lateral continuity within the initial 300 m area drill tested; and
  • Onsite road access.

Results for the five Touleary drill holes are shown below:

Hole # From
(m)
To
(m)
Interval
(m)*
Cu
(%)
Ag
(g/t)
Au
(g/t)
Zn
(%)
TL-11-01 85.61 91.70 6.09 1.37 14.5 0.80 0.41
               
TL-11-02 124.00 127.17 3.17 2.38 32.9 2.01 1.38
               
TL-11-03 64.21 64.80 0.59 1.42 36.4 1.15 2.81
  90.36 90.97 0.61 4.01 73.9 2.18 0.93
               
TL-11-04 93.88 106.75 12.87 0.21 7.69 0.55
               
TL-11-05 115.62 117.87 2.25 7.18 116 3.55 4.30
  124.50 138.65 14.15 1.44 16.5 0.77 0.29
including 128.25 134.92 6.67 1.99 27.3 1.22 0.58

*Intervals reported are drilled thicknesses believed to represent approximately 70 to 90% of the true thickness.

The Dawson area, including the White Gold District is underlain by rocks of the Yukon Tanana Terrane and is considered highly favorable for VMS style mineralization. A cluster of VMS deposits in the Finlayson District, 450 km to the southeast are hosted in the same Yukon Tanana Terrane stratigraphy. Certain parts of the Dawson area and the Finlayson District are believed to have been linked as part of a concurrent back-arc/basinal environment prior to displacement along the Tintina Fault.

The most notable deposit in the Finlayson District is Yukon Zinc Corporation’s Wolverine Deposit where a NI 43-101 measured and indicated mineral resource is reported at 4.46 Mt grading 12.14% zinc, 354.8 g/t silver, 1.16% copper, 1.70 g/t gold and 1.58% lead (Yukon Zinc Corporation Technical Report, 2007).

“Exploration activity in the Dawson area, including the White Gold District in the early 1990’s was largely directed toward VMS potential in response to the discovery of various VMS deposits in age equivalent rocks in the Finlayson District”, stated Ian Talbot, the Arcus President. “The Touleary discovery represents the first significant VMS mineralization reported in the White Gold District. Having only drilled 25% of the 1,200 m trend of coincident geophysical and geochemical anomalies, the exploration potential at the Touleary property remains largely untested”.

Arcus is currently completing a 740 line km close spaced airborne Vertical Time Domain Electromagnetic (VTEM) survey at the Touleary property to identify areas of high chargeability that may represent thicker accumulations of massive sulphide along the current mineralized trend.

Host rocks at Touleary are pervasively sericitized fine tuffaceous felsic-to-intermediate volcaniclastic units with narrow intervals of weakly preserved fragmental textures. These rocks coincide with a laterally continuous linear magnetic low feature identified by a detail airborne magnetic survey completed by Arcus in the spring of 2011. This feature, although structurally offset at a number of locations, can be traced along strike from the discovery for a distance in excess of 5 km.

Sulphide mineralization within the volcaniclastic horizon(s) is dominantly pyrite and occurs as moderate to heavily disseminated concentrations and rarer semi-massive to massive bands. Much of the mineralization is coarsely recrystallized and remains roughly parallel to foliation but evidence of primary finely laminated textures has largely been destroyed. Copper mineralization is present as chalcopyrite and rarer covellite. These sulphides preferentially occur in the middle to lower portion of the felsic volcaniclaistic intervals as fine foliaform wisps, clots and aggregates plus coarsely recrystallized masses believed to be strain induced near the apex of folds.

Updated maps, sections and photos of the Touleary project can be viewed on the Arcus website (www.arcusdevelopmentgroup.com).

Dan Man Update

The 2011 diamond drilling and auger soil sampling programs on the Dan Man property were completed in late August. The Dan Man property is located immediately north of Kaminak Gold Corporation’s Coffee property. The 10 hole (1,500 m) drill program was designed to test four separate structural zones along a 2.5 km portion of the property. Results will be reported once all assays have been received and interpreted.

QA/QC
Samples were forwarded to ALS Minerals in Whitehorse, Y.T. where they were fine crushed before a 250 gram split was pulverized to better than 85% passing 75 microns. Pulps were then analyzed at ALS Minerals in North Vancouver, B.C. where splits of the pulverized fraction were dissolved in aqua regia and analyzed for 35 elements using inductively coupled plasma (ICP) together with atomic emission spectroscopy (AES). Over limit analyses for specific elements were further analysed to completion using the OG 46 method. Gold analyses were by the Au-AA24 procedure that involves fire assay preparation using a 50 gram charge with an atomic absorption spectroscopy finish.

Rigorous procedures are in place regarding sample collection, chain of custody and data entry. Certified assay standards, duplicate samples and blanks are routinely inserted into the sample stream to ensure integrity of the assay process.

The technical information in this news release has been prepared and approved by William A. Wengzynowski, P. Eng., a director of Arcus and a qualified person for the purposes of National Instrument 43-101.

On behalf of Arcus Development Group Inc.

“Ian J. Talbot”

Ian J. Talbot, President and CEO

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ARCUS DEVELOPMENT GROUP INC.: DAWSON GOLD AIRBORNE SURVEY COMPLETED

A high-resolution airborne magnetometer survey over Arcus Development Group Inc.’s Dawson gold project area has been completed. The aeromagnetic survey consisted of approximately 7,800 flight-line kilometres at 100-metre line spacing and was flown by Precision GeoSurveys Inc. of Vancouver, B.C. Data interpretation will be completed by Condor Consulting Inc. of Lakewood, Colo.

Arcus expects to receive the final data interpretation in mid-May to late May and will commence its 2011 field program in early June. The 2011 exploration program will consist of diamond drilling, detailed ground geophysics and auger soil sampling, with a focus on the Dan Man and Touleary claim blocks. The 2011 exploration program and the results from the airborne magnetometer survey will be available on the Arcus website once both have been finalized.

Arcus also announces that the board of directors has established a technical committee to plan and supervise all of the company’s exploration activities. The technical committee will consist of Eric Tweedie, William Wengzynowski, Marc Blythe and Ian Talbot, all current directors of Arcus. For personal reasons, Mr. Tweedie has resigned as vice-president of exploration, but will continue his association with Arcus as both a director and a member of the technical committee.

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ARCUS DEVELOPMENT GROUP INC.: DAWSON GOLD TRENCHING PROGRAM REMAINS UNFINISHED

Arcus Development Group Inc. has received all of the results from the 2010 trenching work at its Dawson gold project. The Dawson gold project consists of the Touleary, Dan Man, Green Gulch and Shamrock properties, all located in the White gold area, Yukon.

Mechanical trenching programs were initiated at each of the Touleary, Dan Man and Green Gulch properties during the summer of 2010. No work was undertaken on the Shamrock property during 2010.

Arcus management considers the 2010 excavator trenching program at the Dawson gold project a qualified success. Gold zones requiring additional work were identified in trenches at each of the Touleary and Green Gulch properties. However, as a result of frozen ground conditions, the majority of the gold-in-soil anomalies could not be tested to target depth or extension. All unfinished trenches will be completed and sampled as part of the 2011 work program. Over the course of the winter, Arcus and its geological consultants will investigate alternative methods to excavator trenching for testing gold-in-soil geochemical anomalies in frozen ground.

The results of the 2010 trenching programs follow.

Touleary property

Four trenches totalling 562 metres were completed and 138 samples were collected. As reported in Stockwatch on Aug. 25, 2010, 42 samples from trench 4 (TL-10-04) were collected over a trench length of 204 metres. A 34-metre section of that trench yielded a weighted-average grade of 0.82 gram per tonne (g/t) gold and 14.3 g/t silver. Within the 34-metre section were two five-metre sample intervals that assayed 2.59 g/t gold with 20.0 g/t silver as well as 1.025 g/t gold with 28.8 g/t silver.

An additional 86 samples were collected from trenches TL-10-03, TL-10-05 and TL-10-06 over a combined length of 358 metres. None of these samples returned any significant assay values as the trenches were not completed to the intended target depths or areas. Trenches TL-10-01 and TL-10-02, totalling 550 metres in length, were not sampled as these trenches were not completed to bedrock due to frozen ground conditions.

Green Gulch property

The company collected 128 samples from four trenches at the Green Gulch claim block. The combined length of the four trenches was 628 metres. Assay results from a 20-metre section of trench 2 (GG-10-02) yielded a weighted-average grade of 0.294 g/t gold. No significant assay results were returned from any of the other three trenches at Green Gulch.

Dan Man property

Three trenches totalling 598 metres in length were sampled at the Dan Man property. No significant assay results were returned from any of the 120 trench samples collected. Due to frozen ground conditions, none of the Dan Man trenches were completed to the intended target depth or areas.

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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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Arcus Closes Property Acquisition and Financing

Arcus Development has closed its previously announced non-brokered flow-through private placement. A total of 4,652,843 units were sold at a price of 13 cents per unit for gross proceeds of $604,870. The units consisted of one flow-through common share and one warrant. Each warrant entitles the holder to purchase one additional flow-through common share at a price of 20 cents at any time on or before Aug. 12, 2010. All securities issued as part of this private placement are subject to a hold period until Dec. 13, 2009.

Of the 4,652,843 units sold as part of the placement, 2,692,306 units were purchased by the MineralFields Group through MineralFields 2009 Super Flow Through Limited Partnerships 1 through 4. The MineralFields Group is based in Toronto, Ont., and has business offices at 210 — 1110 Finch Ave. West. The 2,692,306 shares purchased by the MineralFields Group as part of the units represent 14.64 per cent of the issued and outstanding common shares of Arcus. Prior to this private placement, the MineralFields Group did not own any Arcus shares.

Pursuant to the policies of the TSX Venture Exchange, shareholder approval is required in advance of the completion of a private placement where the placement will result in the creation of a person or group controlling greater than 20 per cent of the issued shares of a listed company (a control person). The Arcus shares that may be issued following the exercise of warrants acquired by the MineralFields Group under the placement could potentially result in the MineralFields Group becoming a control person of Arcus. To prevent the MineralFields Group from becoming a control person of Arcus without prior shareholder approval, the MineralFields Group and Limited Market Dealer Inc. have provided the TSX Venture Exchange and Arcus with an undertaking not to exercise any Arcus warrants if doing so will result in the MineralFields Group becoming a control person of Arcus.

Subject to the foregoing undertaking, the MineralFields Group has purchased Arcus shares for investment purposes only. The MineralFields Group may increase or decrease its investment in Arcus depending on market conditions and other relevant factors.

Cash finders’ fees of $21,300 and $1,280 were paid to Limited Market Dealer Inc. and Canaccord Capital Corporation, respectively, related to the sale of a portion of the placement. Limited Market Dealer Inc. and Canaccord Capital Corporation were also granted 218,461 and 9,840 finders’ options respectively. If exercised, the finders’ options entitle the finders to receive one Arcus share at a price of 13-1/2 of a share purchase warrant. Each whole finders’ warrant entitles the finders to purchase one Arcus share at a price of 20 cents. The finders’ options and the underlying finders’ warrants may be exercised at any time on or before Aug. 12, 2010.

Arcus also announces that it has received TSX Venture Exchange acceptance of its option to acquire a 50-per-cent interest in the Dawson gold project. The Dawson gold project consists of four claim blocks covering an area of approximately 77 square kilometres adjacent to or near the Underworld Resources Inc. White gold and Black Fox properties in west-central Yukon.

The proceeds from the private placement and any proceeds from the exercise of the warrants will be used to finance the company’s work programs on the Dawson gold project. Proceeds for the exercise of any of the finders’ options and underlying finders’ warrants will be used as general working capital.

Work programs on the four claim blocks comprising the Dawson gold project are currently under way or will commence shortly. Preliminary results will be announced as they are received by Arcus.

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Arcus Development Arranges Private Placement

Arcus Development Group Inc. will carry out a 3,333,333-unit non-brokered private placement for total proceeds of $500,000. Each unit will consist of one flow-through common share and one flow-through share purchase warrant. The price of the units will be 15 cents. The warrants will be valid for a period of 12 months from the closing of the placement and will entitle the holder to purchase one additional flow-through common share at a price of 20 cents.

Proceeds from the placement and any proceeds from the exercise of the warrants will be used to finance the company’s work programs on the Dawson gold project. Research Capital Corporation will be paid a cash commission of 8 per cent on a portion of the placement proceeds.

ATAC Resources Ltd. granted the company an option to acquire a 50-per-cent interest in the Dawson gold project. The project consists of four claim blocks covering an area of approximately 77 square kilometres adjacent to or near the Underworld Resources Inc.’s White Gold and Black Fox properties in west-central Yukon.

The company anticipates closing this placement by mid-July, 2009. The original requirement that the company complete a $1-million financing by Aug. 1, 2009, has been waived by both ATAC and the company.

The private placement and the Dawson gold option are both subject to TSX Venture Exchange acceptance.

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Arcus Development to Carry out $500,000 Private Placement

Arcus Development Group Inc. will carry out a 3,333,333-unit non-brokered private placement for total proceeds of $500,000. Each unit will consist of one flow-through common share and one flow-through share purchase warrant. The price of the units will be 15 cents. The warrants will be valid for a period of 12 months from the closing of the placement and will entitle the holder to purchase one additional flow-through common share at a price of 20 cents.

Proceeds from the placement and any proceeds from the exercise of the warrants will be used to finance the company’s work programs on the Dawson gold project. Research Capital Corporation will be paid a cash commission of 8 per cent on a portion of the placement proceeds.

ATAC Resources Ltd. granted the company an option to acquire a 50-per-cent interest in the Dawson gold project. The project consists of four claim blocks covering an area of approximately 77 square kilometres adjacent to or near the Underworld Resources Inc.’s White Gold and Black Fox properties in west-central Yukon.

The company anticipates closing this placement by mid-July, 2009. The original requirement that the company complete a $1-million financing by Aug. 1, 2009, has been waived by both ATAC and the company.

The private placement and the Dawson gold option are both subject to TSX Venture Exchange acceptance.

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ARCUS ACQUIRES PROJECT ADJACENT TO UNDERWORLD’S WHITE GOLD DISCOVERY

Arcus Development Group Inc. has been granted by Atac Resources Ltd. an option to acquire a 50-per-cent interest in the Green Gulch, Touleary, Dan Man and Shamrock gold prospects, collectively referred to as the Dawson gold project. The four claim blocks cover an area of approximately 7,000 hectares and are located in west-central Yukon.

The Green Gulch claims are wholly surrounded by Underworld Resources Inc.’s White Gold discovery property. The Touleary claims are immediately adjacent to the western boundary of Underworld’s Black Fox property.

Arcus Claim Map

Arcus Claim Map

The exploration target at the Dawson gold project is orogenic gold mineralization within highly strained metamorphic rocks of the Yukon Tanana terrane. The project lies within a northwest trending belt of gold rich mineral deposits that extends from the Mount Nansen and Freegold Mountain areas, through the Sonora Gulch and Casino deposit areas and toward the Pogo mine in Alaska.

The focus of the 2009 exploration program will be geological mapping, prospecting and auger soil sampling of areas of geological interest. Follow-up work will include trenching of anomalous areas to identify potential drill targets. Atac is mobilizing crews and by starting the program as early as possible, the parties have maintained the option of drilling later in the 2009 field season.

Eric Tweedie, the Arcus vice-president of exploration, stated: “The Dawson gold project represents an excellent exploration opportunity for Arcus based on the geological setting and the proximity of the claim blocks to Underworld’s White Gold discovery. Atac was able to assemble a prospective land package in the area relatively early and cost effectively.”

To exercise the option and acquire a 50-per-cent interest in the project, Arcus is required to make aggregate payments to Atac of $185,000 cash and one million shares and incur exploration expenditures of $3.5-million prior to Dec. 31, 2011. The option is subject to Arcus completing a financing of not less than $1-million prior to Aug. 1, 2009. The terms of the financing have not been finalized and will be announced at a later date.

Upon the completion of its financing, Arcus will reimburse Atac for costs incurred by Atac as part of the 2009 program. All reimbursement costs and Arcus expenditures following the closing of the financing will be applied against the Arcus expenditure requirements.

If Arcus does not complete the financing by Aug. 1, 2009, the option will terminate and Atac will complete the 2009 program on its own behalf. Prior to completing its financing, Arcus will not have access to exploration results from the 2009 work program at the Dawson gold project.

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